Date: October 30, 2026

Board Meeting Outcomes

Financial Results (Consolidated)

Quarter ended September 30, 2026 (Q2 FY27) vs. Q2 FY26 and Q1 FY27:

  • Revenue From Operations: ₹19,897 million (YoY +73.6%, QoQ +25.2%)
  • Other Income: ₹99 million (YoY +12.9%, QoQ -34.5%)
  • Total Revenue: ₹19,995 million (YoY +73.2%, QoQ +24.7%)
  • Cost of Materials Consumed: ₹15,703 million (YoY +79.9%, QoQ +30.9%)
  • Gross Profit: ₹4,193 million (YoY +53.7%, QoQ +7.7%)
  • Gross Profit Margin: 21.1% (vs. 23.8% in Q2FY26 and 24.5% in Q1FY27)
  • Operating Expenses: ₹2,261 million (YoY +43.4%, QoQ -0.8%)
  • EBITDA (Ex Other Income): ₹1,933 million (YoY +67.7%, QoQ +19.6%)
  • EBITDA Margin (Ex Other Income): 9.7% (vs. 10.1% in Q2FY26 and 10.2% in Q1FY27)
  • EBITDA: ₹2,031 million (YoY +63.9%, QoQ +15.0%)
  • EBITDA Margin: 10.2% (vs. 10.7% in Q2FY26 and 11.0% in Q1FY27)
  • Depreciation and amortization: ₹227 million (YoY +3.8%, QoQ +0.8%)
  • Finance Cost: ₹153 million (YoY +20.8%, QoQ +14.4%)
  • Profit Before Tax (PBT): ₹1,652 million (YoY +84.6%, QoQ +17.3%)
  • PBT Margin: 8.3% (vs. 7.8% in Q2FY26 and 8.8% in Q1FY27)
  • Tax: ₹410 million (YoY +77.1%, QoQ +16.7%)
  • Profit After Tax (PAT): ₹1,242 million (YoY +87.2%, QoQ +17.5%)
  • PAT Margin: 6.2% (vs. 5.7% in Q2FY26 and 6.6% in Q1FY27)

Half Year ended September 30, 2026 (H1 FY27) vs. H1 FY26:

  • Revenue From Operations: ₹35,783 million (YoY +71.0%)
  • Other Income: ₹249 million (YoY +59.0%)
  • Total Revenue: ₹36,032 million (YoY +70.9%)
  • Cost of Materials Consumed: ₹27,696 million (YoY +74.9%)
  • Gross Profit: ₹8,087 million (YoY +58.8%)
  • Gross Profit Margin: 22.6% (vs. 24.3% in H1FY26)
  • Operating Expenses: ₹4,539 million (YoY +52.1%)
  • EBITDA (Ex Other Income): ₹3,549 million (YoY +68.2%)
  • EBITDA Margin (Ex Other Income): 9.9% (vs. 10.1% in H1FY26)
  • EBITDA: ₹3,798 million (YoY +67.6%)
  • EBITDA Margin: 10.5% (vs. 10.7% in H1FY26)
  • Depreciation and amortization: ₹452 million (YoY +6.5%)
  • Finance Cost: ₹286 million (YoY +3.7%)
  • Profit Before Tax (PBT): ₹3,060 million (YoY +95.4%)
  • PBT Margin: 8.5% (vs. 7.4% in H1FY26)
  • Tax: ₹761 million (YoY +88.5%)
  • Profit After Tax (PAT): ₹2,299 million (YoY +97.7%)
  • PAT Margin: 6.4% (vs. 5.5% in H1FY26)

Industry Segment Performance (Q2 FY27)

  • Auto: ₹5,169 million (YoY +91%, QoQ +31%); Mix: 26% (vs. 24% Q2FY26, 25% Q1FY27)
  • Consumer: ₹5,727 million (YoY +57%, QoQ +7%); Mix: 29% (vs. 32% Q2FY26, 34% Q1FY27)
  • Healthcare: ₹1,340 million (YoY +61%, QoQ -0%); Mix: 7% (vs. 7% Q2FY26, 8% Q1FY27)
  • Industrials: ₹4,935 million (YoY +86%, QoQ +31%); Mix: 25% (vs. 23% Q2FY26, 24% Q1FY27)
  • IT and Railways: ₹2,727 million (YoY +69%, QoQ +82%); Mix: 14% (vs. 14% Q2FY26, 9% Q1FY27)

Industry Segment Performance (H1 FY27)

  • Auto: ₹9,119 million (YoY +85%); Mix: 25% (vs. 24% H1FY26)
  • Consumer: ₹11,055 million (YoY +62%); Mix: 31% (vs. 33% H1FY26)
  • Healthcare: ₹2,685 million (YoY +78%); Mix: 8% (vs. 7% H1FY26)
  • Industrials: ₹8,701 million (YoY +58%); Mix: 24% (vs. 26% H1FY26)
  • IT and Railways: ₹4,224 million (YoY +100%); Mix: 12% (vs. 10% H1FY26)

Financial Ratios

Q2 FY27 (vs. Q2FY26 and Q1FY27):

  • ROCE (%): 17.9% (vs. 13.6% Q2FY26, 17.3% Q1FY27)
  • ROCE (% Adj. for Goodwill)*: 21.4% (vs. 17.3% Q2FY26, 20.1% Q1FY27)
  • Net Debt/(Net Cash) to EBITDA (LTM): -0.4 (vs. -1.2 Q2FY26, -0.2 Q1FY27)
  • Debt to Equity: 0.2 (vs. 0.1 Q2FY26, 0.3 Q1FY27)

H1 FY27 (vs. H1FY26):

  • ROCE (%): 17.9% (vs. 13.6% H1FY26)
  • ROCE (% Adj. for Goodwill)*: 21.4% (vs. 17.3% H1FY26)
  • OCF/EBITDA (Ex Other Income): 33.7% (vs. -54.5% FY26)
  • Net Debt/(Net Cash) to EBITDA (LTM): -0.4 (vs. -1.2 H1FY26)
  • Debt to Equity: 0.2 (vs. 0.1 H1FY26)

*ROCE = LTM EBIT /Average Net Capital Employed based on the Capital employed as on 30th Sep' 26 & 30th Sep' 25 (adjusted for goodwill)

Balance Sheet (Consolidated)

As of September 30, 2026 (vs. March 31, 2026):

  • Total Assets: ₹70,741 million (vs. ₹57,700 million)
  • Property, plant and equipment: ₹11,396 million (vs. ₹9,276 million)
  • Goodwill: ₹4,547 million (unchanged)
  • Other non-current assets: ₹3,600 million (vs. ₹2,257 million)
  • Inventories: ₹15,789 million (vs. ₹10,616 million)
  • Trade receivables: ₹21,232 million (vs. ₹18,408 million)
  • Other current assets: ₹4,190 million (vs. ₹4,393 million)
  • Cash and cash equivalents: ₹9,987 million (vs. ₹8,203 million)
  • Total Equity (including Reserves): ₹32,930 million (vs. ₹30,655 million)
  • Borrowings: ₹7,458 million (vs. ₹3,531 million)
  • Trade payables: ₹25,034 million (vs. ₹19,586 million)
  • Other Liabilities: ₹5,320 million (vs. ₹3,929 million)

Cash Flow (Consolidated)

H1 FY27 (vs. FY26):

  • Net Operating Cashflow: ₹1,197 million (vs. ₹2,896 million for FY26)
  • Capex & Investments: ₹(5,350) million (vs. ₹(7,420) million for FY26)
  • Net Cashflow from Investing activities: ₹(5,350) million (vs. ₹(7,420) million for FY26)
  • Change in borrowings and Equity: ₹4,254 million (vs. ₹6,385 million for FY26)
  • Net Cashflow from Financing activities: ₹3,660 million (vs. ₹5,578 million for FY26)
  • Net Increase/decrease in Cashflow: ₹(493) million (vs. ₹1,055 million for FY26)

Debt and Cash (Consolidated)

As of September 30, 2026 (vs. March 31, 2026):

  • Term Loan: ₹511 million (vs. ₹676 million)
  • Working Capital Loan: ₹6,947 million (vs. ₹2,855 million)
  • Total Debt: ₹7,458 million (vs. ₹3,531 million)
  • Cash and cash Equivalents: ₹8,381 million (vs. ₹5,092 million)
  • Total Cash & Equivalents: ₹10,034 million (vs. ₹8,203 million)

KMP / Board / Auditor Changes

Not Specified

Dividend Declaration or Non-Declaration

Not Specified

Auditor’s Report

Not Specified - Results are unaudited.

Disinvestment / Strategic Actions

Not Specified

Other Operational / Legal / Strategic Disclosures

The document includes a standard disclaimer regarding forward-looking statements, outlining various risks and uncertainties that could cause actual results to differ materially.

Investors Contact:

Nikhil Gupta, CFA, Head – Investor Relations. Contact: +91 11 4700 2122, investor.relations@syrmasgs.com