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Swing Capital

Syrma SGS Technology Ltd

NSE: SYRMA BSE: 543573

Incorporated in 2004, Syrma SGS Technology Ltd is a Chennai-based electronics manufacturing services (EMS) company providing engineering, design, and manufacturing solutions.[1]

₹972
52W: ₹499 — ₹1188
PE 63.4 · Book ₹154 · +531% vs book
Market Cap₹18,753 Cr
Stock P/E63.4Price to Earnings
ROCE15.8%Return on Capital
ROE13.3%Return on Equity
Div. Yield0.15%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company is expected to give good quarter
  • +Company has delivered good profit growth of 59.6% CAGR over last 5 years
  • +Company has been maintaining a healthy dividend payout of 58.7%

Weaknesses

  • −Stock is trading at 6.37 times its book value
  • −Promoter holding has decreased over last quarter: -0.44%
  • −Company has a low return on equity of 7.44% over last 3 years.
  • −Working capital days have increased from 33.9 days to 101 days

Shareholding Pattern

Promoters42.28%
FIIs6.6%
DIIs16.59%
Public34.41%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters46.89%46.89%46.58%▼0.346.53%▼0.046.43%▼0.142.98%▼3.542.72%▼0.342.28%▼0.4
FIIs10.44%10.32%▼0.18.49%▼1.86.2%▼2.36.34%▲0.17.02%▲0.76.47%▼0.56.6%▲0.1
DIIs6.45%6.44%▼0.07.46%▲1.07.74%▲0.39.15%▲1.416.38%▲7.215.89%▼0.516.59%▲0.7
Public36.22%36.35%▲0.137.38%▲1.039.49%▲2.138.04%▼1.533.53%▼4.534.8%▲1.334.41%▼0.4

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales4047278167968298649171,0871,1511,221
Expenses3997188027327617668229821,0241,106
Operating Profit691464699895105127115
OPM %1%1%2%8%8%11%10%10%11%9%
Net Profit11335506154659381
EPS ₹0.040.080.151.992.823.423.023.44.844.19

AI Insights

Revenue Trend

Mar 2026 revenue at ₹4,367Cr, up 91.7% YoY. OPM at 10%.

Debt Position

Borrowings at ₹272Cr. Debt-to-equity ratio: 0.10x. Healthy balance sheet.

Capex Cycle

CWIP at ₹34Cr (4% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 16.59% (+7.35pp change). FIIs: 6.6% (-2.67pp change). Promoters hold 42.28%.

Margin & Efficiency

ROCE improving from 0% (Mar 2019) to 16% (Mar 2026). Working capital days: 101.

Valuation

PE 63.4x with 15.8% ROCE. Price is 531% above book value of ₹154. Dividend yield: 0.15%.

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