Syrma SGS Technology Limited is a diversified Electronic System Design and Manufacturing (ESDM) services provider. The company operates across a spectrum of high-growth industries, including Automotive, Consumer, Healthcare, Industrials, IT, and Railways. Its business model is built on providing end-to-end solutions to its clients, covering the entire product lifecycle from design to manufacturing and after-market services. The company has established a significant global footprint, with exports accounting for approximately a quarter of its operating revenue, indicating a strong international client base and adherence to global quality standards. Syrma SGS is actively pursuing both organic and inorganic growth strategies. This is evidenced by its robust performance in core business verticals and its recent strategic initiatives, which include the acquisition of a majority stake in Elcome, a company in the defense and aerospace electronics sector, and the formation of several joint ventures aimed at capturing opportunities in high-potential areas like solar inverters and Printed Circuit Board (PCB) manufacturing. This strategic expansion underscores a clear intent to climb the value chain, enhance technological capabilities, and solidify its market position.

Official Website: https://www.syrmasgs.com/investor-relations/

Nine-Month Performance (9M FY26 vs 9M FY25)

• Revenue Growth: Total Revenue increased by 16.7% year-over-year (YoY) to ₹33,800 million from ₹28,973 million. Revenue from Operations grew at a faster pace of 17.2%.

• Exceptional Profitability Growth: The company witnessed a significant expansion in profitability.

• Gross Profit grew by 40.0% to ₹8,530 million.

• EBITDA surged by 63.1% to ₹3,963 million.

• Profit Before Tax (PBT) grew by 105.3% to ₹2,950 million.

• Profit After Tax (PAT) increased by 100.5% to ₹2,266 million.

• Balance Sheet Strength: The company's financial position has strengthened considerably. It transitioned from a Net Debt position of ₹2,639 million as of March 31, 2025, to a robust Net Cash position of ₹4,038 million as of December 31, 2025. The Debt to Equity ratio improved to 0.2.

• Return Ratios: The Return on Capital Employed (ROCE), adjusted for surplus IPO money and goodwill, stands at a healthy 16.0%.

Quarterly Performance (Q3 FY26)

• Accelerated Revenue Growth: On a YoY basis, Total Revenue for the quarter grew by 43.0% to ₹12,745 million. Sequentially (QoQ), revenue increased by 10.4%.

• Robust Profitability Momentum: The growth in profitability was even more pronounced in the third quarter.

• EBITDA grew by 67.5% YoY and 36.9% QoQ to ₹1,697 million.

• PBT increased by 117.8% YoY and 54.6% QoQ to ₹1,383 million.

• PAT grew by 108.1% YoY and 66.3% QoQ to ₹1,103 million.

• Cost Management: Finance costs saw a significant reduction, declining 50.2% YoY and 39.2% QoQ, directly contributing to the expansion in net profit margins.

The company has demonstrated strong top-line growth and a remarkable acceleration in profitability, supported by a significantly improved and cash-rich balance sheet.

• Broad-Based Industry Vertical Growth: For the nine months ended Dec'25, growth was primarily driven by the IT and Railways segment (+71% YoY), Healthcare (+31% YoY), and Automotive (+30% YoY). The Consumer segment was the only vertical to see a decline (-9% YoY).

• Q3 FY26 Performance: The third quarter showed strong, broad-based YoY growth across all segments: IT and Railways (+65%), Healthcare (+48%), Industrials (+45%), Automotive (+44%), and a notable turnaround in the Consumer segment (+43%). This indicates a strong recovery and execution across the entire business portfolio.

• Export Revenue: Exports remain a stable and significant contributor, accounting for 25% of operating revenue in 9M FY26 and 26% in Q3 FY26, demonstrating a consistent international demand for its services.

• Inorganic Growth: The acquisition of Elcome is a key growth lever, with its financials being consolidated from December 2025. This move immediately expands Syrma's capabilities and market access.

Growth is being fueled by robust demand across nearly all key industry segments, a stable export business, and the recent consolidation of a strategic acquisition.

• PCB Manufacturing Venture: The company is actively investing in new capacity through a joint venture with Shinhyup, Korea.

• A capital infusion of approximately ₹45 crore has been completed during the quarter.

• Site development and civil infrastructure construction activities are currently in process.

• Government Incentives: This capex is supported by key government approvals, including the Production Linked Incentive (PLI) scheme and State Incentive approvals, which de-risks the investment and enhances its potential returns.

The company is strategically deploying capital to build new manufacturing capabilities in the high-value PCB segment, backed by supportive government incentive programs.

• Integration of Elcome Acquisition: Having consummated the acquisition of a 60% stake in Elcome, the immediate plan involves integrating the new entity into the company's consolidated operations to realize synergies.

• Finalizing Joint Ventures: The company is in the final stages of closing two key joint ventures:

• Solar Inverter JV: The transaction with Premier Energies for the acquisition of Ksolare is in process.

• Elemaster JVA: The transaction closure conditions for this joint venture are also in process.

• Executing PCB Venture: With capital infused and approvals secured for the PCB venture, the focus is now on completing the construction and operationalizing the new facility.

The company's forward-looking strategy is centered on integrating its recent major acquisition while simultaneously executing on multiple joint ventures to enter new, high-growth technology sectors.

• Significant 9M FY26 Margin Expansion: The company has delivered substantial margin improvement across the board compared to the previous year.

• Gross Margin: Increased by 410 basis points (bps) from 21.3% to 25.4%.

• Operating EBITDA Margin: Improved by 380 bps from 7.2% to 11.0%.

• PBT Margin: Expanded by 380 bps from 5.0% to 8.7%.

• PAT Margin: Grew by 280 bps from 3.9% to 6.7%.

• Accelerating Quarterly Margins: The trend accelerated in Q3 FY26, showing strong improvement both YoY and QoQ.

• PBT Margin: Reached 10.9%, an improvement of 370 bps YoY and 310 bps QoQ.

• PAT Margin: Reached 8.7%, an improvement of 270 bps YoY and 290 bps QoQ.

• Key Drivers: Margin expansion is driven by a combination of factors, including better operational leverage from higher revenues and a significant reduction in finance costs due to the strengthened, cash-positive balance sheet.

The company is achieving significant and accelerating margin expansion at all levels, reflecting improved operational efficiency and a healthier capital structure.

• Elcome Acquisition: The acquisition of a 60% stake was completed on December 17, 2025, for a consideration of ₹2,350 million. The financials for the relevant period have been consolidated as of December 31, 2025.

• Solar Inverter JV: The transaction for the acquisition of Ksolare by the joint venture with Premier Energies is currently in the process of closure.

• Elemaster JVA: The closure conditions for this joint venture are in process.

• PCB Venture: The capital infusion and equity allotment of approximately ₹45 crore have been completed in a 75% (Syrma SGS) / 25% (Shinhyup, Korea) ratio. The venture has successfully obtained PLI and State Incentive approvals, and site development is underway.

The company is actively executing its strategic roadmap, having recently completed a major acquisition while advancing multiple joint ventures towards operational readiness.