Syrma SGS Technology (SYRMA IN) – Q4FY26 Result Update – Strong Order Book Supports Next Leg of Growth – Downgrade to ‘HOLD’
Published on 12 May 2026
Syrma SGS Technology reported robust Q4FY26 performance, with PAT growing ~67% YoY and revenue by +58.5% YoY, driven primarily by strong traction in the Auto, Consumer, and Industrial segments, which contributed ~24%, ~26%, and ~31% of topline, respectively. SYRMA guided for 35% revenue growth in FY27 with EBITDA margins of 10.5–11%, while expecting export revenue to reach ~INR15bn during the year. Company is having an order book of INR 66bn in Q4FY26 mainly driven from Auto, Consumer and Industrial segment. The company received PLI benefits of ~INR380mn in FY26; Q4FY26 PLI benefits were ~INR100mn. We have revised our FY27/FY28 EPS estimates upward by 8.3%/9.1%. We estimate Revenue/EBITDA/PAT CAGR of 33.3%/26.2%/29.8% over FY26-28E. We downgrade our rating to ‘HOLD’ from ‘BUY’ due to recent run up in stock price with revised TP of INR 1,128 (earlier INR 905), valuing at 40x FY28 earnings. Downgrade to ‘HOLD’.
