Syrma SGS Technology (SYRMA IN) – Q1FY27 Result Update – Healthy Order Book Underpins Multi-Year Growth – HOLD
Published on 30 Jul 2026
Syrma SGS Technology reported a robust Q1FY27 performance, with revenue growing 68.3% YoY, driven by broad-based growth across all business segments. PAT increased ~112% YoY, supported by a 100bps YoY expansion in EBITDA margin, primarily led by a higher contribution from the high-margin ODM and Export businesses, partly offset by the increased share of the lower-margin Consumer segment. SYRMA has maintained its guidance for 30-35% revenue growth in FY27 with EBITDA margins of 10.5–11%, while expecting export revenue to reach ~INR15-16bn during the year. Company is having an order book of INR 68bn in Q1FY27 mainly driven from Auto, Consumer and Industrial segment. In Q1FY27, Syrma SGS added 18 new customers, including 5 in Automotive, 3 in Industrial, 2 in healthcare, and the remaining across Telecom, IT, and Railways, strengthening its long-term growth pipeline. We estimate Revenue/EBITDA/PAT CAGR of 36.7%/31.9%/36.8% over FY26-28E. We have revised our FY27/FY28 EPS estimates upward by 1.6%/1.9% with a TP of INR 1,409 (earlier INR 1,383), valuing at 45x FY28 earnings. Maintain ‘HOLD’.
