Syrma SGS Technology (SYRMA IN) – Q2FY27 Result Update – Healthy Order Book Underpins Multi-Year Growth – Upgrade to ‘ACCUMULATE’
Published on 02 Nov 2026
Syrma SGS Technology reported a strong Q2FY27 performance, with revenue growth guidance upgraded to 40–45% from 30–35%, implying FY27. The company expects to cross the US$1bn revenue mark in FY28, with EBITDA margins guided at 10.0–10.5% in FY27 and improving to 10.5–11.0% in FY28, driven by higher contributions from margin-accretive businesses such as ODM, exports, PCB and magnetics. Export revenue guidance has been raised to over INR17.0bn in FY27, with further growth to ~INR20.0bn in FY28. The order book and revenue visibility stood at INR74.2bn as of Sep’26, led by automotive, consumer and industrial segments. We estimate Revenue/EBITDA/PAT CAGR of 36.5%/35.4%/38.8% over FY26-29E. We have revised our FY28/FY29 EPS estimates downgrade by 2.3%/2.1% with a TP of INR 1,788 (earlier INR 1,827), valuing at 45x Sept’28 earnings. We upgrade our rating to ‘ACCUMULATE’ from ‘HOLD’ due to recent correction in the stock price.
