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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹1,465 Cr
verified against source
Revenue YoY
27%
reported change
EBITDA
₹545 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Syrma SGS delivered a strong FY26 with revenue of ₹4,857 Cr (+27% YoY), EBITDA of ₹545 Cr (+68% YoY), and PAT of ₹346 Cr (+87% YoY). EBITDA margin expanded 270 bps to 11.3%, driven by favorable mix shift toward ODM (17% of revenue, up from 12%) and exports (25% of revenue, +41% YoY). The company guided for FY27 revenue growth of 30-35% and EBITDA of ₹700 Cr (implying ~10.5-11% margin), reflecting caution on near-term input cost pressures. Key growth drivers include automotive (+39% YoY), healthcare (+36%), and industrial (+30%). The order book stands at ₹6,600 Cr. A risk is the potential margin compression from rising raw material costs and geopolitical supply chain disruptions, which management acknowledged but expects to offset via pass-through mechanisms and operational efficiencies.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects revenue to grow 30-35% in FY27, backed by strong order book and new customer additions.
- Management guided for total EBITDA of ₹700 Cr in FY27, implying ~10.5-11% margin, factoring in cost headwinds.
- Exports are expected to reach ₹1,500 Cr in FY27, driven by existing and new customer ramp-ups.
- Total capex for FY27 is expected to be ₹350-400 Cr, including ₹250 Cr for PCB plant and ₹100-150 Cr organic capex.
Risks flagged
- Geopolitical tensions and rising metal prices are increasing input costs; pass-through to customers is not immediate, potentially pressuring margins.
- Despite achieving 12% EBITDA margin in Q4, management guided for 10.5-11% in FY27, citing caution on macro headwinds, which may disappoint investors.
- Order book grew only 3% sequentially despite strong execution, raising questions about order intake momentum; management attributed it to high base and short-cycle orders.
- The JV with Premier Energy to acquire K Solar was dropped due to seller's inability to meet conditions, though management reaffirmed interest in renewable energy via greenfield.
Key quotes
- We are willing to sacrifice topline growth if the working capital cycle is elongated. We are not chasing growth at the expense of working capital cycle.
- We would like to err on the side of caution. There's no point tomorrow I say 12 and I give 11, you'll skim me down why it is 11.
- We are among the first Indian company to have a realtime monitoring system on our S&P lines. We have seen a 5 to 7% improvement in operational efficiency.
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