ODM Revenue
₹825 Cr
+82% YoY
ODM revenue grew from ₹453 Cr to ₹825 Cr, now 17% of total revenue, up from 12% last year.
SYRMASGSTECHNOLOGY
Information Technology
01 May 2026
Syrma SGS Technology Limited — Q4 FY26
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).
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Export Revenue
₹1,200+ Cr
+41% YoY
Exports crossed ₹1,200 Cr, exceeding the initial guidance of ₹1,100 Cr, driven by strong EU demand.
Order Book
₹6,600 Cr
+3% QoQ
Order book grew to ₹6,600 Cr despite strong Q4 execution of ₹1,477 Cr revenue.
Working Capital Days
63 days
-6 days YoY
Working capital improved from 69 to 63 days; ex-Elcom it is 58 days, reflecting better efficiency.
Management Guidance
FY27 Revenue Growth of 30-35%
Management expects revenue to grow 30-35% in FY27, backed by strong order book and new customer additions.
Management guidance revenueFY27 EBITDA Target of ₹700 Cr
Management guided for total EBITDA of ₹700 Cr in FY27, implying ~10.5-11% margin, factoring in cost headwinds.
Management guidance marginsExport Revenue Target of ₹1,500 Cr for FY27
Exports are expected to reach ₹1,500 Cr in FY27, driven by existing and new customer ramp-ups.
Management guidance revenueCapex of ₹350-400 Cr in FY27
Total capex for FY27 is expected to be ₹350-400 Cr, including ₹250 Cr for PCB plant and ₹100-150 Cr organic capex.
Management guidance capexKey Risks
Raw Material Cost Inflation and Supply Chain Disruption
Geopolitical tensions and rising metal prices are increasing input costs; pass-through to customers is not immediate, potentially pressuring margins.
high · management_commentaryMargin Guidance Below Recent Run-Rate
Despite achieving 12% EBITDA margin in Q4, management guided for 10.5-11% in FY27, citing caution on macro headwinds, which may disappoint investors.
medium · data_observationOrder Book Growth Slowed in Q4
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.
medium · analyst_questionAbandoned K Solar Acquisition
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.
low · management_commentaryNotable 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.
Frequently Asked Questions
What was Syrma SGS Technology's revenue in Q4 FY26?
Syrma SGS Technology reported revenue of ₹1,465 Cr in Q4 FY26, representing a +27% change compared to the same quarter last year.
What guidance did Syrma SGS Technology management give for FY27?
FY27 Revenue Growth of 30-35%: Management expects revenue to grow 30-35% in FY27, backed by strong order book and new customer additions. FY27 EBITDA Target of ₹700 Cr: Management guided for total EBITDA of ₹700 Cr in FY27, implying ~10.5-11% margin, factoring in cost headwinds. Export Revenue Target of ₹1,500 Cr for FY27: Exports are expected to reach ₹1,500 Cr in FY27, driven by existing and new customer ramp-ups. Capex of ₹350-400 Cr in FY27: Total capex for FY27 is expected to be ₹350-400 Cr, including ₹250 Cr for PCB plant and ₹100-150 Cr organic capex.
What are the key risks for Syrma SGS Technology in FY27?
Key risks include Raw Material Cost Inflation and Supply Chain Disruption — Geopolitical tensions and rising metal prices are increasing input costs; pass-through to customers is not immediate, potentially pressuring margins.; Margin Guidance Below Recent Run-Rate — 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 Growth Slowed in Q4 — 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.; Abandoned K Solar Acquisition — 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..
Did Syrma SGS Technology meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Syrma SGS Technology Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.