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). 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.