Syrma SGS Technology
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Syrma SGS Technology (SYRMA) investor relations material

Syrma SGS Technology Q3 25/26 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 25/26 earnings summary30 Jan, 2026

Executive summary

  • Q3 FY26 sales increased 45% year-over-year, with PAT up 108% and significant margin improvements.

  • Nine-month revenue reached INR 33,800 million, with PAT of INR 2,266 million, both up over 100% year-over-year.

  • Exports grew 66% in Q3 and 45% over nine months, now comprising 25-26% of total revenue.

  • All business verticals (auto, MedTech/Healthcare, industrial, IT/railways) reported robust growth, with IT/railways up 70-71% due to a low base.

  • Completed acquisition of 60% stake in Elcome and its subsidiary Navicom during the quarter.

Financial highlights

  • Q3 consolidated revenue was INR 12,745 million, up 45% year-over-year; nine-month total revenue was INR 33,800 million.

  • Gross margin improved to 27.4% from 26% last year, driven by higher export and ODM mix.

  • Q3 PAT was INR 1,103 million, up 108% year-over-year; PBT for Q3 was INR 1,383 million.

  • Net working capital days reduced to 68 (excluding Elcome), with positive operating cash flow for nine months.

  • Net cash position of INR 4,038 million as of December 31, 2025.

Outlook and guidance

  • Confident of exceeding initial EBITDA margin guidance, now targeting INR 500 crore+ EBITDA for FY26 (55%-57% growth vs. 30% guided).

  • Expecting 30% top-line and EBITDA growth in FY27, with all verticals contributing.

  • Q4 revenue expected to reach INR 1,600+ crore, with Elcome contributing INR 100-120 crore.

  • Blended EBITDA margin guided at 10% for next year.

  • Monitoring regulatory changes, including new labour codes, and adjusting accounting as needed.

Clarify restatement impact on prior periods.
What is the strategic rationale for Elcome acquisition?
Why are IPO proceeds still unutilized?
PCB project: target layer count and initial CapEx
Elcome: FY27 revenue and margin profile
Explain operational efficiency initiatives and impact
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Q4 25/2611 May, 2026
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Q4 25/2611 May, 2026

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