Syrma SGS Technology (SYRMA) Q4 25/26 earnings summary

Executive summary

• Achieved or exceeded all key FY26 guidance parameters, including EBITDA, revenue growth, positive cash flow, and export targets, with strong profitability expansion and margin improvement.

• Auditors issued an unmodified opinion on both standalone and consolidated financial results for FY26, confirming compliance with Indian Accounting Standards and SEBI regulations.

• Completed significant amalgamation of subsidiaries and acquired a 60% stake in Elcome Integrated Systems, with plans for further phased acquisition.

• Added 32 new customers, with significant contributions expected from new industrial and power management clients.

• Focused on building a sustainable business with superior margin profile, export growth, and ODM expansion.

Financial highlights

• FY26 consolidated revenue reached ₹48,569 million, up 27% YoY; Q4 revenue at ₹14,768 million, up 56% YoY and 16% sequentially.

• Operating EBITDA for FY26 was ₹5,823 million (12.0% margin), up 56% YoY; PAT was ₹3,458 million, up 87% YoY, with PAT margin at 7.1%.

• Gross margin improved from 22.6% to 25.6% YoY.

• Net cash position at year-end was ₹8,203 million, with total debt reduced to ₹3,531 million.

• Standalone revenue for FY26 was ₹43,671.54 million, with standalone PAT at ₹2,933.69 million.

Outlook and guidance

• FY27 revenue growth guidance of 35%, targeting ₹7,000 million EBITDA and sustainable EBITDA margin of 10%-10.5%.

• Board recommended a final dividend of 15% (₹1.5 per share) for FY26, subject to shareholder approval.

• Order book visibility at ₹66,000 million as of March, with ongoing upgrades expected.

• PCB business to commence in FY28, with incremental growth expected.

• All proceeds from the ₹10,000 million QIP in FY26 were fully utilized as per the placement document.