SYRMA SGSSyrma SGS Technology LimitedNSE:SYRMATechnicalAnalystSucritSyrma SGS Technology Ltd. (CMP ₹1,004.00, NSE: SYRMA) Prepared by Sucrit Patil | The SmartWay Research Desk | 21 May 2026 A Chennai‑based electronics manufacturing services (EMS) company, incorporated in 2004. Syrma SGS provides PCB assembly, RFID solutions, magnetics, medical devices, automotive electronics, and industrial products, serving global OEMs across multiple industries. Promoter Holding (Mar 2026): Tandon & Gujral Families — 42.28% stake (no pledges) FY22–FY26 Snapshot Revenue Growth: FY26 revenue ₹4,819 Cr vs ₹3,787 Cr in FY25 (+27.2% YoY). → Good Net Profit: FY26 PAT ₹345.81 Cr vs ₹184.5 Cr in FY25 (+87.5% YoY). → Good Operating Margin: FY26 EBITDA ₹582.32 Cr, margin 11.5% vs 9.2% last year (+230 bps). → Good Equity Capital: Stable, face value ₹10. → Good Dividend Policy: Yield ~0.15%; quarterly dividend ₹0.38/share. → Neutral/Good Asset Building: Investments in 12 world‑class manufacturing facilities and automation. → Good Sales: Strong demand from automotive, industrial, healthcare, and telecom sectors. → Good Expense: Employee cost ~9.2% of revenue; interest expense ~0.8%. → Good EPS: FY26 EPS ₹16.51 vs ₹9.55 last year (+72.9%). → Good Institutional Interest & Ownership Trends (Mar 2026) Promoter Holding: 42.28% (no pledges) FII Holding: 6.60% (up from 6.47% last quarter) DII Holding: 16.59% (up from 15.89%) Retail & Others: 34.53% Strategic Moves & Innovations Expansion in RFID and IoT solutions for pharma and logistics. Growth in medical technology ODM services. Focus on EV charger and controller manufacturing. Investments in automation, robotics, and machine vision. Cash Flow & Balance Sheet Strength Market cap ~₹19,323 Cr. Debt‑to‑equity ratio ~0.12 (low leverage). Book value per share ₹148.59; P/B ~6.76. EPS (TTM) ₹16.51; P/E ~60.8. Risk Factors High P/E ratio ~60.8, indicating premium valuations. Dependence on global electronics demand cycles. Exposure to raw material and forex volatility. Competition from domestic/global EMS players. Investor Takeaway Syrma SGS has delivered stellar FY26 performance, with revenue up 27% and PAT nearly doubling. Backed by strong promoter families, institutional interest, and diversified EMS offerings, Syrma SGS remains a long‑term electronics manufacturing play. At CMP ₹1,004.00, valuations are premium (P/E ~60.8), but justified by growth momentum and sector tailwinds.