All Q2 FY26 results →

SS

Syrma SGS Tech.

Q2 FY26

Syrma SGS Tech. Q2 FY26 earnings call: Revenue & Margins

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹1,605

Market cap₹30.9K Cr

P/E83.3

Updated16 Oct 2026

Read4 min read

The short version

Syrma SGS expects 30% to 35% organic revenue growth for FY '26, with confidence in exceeding EBITDA margin guidance of 8.5%-9%. Syrma SGS expects superior growth with profitability and sustainability, driven by government policies and export expansion (currently 25% revenue from exports).

From Syrma SGS Tech.'s Q2 FY26 earnings-call transcript · updated 16 Oct 2026.

Revenue & Sales Performance

Syrma SGS expects 30% to 35% organic revenue growth for FY '26, with confidence in exceeding EBITDA margin guidance of 8.5%-9%.
Long-term contracts could add $250-300 million over 2-3 years, potentially boosting growth rate beyond 30% starting FY '26-'27.
Industrial segment has shown robust 30% half-year growth, expected to continue strong driven by power management and distribution.
Automotive growth fueled by increased electronics content in both EVs and traditional vehicles, including new safety systems.
Defense segment (via Elecme acquisition) anticipated to grow from ~INR200 crores to INR300-350 crores in next 2-3 years.
Export revenues targeted at INR1,000 crores for the year, growing 36% in H1, expected to remain a key growth pillar.

2 more points from Syrma SGS Tech.'s call on revenue

Pro opens every point from 15K+ earnings calls

Profitability & Margins

Syrma SGS expects superior growth with profitability and sustainability, driven by government policies and export expansion (currently 25% revenue from exports).
Organic revenue growth guidance for FY '26 stands at approximately 30%, with potential for higher growth from FY '27 onwards due to long-term contracts.
EBITDA margin guidance was 8.5%-9%; with H1 performance at 10%, full-year margin is expected to exceed earlier guidance.
Defense segment (via Elcome acquisition) expected to grow from INR 200 crores to INR 300-350 crores in next 2-3 years with higher margins.
Capital expenditure planned around INR 700-800 crores from FY '26 to '28 for capacity expansion to meet demand.

2 more points from Syrma SGS Tech.'s call on margins

Pro opens every point from 15K+ earnings calls

See what Syrma SGS Tech. said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Planned total capex for PCB manufacturing business is approximately INR 1,500 crores over the next few years.
FY '26 capex for PCB business expected to be much less than INR 200 crores; gradual increase planned in FY '27 and FY '28.
Capex slightly loaded in FY '27; cumulative capex between FY '26 to '28 anticipated around INR 700-800 crores.
Capacity building for PCB manufacturing: 3 potential lines with capacity ~700,000 sqm per annum.
Installation of 2nd and 3rd production lines to be triggered based on utilization thresholds (50-70%) of previous lines.

2 more points from Syrma SGS Tech.'s call on capex

Pro opens every point from 15K+ earnings calls

Fundraising & Capital Structure

The transcript does not mention any current or planned new fundraising through debt or equity.
As of September 8, 2025, Syrma SGS holds a healthy treasury balance of around INR 758 crores and a net cash position of INR 477 crores.
Gross debt is around INR 282 crores with no indication of imminent additional borrowings.
Capex plans are funded through internal accruals and existing resources, with INR 60-100 crores expected for the balance of the year and INR 700-800 crores planned over FY 26-28.

2 more points from Syrma SGS Tech.'s call on fundraising

Pro opens every point from 15K+ earnings calls

See what Syrma SGS Tech. said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

As of September end, the order book stands at approximately INR 5,800 crores.
The order book composition:
Auto segment: ~35%
Consumer segment: ~35%
Industrial segment: ~35%
Healthcare: 6% to 7%
IT and railway sector: Balance portion.
Framework contracts with large customers, such as a $100 million major customer contract, are not yet part of the current order book.

2 more points from Syrma SGS Tech.'s call on order book

Pro opens every point from 15K+ earnings calls

Syrma SGS Tech. — Quarterly revenue & net profit

Revenue Net profit

Dec 2024Q3 FY25

Mar 2025Q4 FY25

Jun 2025Q1 FY26

Sep 2025Q2 FY26

Dec 2025Q3 FY26

Mar 2026Q4 FY26

Reported quarterly figures (₹ Cr). Latest (Q4 FY26): revenue ₹1.5K Cr, net profit ₹119 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.

Full financials →

What Syrma SGS Technology Ltd's management said in earlier quarters

Others in Industrial Manufacturing this season

Aaron Industries Ltd (Q2 FY26)
Recent CAPEX of ₹35 crore has been undertaken for the new Unit 3 Kosamba plant, enhancing production capacity. Key concall takeaways from Aaron Industries…
Atam Valves Ltd (Q2 FY26)
Q2FY26 Revenue from Operations:** ₹11.40 Crores . Key investor presentation takeaways from Atam Valves's Q2 FY26 investor presentation — and how it ranks agains
Prizor Viztech (Q2 FY26)
H1 FY25: 35.4% (from Rs. Key investor presentation takeaways from Prizor Viztech Ltd's Q2 FY26 investor presentation — and how it ranks against sector peers.
Thejo Engineering Ltd (Q2 FY26)
Q2 FY26 revenue from operations: ₹15,311 lakhs . Key investor presentation takeaways from Thejo Engineering Ltd's Q2 FY26 investor presentation — and how it ran

Compare:vs Mazagon Dock Shipbuilders Ltd vs Indo-MIM Ltd vs Aditya Infotech Ltd

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Arthneeti Pro · Annual

Syrma SGS Tech. and 15K+ more earnings calls,
for less than your morning chai

a day

Every earnings call, ranking and concall Q&A across all four results seasons.

Secure Razorpay payment · instant access

Frequently Asked Questions

What were Syrma SGS Tech. Q2 FY26 results?

Syrma SGS expects 30% to 35% organic revenue growth for FY '26, with confidence in exceeding EBITDA margin guidance of 8.5%-9%. Syrma SGS expects superior growth with profitability and sustainability, driven by government policies and export expansion (currently 25% revenue from exports).

What is Syrma SGS Tech. share price analysis?

Syrma SGS Tech. currently shows a neutral. The stock trades at a P/E of 83.3 with a market cap of ₹30,942 Cr. Investors should review the full earnings analysis for detailed insights.

Is Syrma SGS Tech. planning capital expenditure?

Planned total capex for PCB manufacturing business is approximately INR 1,500 crores over the next few years.

Keep Syrma SGS Tech. on your radar — track it to get its next earnings analysis in your feed.

This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.