Any current/future capex/capital investment/strategic investment?

PCB project capex: INR 360-400 crores planned for completion by Dec 2026 or FY '26-'27, creating capacity for multilayer and single-layer PCBs. Civil infrastructure prepared for 3 multilayer and 1 single-layer line; additional multilayer lines may be added sooner than planned. Total PCB capex planned by FY '30 is around INR 1,500 crores, including CCL, HDI, and Flex lines pending government approvals. For FY '27 and '28, organic capex is INR 80-100 crores annually, with an additional INR 300-350 crores for special projects like the PCB business. Of the PCB capex, 50% is expected as subsidy fro

Future growth expectations in sales/revenue/volumes?

Targeting approximately 30% growth in top line (revenue) for the coming year (FY '26-'27). Expected revenue for current year around INR4,900–5,000 crores, with sequential revenue growth continuing into Q4. Export revenue expected to grow by 25-30%, potentially crossing INR1,000-1,100 crores next year. Smart meter revenue expected to grow 20-30% next year, with revised guidance around INR200 crores for this year. Overall volume growth across verticals seen as secular and steady, with some segments growing over 30%, and IT/railways at about 70% due to low base. Increasing focus on ODM growth and

Future growth expectations in earnings/operating earnings/profits/EPS?

Syrma SGS aims for a 30% growth in EBITDA and 25-35% revenue growth for FY '26-'27. Confident of delivering INR500 crore EBITDA in FY '25-'26, up from INR324 crore last year (~55-57% growth). Guidance includes attaining a blended 10% EBITDA margin going forward. PAT growth expected to mirror EBITDA increase, positively impacting EPS. Smart meter revenue to grow ~20-30% next year. Defence vertical (via Elcome acquisition) expected to grow 10-15% next year, with high margins (20-25%). Export revenues projected to grow 25-30%, potentially exceeding INR1,100 crores next year. Operati

Current/ Expected Orderbook/ Pending Orders?

Total order book and visibility is approximately INR 6,400 crores. Order book composition: - 31% from Automotive segment - 25% from Consumer segment - 27% from Industrial segment - Balance from Healthcare, IT, and Railways segments Export portion includes Industrial and Med-tech verticals, with Med-tech focused on exports.

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Syrma SGS Technology LtdQ4 FY27Industrial Manufacturing

Syrma SGS Technology Ltd Q4 FY27 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,385P/E: 60.9Market Cap: ₹19.5K CrSector: Industrial Manufacturing

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Targeting approximately 30% growth in top line (revenue) for the coming year (FY '26-'27).
→Expected revenue for current year around INR4,900–5,000 crores, with sequential revenue growth continuing into Q4.
→Export revenue expected to grow by 25-30%, potentially crossing INR1,000-1,100 crores next year.
→Smart meter revenue expected to grow 20-30% next year, with revised guidance around INR200 crores for this year.
→Overall volume growth across verticals seen as secular and steady, with some segments growing over 30%, and IT/railways at about 70% due to low base.
→Increasing focus on ODM growth and new PCB manufacturing capacity to support volume and revenue growth.
→Expansion of capacity in Pune and addition of Elcome acquisition will support future sales growth.
→Goal to maintain profitable growth with positive cash flows alongside revenue expansion.

Margin guidance

Category 3

→Syrma SGS aims for a 30% growth in EBITDA and 25-35% revenue growth for FY '26-'27.
→Confident of delivering INR500 crore EBITDA in FY '25-'26, up from INR324 crore last year (~55-57% growth).
→Guidance includes attaining a blended 10% EBITDA margin going forward.
→PAT growth expected to mirror EBITDA increase, positively impacting EPS.
→Smart meter revenue to grow ~20-30% next year.
→Defence vertical (via Elcome acquisition) expected to grow 10-15% next year, with high margins (20-25%).
→Export revenues projected to grow 25-30%, potentially exceeding INR1,100 crores next year.
→Operational efficiencies and working capital management expected to improve further, supporting profit growth.
→New PCB manufacturing capacity planned to come online starting FY '26-'27, supporting future growth.

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Fundraise plans

Yes

- Syrma SGS plans to fund 50% of the PCB project capex (around INR 400 crores total) themselves, with 25% of the equity portion funded by a collaborator. - This implies approximately INR 200 crores funding from Syrma, partially through equity and partially through debt. - Bijay Agrawal mentioned that near INR 300-350 crores capex outflow related to PCB will be funded from Syrma's balance sheet. - No explicit mention of a new large equity or debt fundraising round apart from this planned capex funding. - Existing debt has been partly refinanced, leading to lower finance costs. - Operating cash flows are positive and expected to fund organic capex (INR 80-100 crores yearly). - Future capex beyond PCB and organic growth would be additional and announced if pursued. In summary, the company plans a mix of equity (including partner contribution) and debt for the PCB project capex but no separate new fundraising announcement was made.

Order book

Yes

→Total order book and visibility is approximately INR 6,400 crores.
→Order book composition:
→ - 31% from Automotive segment
→ - 25% from Consumer segment
→ - 27% from Industrial segment
→ - Balance from Healthcare, IT, and Railways segments
→Export portion includes Industrial and Med-tech verticals, with Med-tech focused on exports.

Capex plans

Yes

→PCB project capex: INR 360-400 crores planned for completion by Dec 2026 or FY '26-'27, creating capacity for multilayer and single-layer PCBs. Civil infrastructure prepared for 3 multilayer and 1 single-layer line; additional multilayer lines may be added sooner than planned.
→Total PCB capex planned by FY '30 is around INR 1,500 crores, including CCL, HDI, and Flex lines pending government approvals.
→For FY '27 and '28, organic capex is INR 80-100 crores annually, with an additional INR 300-350 crores for special projects like the PCB business.
→Of the PCB capex, 50% is expected as subsidy from Andhra Pradesh government; equity portion partly funded (25%) by collaborator.
→Investments focus on capacity expansion, operational efficiency, and capability building with software and online monitoring tools.
→Acquisition of Elcome (defense business) adds INR 280-300 crores revenue with high margins (20-25%) and growth potential (10-15%).

How does Syrma SGS Technology Ltd rank vs peers in Industrial Manufacturing?

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