Syrma SGS Technology Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Syrma SGS Technology Ltd filed with BSE on 18 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Syrma SGS reported Q4 FY26 consolidated revenue of INR1,477 crores, up 56% year-on-year, with operating EBITDA of INR174 crores at an 11.9% margin. For full year FY26, revenue grew 27% to INR4,857 crores, operating EBITDA grew 68% to INR545 crores at 11.3% margin, and the company moved to a net cash position of INR467 crores from a net debt position a year earlier. Management also confirmed it has dropped the planned Ksolare acquisition through its JV with Premier Energies and outlined capex plans for a new PCB manufacturing business.
Numbers mentioned
Consolidated revenue: INR1,477 crores (Q4 FY26)
p. 4
“Consolidated total revenue for the quarter was INR1,477 crores, up by 56% on a year-on-year basis and 16% sequentially, an outstanding outcome, in a way.”
Bijay Agrawal, page 4 of the filed PDF · View the filing
Operating EBITDA: INR174 crores, 11.9% margin (Q4 FY26)
p. 5
“Our operating EBITDA for the quarter came in INR174 crores, up by 51% year-on-year at 11.9% EBITDA margin.”
Bijay Agrawal, page 5 of the filed PDF · View the filing
PAT: INR119 crores, 8.1% margin (Q4 FY26)
p. 5
“PBT grew 61% Y-o-Y to INR150 crores, and PAT rose 67% to INR119 crores with PAT margin of 8.1%, up by 60 basis points over last year.”
Bijay Agrawal, page 5 of the filed PDF · View the filing
Total revenue: INR4,857 crores (FY26)
p. 5
“Our total revenue for FY '26 came in at INR4,857 crores, reflecting 27% year-on-year growth.”
Bijay Agrawal, page 5 of the filed PDF · View the filing
Operating EBITDA: INR545 crores, 11.3% margin (FY26)
p. 5
“Operating EBITDA expanded 68% year-on-year basis to INR545 crores, with operating EBITDA margin improving 270 basis points to 11.3%.”
Bijay Agrawal, page 5 of the filed PDF · View the filing
PAT: INR346 crores, 7.1% margin (FY26)
p. 5
“PAT is about INR346 crores for the year, up by 87% on a year-on-year basis, with PAT margin of 7.1%.”
Bijay Agrawal, page 5 of the filed PDF · View the filing
Net cash position: INR467 crores (FY26 year-end)
p. 5
“We moved from a net debt position of INR264 crores as on FY '25 end to now a net cash position of INR467 crores this year-end.”
Bijay Agrawal, page 5 of the filed PDF · View the filing
ROCE: 16.9% (FY26)
p. 6
“Debt to equity is 0.1x and ROCE improved from 12.4% to 16.9% this year.”
Bijay Agrawal, page 6 of the filed PDF · View the filing
Working capital days: 63 days (FY26)
p. 6
“Coming to working capital performance, our working capital days improved from 69 days to 63 days on a year-on-year basis, reflecting better operational efficiency.”
Bijay Agrawal, page 6 of the filed PDF · View the filing
Operating cash flow: INR290 crores (FY26)
p. 6
“For the year, we generated a healthy operating cash flow of INR290 crores, which is around 53% of my operating EBITDA, and this outcome is based on disciplined working capital management and strong profitability delivery here.”
Bijay Agrawal, page 6 of the filed PDF · View the filing
Capex: INR140 crores (FY26)
p. 6
“The capex investment for the year is about INR140 crores, and we expect another INR100 crores to INR150 crores of capex investment into the current year, which is FY '27.”
Bijay Agrawal, page 6 of the filed PDF · View the filing
Gross margin: 25.6% (FY26)
p. 7
“Our gross margin improved from 22.6% to 25.6% year-on-year.”
Satendra Singh, page 7 of the filed PDF · View the filing
Gross PLI: approximately INR80 crores (FY26)
p. 17
“Gross PLI for the full year would be approximately INR80 crores.”
Bijay Agrawal, page 17 of the filed PDF · View the filing
Smart metering business revenue: approximately INR250 crores, INR260 crores (FY26)
p. 18
“So smart metering business, we have done in the current year, approximately INR250 crores, INR260 crores of total business.”
Bijay Agrawal, page 18 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Total EBITDA — INR700 crores · FY27
stated firmly by Bijay Agrawal
p. 6
“We remain committed to our aspirations of sustained revenue growth of 35% with a sustainable operating EBITDA margin of at least 10% to 10.5%, targeting INR700 crores of total EBITDA for the next year, FY '27.”
Bijay Agrawal, page 6 of the filed PDF · View the filing
Operating EBITDA margin — 10.5% to 11% · FY27
stated conditionally by J.S. Gujral
p. 9
“But having delivered an EBITDA margin of 12%-odd this year, next year, we are guiding 10.5% to 11%, keeping this turmoil into account.”
J.S. Gujral, page 9 of the filed PDF · View the filing
Revenue growth — 30% to 35% · FY27
stated firmly by J.S. Gujral
p. 10
“So based on this, I think we are in a position to deliver a blended growth of about 30%, 35% for the current year.”
J.S. Gujral, page 10 of the filed PDF · View the filing
Exports — INR1,500 crores · FY27
stated firmly by J.S. Gujral
p. 13
“My exports grew by 41% last year. I expect them to cross the INR1,500 crores mark from the INR1,200 crores against the target of INR1,100 crores, which we had said.”
J.S. Gujral, page 13 of the filed PDF · View the filing
MedTech revenue — cross INR500 crores · FY27
stated as an aspiration by J.S. Gujral
p. 10
“And we expect this continuous growth to happen, which means that next year, my MedTech business should cross the INR500 crores mark.”
J.S. Gujral, page 10 of the filed PDF · View the filing
PCB capex — $90 million / INR800 crores · multi-year through FY29
stated firmly by Bijay Agrawal
p. 8
“So PCB-related, we said that we are planning to spend approximately $90 million, which is INR800 crores of capex over the year for this multilayer line kind of a PCB setup.”
Bijay Agrawal, page 8 of the filed PDF · View the filing
ODM business growth — sustain at around 16%, 17% of revenue · FY27
stated as an aspiration by J.S. Gujral
p. 13
“Our effort in the current year is to try and sustain the ODM growth to around 16%, 17%.”
J.S. Gujral, page 13 of the filed PDF · View the filing
Export growth — 25% to 30% · coming year
stated conditionally by J.S. Gujral
p. 16
“Some of the major customers which we have onboarded, they have the potential to further accelerate the export growth, but for the time, we have been conservative and putting in a target of 20% to 30%, 25% to 30% export growth for the coming year.”
J.S. Gujral, page 16 of the filed PDF · View the filing
CCL, HDI and Flex PCB capex — INR800 crores · FY28 to FY30
stated conditionally by Bijay Agrawal
p. 12
“So both put together, we will be spending another INR800 crores for those projects. But that project capex may get executed somewhere between FY '28 to FY '30.”
Bijay Agrawal, page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management detailed the INR800 crore multi-year PCB capex plan split into phases plus organic capex of INR100-150 crores this year.
Answered by Bijay Agrawal
Asked by Indrajit Agarwal: On capex for PCB and other projects for FY27 and medium term
p. 8
“And this capex we are spreading across 2 phases. Initial phase is INR400 crores, which is going on, and of which, about INR50 crores is already spent till last year.”
Bijay Agrawal, page 8 of the filed PDF · View the filing
Management said supply chain and input cost pressures are industry-wide, are passed through with a lag, and margin guidance factors in this turmoil.
Answered by J.S. Gujral
Asked by Indrajit Agarwal: On the impact of geopolitical tensions and raw material inflation
p. 9
“But having delivered an EBITDA margin of 12%-odd this year, next year, we are guiding 10.5% to 11%, keeping this turmoil into account.”
J.S. Gujral, page 9 of the filed PDF · View the filing
Management said the guidance is conservative given global trade and cost volatility and could be revised upward if the situation stabilizes.
Answered by J.S. Gujral
Asked by Achal Lohade: Why guide margin down to 10.5-11% despite delivering 12% for two quarters
p. 9
“we would like to err on the side of caution and we have guided 10.5% to 11% margin despite having delivered 12% margin. We're very honest.”
J.S. Gujral, page 9 of the filed PDF · View the filing
Management explained the order book is a point-in-time snapshot after high quarterly execution and net additions were actually higher than the prior quarter.
Answered by Bijay Agrawal
Asked by Bhavya Gandhi: On slower order book growth quarter-on-quarter versus historical run rate
p. 11
“The growth is even higher than the previous quarter's net addition.”
Bijay Agrawal, page 11 of the filed PDF · View the filing
Management said the PCB spend this year will be funded through a mix of debt, internal accruals and JV partner contribution, and does not expect a cash shortfall.
Answered by Bijay Agrawal
Asked by Bhavya Gandhi: On funding the PCB capex given cash position
p. 11
“So this year for the PCB business, we will spending around INR250 crores and for the same it will partly funded through debt and partly through internal accruals and there is a JV partner also, 25% of this capex has to be funded by the JV partner also together, so that's how this has to be funded.”
Bijay Agrawal, page 11 of the filed PDF · View the filing
Management said combined capex of INR800 crores for CCL, HDI and Flex PCB projects would be executed between FY28 and FY30.
Answered by Bijay Agrawal
Asked by Bhavik Mehta: On ECMS approval for flexible PCB and copper clad laminates capex and timeline
p. 12
“So we got approvals for CCL, copper clad laminate, plus HDI and Flex PCB.”
Bijay Agrawal, page 12 of the filed PDF · View the filing
Management said they prefer to remain conservative rather than risk missing a higher guided number.
Answered by J.S. Gujral
Asked by Renu Baid Pugalia: On margin cushion given ODM, exports mix improvement and rupee tailwind
p. 14
“There's no point -- tomorrow, I say 12% and I give 11%, you will skin me down why it is 11%. So we would like to have the luxury of being conservative.”
J.S. Gujral, page 14 of the filed PDF · View the filing
Management confirmed minimal expense was charged to P&L and said they still intend to enter renewable energy via a greenfield project instead.
Answered by J.S. Gujral
Asked by Praveen Sahay: On the dropped Ksolare acquisition and any related expenses
p. 16
“There was very little expense related to the Ksolare acquisition. Whatever has been spent has been charged off to the P&L.”
J.S. Gujral, page 16 of the filed PDF · View the filing
Management gave gross and net PLI figures for FY26.
Answered by Bijay Agrawal
Asked by Praveen Sahay: On PLI benefit received for the full year
p. 17
“Gross PLI for the full year would be approximately INR80 crores. And post-sharing, we are expecting it will be -- net PLI would be approximately INR38 crores related the year FY '26.”
Bijay Agrawal, page 17 of the filed PDF · View the filing
Management said business mix is expected to remain similar to FY26 and margin guidance also reflects IT growth and raw material cost pressure.
Answered by Bijay Agrawal
Asked by Nikhil Kandoi: Whether margin guidance reflects a higher share of lower-margin consumer/IT business
p. 17
“Yes, as Mr. Gujral has already guided, we are expecting because IT business is also slightly growing and maybe some bit of geopolitical factors, which are also impacting, including raw material prices increase.”
Bijay Agrawal, page 17 of the filed PDF · View the filing
Management said 32 new customers were onboarded in FY26 with potential to add significant revenue over time, spanning fuel injection systems, solar trackers, data center motherboards, and FMCG liquid processing machines.
Answered by Bijay Agrawal
Asked by Tanay Shah: On client additions driving FY27 growth and applications across segments
p. 19
“And when we talk about these 32 customers, they have a potential to add at least INR1,000 crores plus in my current year revenue, FY '26, and full potential maybe about INR2,500 crores plus in a long-term basis per annum.”
Bijay Agrawal, page 19 of the filed PDF · View the filing
Risks flagged
Global supply chain disruption and rising input costs due to geopolitical tensions
p. 8
“The Middle Eastern crisis has sort of disrupted the supply chain routes. The logistic costs have gone up.”
J.S. Gujral, page 8 of the filed PDF · View the filing
Delay in cost pass-through to customers
p. 8
“Now does it happen on day 0? The answer is no. It is negotiated and then taken into account.”
J.S. Gujral, page 8 of the filed PDF · View the filing
Rising competitive intensity from larger domestic and global players entering EMS
p. 14
“Competition -- competitive intensity would increase.”
J.S. Gujral, page 14 of the filed PDF · View the filing
Elongated working capital cycle in defence/Elcome and smart metering businesses
p. 18
“Elcome, on its own, would be -- defense as the business is notorious for long 3 to 5 months, 6 months working capital cycles.”
J.S. Gujral, page 18 of the filed PDF · View the filing
Failure of counterparty to meet conditions precedent led to dropped Ksolare acquisition
p. 16
“There were certain conditions precedent which Ksolare had to comply with. When they expressed their inability to comply with, we both decided that it was best to drop the deal.”
J.S. Gujral, page 16 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.