Syrma SGS Technology LtdNSE:SYRMA
Current view Q4 2026
Order book fine, but there IS a trigger: shifting to higher-value electronics doubled its profit margin and nearly doubled profit in one year. Management under-promises, over-delivers.
Latest exchange filings last 5 · 5 after Q4 2026
- 10 Sep ’26MCA approved JV name change to Syrma SGS Elemaster Private Limited from September 9, 2026. ↗
- 3 Sep ’26Management will attend Axis Capital non-deal roadshow in USA from 8–16 Sep 2026. ↗
- 2 Sep ’26Syrma SGS Elemaster inaugurated a 20,000 sq ft high-reliability electronics facility in Bengaluru on September 2, 2026. ↗
- 26 Aug ’26Shareholder Meeting / Postal Ballot-Scrutinizer''s Report 26 Aug ↗
- 25 Aug ’26Sandeep Tandon reappointed Executive Chairman from Oct 1, 2026; Jayesh Doshi appointed Whole-time Director for five years. ↗
Exchange filings, with the company's own one-line summary, read off the same page as the figures. Screener publishes only the most recent few, so this is the last 5 — not everything filed since your note, and a quiet-looking list is not proof of a quiet quarter. A filing is marked new when it is dated after the end of the quarter your note covers. Not scored, and not a judgement — a routine repayment notice and a takeover sit in the same list.
AI concall report · Q4 2026
The full earnings-call read behind this view — what management promised, what they delivered, and the earning trigger.
Growth Q4 2026
| Metric | This year vs lastYoY · vs Q4 2025 | vs the quarter beforeQoQ, sequential · vs Q3 2026 | 3-year yearly average3Y CAGR · compounded | 5-year yearly average5Y CAGR · compounded |
|---|---|---|---|---|
| Sales | ▲ +58.5% | +15.9% | +33.0% | +40.3% |
| Operating profit | ▲ +61.1% | +9.4% | +34.7% | +36.9% |
| EPS | ▲ +43.0% | −1.5% | +34.6% | −55.2% |
| PAT | ▲ +67.6% | +8.2% | — | — |
Tinted rows drive the Tier. Tier = the weaker of YoY Sales and YoY PAT growth. Here the weaker is Sales at +58.5%, which is ≥ 20% → Tier 1.
QoQ is sequential, not a trend. For most Indian companies the March quarter is seasonally the largest, so a June-quarter fall against it is a calendar effect. Only the YoY column feeds the Tier.
Multibagger potential
Average63/100
Growing fast — and the market has noticed. Profit per share grew 35% a year, and buyers now pay more for each rupee of it than they did a year ago. Some of the re-pricing has already happened.
₹1,746 → ₹3,493 needs the P/E at 86× — it is 105× today, and has ranged 49× to 585× over the last 5 years. The rest would come from earnings growing as they have.
What you pay for its profitlog scale · 5-year range
Tripling needs 129× — it has traded there — high was 585×.
Target capped at 35× — its 127× five-year average came from near-zero earnings.
At ₹579 the price-tag on its earnings reaches the 35× it is being projected toward — the point where being cheap against that yardstick is used up.
Re-rated already, on growth that doesn't fully back it.
How this is calculated
This is arithmetic, not a forecast — Return = ΔEPS × ΔMultiple. It says what would have to be true, not how likely it is, and "earnings keep growing at this rate for three more years" is the assumption doing the most work. This is a mid-cap at ₹29,152 cr, so the odds of a re-rate are not fighting its own size.
Why the target is capped at 35×. This company averaged 127× over five years, but a multiple that high comes from near-zero earnings rather than from what buyers chose to pay — projecting a return to it would price in the collapse, not the recovery. 35× is what a 35% grower supports.
Growth rate used: 34.6% — the weakest of EPS / Sales / Op-profit from 3-year EPS CAGR. Latest quarter reads 43%.
How it compares with its rivals Technology · 6 of 130 listed
It earns 17% on its capital, fifth of 6, and it is the most expensive of those shown.
| Company | Price | P/E | Size | ROCE | Profitlast qtr | Saleslast qtr |
|---|---|---|---|---|---|---|
| Syrma SGS Tech. | ₹1,740 | 90.5× | ₹33,552 Cr | 16.8% | +101.2% | +68.3% |
| Indo-MIM | ₹1,052 | 80.6× | ₹52,034 Cr | 25.0% | +31.6% | +9.4% |
| Aditya Infotech | ₹3,463 | 85.8× | ₹40,969 Cr | 28.6% | +332.5% | +89.5% |
| Honeywell Auto | ₹35,725 | 56.5× | ₹31,581 Cr | 16.9% | +20.9% | +1.8% |
| Kaynes Tech | ₹3,551 | 68.8× | ₹23,867 Cr | 12.7% | −24.4% | +40.5% |
| Jyoti CNC Auto. | ₹1,044 | 73.8× | ₹23,743 Cr | 21.3% | −20.0% | +24.0% |
Screener's own peer group, from the request already made for the industry P/E. It serves the industry's largest names by market cap, not companies of a similar size, so treat this as context rather than a like-for-like table; this company is always shown. On a phone the price, size and sales columns are dropped rather than pushed off the edge. Not part of the score.
Business quality to Jun 2026
| Are the margins widening? | yes — a little wider than 3 years earlier | operating margin 6% → 10% over 3 years |
|---|---|---|
| Did the profit turn into cash? | very little of it arrived as cash | 69% last year, 38% over three · free cash flow ₹114 cr, positive in 2 of 5 years |
| Is the growth borrowed? | lightly borrowed | ₹400 cr — 0.14× its own equity (was 0.38×) |
| Is it being collected? | collection is steady | 139 days to collect, down 3 in a year · cash cycle 48 days |
| Who has been buying? | the promoters have been selling | promoters 42.3% (−4.2 in a year), 47.2% → 42.3% over 2.8 years · FIIs 7.5% (+1.2) · DIIs 15.9% (+6.8) · shareholders 96,452 → 2,04,149 |
| What does it earn on its capital? | earns a fair return on its capital | ROCE 16.8% · ROE 14.0% |
Fetched from the filings, not typed — and deliberately not part of the score. These are the questions the score cannot ask: it reads growth, price and trend, so a company can score well while its profit never becomes cash. Weigh these beside the note, not against the number.
Screener's own checklist not mine, not the score
In its favour
- Company has reduced debt.
- Company is expected to give good quarter
- Company has delivered good profit growth of 36.3% CAGR over last 5 years
Against it
- Stock is trading at 11.8 times its book value
- Company has a low return on equity of 10.4% over last 3 years.
- Promoter holding has decreased over last 3 years: -4.99%
- Working capital days have increased from 46.9 days to 68.2 days
Generated by screener.in from a fixed checklist — not written by me and not an input to the score. It is here as a second machine opinion to weigh against the note; where it disagrees with the view above, the note is the considered one.