Syrma SGS Technology Limited · NSE:SYRMA
Syrma SGS Technology — H1 FY2027 Earnings Presentation
43 slides from Syrma SGS Technology's earnings presentation, November 2026
Slide 1: Slide 1
Slide 2: Disclaimer
Disclaimer Certain statements in this presentation are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements o
Slide 3: Company Overview
COMPANY OVERVIEW
Slide 4: SYRMA SGS – At a Glance
SYRMA SGS – At a Glance An Electronics System Design and Manufacturing (ESDM) platform specializing in high-mix, high-complexity electronics for global OEMs across high-growth sectors PCBA Box Build RFID Electromechanical Assemblies PCB* Solutions *backward integration into India’s largest import ga
Slide 5: Our Journey: From IPO To Strategic Scale
Our Journey: From IPO To Strategic Scale ORGANIC EXPANSION 2022 2023 2024 2024–25 Added a unit in Added units in Pune Campus facility Expanded Stuttgart Facility: Chennai Bawal and (~1.2 Mn. sq. ft. potential) From Design to Prototyping Manesar LISTING STRATEGIC ACQUISITIONS 2021 2023 2025 IPO (Aug
Slide 6: Our Presence
Our Presence Texas, USA (Business office) Baddi 17 Operational Manufacturing Facilities Gurugram (Manufacturing & Design Centre) Jodhpur 1,267K sq. ft. Commissioned Manufacturing Plant area Bawal Manesar 4 Global R&D Centers Pune (Ranjangaon) ((Manufacturing & Design Centre) Bengaluru Naidupeta, And
Slide 7: Qualified Across Every Vertical
Qualified Across Every Vertical IATF TISAX 16949:2016 AS9100D:2018 MDSAP Automotive cybersecurity Aerospace & defence quality; Medical device quality management Automotive quality and information security unlocks global aerospace & standard; recognized by major standard; mandatory for Syrma ranks in
Slide 8: Our Business Verticals
Our Business Verticals Consumer Automotive and Electric Mobility (5 Year Revenue CAGR – 54%) y ilit ob Industrials (5 Year Revenue CAGR – 29%) ric M lect 24% 30% e&E Indu Consumer (5 Year Revenue CAGR – 48%) Automotiv strials Industries Catered (Revenue mix FY26) 9% Healthcare & Medical Devices (5 Y
Slide 9: Automotive And Electric Mobility
Automotive And Electric Mobility Sunroof Motor Controller Battery Management EPS system Dashboard Controller Unit System Beacon Body control Clusters Safety Infotainment Engine Module Airbags PCBA electronic On board chargers Light control Control Unit Driver monitoring Module system Wireless charge
Slide 10: Industrials
Industrials Smart Energy Meters Industrial Power Supplies, Industrial Cleaning Connectivity Communication and Display System Solar Controllers Industry Position Esteemed Clients Performance ₹ Million 13,985 • Rollout of ~250 Mn smart meters with ₹1 lakh Cr+ opportunity (FY25-30) • EU industrial supp
Slide 11: Consumer
Consumer PCB Assemblies Power RFID modules for FastTAG Smart consumer electronics, including BLDC Supplies, Modems, Hybrid & logistics applications motors & water purification systems STB, Wifi Routers Industry Position Esteemed Clients Performance ₹ Million • 25.1% CAGR (CY24-29) India consumer ele
Slide 12: Healthcare & Medtech
Healthcare & Medtech Personal Healthcare Power Supplies for High Precision Digital X-ray, Muscle Toning, Diagnostics and Devices Medical Devices Dispensers Smart Canes therapeutic devices Industry Position Esteemed Clients Performance ₹ Million • Global MedTech market at ~$810 Bn (2025), targeting ~
Slide 13: Railways And IT
Railways And IT Signalling Systems, Door Railway Cab Equipment & Memory Laptop, Motherboards Controllers, Braking Systems Interlocking Systems Modules & PCB Assemblies Industry Position Esteemed Clients Performance Snapshot ₹ Million • ₹2.62 lakh Cr capex (FY26) – Budget’s highest- ever railway allo
Slide 14: Our Financials
Our Financials Revenue from Operations Op. EBITDA Profit Before Tax Profit After-tax (₹ Million) (₹ Million) (₹ Million) (₹ Million) 5,445 4,454 3,458 48,191 999 869 655 8,874 FY21 FY26 FY21 FY26 FY21 FY26 FY21 FY26 Expanding Reach Number of Manufacturing Facilities Number of Employees Export Revenu
Slide 15: Recent Strategic Initiatives
RECENT STRATEGIC INITIATIVES
Slide 16: Our Recent Strategic Initiatives
Our Recent Strategic Initiatives M&A JV JV JV SYRMA X ELCOME: Maritime Electronics SYRMA X ELEMÁSTER (Italy) JV SYRMA X Shinhyup Korea JV SYRMA X KAGA (Japan) JV 60% stake (Dec 2025); strategic 60:40 JV; high-reliability EMS and global 75:25 JV; India’s first large-scale 60:40 JV (May 2026); scaling
Slide 17: ELCOME JV – High Entry-Barrier Maritime Electronics Segment
ELCOME JV – High Entry-Barrier Maritime Electronics Segment Acquisition Navy/Coast Guard Sovereign-critical 60% stake Acquired Dec’2025 ₹235 Cr consideration ~47+ years trusted supplier 60% own IP products WHY ELCOME KEY PRODUCT CATEGORIES • Entry into maritime defence electronics (high-margin, high
Slide 18: ELEMASTER JV - High-Reliability Electronics with Global OEM Access
ELEMASTER JV - High-Reliability Electronics with Global OEM Access Syrma SGS (60%) + Bommasandra Industrial First SMT line operational High-reliability assembly 60:40 JV Elemaster (Italy) 40%) Bengaluru Area 20,000 sq.ft facility Q2 FY2027 2nd line in FY’27 PCBA + Box Rail · Industrial JV SCOPE JV S
Slide 19: Our PCB Foray - India's 80,000+Cr Import Gap
Our PCB Foray - India's 80,000+Cr Import Gap Partnering with Shinhyup, a proven Korean PCB manufacturer Syrma SGS (75%) + Naidupeta, AP Plant Ready for ~₹1,600 Cr* Total Phased Capex ~₹800-900- Cr For Multilayer PCB 75:25 JV Shinhyup Korea (25%) 24 Acres 13 Lakh sq.ft capacity ~Mar 2027 Commercial O
Slide 20: KAGA JV – Scaling Japanese EMS with Automotive & AC Entry
KAGA JV – Scaling Japanese EMS with Automotive & AC Entry Syrma SGS (60%) + Bawal, Existing business from EMS for Japanese OEMs 60:40 JV Kaga Electronics India Plant Location Live + Ramp Day 1 Auto + AC Automotive · Air- (40%) Haryana AC ramp FY26–FY28 conditioning JV SCOPE JV SCOPE & & CAPABILITIES
Slide 21: Market Outlook & Opportunities
MARKET OUTLOOK EXCLUSIVE & OPPORTUNITIES BUSINESS
Slide 22: The EMS Opportunity: Global Scale, India Advantage
The EMS Opportunity: Global Scale, India Advantage Global EMS Market Growth Drivers Global EMS Market Global Addition from 2024-29 In USD Bn + USD 319 Bn, 6% CAGR 1,357 India’s share Government Initiatives CAGR Others • Capitalizing on government incentives such as USD104 Bn 1,038 3% 25% PLI, MSIPS,
Slide 23: Syrma's Future Market Opportunities
Future Market Opportunities Automotive & Healthcare & Defense & Industrials Consumer* Railways & IT Electric Mobility Medical Devices Maritime Segment CY24 -29P CAGR* 22.3% 14.3% 36.5% 25.1% 50.4% 33.5% PLI incentives Smart energy solutions Increasing penetration Premiumization PLI incenti
Slide 24: Our Board & Management Team
EXCLUSIVE OUR BOARD BUSINESS & MANAGEMENT TEAM
Slide 25: Board Of Directors
Board Of Directors • 19+ years of experience in electronics • 41+ years of leadership experience in electronics manufacturing sector design and manufacturing • Bachelor of science in electrical engineering; YPO • Founding member of SGS Tekniks Private Limited President’s Program from Harvard Busines
Slide 26: Management Team
Management Team • 18+ years of experience in electronics • 40+ years of leadership experience in manufacturing sector electronics design and manufacturing • Bachelor of science in electrical engineering; YPO President’s Program from Harvard Business School • Founding member of SGS Tekniks Private Li
Slide 27: Our ESG Initiatives
Our ESG Initiatives Awarded ‘India’s Most Valuable Corporate Women represent over 40% of the workforce, Governance Vanguard of the Year 2025’ reflecting a strong focus on diversity. Recognized among Asia’s Best Employers 2025. ESG subcommittee led by the Awarded EcoVadis Gold Medal, ranking Managing
Slide 28: Financial Performance for the quarter ended Sep'26
Financial Performance for the quarter ended Sep’26
Slide 29: Financial Summary – Q2 FY27
FINANCIAL SUMMARY – Q2 FY27 Highest quarterly Revenue, EBITDA, PBT and PAT Revenue and Export Contribution Profitability expansion (YoY growth and margins) TOTAL REVENUE EXPORT REVENUE OP. EBITDA EBITDA PBT PAT ₹ 19,995 Mn ₹ 5,138 Mn ₹ 1,933 Mn ₹ 2,031 Mn ₹ 1,652 Mn ₹ 1,242 Mn ▲ 73% YoY ▲ 91% YoY ▲
Slide 30: Brief Summary of Consolidated Financials – Q2 FY27
BRIEF SUMMARY OF CONSOLIDATED FINANCIALS – Q2 FY27 (₹ in Million) Particulars Q2FY26 Q1FY27 Q2FY27 QoQ YoY Revenue From Operations 11,459 15,886 19,897 25.2% 73.6% Other Income 87 151 99 (34.5)% 12.9% Total Revenue 11,546 16,037 19,995 24.7% 73.2% Cost of Materials Consumed 8,730 11,992 15,703 30.9%
Slide 31: Financial Highlights – Q2 FY27
FINANCIAL HIGHLIGHTS – Q2 FY27 ₹ in million Total Revenue EBITDA 73% YoY ₹ 19,995 64% YoY ₹ 2,031 ₹ 16,037 ₹ 1,766 ₹ 1,240 ₹ 11,546 Q2FY26 Q1FY27 Q2FY27 Q2FY26 Q1FY27 Q2FY27 Profit Before Tax Profit After Tax 87% YoY 85% YoY ₹ 1,652 ₹ 1,242 ₹ 1,408 ₹ 1,057 ₹ 895 ₹ 663 Q2FY26 Q1FY27 Q2FY27 Q2FY26 Q1F
Slide 32: Industry Segment Q2 FY27
INDUSTRY SEGMENT Q2 FY27 (₹ in Million) Q2FY26 Q1FY27 Q2FY27 Industry Q2FY26 Q1FY27 Q2FY27 QoQ YoY Mix% Mix% Mix% Auto 2,710 3,949 5,169 31% 91% 24% 25% 26% Consumer 3,656 5,328 5,727 7% 57% 32% 34% 29% Healthcare 834 1,345 1,340 (0%) 61% 7% 8% 7% Industrials 2,649 3,766 4,935 31% 86% 23% 24% 25% IT
Slide 33: Financial Ratios
FINANCIAL RATIOS Particulars Q2FY26 Q1FY27 Q2FY27 EBITDA Margin (Ex Other Income,%) 10.1% 10.2% 9.7% EBITDA Margin (%) 10.7% 11.0% 10.2% PBT Margin (%) 7.8% 8.8% 8.3% PAT Margin (%) 5.7% 6.6% 6.2% Net Debt/(Net Cash) to EBITDA (LTM) -1.2 -0.2 -0.4 Debt to Equity 0.1 0.3 0.2 ROCE (%) 13.6% 17.3% 17.9
Slide 34: Financial Performance for the Half Year ended Sep'26
Financial Performance for the Half Year ended Sep’26
Slide 35: Financial Summary – H1 FY27
FINANCIAL SUMMARY – H1 FY27 Highest half-yearly Revenue, EBITDA, PBT and PAT Revenue and Export Contribution Profitability expansion (YoY growth and margins) TOTAL REVENUE EXPORT REVENUE OP. EBITDA EBITDA PBT PAT ₹ 36,032 Mn ₹ 9,012 Mn ₹ 3,549 Mn ₹ 3,798 Mn ₹ 3,060 Mn ₹ 2,299 Mn ▲ 71% YoY ▲ 80% YoY
Slide 36: Brief Summary of Consolidated Financials – H1 FY27
BRIEF SUMMARY OF CONSOLIDATED FINANCIALS – H1 FY27 (₹ in Million) Particulars H1FY26 H1FY27 YoY Revenue From Operations 20,930 35,783 71.0% Other Income 157 249 59.0% Total Revenue 21,087 36,032 70.9% Cost of Materials Consumed 15,837 27,696 74.9% Gross Profit 5,093 8,087 58.8% Margin% 24.3% 22.6% (
Slide 37: Financial Highlights – H1 FY27
FINANCIAL HIGHLIGHTS – H1 FY27 ₹ in million Total Revenue EBITDA 71% YoY 68% YoY ₹ 36,032 ₹ 3,798 ₹ 21,087 ₹ 2,266 H1FY26 H1FY27 H1FY26 H1FY27 Profit Before Tax Profit After Tax 95% YoY 98% YoY ₹ 2,299 ₹ 3,060 ₹ 1,566 ₹ 1,163 H1FY26 H1FY27 H1FY26 H1FY27 37
Slide 38: Industry Segment H1 FY27
INDUSTRY SEGMENT H1 FY27 (₹ in Million) Industry H1FY26 H1FY27 YoY H1FY26 Mix% H1FY27 Mix% Auto 4,925 9,119 85% 24% 25% Consumer 6,834 11,055 62% 33% 31% Healthcare 1,508 2,685 78% 7% 8% Industrials 5,522 8,701 58% 26% 24% IT and Railways 2,110 4,224 100% 10% 12% Total 20,899 35,783 71% 100% 100% 38
Slide 39: Financial Ratios
FINANCIAL RATIOS Particulars H1FY26 H1FY27 EBITDA Margin (Ex Other Income,%) 10.1% 9.9% EBITDA Margin (%) 10.7% 10.5% PBT Margin (%) 7.4% 8.5% PAT Margin (%) 5.5% 6.4% Net Debt/(Net Cash) to EBITDA (LTM) -1.2 -0.4 Debt to Equity 0.1 0.2 ROCE (%) 13.6% 17.9% ROCE (% Adj. for Goodwill)* 17.3% 21.4% OC
Slide 40: Balance Sheet
BALANCE SHEET (₹ in Million) Particulars Mar’26 Sep’26 ASSETS Property, plant and equipment 9,276 11,396 Goodwill 4,547 4,547 Other non-current assets 2,257 3,600 Inventories 10,616 15,789 Trade receivables 18,408 21,232 Other current assets 4,393 4,190 Cash and cash equivalents 8,203 9,987 Total As
Slide 41: Cash Flow
CASH FLOW (₹ in Million) Particulars FY26 H1FY27 PBT 4,454 3,060 Add: Depreciation, Finance cost and Others 1,222 571 OCF before WC changes 5,676 3,631 Total WC Changes + Tax (2,781) (2,434) Net Operating Cashflow 2,896 1,197 Capex & Investments (7,420) (5,350) Net Cashflow from Investing activities
Slide 42: Debt And Cash
DEBT AND CASH (₹ in Million) Particulars 31-Mar-26 30-Sep-26 Term Loan 676 511 Working Capital Loan 2,855 6,947 Total Debt 3,531 7,458 Investments 5,092 8,381 Cash and cash Equivalents 3,111 1,653 Total Cash & Equivalents 8,203 10,034 Net Debt/(Cash) (4,672) (2,576) 42
Slide 43: Thank you
Investors Contact: Nikhil Gupta, CFA Head – Investor Relations +91 11 4700 2122 investor.relations@syrmasgs.com www.syrmasgs.com/investor-relations/ Thank you
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