Syrma SGS Technology Limited delivered a strong financial performance for the quarter and financial year ended March 31, 2026, reporting significant growth across key metrics on both standalone and consolidated bases. The Board of Directors, at its meeting held on May 11, 2026, approved the audited standalone and consolidated financial results and recommended a final dividend of Rs 1.50 per equity share (15% on face value of Rs 10 per share) for FY26, subject to shareholder approval at the ensuing Annual General Meeting. Following the results, management expressed confidence in exceeding ₹6,000 Crore in annual revenue, supported by stronger second-half performance, with Q2 revenue reaching ₹1,465 Crore and monthly exports rising from ₹125 Crore to over ₹1,500 Crore. Subsequently, pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company filed a newspaper advertisement on May 12, 2026, confirming publication of the audited standalone and consolidated financial results in Financial Express and Mumbai Lakshadweep.

Q4FY26 and FY26 Consolidated Financial Performance

The company's consolidated financial results for Q4FY26 and FY26 demonstrated broad-based growth across revenue, EBITDA, and PAT. The following table presents the key consolidated financial metrics:

Key Consolidated Financial Highlights

The following points summarise the key consolidated financial outcomes for Q4FY26 and FY26:

• Consolidated Total Revenue stood at ₹14,768 million for Q4FY26, up 16% QoQ and 56% YoY, and ₹48,569 million for FY26, up 27% YoY.
• EBITDA was reported at ₹1,860 million for Q4FY26, up 43% YoY, and ₹5,823 million for FY26, up 56% YoY.
• Profit After Tax stood at ₹1,192 million for Q4FY26, up 67% YoY, and ₹3,458 million for FY26, up 87% YoY.
• Export Revenue constituted 25% of Revenue from Operations in both Q4FY26 and FY26, growing 33% YoY and 41% YoY respectively.
• Consolidated Basic EPS stood at Rs 5.29 for Q4FY26 and Rs 16.94 for FY26; Diluted EPS was Rs 5.28 for Q4FY26 and Rs 16.92 for FY26.

Standalone Financial Performance

On a standalone basis, Syrma SGS also reported healthy growth. The table below captures the key standalone financial metrics:

The standalone results incorporate the effect of the Scheme of Amalgamation between SGS Infosystems Private Limited and SGS Tekniks Manufacturing Private Limited with the company, approved by the National Company Law Tribunal (NCLT) with an appointed date of April 1, 2023. Accordingly, comparative figures for the previous year have been restated.

Consolidated Balance Sheet and Cash Flow Highlights

The consolidated balance sheet as at March 31, 2026 reflected total assets of Rs 57,700.07 million, compared to Rs 42,046.71 million as at March 31, 2025. Total equity stood at Rs 30,654.69 million, up from Rs 18,248.19 million. The following table presents key balance sheet metrics:

On the consolidated cash flow front, net cash flow from operating activities for FY26 stood at Rs 2,895.65 million, compared to Rs 1,764.63 million in FY25. Net cash used in investing activities was Rs 7,419.60 million, primarily reflecting the investment in Elcome Integrated Systems Private Limited and mutual fund investments. Net cash from financing activities was Rs 5,578.51 million, supported by proceeds from the Qualified Institutional Placement (QIP).

Corporate Developments

During FY26, the company raised Rs 10,000.00 million through a QIP, issuing 14,306,151 equity shares at a face value of Rs 10 each at a premium of Rs 689 per share. All proceeds have been utilised in accordance with the placement document. Additionally, the company acquired a 60% stake in Elcome Integrated Systems Private Limited for a total consideration of Rs 2,350.00 million, with the remaining 40% to be acquired in a phased manner. Elcome also acquired the entire paid-up share capital of Navicom Technology International Private Limited, making Navicom a wholly-owned subsidiary of Elcome. The company also made an additional investment of Rs 360.03 million in Syrma Strategic Electronics Private Limited (now Shinhyup Syrma Circuits Private Limited), holding a 75% equity stake as at March 31, 2026. The statutory auditors, M/s Walker Chandiok & Co LLP, have issued an unmodified audit opinion on both the standalone and consolidated financial results.

Regulatory Disclosure

Pursuant to Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Syrma SGS Technology filed a newspaper advertisement on May 12, 2026 confirming the publication of its audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026. The results were published in the following newspapers:

The results are also hosted on the company's website at www.syrmasgs.com/investor-relations/disclosure/ .

Management Commentary

Commenting on the results, Mr. Jasbir Singh Gujral, Managing Director of Syrma SGS Technology Ltd, said: "FY26 was a strong year of execution for Syrma SGS. We delivered 27% revenue growth to ₹4,819 Cr, with operating EBITDA expanding significantly to ₹545 Cr, ahead of what we had indicated at the start of the year. Importantly, this growth was delivered with positive operating cash flow and a meaningful reduction in net working capital days, reflecting stronger execution and capital discipline."

Mr. Gujral further noted that the year marked important progress on the company's strategic agenda, with strengthened presence in higher-quality verticals such as Automotive, Industrial, Healthcare, and Defence, while exports grew 41% and crossed ₹1,200 Cr. He also highlighted the consolidation of Elcome in Defence, the Elemaster JV in high-reliability Industrial & Railways electronics, and the company's foray into the component ecosystem through the PCB project as key developments building new growth verticals.

Concall Highlights and Revenue Outlook

In the post-results earnings call, management expressed confidence in exceeding ₹6,000 Crore in annual revenue, citing stronger second-half performance as a key driver. Q2 revenue was reported at ₹1,465 Crore, while monthly exports have risen significantly from ₹125 Crore to over ₹1,500 Crore, underscoring the company's growing international business momentum. The following table summarises the key concall data points:

About Syrma SGS Technology Limited

Syrma SGS Technology is a leading Indian Electronic Systems Design and Manufacturing company with over 45 years of expertise. The company serves more than 270 customers across 20+ countries and maintains a pan-India manufacturing footprint with facilities in Chennai, Bangalore, Manesar, Gurgaon, Pune, and Baddi, along with R&D centres in Chennai, Pune, Bangalore, and Stuttgart, Germany. The company offers a comprehensive range of services including Product Design, Assembly (PCBA & Box Build), Quick Prototyping, and Tester Development Services. In addition to EMS, Syrma SGS also provides OEM solutions for RFID tags & inlays, high-frequency magnetic components, and electro-mechanicals.

Syrma SGS Technology Limited's Board of Directors, at its meeting held on May 11, 2026, approved the audited standalone and consolidated financial results for the quarter and financial year ended March 31, 2026, under Regulation 30 and 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The statutory auditors, M/s Walker Chandiok & Co LLP, issued an unmodified audit opinion on both standalone and consolidated financial results. The board also recommended a final dividend of Rs. 1.50 per equity share (15% on face value of Rs. 10 each) for FY26, subject to shareholder approval at the ensuing Annual General Meeting.

Consolidated Financial Performance

On a consolidated basis, Syrma SGS Technology and its subsidiaries reported robust growth for the year ended March 31, 2026. The Group operates in a single reportable segment — Electronics Manufacturing Services (EMS). For Q4FY26, consolidated revenue from operations stood at Rs. 14,650.12 million, up from Rs. 9,243.61 million in Q4FY25, while consolidated net profit came in at Rs. 1,192.31 million versus Rs. 714.53 million in the year-ago period. EBITDA for Q4FY26 was Rs. 1,700 million compared to Rs. 1,160 million in Q4FY25, with EBITDA margin at 11.89% versus 12.52% YoY. For the full year FY26, consolidated total revenue reached Rs. 48,569 million, up 26.60% YoY, while EBITDA expanded to Rs. 5,823 million, up 56.20% YoY. Key consolidated financial metrics are presented below:

The detailed consolidated results from the audited financials are as follows:

Profit attributable to owners of the holding company for FY26 stood at Rs. 3,177.80 million, compared to Rs. 1,698.71 million in FY25. Non-controlling interests accounted for Rs. 280.26 million of the consolidated profit after tax. Exceptional items of Rs. 45.73 million were recognised at the consolidated level for FY26 on account of the New Labour Codes. Total consolidated assets stood at Rs. 57,700.07 million as at March 31, 2026, against Rs. 42,046.71 million in the prior year. Export revenue contributed 25% of revenue from operations for both Q4FY26 and FY26, growing 33% YoY and 41% YoY respectively.

Standalone Financial Performance

On a standalone basis, Syrma SGS Technology delivered a strong performance for the full year ended March 31, 2026. Revenue from operations grew significantly compared to the prior year, while profitability improved across key metrics. The following table summarises the standalone financial highlights:

For the full year, total income rose to Rs. 44,079.22 million from Rs. 36,630.15 million in the prior year. Profit after tax for FY26 stood at Rs. 2,933.69 million, compared to Rs. 1,686.59 million in FY25. Exceptional items of Rs. 32.47 million were recognised during FY26, primarily on account of the implementation of the New Labour Codes effective November 21, 2025. Paid-up equity share capital stood at Rs. 1,926.25 million as at March 31, 2026, with other equity (reserves) at Rs. 27,689.36 million.

Balance Sheet and Cash Flow Highlights

The standalone balance sheet reflects a significant strengthening of the equity base. Total standalone equity rose to Rs. 29,615.61 million as at March 31, 2026, from Rs. 17,263.55 million a year earlier. Standalone cash and cash equivalents increased to Rs. 1,647.46 million from Rs. 679.52 million. Net cash flow from standalone operating activities for FY26 was Rs. 2,525.76 million, compared to Rs. 1,452.01 million in FY25. On the consolidated front, net cash flow from operating activities was Rs. 2,895.65 million versus Rs. 1,764.63 million in FY25, while consolidated cash and cash equivalents closed at Rs. 1,922.81 million.

Management Commentary

Commenting on the results, Mr. Jasbir Singh Gujral, Managing Director of Syrma SGS Technology, said: "FY26 was a strong year of execution for Syrma SGS. We delivered 27% revenue growth to ₹4,819 Cr, with operating EBITDA expanding significantly to ₹545 Cr, ahead of what we had indicated at the start of the year. Importantly, this growth was delivered with positive operating cash flow and a meaningful reduction in net working capital days, reflecting stronger execution and capital discipline. The year also marked important progress on our strategic agenda. We strengthened our presence in higher-quality verticals such as Automotive, Industrial, Healthcare and Defence, while exports grew 41% and crossed ₹1,200 Cr, reflecting growing global confidence in our capabilities. With the consolidation of Elcome in Defence, the Elemaster JV in high-reliability Industrial & Railways electronics, and our foray into the component ecosystem through the PCB project, we are building new growth verticals that make Syrma SGS a broader and more resilient electronics manufacturing platform for FY27 and beyond."

Key Corporate Developments

During FY26, Syrma SGS Technology raised Rs. 10,000.00 million through a Qualified Institutional Placement (QIP), issuing 14,306,151 equity shares of face value Rs. 10 each at a premium of Rs. 689 per share. All proceeds have been utilised in accordance with the placement document. The company also executed agreements to acquire a 60% stake in Elcome Integrated Systems Private Limited for a total consideration of Rs. 2,350.00 million, with the remaining 40% to be acquired in a phased manner. Additionally, Syrma SGS Technology made an additional investment of Rs. 360.03 million in Syrma Strategic Electronics Private Limited (now renamed Shinhyup Syrma Circuits Private Limited), retaining a 75% equity stake following the issuance of shares to SH Electronics Co. Limited for Rs. 120.00 million. The NCLT-approved scheme of amalgamation of wholly-owned subsidiaries SGS Tekniks Manufacturing Private Limited and SGS Infosystems Private Limited with the company, with an appointed date of April 1, 2023, has been given effect in the standalone financial results, with comparative figures restated accordingly. As at March 31, 2026, unutilised IPO proceeds of Rs. 443.72 million remained temporarily invested in fixed deposits with scheduled commercial banks.