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.

Syrma SGS Technology Limited has officially completed the closing of its strategic joint venture with Elemaster S.P.A Tecnologie Elettroniche, marking a significant milestone in the partnership between the Indian electronics manufacturing services provider and the Italian technology company. The transaction was finalized on April 14, 2026, following the Joint Venture Agreement originally executed on September 1, 2025.

Joint Venture Structure and Shareholding

The joint venture has been structured through Syrma SGS Design and Manufacturing Private Limited (JVCo), with both partners acquiring specific equity stakes as per the agreed terms. The shareholding arrangement establishes a clear governance structure for the partnership.

Transaction Details

The closing was completed at JVCo's Board Meeting held on April 14, 2026, in accordance with the terms outlined in the Joint Venture Agreement. Syrma SGS Technology Limited has secured a controlling 60% stake in the joint venture company, which includes its existing ownership of equity shares in addition to the newly acquired shares.

Key Transaction Components

The transaction structure demonstrates the strategic commitment of both partners to the joint venture:

Regulatory Compliance

The transaction completion was disclosed to the stock exchanges in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure follows the company's earlier communication to the exchanges dated September 1, 2025, regarding the initial joint venture agreement.

The completion of this joint venture closing represents the culmination of the partnership framework established between Syrma SGS Technology Limited and Elemaster S.P.A, positioning both companies for collaborative growth in the electronics manufacturing sector.