Syrma SGS Technology Limited has filed its Monitoring Agency Report for the quarter ended March 31, 2026, pursuant to Regulation 41(4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report has been prepared and submitted by Crisil Ratings Limited, the appointed Monitoring Agency, and is based on a Statutory Auditor Certificate dated May 08, 2026, issued by M/s. Walker Chandio & Co LLP Chartered Accountants (Firm Registration Number: 001076N/N500013). The filing was made on May 12, 2026, by Company Secretary & Compliance Officer Bhabagrahi Pradhan.

IPO Issue Details

The IPO of Syrma SGS Technology Limited was conducted during August 12, 2022, to August 18, 2022. The key parameters of the issue are summarised below:

Crisil Ratings Limited monitors only the net proceeds amount of Rs 7,257.22 million. The Prospectus is dated August 19, 2022.

Utilisation of IPO Proceeds

The Monitoring Agency confirmed that all utilisation is as per the disclosures in the Offer Document, with no deviation observed. Proceeds were utilised towards capital expenditure and expansion or setting up of manufacturing facilities. The following table presents the progress in utilisation across the three objects of the issue as at the quarter ended March 31, 2026:

During the quarter ended March 31, 2026, utilisation of Rs 80.71 million was recorded exclusively under the capital expenditure object. No utilisation was recorded under working capital requirements or general corporate purposes during the quarter. The Monitoring Agency noted that part of the spend was made by transferring net proceeds from the company's monitoring agency account maintained with HDFC Bank to various current accounts for business operational ease, and the transferred amount stands fully utilised as at the end of the reported quarter.

Deployment of Unutilised Proceeds

As at March 31, 2026, the total unutilised amount of Rs 443.72 million is deployed across a monitoring agency bank account and fixed deposits. The deployment details are as follows:

The total amount invested includes interest received (net of TDS) aggregating to Rs 372.08 million accrued during the year on closure of fixed deposits, which has been reinvested. The earnings as on March 31, 2026, are reported as NIL, as monitoring of interest income earned from unutilised net proceeds does not form part of the scope of the Monitoring Agency report.

Implementation Schedule and Delays

The original implementation schedule as per the Prospectus dated August 19, 2022, envisaged complete utilisation of all three objects by Fiscal 2024. The company subsequently revised its implementation schedule to Fiscal 2026; however, as at the end of fiscal 2026, the full amounts remain not completely utilised. The delay in capital expenditure utilisation is attributed to a global shortage of memory chips and semiconductors, which caused certain pipeline orders to be put on hold, leading the company to defer its investment plans. For working capital and general corporate purposes, the company has substantially utilised the proceeds, with small portions remaining unutilised due to timing differences and improved operational cash flows.

The Monitoring Agency report confirms no deviation from the objects of the issue, no change in the means of finance, and no major deviation over earlier monitoring agency reports. The company has indicated that the balance amounts will be utilised in Fiscal Year 2027, consistent with the provision in the Offer Document permitting deployment of net proceeds in subsequent fiscals if unutilised within the originally estimated schedule.

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. The company also arranged a Conference Call on May 12, 2026, for the audited financial results for the quarter and year ended March 31, 2026, and in compliance with Regulation 30 and 46(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, uploaded the audio recording of the call on its website.

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:

In addition, in compliance with Regulation 30 and 46(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audio recording of the Conference Call held on May 12, 2026, for the audited financial results for the quarter and year ended March 31, 2026, has been uploaded on the company's website. The recording can be accessed at: https://www.syrmasgs.com/investor-relations/wp-content/uploads/2026/05/10042871.mp3 . 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.