Syrma SGS Technology Limited has submitted its quarterly monitoring agency report for Q3FY26, demonstrating complete utilization of its Rs.1,000.00 crore Qualified Institutional Placement (QIP) proceeds. The report, filed with stock exchanges on January 30, 2026, was prepared by CARE Ratings Limited as the designated monitoring agency under SEBI regulations.

QIP Proceeds Utilization Overview

The monitoring report confirms that all QIP funds have been fully deployed across the three designated categories outlined in the original placement document. The company successfully completed its fund utilization program during the quarter ended December 31, 2025.

Strategic Acquisition Through QIP Funds

The company utilized the entire Rs.224.262 crore allocated for general corporate purposes toward acquiring a 60% stake in Elcome Integrated Systems Private Limited. This acquisition involved an aggregate consideration of approximately Rs.235.00 crore through a combination of primary and secondary investment structures.

Debt Repayment Activities

During Q3FY26, Syrma SGS deployed Rs.66.538 crore for working capital loan repayment, completing its debt reduction objectives. The quarterly utilization included:

• Rs.50.00 crore toward Commercial Paper (CP) repayment
• Rs.16.538 crore for working capital loan settlement
• Rs.0.048 crore carried forward from the previous quarter for working capital purposes

Regulatory Compliance and Monitoring

CARE Ratings Limited, serving as the monitoring agency under the August 07, 2025 agreement, confirmed no deviations from the objects stated in the offer document. The report indicates full compliance with SEBI regulations regarding fund utilization and disclosure requirements.

Issue Timeline and Structure

The QIP issue was conducted between August 07, 2025, and August 12, 2025, raising Rs.1,000.00 crore through equity shares. The company operates in the Industrial Products sector under the leadership of promoters Sandeep Tandon, Jasbir Singh Gujral, Veena Kumari Tandon, and Tancom Electronics Private Limited.

The monitoring report, certified by Walker Chandiok & Co LLP on January 25, 2026, demonstrates the company's efficient capital deployment strategy and adherence to regulatory frameworks governing QIP proceeds utilization.

Syrma SGS Technology Limited has completed a significant milestone in its strategic partnership with South Korea's SH Electronic Co. Limited (formerly Shinhyup Electronics Co. Ltd). The company announced the completion of share allotment in their joint venture company, Syrma Strategic Electronics Private Limited, marking the operational commencement of their PCB manufacturing collaboration.

Joint Venture Share Allotment Details

The share allotment process was completed on December 30, 2025, with the following distribution:

Manufacturing Focus and Strategic Scope

The joint venture, formalized through an agreement signed on July 15, 2025, focuses on manufacturing sophisticated electronic components for multiple sectors:

• Multi-layer Printed Circuit Boards (PCBs): Advanced PCB manufacturing for complex electronic applications
• Copper Clad Laminate (CCL): Essential materials for PCB production
• Flexible PCBs: Specialized circuits for modern electronic devices

Target Market Segments

The partnership aims to serve diverse industry verticals:

Strategic Implications and Governance

The completion of share allotment establishes Syrma SGS's controlling position in the joint venture. With a 75% stake, the company maintains strategic control over operations and decision-making processes. This structure enables Syrma SGS to leverage South Korean expertise in advanced PCB manufacturing while retaining operational leadership.

Regulatory Compliance and Market Impact

Syrma SGS has fulfilled all regulatory requirements under SEBI Listing Regulations, with comprehensive disclosures submitted as per Regulation 30. The partnership represents a significant development in India's electronics manufacturing landscape, positioning the company to meet growing demand for sophisticated PCB solutions across multiple industry sectors.

The successful completion of this joint venture structure strengthens Syrma SGS's capabilities in the electronics manufacturing services sector and enhances its competitive position in the rapidly evolving PCB manufacturing market.