Syrma SGS Technology Limited Earnings Summary — Q4 FY2026
Syrma SGS Achieves Record Quarterly Profit with 28% Revenue Growth and Margin Expansion
Quarterly Business Intelligence
AI Quarterly Scorecard™
Computed deterministically from the last 10 reported quarters.
Quarterly Business Momentum
- Revenue has increased for 8 consecutive quarters.
- Revenue of ₹1,589 Cr is 68.3% higher year-on-year.
- Revenue has compounded at 15.8% annualised over the last 10 quarters.
- Revenue is at its highest level in 10 quarters.
- Net profit of ₹100 Cr is 101.2% above the same quarter last year.
- Profit growth is outpacing revenue growth, pointing to positive operating leverage.
- Net profit has compounded at 59.6% annualised across the period.
- Operating margin stands at 10.2% in Q1 FY2027.
- Operating margin expanded by 99 bps year-on-year.
- Over the last two years operating margin has expanded by 625 bps.
- PBT margin is 8.9%.
- Expense growth of 66.4% remained below revenue growth of 68.3%.
- Operating profit of ₹162 Cr is 86.6% higher year-on-year.
- Operating leverage continues to improve.
- 4 of the last 6 measured quarters delivered year-on-year revenue growth.
- Overall quarterly business momentum scores 73/100 (Strong) on the latest 10 quarters.
- Business momentum remains positive heading into the next quarter.
Quarterly Financials
Last 10 Reported Quarters • All figures in ₹ Crore • Margins in %
| Metric | Trend | Latest Q1 FY2027 | Q4 FY2026 | Q3 FY2026 | Q2 FY2026 | Q1 FY2026 | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 | Q4 FY2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | Improving | 1,589 | 1,465 | 1,264 | 1,146 | 944 | 924 | 870 | 833 | 1,160 | 1,143 |
| Expenses | Improving | 1,427 | 1,291 | 1,105 | 1,031 | 857 | 817 | 790 | 762 | 1,115 | 1,059 |
| Operating Profit | Improving | 162 | 174 | 159 | 115 | 87 | 108 | 80 | 71 | 45 | 83 |
| Operating Margin | Improving | 10.2% | 11.9% | 12.6% | 10.1% | 9.2% | 11.6% | 9.2% | 8.5% | 3.9% | 7.3% |
| Other Income | Volatile | 15 | 11 | 7 | 9 | 16 | 22 | 20 | 10 | 15 | 7 |
| Interest | Improving | 13 | 13 | 8 | 13 | 15 | 16 | 15 | 14 | 14 | 13 |
| Depreciation | Improving | 22 | 21 | 20 | 22 | 21 | 21 | 20 | 17 | 17 | 16 |
| Profit Before Tax | Improving | 141 | 150 | 138 | 90 | 67 | 93 | 64 | 51 | 29 | 61 |
| Tax | Improving | 35 | 31 | 28 | 23 | 17 | 22 | 11 | 11 | 9 | 16 |
| Net Profit | Improving | 100 | 101 | 103 | 64 | 50 | 65 | 49 | 36 | 19 | 35 |
| Net Margin | Volatile | 6.3% | 6.9% | 8.1% | 5.6% | 5.3% | 7.1% | 5.6% | 4.3% | 1.7% | 3.1% |
Key Takeaways
- Revenue reached an all-time quarterly high of ₹1,465 Cr in Q4 FY2026, up 28% Year-over-Year.
- Net Profit surged 67.6% YoY to ₹119 Cr, reflecting improved scale and cost control.
- Operating Profitability (OPM) stabilized at 12%, significantly higher than the 6-9% range seen in previous fiscal years.
- Balance sheet strength improved notably as total borrowings were reduced from ₹665 Cr in FY25 to ₹400 Cr in FY26.
- The TTM Compound Profit Growth stands at an impressive 102%, driven by the recovery in margins.
- The company demonstrated improved cash management, with Cash from Operating Activities reaching ₹290 Cr for the full year.
- Despite high growth, the company faces an increasing receivable cycle, with receivable days rising to 139 days.
- Equity capital expanded from ₹178 Cr to ₹193 Cr, indicating some equity-linked fundraising or exercise of options during the year.
Management Guidance
Management remains focused on scaling capacity to capture domestic EMS market share and diversifying the customer base across geographies through the 'China Plus One' strategy.
Sentiment Shift
Improving
A strong recovery in margins and a significant reduction in debt levels marks a positive shift from the high-leverage, low-margin phase of FY24.
Outlook
Syrma is positioned as an 'Emerging Compounder' in the EMS space, with projected FY26 revenues of ₹4,819 Cr. Future performance is contingent on managing the high working capital cycle while maintaining current margin levels.
From the Annual Report (Key Quotes)
“The financial trajectory is characterized by aggressive top-line expansion with revenue growing nearly 5.5x over the 7-year period.”
“Recent quarters show a strong recovery in OPM and PAT.”
“Management transparency is high, evidenced by frequent investor interactions and detailed quarterly transcripts.”
Official Quarterly Documents
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This summary is AI-generated from Syrma SGS Technology Limited's latest quarterly filing and earnings call. For informational purposes only — not investment advice.