SYRMA (SYRMA)
SYRMA — Stage 2 setup with EFS 72.2 and investment score 91.3.
Investment Read
Separate the company from the entry: business quality first, timing second.
The edge is in staying with strong fundamentals — and demanding a sane entry.
SYRMA combines the latest available financial extract with the technical snapshot. Latest quarter: revenue 1,589 Cr (YoY +68.3%), PAT 106 Cr (YoY +112.0%). The next step is to reconcile these headline numbers with the annual report, exchange filings, and cash-flow quality.
Decision Frame
- Business: understand where moat comes from.
- Financials: prefer consistent cash conversion.
- Technical: Stage 2, RSI 54.21.
- Action bias: buy-on-pullback beats chase.
- Invalidation: thesis break + trend break.
Fundamental Scores
Agent Adda scores from snapshot (stage_snapshot). Useful ranking signals — not standalone buy/sell rules.
Score Interpretation
EFS 72.2 is the composite fundamental score: it indicates a reasonably strong combination of earnings quality (69.0), sales growth (76.7), financial strength (73.8), and institutional bias (71.0). The weaker sales-growth/financial-strength components are why the score is not a clean quality signal. Investment Score 91.3 is higher because it blends the fundamental stack with the current technical setup, where the technical score is 93.5. In plain English: the tape is stronger than the balance-sheet evidence, so the stock can screen well for momentum without removing execution, leverage, or valuation risk. Validate the scores against audited cash flow, debt, margins, dilution, and the next two quarters before treating them as conviction.
Company Overview
Company overview from the available fundamentals extract; source gaps are stated rather than filled with scraper metadata.
Business
The source extract did not return a reliable business description; use the linked exchange and annual-report sources before forming a business view.
Pros
- Company has reduced debt.
- Company is expected to give good quarter
- Company has delivered good profit growth of 36.3% CAGR over last 5 years
Cons
- Stock is trading at 10.2 times its book value
- Company has a low return on equity of 10.4% over last 3 years.
- Promoter holding has decreased over last 3 years: -4.99%
- Working capital days have increased from 46.9 days to 68.2 days
Website Research: Products, Customers and Moat Evidence
Website evidence coverage gap
/company-index SYMBOL --website URL (or in company_intel.companies) and rerun deep research.Historical P&L
5 annual periods returned from the fundamentals extract. The latest available annual period shows revenue +27.3% and PAT +88.0% versus the prior period; confirm whether the change is organic, margin-led, or acquisition-led in the annual report.
| Period | Revenue | Op. Profit | OPM | PAT | EPS | Payout |
|---|---|---|---|---|---|---|
| Mar 2022 | 1,267 | 129 | 10 | 79 | 5.59 | 0 |
| Mar 2023 | 2,048 | 192 | 9 | 123 | 6.75 | 22 |
| Mar 2024 | 3,154 | 203 | 6 | 124 | 6.04 | 25 |
| Mar 2025 | 3,787 | 323 | 9 | 184 | 9.53 | 16 |
| Mar 2026 | 4,819 | 546 | 11 | 346 | 16.48 | 9 |
Quarterly Results
6 quarterly periods are available. Jun 2026 revenue was 1,589 Cr and PAT 106 Cr; the latest sequential change was revenue +8.5% and PAT -10.9%. Use the next filing to test whether the latest growth rate is recurring and whether operating margin and cash conversion are moving with earnings.
| Quarter | Revenue | Op. Profit | OPM | PAT | EPS |
|---|---|---|---|---|---|
| Mar 2025 | 924 | 108 | 12 | 71 | 3.67 |
| Jun 2025 | 944 | 87 | 9 | 50 | 2.79 |
| Sep 2025 | 1,146 | 115 | 10 | 66 | 3.33 |
| Dec 2025 | 1,264 | 159 | 13 | 110 | 5.33 |
| Mar 2026 | 1,465 | 174 | 12 | 119 | 5.25 |
| Jun 2026 | 1,589 | 162 | 10 | 106 | 5.19 |
Balance Sheet And Cash Flow
3 balance-sheet/cash-flow periods are available. Latest reported borrowings are 400 Cr, CFO is 290 Cr, and FCF is 114 Cr. Read these alongside PAT, working-capital movements, capex, and financing flows: profit growth is higher quality when it converts to operating cash without repeated debt or equity funding.
| Balance sheet item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| Equity Capital | 177 | 178 | 193 |
| Reserves | 1,435 | 1,572 | 2,670 |
| Borrowings+ | 630 | 665 | 400 |
| Total Liabilities | 3,688 | 4,202 | 5,767 |
| Fixed Assets+ | 1,075 | 1,144 | 1,458 |
| Total Assets | 3,688 | 4,202 | 5,767 |
| Cash flow item | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|
| CFO | -109 | 176 | 290 |
| CFI | -9 | -103 | -736 |
| CFF | 150 | -71 | 558 |
| FCF | -446 | 4 | 114 |
| Net Cash | 32 | 2 | 111 |
Concall, Filings And News
Evidence reviewed: 8 concall artifacts and 6 exchange/company announcements — PDF text extracted and synthesised by GPT-4o. The read-through below distinguishes reported numbers, management claims, and checks required before relying on the catalyst.
Annual report and management read-through
- Quarter context (Jun 2026): Revenue 1,589 Cr (+68.3% YoY), PAT 106 Cr (+112.0% YoY).
- Annual report source: Annual Report 2026from bse. This is the report link returned by the extractor; it was not locally parsed in this run, so verify revenue quality, risks, related parties, debt, and cash flow before relying on a thesis.
- Analytical check: compare the latest result with the annual report for margin durability, cash conversion, leverage, segment mix, and management guidance; separate reported facts from management claims.
Management read-through
- Margin & profitability: EBITDA margin at 11.0%, showing a YoY increase of 0.3%
- Working capital & cash cycle: NWC Days increased to 71 due to higher strategic inventory levels.
- Key themes: Profitability Expansion; Revenue Growth; Export Contribution; Industry Diversification; Financial Ratios Improvement.
- Risk flags: Intense Competition; Supply Chain Constraints; Client Concentration; Regulatory Proceedings.
- Management quotes:
- “Profitability expansion continues: PBT +110% YoY and PAT +112% YoY.”
- “Export revenue ▲ 67% YoY”
- “NWC days are higher, because of maintaining higher strategic inventory levels.”
- “Operating EBITDA ▲ 69% YoY | 10.2% margin”
- Overall tone: Bullish.
Concall evidence and what to test
- Coverage note: dated presentation links were found, but transcript text was not locally extracted; the materials require manual review before management claims are treated as evidence.
- Aug 2026: Transcript | PPT | Audio
- Jun 2026: Transcript | PPT
- May 2026: PPT
- Feb 2026: Transcript | PPT
Recent announcements and implications
- Intimation Under Regulation 30 Of SEBI (LODR) Regulations, 2015 ('Listing Regulations') - Update On Change Of Name Of Sy
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation3 Sep- Management will attend Axis Capital n
- Announcement under Regulation 30 (LODR)-Press Release / Media Release2 Sep- Syrma SGS Elemaster inaugurated a 20,000 sq
- 26 Aug · Shareholder Meeting / Postal Ballot-Scrutinizer''s Report
- Announcement under Regulation 30 (LODR)-Change in Management25 Aug- Sandeep Tandon reappointed Executive Chairman from O
NSE filings & documents digest
Newest exchange filings + extracted highlights (verify the source PDF/XBRL before thesis).
No NSE evidence digest available for this run.
📋 Annual Report Deep-Read — 2026
BSE PDF, 414 pages, FY 2025-26 📄 View Annual Report PDF
Key Financials (from AR)
| Turnover | ₹43,672 Cr |
| Borrowings | 2,284.40 |
| Dividend / Share | 1.50 |
Chairman's Highlights
- Not extracted by the quick-scan pass — see the Annual Report Deep-Read Summary below for the page-by-page findings.
Management Outlook (MD&A)
Not extracted by the quick-scan pass — see the Annual Report Deep-Read Summary below for the page-by-page findings.
Key Contracts Signed
Not extracted by the quick-scan pass — see the Annual Report Deep-Read Summary below for the page-by-page findings.
New Products / Platforms
Not extracted by the quick-scan pass — see the Annual Report Deep-Read Summary below for the page-by-page findings.
SWOT — Strengths
- —
Weaknesses
- —
Key Risks
- The company faces commodity risk due to fluctuations in raw material prices, which could impact margins.
- High customer concentration in thin-margin consumer electronics accounts poses a risk.
Annual Report Deep-Read Summary
Syrma SGS Technology Limited's annual report for the fiscal year ending March 31, 2026, highlights significant growth in revenue and profit, strategic expansions, and a strong focus on sustainability and innovation. The company achieved a 27% increase in revenue, driven by growth in exports and the Original Design Manufacturing (ODM) business. Syrma SGS Technology also made strategic investments, including a 60% stake in Elcome Integrated Systems Private Limited, and improved its credit rating from AA- to AA. The report emphasizes the company's commitment to reducing greenhouse gas emissions and enhancing its employee satisfaction score. Financial statements were prepared in accordance with Indian GAAP, and the auditors expressed an unqualified opinion on both standalone and consolidated financial statements.
Key Sections
- Financial Performance and Strategic Initiatives
- Corporate Governance and Board Structure
- Risk Management and Internal Controls
- Sustainability and ESG Commitments
- Auditor's Report and Financial Statements
Red Flags / Watch-outs
- The company faces commodity risk due to fluctuations in raw material prices, which could impact margins.
- High customer concentration in thin-margin consumer electronics accounts poses a risk.
Follow-ups
- Monitor the impact of commodity price fluctuations on the company's margins.
- Assess the effectiveness of the company's strategies to diversify its customer base and reduce dependency on thin-margin accounts.
This card uses the separate annual-report deep-dive pipeline, not the lightweight field extractor. Source artifact: /Users/pradeepgorai/Documents/Projects/finance/Unified-NSE-Analysis/reports/latest/annual_report_deep_dive_SYRMA_ar_SYRMA_403b0c6bae6f.json.
Sector And Competitive Context
Sector and peer claims are shown only when a same-date comparable dataset is available.
| Lens | Read-through |
|---|---|
| Sector | Not available |
| Data quality | No peer ranking asserted without comparable same-date observations. |
| Next check | Compare growth, margins, balance-sheet risk, valuation, and relative strength with the company’s listed peers. |
Peer ranking omitted: no comparable same-date peer dataset was supplied, so this report does not manufacture a self-comparison row.
Equity Chart V1
EOD chart from PostgreSQL market.equity_eod (130 bars). Range: 2026-03-12 → 2026-09-16.
Technical Analysis
Technical setup from cached snapshot (if available).
| Indicator | Value | Note |
|---|---|---|
| Stage | Stage 2 | Weinstein stage |
| Signal | — | Snapshot |
| RSI | 54.21 | Momentum |
| ADX | 30.4 | Trend strength |
| SMA20/50/200 | 1503.5 / 1445.44 / 1052.69 | Trend context |
| Supertrend | SELL | Trend filter |
| Ratio | Value |
|---|---|
| Market cap | INR 31,576 Cr |
| P/E | 85.0x |
| ROCE | 16.8% |
| ROE | 14.0% |
| Book value | INR 148 |
| High / Low | 1660.0 / 634.5 |
| Dividend yield | 0.10% |
Weinstein And O'Neil Read
Stan Weinstein Stage Analysis
The snapshot labels the stock Stage 2 (Stage 2 uptrend). Weinstein stage describes the position of price within a multi-month trend: Stage 1 is a base, Stage 2 an advance, Stage 3 a topping range, and Stage 4 a decline. It is a context framework, not a forecast or standalone trade signal.
Evidence check: price is above the 20/50/200-day averages, and the moving averages are stacked bullishly (1503.5 / 1445.44 / 1052.69). RSI is 54.21 (neutral); ADX is 30.4 (strong trend); Supertrend is SELL. A bullish stage with weak momentum, a broken moving-average stack, or a conflicting Supertrend reading is a lower-quality setup.
William O’Neil / CAN SLIM Lens
- C — Current earnings: latest PAT growth is +112.0% and revenue growth is +68.3%; confirm the next two quarters and check whether margin and CFO support the growth.
- A — Annual earnings: latest annual revenue growth is +27.3%; fill the missing periods before claiming a multi-year CAGR.
- N — New: identify a new product, customer, capacity addition, or catalyst and distinguish company guidance from delivered results.
- S — Supply/demand: price/volume confirmation matters; share issuance, promoter selling, or thin liquidity can weaken the setup.
- L — Leader: relative strength is not available; compare against the correct sector and Nifty benchmark rather than using price alone.
- I — Institutions: institutional-bias score is 71.00; verify actual ownership trend.
- M — Market: confirm that the broader index and sector are supportive.
Practical conclusion: watchlist-quality setup only when earnings acceleration, leadership, volume, and a definable risk point align.
Broker And Market View
Broker/analyst evidence is shown only when dated source results are returned.
Valuation Scenarios
Illustrative valuation from TTM EPS and P/E multiples (not a recommendation). The current multiple is exceptionally high; this is a sensitivity table, not a fair-value estimate, and small EPS or multiple changes materially affect the result.
| Scenario | TTM EPS | P/E | Implied value | vs current | Condition required |
|---|---|---|---|---|---|
| Bear (multiple compression) | 16.48 | 59x | 981 | -40% | Risk-off, slower growth, lower multiple. |
| Base (current multiple) | 16.48 | 85x | 1401 | -14% | Steady execution; multiple holds. |
| Bull (multiple expansion) | 16.48 | 102x | 1681 | +3% | Sustained growth + quality premium. |
Issues And Risks
Generic risk framework; replace with annual-report-specific risks when the report is parsed.
| Risk | Why it matters | Severity | What to monitor |
|---|---|---|---|
| Demand / earnings | Cyclicality, customer concentration, or weak volume can make recent growth non-recurring. | Medium | Orders, volume, segment mix, and next two quarters. |
| Working capital | Receivables and inventory can absorb cash even when accounting profit rises. | Medium | CFO versus PAT, working-capital days, and FCF. |
| Leverage / capex | Debt-funded expansion increases fixed obligations and execution risk. | Medium | Borrowings, interest cover, capex milestones, and funding source. |
| Governance / disclosure | Related parties, auditor remarks, pledges, or inconsistent reporting can change the thesis. | Medium | Annual-report notes, exchange filings, auditor qualifications, and dilution. |
| Valuation / entry | A good business can still deliver poor returns when expectations are already high. | Medium | Earnings delivery, peer multiples, trend support, and risk point. |
Evidence Trail
Source-first trail for review.
- Screener financials page.
- NSE quote and filings.
- BSE quote and filings.
- Annual Report 2026from bse.
- Annual Report 2025from bse.
- SABARI SECURITIES on X: "Syrma SGS - Earnings call report ✅👇 #Syrma #sabarisec 1. Order Book a. Total Order Book (as of March 31, 2025): ₹5,200 – ₹5,400 crores Automotive: 25%–27% Consumer: ~30% Industrial: 28%–30% IT, Healthcare, Railway: ~15% b. Execution Timeline: 12 to 18 months; Includes" / X.
- Syrma SGS Technology (SYRMA IN) - Q4FY26 Result Update - Strong Order Book Supports Next Leg of Growth - Downgrade to 'HOLD' - PL Capital.
- Syrma SGS Expects ODM Business to Surpass ₹1,100–1,200 Crore by FY27 on Robust Growth.