Syrma SGS Technology is an electronics manufacturing services company riding a sharp growth phase, with its Q1 FY27 revenue up 67% year-on-year and an order book of Rs. 6,770 crores at June-end. The Q2 print will test whether the upgraded FY27 guidance of over 35% revenue growth holds, and how far rising memory, PCB and copper input costs compress percentage EBITDA margins even as absolute EBITDA holds.
| Results date | October 30, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 16,037 Mn (Rs. 1,603.70 Cr), +67% YoY |
| Previous quarter PAT | Rs. 1,057 Mn (Rs. 105.70 Cr), +112% YoY |
| Previous quarter EBITDA margin | 11.0% |
| Net debt (latest quarter) | Net cash position of Rs. 122 crores as of June-end, with cash and investments of Rs. 800 crores plus |
| Market cap | Rs. 28,405.84 Cr |
| CMP | Rs. 1473.1 |
The board will meet on October 30, 2026 to consider the audited financial results for Q2 and H1 FY27; the trading window remains closed till 48 hours post-declaration of the results.
The company had declared a final dividend of Rs. 1.50 per share (15%) for FY26, with the record date set as August 18, 2026. This relates to the completed financial year and was announced alongside the Q1 FY27 results on July 29, 2026.
The Q2 print is the first test of management's upgraded FY27 guidance of over 35% revenue growth (raised from 30-35% after Q1) and a Rs. 700 crores total EBITDA target at a 10.5-11% margin. Demand indicators into the quarter were firm: the IIP electronics category grew 19.3% YoY in August 2026, consumer appliances saw double-digit volume growth through July-September, and the company entered the quarter with an order book of Rs. 6,770 crores, of which about Rs. 5,400 crores is executable within 12 months. The margin line is under visible pressure, as specialty DRAM and SLC NAND prices rose an estimated 40-50% QoQ in Q3, PCB raw materials stayed in a cost-release phase the company itself said would span the current and subsequent quarter, and LME copper sat near record highs at $14,113/t, up 46.3% YoY as of August 21. Since memory and chip costs are pass-through with no markup, a rising input bill compresses percentage EBITDA margin even when absolute EBITDA holds; Q1's operating EBITDA margin of 10.2% already landed below the 10.5% lower end of the FY27 band. Working capital is the other swing factor, with NWC days up from 63 to 71 in Q1 on strategic inventory and short-term borrowings up about Rs. 340 crores, against management's projection of industry-wide inventory normalization by end of Calendar 2026. The upcoming call is expected to cover the margin bridge versus the 10.5-11% band, the NWC trajectory, and execution milestones across the PCB, Elemaster and Kaga projects.
FY27 guidance scorecard: Management upgraded guidance after Q1; the Q2 print and H1 run-rate will be checked against it.
Margin bridge and memory/component costs
Working capital trajectory from 71 days
Execution milestones: PCB, Elemaster, Kaga and QIP
Defence ramp via Elcome
Management upgraded the FY27 revenue growth guidance to over 35% from the earlier 30-35% band after Q1 FY27 revenue grew 67% year-on-year to Rs. 1,604 Cr. The MD said the company is very confident of achieving and now exceeding the revenue and EBITDA guidance based on the first-quarter performance.
Management has said memory and chip costs are pass-through with no markup on the increased cost, so percentage EBITDA margin compresses even though absolute EBITDA remains intact. The company also flagged global trade volatility, geopolitical risks and metal price fluctuations as reasons for keeping FY27 margin guidance conservative at 10.5-11%.
Equipment is expected from October 2026 with power-on between January and March, and commercial production is aimed by April 2027. Phase 1 costs about Rs. 400 crores, of which Rs. 130 crores has already been funded.
The order book stood at Rs. 6,770 crores as of June-end 2026, up from Rs. 5,400 crores a year earlier, with about Rs. 5,400 crores executable within the next 12 months. Quarterly order intake was approximately Rs. 1,781 crores.
Management said in July to wait six to nine months for a better grip on defence plans, with short-term growth coming on the portfolio of Elcome. Elcome is about 5% of the order book, with FY27 revenue guided at Rs. 280-300 crores and margins sustained upwards of 20-25%.