Syrma SGS Q1: consolidated PAT doubles to ₹106 Cr, revenue up 68%; ₹1,000 Cr QIP cleared
PAT +111.7% YoY · revenue +68.3% · margins expanding
₹1,588.62 Cr
+68.3% YoY
₹105.69 Cr
+111.7% YoY
6.59%
+1.4pp YoY
₹5.19
Syrma SGS opened FY27 with a strong consolidated print: revenue of ₹1,588.6 Cr rose 68.3% YoY and net profit more than doubled to ₹105.7 Cr (₹100.1 Cr to owners, EPS ₹5.19) from ₹49.9 Cr a year ago. With no exceptional items in either period, the profit surge is a clean read rather than a one-off flatter — reported and underlying growth are the same ~112%. Sequentially the tone is softer: revenue added 8.4% but PAT slipped 11.4% from Q4's ₹119.2 Cr.
Q1 FY-2027 vs prior quarters
The YoY jump is part organic — single-segment EMS riding automotive, industrial and healthcare demand — and part inorganic, from subsidiaries consolidated through FY26 (Syrma Elecomp, Syrma Components, Elcome Integrated Systems, Navicom). Net margin expanded YoY to 6.7% (from 5.2%) and operating margin to ~10.2% (from 9.2%), but both compressed sequentially (NPM from 8.1%, OPM from 11.8%) as cost of materials consumed spiked against a large inventory build (changes in inventories −₹204 Cr) — a raw-material and WIP ramp ahead of deliveries. That ~10.2% operating margin sits just below management's guided 10.5–11% FY27 band.
The stock went into the print at ₹1,328.7, down 4.8% over the past month of trading.
For context: revenue is at a 6-quarter high.
Management guides for robust 35% revenue growth in FY27, targeting an absolute EBITDA of INR 700 crores. The operating EBITDA margin is conservatively guided at 10.5% to 11% to account for potential geopolitical and supply chain headwinds. This growth will be driven by strong performance in automotive, industrial, and
— This quarter: beat
Against management's own FY27 guidance — ~35% revenue growth, ₹700 Cr EBITDA, exports above ₹1,500 Cr — the +68% topline is running well ahead of plan, though the margin is a shade under the guided floor and worth watching. No published Street consensus for the quarter surfaced (12-month analyst target ~₹1,200); brokerages had flagged Q1 FY27 mainly as a growth-confirmation checkpoint, a bar this print clears. Standalone PAT rose a more modest 74.9% to ₹94.1 Cr; the gap to the consolidated +112% reflects subsidiary contribution (NCI profit ₹5.6 Cr) — readers seeing the standalone number elsewhere should note consolidated is the stronger story.
W1
Operating margin recovery: Q1 ~10.2% is below the guided 10.5–11% FY27 floor and down from 11.8% QoQ — watch whether Q2 rebuilds toward the band.
W2
Deployment of the ₹1,000 Cr QIP and ~₹350–400 Cr FY27 capex, including ramp of the new PCB facility and the Kaga EMS JV.
W3
Revenue pace vs the 35% FY27 guide: Q1 at +68% YoY sets a high bar — watch exports toward the >₹1,500 Cr target and whether the inventory-led ramp converts to deliveries.
Source in Rs Million, converted to Cr (÷10). Consolidated PAT ₹105.69 Cr is total incl. NCI ₹5.62 Cr; owners' share ₹100.07 Cr (matches context basis, which uses total PAT). No exceptional items in current or year-ago quarter (Q4 FY26 had ₹1.19 Cr). Standalone Q1 FY26 comparatives restated for SGS Tekniks/Infosystems amalgamation; consolidated unaffected (per note 5). Single reportable segment (EMS). Arithmetic ties out on both statements.