PCB / PCBA

Syrma SGS Technology

SYRMANSEMid Cap

Live₹1,094.6syncing…

Diversified EMS and PCBA player across automotive, industrial, consumer and healthcare end markets.

Market Cap

₹21.1k cr

Price

1095

1Y -12%

Direct exposure

65/100

0–100 directness

Hold

Fundamental

30/ 100

Quality of growth, returns, cash conversion and balance sheet

Technical (TQ-100)

72/ 100

B+

Trend, momentum, volume and relative strength composite

Valuation

38/ 100

Higher = cheaper vs peers and own history

Final composite

51/ 100

Blended decision input

Data transparency

What's real, what's pending, on this page

Real financials loaded

✓ Real / verified

· Live price, day change, market cap — NSE direct
· 1Y OHLCV, RSI(14), 50/200 DMA, 1M/3M/1Y returns, RS vs Nifty — computed from real NSE OHLCV
· Sector P/E — NSE direct
· Promoter %, pledge %, MF/FII/public split, 9-quarter history — Trendlyne
· Earnings call AI summaries — Trendlyne (where available)
· Technical (TQ-100) score — computed from real OHLCV
· Annual revenue / EBITDA / PAT / OCF / FCF / equity / assets — Trendlyne (audited annuals)

⚠ Analyst-set (qualitative)

· Segment classification + semicon directness score — analyst seed
· Bull/bear case + monitorables (curated thesis) — analyst seed
· Governance risk score (seed) — being replaced by AI-agent assessment
· Synthesized 5Y forecast removed entirely (was inaccurate)

Real financials extracted for 42 of 45 companies. See /data-sources for full provenance.

Syrma SGS Technology · SYRMA

₹1,094.6-11.19% over 6M

Price50 DMA200 DMA

RSI (14)

Momentum oscillator · 6M view

Volume (60D)

Fundamental score (SageOne 100)

30/ 100D

Growth 20 / Margin 15 / ROC 20 / Cash 15 / Leverage 10 / Reinvestment 8 / Accounting 7 / Governance 5 minus red flags (capped -20).

Base 38

Red flags -8

Growth quality/ 20

20.0

Rev 1Y 23.2% · 3Y CAGR 52.5%

Margin & profitability/ 15

2.1

EBITDA 3.7% · PAT 3.4%

Return on capital/ 20

3.2

ROCE 5% · ROE 6%

Cash flow quality/ 15

0.0

OCF/EBITDA -218% · FCF yield -0.9%

Leverage discipline/ 10

8.0

Net Debt/EBITDA 0.60x

Reinvestment runway/ 8

1.2

ROCE × retention proxy

Accounting quality/ 7

0.0

OCF conversion proxy

Governance/ 5

3.9

Pledge 0.0% · Risk 22/100

Red flags (2)

− Sub-threshold ROCEROCE 5% below 12% threshold-4
− Weak cash conversionOCF/EBITDA -218% < 50%-4

✓ Computed from real Trendlyne annuals (revenue, EBITDA, PAT, OCF, equity).

Technical score (TQ-100)

72/ 100B+

Computed from real 1Y OHLCV pulled from NSE direct: trend, momentum, volume, RS vs Nifty, MA cluster, mean reversion, volatility, patterns minus red flags.

Base 72

Trend structure/ 20

19.9

Above 200DMA · -1% from 52W high

Momentum velocity/ 15

12.8

RSI(14) 50 · 1M 2.0%

Volume dynamics/ 15

10.5

Bucket: Mid Cap

Relative strength/ 15

5.5

RS vs Nifty -8%

MA cluster/ 10

5.5

200DMA + 1Y trend confirmation

Mean-reversion runway/ 10

8.3

RSI(14) 50; ideal 50-60

Volatility profile/ 8

6.8

Bucket: Mid Cap

Pattern integrity/ 7

2.8

Trend continuation proxy

AI research agents

Re-classify segment exposure and re-assess governance risk by running fresh AI agents on the latest data. Results cache to data/agents.json.

Segment classifier

Maps to value-chain segments + computes 0-100 directness

Seed: PCB / PCBA · 65/100

Governance assessor

Forensic-accounting flags + 0-100 risk score

Seed: 22/100 risk

AI thesis

Generates a fresh thesis grounded in this company's data. Wires to Anthropic when ANTHROPIC_API_KEY is set, otherwise returns a deterministic mock.

Curated thesis

Analyst-set bull, bear and monitorables · use AI thesis above for a fresh take

Diversified EMS player with reasonable optionality, but margin and ROCE need to inflect to justify multiple.

Bull case

+Diversified end-market exposure
+Auto PCBA growth
+Operating leverage potential

Bear case

−High working capital
−Margin pressure
−Mix shift drag

Key monitorables

EBITDA margin trajectoryROCE expansionAuto vertical mix

Semiconductor exposure

How direct, how visible

Primary segment

PCB / PCBA

All segments

PCB / PCBA, EMS / Box Build

Exposure type

Indirect / pull-through

Policy beneficiary

Yes

Import substitution

High

Governance risk score

22/100 (lower = better)

Financial snapshot

Latest reported metrics · mock data, ready for live financials

Rev growth (1Y)

23.2%

Rev CAGR (3Y)

52.5%

EBITDA margin

3.7%

PAT margin

3.4%

ROCE

ROE

OCF / EBITDA

-218%

Net Debt / EBITDA

0.6x

Promoter holding

47.6%

Promoter pledge

0.0%

Valuation

P/E (TTM)

68.5

Forward P/E

40.0

EV/EBITDA

247.2

EV/Sales

9.1

P/B

14.6

FCF Yield

-0.9%

Dividend Yield

0.30%

Hist. percentile

60%

Peer percentile

70%

Technicals

RSI(14)

1M return

2.0%

1Y return

-12%

From 52W high

-1%

RS vs Nifty

-8%

>200 DMA

Yes

Annual financials — real data

Extracted from Trendlyne · audited annuals · TTM + last 6 fiscal years

✓ Real

Line	TTM	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	₹3.3k cr	₹2.3k cr	₹1.9k cr	₹1.2k cr	₹655 cr	₹445 cr	₹405 cr
↳ YoY growth	+42.9%	+23.2%	+60.8%	+79.2%	+47.2%	+9.8%	—
EBITDA	₹190 cr	₹85 cr	₹117 cr	₹65 cr	₹53 cr	₹76 cr	—
↳ EBITDA margin	5.7%	3.7%	6.2%	5.5%	8.1%	17.0%	—
PAT	₹218 cr	₹80 cr	₹20 cr	₹55 cr	₹31 cr	₹29 cr	₹44 cr
↳ PAT margin	6.6%	3.4%	1.1%	4.7%	4.7%	6.4%	10.8%
OCF	₹87 cr	₹-186 cr	₹-61 cr	₹14 cr	₹24 cr	₹71 cr	—
↳ OCF / EBITDA	45.6%	-217.9%	-51.7%	21.1%	45.2%	93.8%	—
FCF (= OCF − capex)	₹40 cr	₹-186 cr	₹-950 cr	₹-374 cr	₹-71 cr	₹42 cr	—
Total Equity	₹1.5k cr	₹1.4k cr	₹1.5k cr	₹544 cr	₹238 cr	₹102 cr	—
Total Assets	₹3.5k cr	₹3.1k cr	₹2.2k cr	₹915 cr	₹460 cr	₹347 cr	—
↳ ROE	14.5%	5.5%	1.4%	10.1%	12.8%	28.1%	—
↳ ROA	6.3%	2.6%	0.9%	6.0%	6.7%	8.2%	—

Source: Trendlyne (Standalone where Consolidated unavailable). Last refresh on real-data ingest.

Promoter pledge & shareholding history

From Trendlyne · 9 quarters · synced Invalid Date

Pledge: 0.0%

Promoter

42.3%

Mutual Funds

9.7%

FII

6.6%

Public

34.4%

Promoter holding trend

46.9

Mar

46.9

Jun

46.6

Sep

46.5

Dec

46.4

Mar

43.0

Jun

43.0

Sep

42.7

Dec

42.3

Mar

Δ:-4.6% over 9 quartersWatch — meaningful dilution

Commentary

·Promoter holding declined from 46.9% to 42.3% over 9 quarters
·No pledge

Management quality

Capital allocation, debt discipline, alignment, governance composite. Computed from disclosed metrics.

Capital allocation

Sub-threshold ROCE; capital allocation needs scrutiny.

ROCE 5%, div yield 0.3%

Promoter holding

Moderate promoter holding.

47.6%

Promoter pledge

No pledging — cleanest signal.

0.0%

Debt discipline

Comfortable leverage band.

Net Debt/EBITDA 0.60x

Cash conversion

Weak cash conversion — investigate working capital and quality of earnings.

OCF/EBITDA -218%

Governance composite

Some watchpoints; nothing disqualifying.

22/100 risk

Variant perception

What the market is pricing in versus our read, and what would invalidate the thesis.

What the market is pricing in

Steady but unspectacular execution. Multiples reflect mid-pack expectations.

What we think it's missing

Consensus appears reasonable. Look for thesis-changing catalysts (margin inflection, new customer wins, segment mix shift) rather than narrative re-rating alone.

Thesis killers

×Working capital blowout disclosed in next quarterly result

References

Wire to live data sources in production

NSE filings Screener BSE corporate filings Annual report (latest)Concall transcript (latest)Investor presentation