Motilal Oswal's research report on Syrma SGS Technology
Syrma SGS Technology (SYRMA) continued its strong operating performance, with EBITDA up ~62% YoY in 2QFY26. EBITDA margin expanded 150bp YoY due to a favorable business mix and better operating leverage. Revenue grew 38%, largely led by a strong jump in IT/Railways revenue (up 4x), followed by the Consumer/Auto businesses, which grew 35%/28% YoY.
Outlook
We estimate a revenue/EBITDA/adj. PAT CAGR of 31%/44%/51% over FY25-28, driven by strong revenue growth and margin expansion. We reiterate our BUY rating on the stock with a TP of INR960 (premised on 35x Sep’27E EPS).
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