Motilal Oswal research report on Syrma SGS Technology
Syrma SGS Technology (SYRMA) reported a strong operating performance in 4QFY25, with EBITDA rising 46% YoY and margins expanding 510bp YoY, fueled by a favorable business mix (share of low-margin consumer business at 21% in 4QFY25 vs. 46% in 4QFY24). Revenue dipped 19% YoY, mainly due to a 64%/20% YoY decline in consumer/healthcare businesses.
Outlook
With the order book continuing to improve to over INR 53b as of 4QFY25 (up 19% YoY) and margins expanding, we expect SYRMA to witness a stronger FY26 performance. Management guided 30-35% revenue growth and 8% EBITDA margin for FY26. We broadly maintain our FY26/FY27 EPS estimates and reiterate our BUY rating on the stock with a TP of INR 630 (premised on 30x FY27E EPS).
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