Syama SGS (SYRM IN): Initiatie at Buy: High growth manufacturing at scale

Research evidence excerpt

Syama SGS (SYRM IN): Initiatie at Buy: High growth manufacturing at scale

Equities ● Electronic Equipment & Instruments

8 July 2026

Business profile and drivers

◆ Flexible manufacturing set-up supports a wide product mix across

customers with varying production volumes

◆ A strong order book and order book growth are complemented by

healthy execution

◆ PCB business can expand to INR10bn a year; acquisition of Elcome

provides an entry into the high barrier defence business

Company profile

Syrma is a technology-focused engineering and design company providing turnkey electronics

manufacturing services (EMS), with expertise in precision manufacturing for various industries

like industrial appliances, automotive, healthcare, consumer products and IT. It is among the

fastest-growing Indian-headquartered electronics system design and manufacturing (ESDM)

companies, recognised for its high-mix, low-volume manufacturing, and is a leading PCBA

manufacturer in India as well as a key global producer of customised RFID tags.

The company partners with various OEMs from early-stage concept co-creation and prototyping

through to product realisation and volume production. Its flexible manufacturing set-up supports

a wide product mix and varying production volumes. The product portfolio includes Printed

Circuit Board Assembly (PCBA, including box-build), Radio-Frequency Identification (RFID)

products, electromagnetic/electromechanical components, and other products like

motherboards, USB drives, memory products, etc.

Syrma operates 17 manufacturing facilities across the country, supporting domestic and export

requirements. It has four R&D centres, including one in Germany. Syrma is now also foraying

into PCB manufacturing.

Wide array of growth led by autos and industrials