Syama SGS Technology: FY27 revenue guidance upgraded, PCB foray on track

Research evidence excerpt

Syama SGS Technology: FY27 revenue guidance upgraded, PCB foray on track

J P M O R G A N Asia Pacific Equity Research

30 July 2026

Syrma SGS Technology Neutral

SYRM.NS, SYRMA IN

FY27 revenue guidance upgraded, PCB foray on track Price (30 Jul 26):Rs1,377.80

▲Price Target (Jun-27):Rs1,300.00

Prior (Jun-27):Rs1,250.00

We see four main takeaways from the earnings call: (1) FY27 revenue guidance

upgraded to >35%: Syrma upgraded its FY27 revenue guidance to >35% from IT Services, EMS, Telecom, and

Internet Researchearlier 35% on the back of strong 1Q growth. It didn’t quantify how much better

than 35% as it wants to wait for one more quarter before coming up with a revised Bhavik Mehta, CFA AC

quantitative guide. (2) EBITDA margin guide of 10.5-11% maintained: It (91-22) 6157-3871

bhavik.mehta@jpmchase.com

maintained its EBITDA margins guidance of 10.5-11% for FY27. (3) Multi-layer J.P. Morgan India Private Limited, J.P. Morgan

PCB on track: Multi-layer PCB project remains on track with commercial Tower, Santacruz(E), Mumbai - 400098, SEBI

production from Apr’27 onwards. It expects to make normalised Ebitda margins Registration: INH000001873, (91-22) 6157-3000.

of 15-18% on full ramp up, however the first year could see <=10% due to lower Ankur Rudra, CFA

(65) 6801-3237

utilization (40-50%), (4) QIP to keep war chest ready: It has taken an enabling ankur.rudra@jpmorgan.com

resolution from the Board to raise Rs10bn in order to keep a war chest ready for J.P. Morgan Securities Singapore Private Limited

either M&A or greenfield projects such as participating in India Semiconductor

Mission (ISM) 2.0. We raise revenues/Ebitda/EPS by 5-6% over FY27-29E given

the 1Q beat and increase PT to Rs1300 (from Rs1250). Remain N as stock has Key Changes (FYE Mar)