Syrma SGS Technology reports strong H1 growth, strategic expansion

Syrma SGS Technology reported consolidated total revenue of INR2,109 crores for the half year ended September 30, 2025, with Q2 revenue reaching INR1,146 crores, marking 37% year-on-year growth. This was fueled by strong performance in the auto, industrial, and IT segments. Export revenue also grew by 40% in Q2 to INR270 crores, contributing to INR502 crores for the half year. The company achieved an operating EBITDA of INR116 crores in Q2, representing 56% year-on-year growth and a 10.1% EBITDA margin.

Strategic initiatives include the acquisition of a 60% stake in Elcome, a company with approximately INR200 crores in revenue and a 24-25% EBITDA margin, aiming to expand Syrma's presence in the defense sector. The company also announced a joint venture with Elemaster of Italy, ECMS approval for a PCB project with trial production targeted for December 2026, and the acquisition of KSolare along with Premier to manufacture solar inverters at its Pune facility, with KSolare having revenues of INR300 crores.

Syrma SGS has onboarded eight new major customers, with potential to generate $100m in revenue next year, and secured a long-term framework contract worth about $250m over a two-to-three-year period. The company maintains its guidance for 30% revenue growth for FY 2026 and expects EBITDA margins to exceed previous guidance, projecting above 9.4%. The order book stands at INR5,800 crores, primarily from the auto, consumer, and industrial segments.