LiveNSE delayed · 128/128 · 19 Aug 2026, 03:15 pm
Scores stay the 15 Aug 2026 desk snapshot. Not advice.
SYRMA · Capital Goods · Mid Cap · Live 19 Aug 2026, 03:30 pm · Discovery

Syrma SGS Technology Ltd

Diversified EMS with a heavier ODM/export mix than many domestic peers. Less fashionable than Kaynes, which is part of the setup.

10X Medium
Moderate Risk
Attractive Entry
Hidden Growth
Deep Value Growth
Multibagger score
53.0/100
Market cap
₹26,732 Cr
Last price · live
₹1,494.8
−5.30 (−0.35%)
52W
₹635–₹1,543

Implied P/E 130.9x · SYRMA.NS · delayed NSE

10X potential (scenario)
MEDIUM
Base multiple
3.2x
Bull multiple
7.6x
Classification
Potential 5X Candidate

Bull case can quintuple if the industry runway and margins hold. Not a prediction.

Final investment scorecard

Multibagger53.0 / 100
10X potentialmedium
Business quality2.2 / 10
Growth runway7.2 / 10
Competitive advantage6.1 / 10
Management6.1 / 10
Balance sheet6.2 / 10
Valuation2.5 / 10
Technical setup8.2 / 10
Riskmoderate

Why it could become a multibagger

  • Starting market cap still leaves room if EMS compounding continues for a decade.
  • Export ODM mix is a real differentiator versus domestic appliance EMS.
  • Balance sheet is cleaner than several faster-growing peers.

What needs to go right

  • EBITDA margin has to grind toward low-double digits.
  • Auto and industrial mix must keep rising versus consumer.
  • Working capital days stay contained through the next upcycle.

What could destroy the thesis

  • A consumer-electronics downcycle that the export book cannot offset.
  • Price competition from larger EMS platforms.
  • Integration missteps on any new facility.

What would make me sell

  • PAT margin staying below 5% for four halves
  • Net debt/EBITDA moving above 1.5x without a matching ROCE lift
  • Loss of a top export ODM program

Key metrics to monitor

EBITDA margin
Export mix %
NWC days
ROCE
Order book
FII holding
Top-10 customers

Illustrative FY25 / TTM desk snapshot compiled for this terminal. Not a live NSE/BSE feed. Cross-check annual reports, exchange filings and investor presentations before use.