Syrma SGS Technology (SYRMA) Q2 26/27 earnings summary

Executive summary

• Q2 FY27 set records for revenue, EBITDA, PBT and PAT; H1 FY27 also reached records across these measures.

• Q2 revenue grew 73% YoY and H1 revenue 71%; H1 operating cash flow was ₹1,197.24 Mn.

• FY27 growth guidance rose to 40%-45%, targeting ₹7,000 crore+ revenue; supply constraints and working-capital discipline remain key considerations.

Financial highlights

• Q2 total revenue was ₹19,995 Mn, up 73.2% YoY; revenue from operations was ₹19,896.80 Mn, up 73.6%.

• H1 total revenue was ₹36,032 Mn, up 70.9%; revenue from operations was ₹35,782.98 Mn.

• Q2 EBITDA was ₹2,031 Mn, PBT ₹1,652 Mn and PAT ₹1,242 Mn; PAT rose 87.2% YoY.

• H1 EBITDA was ₹3,798 Mn, PBT ₹3,060 Mn and PAT ₹2,299 Mn; PAT rose 97.7% YoY.

Outlook and guidance

• FY27 revenue growth guidance is 40%-45%, implying ₹7,000 crore+ revenue; management targets crossing $1 billion revenue in FY28.

• FY27 EBITDA margin guidance is 10%-10.5%; FY28 margin is expected at 10.5%-11% or higher as margin-accretive projects ramp.

• Exports are expected to exceed ₹1,700 crore in FY27 and reach ₹2,000 crore next year; ODM revenue is expected to exceed ₹1,000 crore-1,100 crore this year.

• Management sees 30%-35% growth over the next three to five years; supply-chain caution and front-loaded customer orders temper the near-term outlook.