Syrma SGS Technology

** Electronic components maker Syrma SGS SYRM.NS shares rise as much as 2.6% to 1,742.7 rupees after Axis Capital reiterates its "buy" rating and raises its target price

** Brokerage lifts its target to 1,956 rupees from 1,605 rupees, implying 15% upside

** Axis says the company's 67.7 billion rupees order book as of June supports strong growth visibility

** Expects the diversified backlog to drive revenue growth across consumer, automotive, industrial and healthcare segments

** Brokerage also flags Syrma's PCB backward-integration project as a significant long-term earnings opportunity

** Forecasts revenue and earnings CAGR of 34% and 43%, respectively, over FY2026-FY2029

** SYRM is up 134.2% so far in 2026

** Average rating of 24 analysts is "buy", with a median price target of 1,615.5 rupees, LSEG data shows

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Syrma SGS Technology and Italy-based Elemaster inaugurated a 20,000 sq ft high-reliability electronics manufacturing facility in Bengaluru through their joint venture, Syrma SGS Elemaster Private Limited. Located in Bommasandra, the facility included surface-mount, through-hole and box-build assembly lines for railway and transportation, industrial, energy and medical electronics. The 60:40 venture had been incorporated in August, when it had no operations or turnover. Syrma SGS contributed its Indian manufacturing and supply-chain base, while Elemaster brought design, engineering and relationships with European and global OEMs.

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** Govt on Friday notified smartphone manufacturing incentive scheme with outlay of 6.25 bln rupees

** Shares of India's Dixon Technologies DIXO.NS fall 2.1% to 14,541 rupees

** Other potential beneficiaries: Kaynes Technology KAYN.NS, Amber Enterprises AMBE.NS, Syrma SGS SYRM.NS up 0.5%-1.3%

** JM Financial says scheme is export-focused and will make large players globally competitive

** Adds, scheme sets steep brand-wise targets which may shrink overall eligible pie

** JPMorgan says benefit of scheme may be limited to only Dixon's top customers, due to eligibility criteria of 100 billion rupees ($1.05 billion) turnover in FY26

** Says, Dixon is eligible for additional incentives since it is scaling up manufacturing of camera and display modules

** Brokerage says the quantum of earnings upgrades for DIXO is still unclear, as it is dependent on export volumes and negotiations with brands on incentive sharing

($1 = 95.6700 Indian rupees)

(Reporting by Abhirami G in Bengaluru)

(([email protected]))

Aug 21 (Reuters) -

• INDIA'S ODISHA STATE GOVERNMENT: SYRMA SGS TECH TO ESTABLISH MANUFACTURING FACILITY FOR PRINTED CIRCUIT BOARD ASSEMBLIES, BOX BUILD WITH 3 BILLION RUPEES INVESTMENT

Further company coverage: SYRM.NS

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Corrects headline to say investment proposals, not approvals

** Shares of India's Syrma SGS Technology SYRM.NS and Jyoti CNC Automation JYCA.NS rise about 2% and 3.57%, respectively

** Stocks gain after the Indian government approved investment proposals under the fifth tranche of the Electronics Components Manufacturing Scheme (ECMS)

** Syrma SGS' 600 million-rupee ($6.27 million) coil manufacturing project and Jyoti CNC's 10.21-billion-rupee electronics manufacturing equipment proposal approved

** The approvals are expected to boost domestic electronics manufacturing, improve localization and reduce import dependence, brokerage ICICI Securities says

** YTD, SYRM up 103.93% and JYCA down 10.24%

($1 = 95.6675 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

** HSBC says India is a steady Asian equity haven as the AI-trade unwind rattles South Korea and Taiwan, encouraging overseas investors to diversify

** Indian valuations among Asia's richest, but regional premium has normalised, making financials, real estate, and technology look compelling - HSBC

** Identifies ICICI Bank ICBK.NS, Cholamandalam Investment CHLA.NS, Titan TITN.NS, Mahindra & Mahindra MAHM.NS, Adani Ports APSE.NS, Hindalco HALC.NS, Cummins CUMM.NS, Fortis Healthcare FOHE.NS, Phoenix Mills PHOE.NS and Syrma SGS SYRM.NS as its 10 preferred ideas

** HSBC says AI-rotation selling is largely spent, while pervasive underweights among global emerging-market funds leave considerable scope for foreign buying

** Foreign portfolio investors turn buyers of Indian shares, purchasing $2.12 billion in July, after four months of selling, helping India outperform Asian and EM peers

** About 73% of HSBC's coverage meets or beats expectations; brokerage ups estimates for commodities, financials, industrials, and staples

** India's Nifty 50 .NSEI is up 5% since RBI measures in June to support the rupee and revive foreign inflows

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Syrma SGS Technology's board approved a proposal to raise up to Rs 1,000 crore via a qualified institutional placement or other permissible methods, while also announcing the re-appointment of Sandeep Tandon as executive chairman for five years from October 2026. The company had completed an earlier Rs 1,000 crore QIP in August 2025 and held net cash of Rs 467 crore at the close of FY26. Consolidated revenue for the June quarter stood at Rs 1,588.62 crore, against a restated Rs 943.98 crore a year ago, with profit after tax of Rs 105.69 crore. The board also approved the convening of the 22nd annual general meeting on 25 August 2026.

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July 29 (Reuters) - Syrma SGS Technology Ltd SYRM.NS:

• SYRMA SGS TECHNOLOGY JUNE-QUARTER CONSOL NET PROFIT 1 BILLION RUPEES

• SYRMA SGS TECHNOLOGY - APPROVES FUND RAISING UP TO 10 BILLION RUPEES VIA QIP OR OTHER PERMISSIBLE MODES

• SYRMA SGS TECHNOLOGY JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 15.89 BILLION RUPEES

Source text: ID:nBSE411n2T

Further company coverage: SYRM.NS

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Syrma SGS Technology Ltd. scheduled a board meeting for July 29 to consider its unaudited financial results for the June quarter and a proposal to raise funds through a qualified institutional placement. The company did not provide the size of the potential QIP, which would require shareholder approval. The trading window for designated persons remains closed until 48 hours after the results are declared.

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July 22 (Reuters) - Syrma SGS Technology Ltd SYRM.NS:

• TO CONSIDER FUNDRAISING VIA QUALIFIED INSTITUTIONAL PLACEMENT

Source text: ID:nBSE1Ltg07

Further company coverage: SYRM.NS

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** Shares of electronic manufacturing services (EMS) cos up between 0.6% and 7.2%

** Dixon Technologies DIXO.NS leads the pack; shares up 7.2% at 14,635 rupees

** Cyient DLM CYIT.NS up 2,75% at 553.3 rupees and Kaynes Technology KAYN.NS up 2.7% at 3,425 rupees

** Syrma SGS Technology SYRM.NS up 1.5% at 1,425 rupees, Amber Enterprises AMBE.NS up 0.6% at 7,896.5 rupees

** India government approves 625 billion rupee mobile manufacturing scheme to boost production and global competitiveness

** Expands key semiconductor programme with ​fresh capital of 1.28 trillion rupees ($13.30 billion)

** Motilal Oswal believes both these initiatives enhance supply chain resilience and position India as global electronics hub

** Mobile scheme to improve margins and customer stickiness, particularly benefiting DIXO - Motilal

** JP Morgan echoes view; says DIXO stands to benefit most , forecasts 4-5 million export volume upside

($1 = 96.2200 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru)

(([email protected];))

** Shares of Indian electronics manufacturing services providers gain after waiver of duty on some mobile phone components

** India has waived basic customs duty on goods used to make display assemblies and inductor coil modules used in mobile phones for wireless charging

** The move aims to support domestic production, with the customs duty relief remaining in force until March 31, 2029, giving manufacturers time to plan investments and expand local output of these components

** Dixon Technologies (India) DIXO.NS jumps 4.5%, Amber Enterprises India AMBE.NS rises 2.9%, and Syrma SGS Technology SYRM.NS gains 2.9%

** YTD, DIXO up ~12%, AMBE up ~20% and SYRM up ~92%

(Reporting by Vijay Malkar)

(([email protected];))

** Shares of India's Syrma SGS Technology SYRM.NS rise 3.72% to 1,448.10 rupees

** Antique Stock Broking maintains "buy" and raises target price to 1,601 rupees from 1,310 rupees, citing strategic partnerships and margin expansion

** Brokerage says JV with Japan's Kaga Electronics opens access to Japanese market, while other partnerships strengthen capabilities in high-margin electronics and multilayer printed circuit boards

** Sees revenue and EBITDA growing at 29% and 30% CAGR, respectively, through FY26-FY28, supported by expanding order book

** Expects strategic initiatives to transform company from volume-led electronics manufacturing services player into higher-margin manufacturing platform

** YTD, Syrma stock up 98.16%

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

Syrma SGS Technology announced the appointment of Jaidit Singh Brar as its new chief executive officer, effective June 29, 2026. Brar, an MBA from IIM Calcutta and former senior partner at McKinsey & Company, brings over 25 years of experience in consulting and industry. The outgoing CEO, Satendra Singh, will move into the role of Senior Operating Director, ensuring continuity. The change was approved by the board on June 26, 2026. Brar also serves as an independent director on the boards of Exide Industries and Tenneco Clean Air. The appointment signals a leadership transition at the electronics manufacturing services firm.

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June 26 (Reuters) - Syrma SGS Technology Ltd SYRM.NS:

• SYRMA SGS TECHNOLOGY LTD- APPOINTED JAIDIT SINGH BRAR AS CHIEF EXECUTIVE OFFICER

Source text: ID:nBSE1gC206

Further company coverage: SYRM.NS

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** Shares of Syrma SGS SYRM.NS up 3.1% at 1,378 rupees, stock set for second straight session of gains

** Electronic manufacturing services co and Japan's Kaga Electronics enter manufacturing agreement to establish EMS facility in India

** Co to hold up to 60% stake in proposed JV company, while Kaga will hold up to 40% stake

** Stock rated as "Buy" on average by 22 analysts; median PT at 1,184 rupees - LSEG compiled data

** YTD, stock up 87.1%

(Reporting by Mridula Kumar in Bengaluru)

(([email protected];))

Syrma SGS Technology has signed an agreement with Kaga Electronics India Private Limited to form a joint venture that will build and operate a technologically advanced electronics manufacturing services (EMS) facility in India, targeting Japanese clients. Under the terms, Syrma SGS will hold a 60% stake and Kaga the remaining 40%, with an initial equity investment of about ₹15 crores from Syrma SGS and ₹10 crores from Kaga. The joint venture company will be incorporated after customary conditions and closing procedures are met. The board of the new entity will have four directors, two nominated by each party.

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** Shares of India's Syrma SGS Technology SYRM.NS up as much as 5.96% at 1178.95 rupees, set for a seventh straight session of gains

** Electronic manufacturing services co posts profit of 1.01 billion rupees ($10.57 million) in Q4, up 55% Y/Y

** Investec ("buy"; TP:945 rupees) says revenue and profit growth aided by operating leverage, improving margins and robust growth across key business segments

** Adds that better working capital management and higher profitability helped improve return on invested capital

** Jefferies ("buy"; TP:970 rupees) says Q4 results driven by strong sales growth, margin expansion and robust performance across key segments including auto, healthcare and industrials; sees 40% earnings CAGR over FY25-28.

** SYRM rated "buy" on avg, median PT is 941 rupees - data compiled by LSEG

** YTD, stock up ~52%

($1 = 95.5650 Indian rupees)

(Reporting by Devika Nair in Bengaluru)

(([email protected];))

May 11 (Reuters) - Syrma SGS Technology Ltd SYRM.NS:

• SYRMA SGS TECHNOLOGY LTD MARCH-QUARTER CONSOL NET PROFIT 1.01 BILLION RUPEES

• SYRMA SGS TECHNOLOGY LTD MARCH-QUARTER CONSOL REVENUE FROM OPERATIONS 14.65 BILLION RUPEES

• SYRMA SGS TECHNOLOGY LTD - DIVIDEND OF 1.50 RUPEES PER SHARE

Source text: [ID:]

Further company coverage: SYRM.NS

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** Shares of India's Syrma SGS Technology SYRM.NS jump 6.16% to 792.30 rupees

** Investec upgrades stock to "buy", raises TP to 945 rupees from 885 rupees citing corrective steps over past 18 months like curtailing low-margin telecom business and scaling exports and non-consumer segments

** Brokerage says benefits visible in revenue growth and margin expansion, sees EBITDA margins sustaining above 10% with improving return ratios

** Adds valuation at about 26 times FY28 estimated earnings remains attractive as earnings outlook improves

** Stock rated "buy" on average by 33 analysts, median PT at 934.50 rupees-- LSEG data

** YTD, stock up 1.75%

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

March 23 (Reuters) - Syrma SGS Technology Ltd SYRM.NS:

• SYRMA SGS TECHNOLOGY LTD - APPOINTS JAYESH NAGINDAS DOSHI AS WHOLE TIME DIRECTOR FOR 5 YEARS

Source text: ID:nBSEbsZ8RH

Further company coverage: SYRM.NS

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** India's electronics manufacturing services (EMS) sector growth story remains intact despite a sharp 8%–35% correction in recent months, J.P. Morgan says

** In the sector, all stocks except Dixon Technologies Ltd DIXO.NS are expected to deliver 20%–25% revenue growth over FY26–28E, analysts at J.P. Morgan say

** See evidence of the sector upping value addition, evolving from finished product assembly to component and PCB manufacturing - JPM

** Syrma SGS Technology Ltd SYRM.NS remains J.P. Morgan's top pick in the sector, followed by Dixon

** Says with high conviction on revenue path, valuation discount and consumer electronics upcycle, see Syrma as the best risk-reward among the EMS names

** YTD, DIXO down 14.5%, KAYN down ~10% and SYRM up about 2%

(Reporting by Brijesh Patel in Bengaluru)

(([email protected]; Ph no. +91 9590227221;))

** Shares of Syrma SGS Technology SYRM.NS rise 6.5% to 819.90 rupees

** Morgan Stanley upgrades rating to 'overweight' from 'equal-weight'; raises price target to 992 rupees from 712 rupees

** Morgan Stanley says we turn constructive due to relative resilience in revenue growth, improving margins, and healthy net working capital

** Adds, SYRM's exports rose to 25% of revenues vs 20% year ago, despite macro headwinds

** Tie-up with tech partner Shinhyup (Korean entity) could aid capability building and drive offtake as well - Morgan Stanley says

** Gains in stock also supported by India-U.S. trade deal

** Trading vols at 2.9 mln shares so far, over 2x the 30-day average

** SYRM rose ~24% in 2025

(Reporting by Vijay Malkar)

(([email protected];))

** India's electronics manufacturing services sector seen benefiting from federal budget's pivot toward higher value addition and backward integration, brokerages say

** Government proposed increasing outlay for Electronic Components Manufacturing Scheme by 400 billion rupees ($4.36 billion), scaling up manufacturing and boosting semiconductor development

** CLSA says the budget marks a "pivot point" for electronics manufacturing, government allocation supports domestic component manufacturing and integration but flags near-term risks from lower smartphone assembly incentives

** Jefferies says higher allocation supports the medium-term outlook for electronic companies, but flags execution timelines and the expiry of assembly-linked incentives as near-term risks for some players

** Nomura flags continued policy support for electronics and semiconductors in the budget as a key positive within a fiscally restrained framework

** Dixon Technologies DIXO.NS flat, Kaynes Technology India KAYN.NS down 5%, Syrma SGS up 0.73% and Amber Enterprises AMBE.NS down 2.7% on the day

($1 = 91.7125 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

Updates

** Shares of Indian electronics manufacturing services firms Dixon Technologies DIXO.NS, Kaynes Technology KAYN.NS, Syrma SGSSYRM.NS, Amber Enterprises AMBE.NS rise

** Stocks gain between 3.25% and 4.83% after government proposes increasing outlay for electronic components manufacturing by 400 billion rupees ($4.36 billion)in federal budget

** Government also proposes scaling up manufacturing and boosting semiconductor development

** EMS firms are seen as key beneficiaries of India's push to localise electronics manufacturing

($1 = 91.6710 Indian rupees)

(Reporting by Surbhi Misra in Bengaluru)

(([email protected] | X: https://twitter.com/SurbhiMisra_ |;))

Jan 29 (Reuters) - Syrma SGS Technology Ltd SYRM.NS:

• DEC-QUARTER CONSOL NET PROFIT 1.03 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 12.64 BILLION RUPEES

Source text: ID:nBSE2TcyFw

Further company coverage: SYRM.NS

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** Jefferies expects Indian electronics manufacturing services (EMS) firms to deliver strong earnings per share with CAGR of 44% between FY25 and FY28, based on execution

** Indian government's component manufacturing production-linked incentive (PLI) scheme has benefited companies in the segment, according to analysts at Jefferies

** Brokerage prefers Indian component makers over original equipment manufacturers in 2026

** It estimates total capex of Amber Enterprises AMBE.NS, Syrma SGS Technology SYRM.NS, Kaynes Technology India KAYN.NS and Dixon Technologies DIXO.NS to be ~100 bln rupees between FY26 and FY28; RoCE at 15-17%

** AMBE down 0.6%, KAYN and DIXO slip 5.8% and 2.5%, respectively while SYRM adds 0.2%

** Brokerage's top picks:

(Reporting by Abhirami G in Bengaluru)

(([email protected]))

** Syrma SGS Technology SYRM.NS rises as much as 5.98% to 856.4 rupees; last up 4%

** Electronics manufacturer posts 77% surge in net profit in September quarter

** Morgan Stanley, Jefferies attribute strong results to rising sales, lower interest costs, improving product mix

** Macquarie sees results as beat in profitability terms vs brokerages' expectations

** Meanwhile, co planning to buy majority stake in Elcome Integrated systems, marking foray into defence, maritime business

** SYRM gains 43.5% YTD

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

Nov 10 (Reuters) - Syrma SGS Technology SYRM.NS:

• SEPT-QUARTER CONSOL NET PROFIT 640.6 MILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 11.46 BILLION RUPEES

Source text: ID:nBSE9PVwn0

Further company coverage: SYRM.NS

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