Slides
Page 1
29 th Jan, 2026
Page 2
DISCLAIMER Certain statements in this presentation are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward looking statements, including but not limited to the statements containing the words 'planned', 'expects', 'believes', 'strategy', 'opportunity', 'anticipates', 'hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in Electronic System Design and Manufacturing Services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and price structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost effective and timely manner, client concentration, reduced demand for electronics in our key focus areas, disruptions in electronics industry, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies / entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies, and unauthorized use of our property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward-looking statements made herein will prove to be accurate, and issuance of such forward looking statements should not be regarded as a representation by the Company, or any other person, that the objective and plans of the Company will be achieved. All forward looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company. 2
Page 3
Financial Performance for Nine Months ended Dec’25
Page 4
FINANCIAL SUMMARY – 9M FY26 Profitability expansion continues: PBT +105% YoY and PAT +101% YoY with significant margin improvement. Profitability expansion (YoY growth and Margins) Operating EBITDA ₹ 3,703 Mn ▲ 78% YoY | 11.0% margin EBITDA ₹ 3,963 Mn ▲ 63% YoY | 11.7% margin PBT ₹ 2,950 Mn ▲ 105% YoY | 8.7% margin PAT ₹ 2,266 Mn ▲ 101% YoY | 6.7% margin Margin profile EBITDA % 11.7% PBT % 8.7% PAT % 6.7% Revenue and Export Mix Total Revenue ₹ 33,800 Mn Export revenue 25% of Operating Revenue ▲ 45% YoY ▲ 17% YoY
Page 5
₹ 1,130 ₹ 2,266 9MFY25 9MFY26 ₹ 1,437 ₹ 2,950 9MFY25 9MFY26 ₹ 2,430 ₹ 3,963 9MFY25 9MFY26 ₹ 28,973 ₹ 33,800 9MFY25 9MFY26 5 Total Revenue Profit Before Tax EBITDA Profit After Tax ₹ in million FINANCIAL HIGHLIGHTS - 9M FY26
Page 6
(₹ in Million) Particulars 9M FY25 9M FY26 YoY Revenue From Operations 28,618 33,540 17.2% Other Income 355 260 (26.8)% Total Revenue 28,973 33,800 16.7% Cost of Materials Consumed 22,526 25,011 11.0% Gross Profit 6,092 8,530 40.0% Margin% 21.3% 25.4% 4.1% Operating Expenses 4,017 4,826 20.1% EBITDA (Ex Other Income) 2,075 3,704 78.5% Margin% 7.2% 11.04% 3.8% EBITDA 2,430 3,963 63.1% Margin% 8.4% 11.7% 3.3% Depreciation and amortization 543 627 15.4% Finance Cost 428 352 (17.7)% Exceptional Items 21 34 - PBT 1,437 2,950 105.3% Margin% 5.0% 8.7% 3.8% Tax 307 684 122.8% PAT 1,130 2,266 100.5% Margin% 3.9% 6.7% 2.8% BRIEF SUMMARY OF CONSOLIDATED FINANCIALS – 9M FY26
Page 7
(₹ in Million) Industry 9M FY25 9M FY26 YoY Auto 6,067 7,915 30% Consumer 11,585 10,700 (9%) Healthcare 1,983 2,590 31% Industrials 7,264 9,401 29% IT and Railways 1,719 2,935 71% Total 28,618 33,540 17% INDUSTRY SEGMENT - 9M FY26
Page 8
Financial Performance for Quarter ended Dec’25
Page 9
FINANCIAL SUMMARY – Q3 FY26 Profitability expansion continues: PBT +118% YoY and PAT +108% YoY with significant margin improvement. Profitability expansion (YoY growth and margins) Operating EBITDA ₹ 1,594 Mn ▲ 100% YoY | 12.6% margin EBITDA ₹ 1,697 Mn ▲ 67% YoY | 13.3% margin PBT ₹ 1,383 Mn ▲ 118% YoY | 10.9% margin PAT ₹ 1,103 Mn ▲ 108% YoY | 8.7% margin Margin profile EBITDA % 13.3% PBT % 10.9% PAT % 8.7% Revenue and Export Contribution Total Revenue ₹ 12,745 Mn Export revenue 26% of Revenue from Operations ▲ 24% YoY ▲ 45% YoY
Page 10
(₹ in Million) Particulars Q3 FY25 Q2 FY26 Q3 FY26 QoQ YoY Revenue From Operations 8,692 11,459 12,642 10.3% 45.4% Other Income 223 87 103 17.7% (53.8)% Total Revenue 8,915 11,546 12,745 10.4% 43.0% Cost of Materials Consumed 6,430 8,730 9,174 5.1% 42.7% Gross Profit 2,262 2,728 3,468 27.1% 53.4% Margin% 26.0% 23.8% 27.4% 3.6% 1.4% Operating Expenses 1,471 1,576 1,874 18.9% 27.4% EBITDA (Ex Other Income) 791 1,152 1,594 38.3% 101.6% Margin% 9.1% 10.1% 12.6% 2.6% 3.5% EBITDA 1,013 1,240 1,697 36.9% 67.5% Margin% 11.4% 10.7% 13.3% 2.6% 1.9% Depreciation and amortization 202 218 203 (7.2)% 0.3% Finance Cost 154 126 77 (39.2)% (50.2)% Exceptional Items 21 0 34 - - PBT 635 895 1,383 54.6% 117.8% Margin% 7.1% 7.8% 10.9% 3.1% 3.7% Tax 105 232 280 21.1% 166.3% PAT 530 663 1,103 66.3% 108.1% Margin% 5.9% 5.7% 8.7% 2.9% 2.7% BRIEF SUMMARY OF CONSOLIDATED FINANCIALS – Q3 FY26
Page 11
₹ 530 ₹ 663 ₹ 1,103 Q3FY25 Q2FY26 Q3FY26 ₹ 635 ₹ 895 ₹ 1,383 Q3FY25 Q2FY26 Q3FY26 ₹ 1,013 ₹ 1,240 ₹ 1,697 Q3FY25 Q2FY26 Q3FY26 ₹ 8,915 ₹ 11,546 ₹ 12,745 Q3FY25 Q2FY26 Q3FY26 11 Total Revenue Profit Before Tax EBITDA Profit After Tax 43% YoY 67% YoY 118% YoY 108% YoY ₹ in million FINANCIAL HIGHLIGHTS - Q3 FY26
Page 12
(₹ in Million) Industry Q3 FY25 Q2 FY26 Q3 FY26 QoQ YoY Auto 2,081 2,710 2,990 10% 44% Consumer 2,704 3,656 3,866 6% 43% Healthcare 734 834 1,082 30% 48% Industrials 2,674 2,649 3,879 46% 45% IT and Railways 500 1,610 825 (49%) 65% Total 8,692 11,459 12,642 10% 45% INDUSTRY SEGMENT Q3 FY26
Page 13
Particulars Q3 FY25 Q2 FY26 Q3 FY26 EBITDA Margin (Ex Other Income,%) 9.1% 10.1% 12.6% EBITDA Margin (%) 11.4% 10.7% 13.3% PBT Margin (%) 7.1% 7.8% 10.9% PAT Margin (%) 5.9% 5.7% 8.7% Net Debt/(Net Cash) to EBITDA (LTM) 1.1 -1.2 -0.8 Debt to Equity 0.4 0.1 0.2 ROCE (%) 9.4% 11.7% 13.2% ROCE (% Adj. of Surplus IPO Money and Goodwill) 12.6% 14.9% 16.0% NWC Days (Ex Elcome Acquisition) 64 73 68 NWC Days 64 73 76 FINANCIAL RATIOS * ROCE = Annualized EBIT /Average Net Capital Employed based on the Capital employed as on 31 st Dec’ 25 & 31 st Dec’ 24 (adjusted for goodwill and unutilized IPO/QIP proceeds).
Page 14
Particulars 31-Mar-25 31-Dec-25 Term Loan 898 736 Working Capital Loan 5,213 4,557 Total Debt 6,112 5,294 Investments 538 5,226 Cash and cash Equivalents 2,935 4,106 Total Cash & Equivalents 3,473 9,332 Net Debt/(Cash) 2,639 (4,038) DEBT AND CASH (₹ in Million)
Page 15
KEY UPDATES: RECENTLY ANNOUNCED JV’S/ACQUISITIONS ELCOME ACQUISITION • Syrma SGS consummated the acquisition of 60% stake on Dec 17th,2025 for ₹2,350 Million. • The Financials for relevant period have been consolidated as on 31st Dec’25. SOLAR INVERTER JV • The Transaction closure conditions for the acquisition of Ksolare by the JV (with Premier energies) in process. ELEMASTER JVA • The Transaction closure conditions for the Joint Venture in process. PCB VENTURE • Capital Infusion and Equity allotment of ~45 Cr in the ratio of 75% (Syrma SGS) / 25% (Shinhyup, Korea) completed during the quarter. • Initiated site development activities and Civil infrastructure construction is in process. • PLI Approval and State Incentive Approval obtained from the Central/State Govts.
Page 16
Thank you www.syrmasgs.com/investor-relations/ Investors Contact: Nikhil Gupta, CFA Head – Investor Relations +91 11 4700 2122 investor.relations@syrmasgs.com