Slides
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30thOct, 2026
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DISCLAIMERCertain statements in this presentation are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that couldcause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements thatcould 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 mayaffect our cost advantage, wage increases in India, customer acceptances of our services, products and price structures, our ability to attract and retain highly skilledprofessionals, our ability to integrate acquired assets in a cost effective and timely manner, client concentration, reduced demand for electronics in our key focusareas, 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 fiscalincentives, political instability, legal restrictions on raising capital or acquiring companies, and unauthorized use of our property, other risks, uncertainties and generaleconomic 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 notbe 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 undertaketo update any forward-looking statement that may be made from time to time by or on behalf of the Company. 2
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Financial Performance forQuarter ended Sep’26
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FINANCIAL SUMMARY – Q2 FY27 4 Highest quarterly Revenue, EBITDA, PBT and PATRevenue and Export ContributionProfitability expansion (YoY growth and margins)TOTAL REVENUE₹ 19,995 Mn▲73% YoY19,995Q2 FY25 Q2 FY27EXPORT REVENUE₹ 5,138 Mn▲91% YoY26% of op. revenue5,138Q2 FY25 Q2 FY27OP. EBITDA₹ 1,933 Mn▲68% YoY9.7% margin1,933Q2 FY25 Q2 FY27EBITDA₹ 2,031 Mn▲64% YoY10.2% margin2,031Q2 FY25 Q2 FY27PBT₹ 1,652 Mn▲85% YoY8.3% margin1,652Q2 FY25 Q2 FY27PAT₹ 1,242 Mn▲87% YoY6.2% margin1,242Q2 FY25 Q2 FY27
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(₹ in Million)YoYQoQQ2FY27Q1FY27Q2FY26Particulars73.6%25.2%19,89715,88611,459Revenue From Operations12.9%(34.5)%9915187Other Income73.2%24.7%19,99516,03711,546Total Revenue79.9%30.9%15,70311,9928,730Cost of Materials Consumed53.7%7.7%4,1933,8942,728Gross Profit(2.7)%(3.4)%21.1%24.5%23.8%Margin%43.4%(0.8)%2,2612,2781,576Operating Expenses67.7%19.6%1,9331,6161,152EBITDA (Ex Other Income)(0.3)%(0.5)%9.7%10.2%10.1%Margin%63.9%15.0%2,0311,7661,240EBITDA(0.6)%(0.9)%10.2%11.0%10.7%Margin%3.8%0.8%227225218Depreciation and amortization20.8%14.4%153133126Finance Cost84.6%17.3%1,6521,408895PBT 0.5%(0.5)%8.3%8.8%7.8%Margin%77.1%16.7%410351232Tax 87.2%17.5%1,2421,057663PAT 0.5%(0.4)%6.2%6.6%5.7%Margin% BRIEF SUMMARY OF CONSOLIDATED FINANCIALS – Q2 FY27 5
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₹ 663 ₹ 1,057 ₹ 1,242 Q2FY26 Q1FY27 Q2FY27₹ 11,546 ₹ 16,037 ₹ 19,995 Q2FY26 Q1FY27 Q2FY27₹ 895 ₹ 1,408 ₹ 1,652 Q2FY26 Q1FY27 Q2FY27 ₹ 1,240 ₹ 1,766 ₹ 2,031 Q2FY26 Q1FY27 Q2FY27Total RevenueProfit Before TaxEBITDAProfit After Tax73% YoY64% YoY85% YoY87% YoY₹ in millionFINANCIAL HIGHLIGHTS – Q2 FY27 6
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(₹ in Million)Q2FY27 Mix%Q1FY27 Mix%Q2FY26 Mix%YoYQoQQ2FY27Q1FY27Q2FY26Industry26%25%24%91%31%5,1693,9492,710Auto29%34%32%57%7%5,7275,3283,656Consumer7%8%7%61%(0%)1,3401,345834Healthcare25%24%23%86%31%4,9353,7662,649Industrials14%9%14%69%82%2,7271,4971,610IT and Railways100%100%100%74%25%19,89715,88611,459TotalINDUSTRY SEGMENT Q2 FY27 7
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Q2FY27Q1FY27Q2FY26Particulars9.7%10.2%10.1%EBITDA Margin (Ex Other Income,%)10.2%11.0%10.7%EBITDA Margin (%)8.3%8.8%7.8%PBT Margin (%)6.2%6.6%5.7%PAT Margin (%)-0.4-0.2-1.2Net Debt/(Net Cash) to EBITDA (LTM)0.20.30.1Debt to Equity17.9%17.3%13.6%ROCE (%)21.4%20.1%17.3%ROCE (% Adj. for Goodwill)*637173NWC DaysFINANCIAL RATIOS 8*ROCE = LTM EBIT /Average Net Capital Employed based on the Capital employed as on 30thSep’ 26 & 30thSep’ 25 (adjusted for goodwill)
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FINANCIAL SUMMARY – H1 FY27 9 Highest half-yearly Revenue, EBITDA, PBT and PATRevenue and Export ContributionProfitability expansion (YoY growth and margins)TOTAL REVENUE₹ 36,032 Mn▲71% YoY36,032H1 FY23 H1 FY27EXPORT REVENUE₹ 9,012 Mn▲80% YoY25% of op. revenue9,012H1 FY23 H1 FY27OP. EBITDA₹ 3,549 Mn▲68% YoY9.9% margin3,549H1 FY23 H1 FY27EBITDA₹ 3,798 Mn▲68% YoY10.5% margin3,798H1 FY23 H1 FY27PBT₹ 3,060 Mn▲95% YoY8.5% margin3,060H1 FY23 H1 FY27PAT₹ 2,299 Mn▲98% YoY6.4% margin2,299H1 FY23 H1 FY27Consolidated, ₹ Mn. Margins on total revenue (operating EBITDA on revenue from operations). Charts compare first halves, H1 FY23 to H1 FY27; latest half highlighted. Highest ever compares all earlier half years.
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(₹ in Million)YoYH1FY27H1FY26Particulars71.0%35,78320,930Revenue From Operations59.0%249157Other Income70.9%36,03221,087Total Revenue74.9%27,69615,837Cost of Materials Consumed58.8%8,0875,093Gross Profit(1.7)%22.6%24.3%Margin%52.1%4,5392,983Operating Expenses68.2%3,5492,110EBITDA (Ex Other Income)(0.2)%9.9%10.1%Margin%67.6%3,7982,266EBITDA(0.2)%10.5%10.7%Margin%6.5%452424Depreciation and amortization3.7%286276Finance Cost95.4%3,0601,566PBT 1.1%8.5%7.4%Margin%88.5%761404Tax 97.7%2,2991,163PAT 0.9%6.4%5.5%Margin% BRIEF SUMMARY OF CONSOLIDATED FINANCIALS – H1 FY27 10
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₹ 1,163 ₹ 2,299 H1FY26 H1FY27₹ 1,566 ₹ 3,060 H1FY26 H1FY27₹ 2,266 ₹ 3,798 H1FY26 H1FY27₹ 21,087 ₹ 36,032 H1FY26 H1FY27Total RevenueProfit Before TaxEBITDAProfit After Tax71% YoY68% YoY95% YoY98% YoY₹ in millionFINANCIAL HIGHLIGHTS – H1 FY27 11
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(₹ in Million)H1FY27 Mix%H1FY26 Mix%YoYH1FY27H1FY26Industry25%24%85%9,1194,925Auto31%33%62%11,0556,834Consumer8%7%78%2,6851,508Healthcare24%26%58%8,7015,522Industrials12%10%100%4,2242,110IT and Railways100%100%71%35,78320,899TotalINDUSTRY SEGMENT H1 FY27 12
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H1FY27H1FY26Particulars9.9%10.1%EBITDA Margin (Ex Other Income,%)10.5%10.7%EBITDA Margin (%)8.5%7.4%PBT Margin (%)6.4%5.5%PAT Margin (%)-0.4-1.2Net Debt/(Net Cash) to EBITDA (LTM)0.20.1Debt to Equity17.9%13.6%ROCE (%)21.4%17.3%ROCE (% Adj. for Goodwill)*33.7%(54.5%)OCF/EBITDA (Ex Other Income)6373NWC DaysFINANCIAL RATIOS 13*ROCE = LTM EBIT /Average Net Capital Employed based on the Capital employed as on 30thSep’ 26 & 30thSep’ 25 (adjusted for goodwill)
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BALANCE SHEET(₹ in Million) 14 Sep’26Mar’26ParticularsASSETS11,3969,276Property, plant and equipment4,5474,547Goodwill3,6002,257Other non-current assets15,78910,616Inventories21,23218,408Trade receivables4,1904,393Other current assets9,9878,203Cash and cash equivalents70,74157,700Total AssetsLiabilities32,93030,655Total Equity (including Reserves)7,4583,531Borrowings25,03419,586Trade payables5,3203,929Other Liabilities70,74157,700Total Equity and Liabilities
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CASH FLOW(₹ in Million) 15 H1FY27FY26Particulars3,0604,454 PBT 5711,222 Add: Depreciation, Finance cost and Others3,6315,676 OCF before WC changes(2,434)(2,781) Total WC Changes + Tax1,1972,896 Net Operating Cashflow(5,350)(7,420) Capex & Investments(5,350)(7,420) Net Cashflow from Investing activities4,2546,385 Change in borrowings and Equity(594)(807) Dividend paid, Lease Liabilities, Finance Costs3,6605,578 Net Cashflow from Financing activities1,923809 Opening Cash & Bank2060 Add: Effect of Exchange differences(493)1,055 Net Increase/decrease in Cashflow1,4501,923 Closing Cash & Bank
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30-Sep-2631-Mar-26Particulars511676Term Loan6,9472,855Working Capital Loan7,4583,531Total Debt8,3815,092Investments1,6533,111Cash and cash Equivalents10,0348,203Total Cash & Equivalents(2,576)(4,672)Net Debt/(Cash)DEBT AND CASH(₹ in Million) 16
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Thank youwww.syrmasgs.com/investor-relations/Investors Contact:Nikhil Gupta, CFAHead – Investor Relations +91 11 4700 2122investor.relations@syrmasgs.com