Syrma SGS profit doubles to ₹105.7 crore, reaffirms ₹1,500 crore export target

What's the deal? Syrma SGS Technology reported Q1 FY27 net profit of ₹105.7 crore, up 111.8% year on year from ₹49.9 crore. Consolidated revenue rose 67.1% to ₹1,603.7 crore from ₹959.7 crore, and the company reaffirmed FY27 revenue growth guidance of 30% to 35%.

What does the company do? Syrma SGS is an Indian electronics manufacturing services (EMS) provider, building products across automotive, medical tech, and industrial segments. Exports reached ₹381.3 crore in the quarter, tracking toward its ₹1,500 crore FY27 target — up from ₹1,200 crore in FY26.

The expansion: Syrma is setting up a joint venture with Japan's Kaga ElectronicsDealroom has a profile for this one. Try Dealroom →, a ₹25 crore investment structured as a 60:40 partnership, with Syrma contributing ₹15 crore. The new facility aims to capture Japanese original equipment manufacturer (OEM) clients and strengthen its domestic supply chain.

Why now? The move builds on a client onboarding pipeline from FY26. Operating EBITDA hit ₹176.6 crore for the quarter, holding margins despite rising employee costs.

What could go wrong? Domestic consumer electronics demand remains sluggish, leaving the company reliant on automotive, medical tech, and export growth to hit its targets.

The signal: Syrma's results and the Kaga tie-up reinforce a broader re-rating story for India's EMS sector, as manufacturers position to capture China+1 diversification demand.

Read more: Sahi

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