Syrma SGS Technology Limited (SYRMA.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-75.2%

₹370.27

vs ₹1,495.20 price

Levered DCF

₹1,528.88

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

6.05

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	45.64×	48.73×	80.59×	38.9×	98.57×	86.73×	61.98×	104.9×
P/B	5.17×	4.73×	5.4×	2.8×	6.23×	11.08×	4.85×	38.5×
P/S	3.07×	2.23×	2.78×	2.14×	3.52×	3.05×	2.64×	6.22×
EV / EBITDA	25.51×	23.61×	36.24×	20.12×	35.54×	25.87×	15.7×	57.56×
Gross margin	14.1%	20.8%	19.4%	22.4%	26.7%	31.0%	32.8%	37.3%
Operating margin	10.4%	6.7%	4.8%	8.1%	7.7%	9.7%	14.7%	26.1%
Net margin	6.6%	4.6%	3.4%	5.9%	5.5%	7.2%	10.6%	5.9%
Current ratio	1.7×	1.33×	1.23×	1.43×	1.34×	2.87×	1.49×	1.08×
Debt / equity	0.14×	0.38×	0.39×	0.24×	0.38×	0.43×	0.27×	1.77×
Interest coverage	10.35×	4.26×	3.73×	6.41×	9.33×	14.58×	13.2×	11.13×
Dividend yield	0.2%	0.3%	0.3%	0.0%	0.0%	0.0%	0.1%	0.0%
Payout ratio	9.1%	15.7%	24.7%	0.0%	0.0%	0.0%	2.3%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	11.1%	9.7%	6.7%	7.7%	9.7%	26.1%	19.5%	36.7%
Return on invested capital	10.6%	7.6%	4.8%	5.8%	6.3%	8.1%	16.5%	42.5%
Return on assets	5.5%	4.0%	2.9%	4.7%	4.8%	6.9%	10.7%	7.2%
Free cash flow yield	0.6%	-0.7%	-5.2%	-4.4%	-2.9%	0.7%	4.9%	-0.7%
Earnings yield	2.1%	2.1%	1.2%	2.8%	1.6%	2.4%	4.0%	1.0%
Enterprise value	₹148.9B	₹86.5B	₹92.5B	₹46.3B	₹37.5B	₹27.2B	₹22.5B	₹22.9B
Net debt / EBITDA	0.17×	1.01×	2.13×	1.42×	1.75×	0.38×	0.37×	2.19×
Cash conversion cycle (days)	60	52	81	97	125	52	34	83