Syrma SGS Reports 37% Revenue Growth, Expands into Defense and Renewables

Syrma SGS Technology posted a strong Q2 performance, achieving record revenue of ₹1,146 crore, up 37% YoY, with operating EBITDA rising 56% to ₹116 crore and margins improving to 10.1%. PAT stood at ₹66.3 crore (5.7% margin), reflecting enhanced operational efficiency. The EMS leader made strategic moves to diversify and scale: Entered the defense sector by acquiring a 60% stake in Elcome, a legacy player in military communication and navigation systems. Formed a joint venture with Italy’s Elemaster to tap into global supply chains. Received ECMS approval for a new PCB manufacturing unit, with trial production expected by December 2026. Partnered with KSolare and Premier to manufacture solar inverters at its Pune facility. It has onboarded 8 major customers (potential $100M revenue) and secured a $250 million framework contract over 2–3 years. Exports currently contribute 25% of revenue, with plans to grow further. MD J.S. Gujral highlighted that recent JVs and acquisitions lay the foundation for sustained future growth across automotive, industrial, defense, and renewable energy verticals. With focused expansion into high-growth sectors and strong order inflows, Syrma SGS is well-positioned to capitalize on India’s electronics manufacturing boom under PLI and Aatmanirbhar Bharat initiatives.