SYRMA SGS Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 1,264 Crs., 45.36% growth YoY, Total Income is Rs. 1,274 Crs., 42.96% growth YoY, Gross Profit is Rs. 347 Crs., 53% growth YoY, EBITDA is Rs. 159 Crs., 100% growth YoY, EBITDA Margin is 12.61% improved by 346 Basis points YoY, PBT Rs. 138 Crs, 117.77% growth YoY (which includes 3.38 Cr. one-time impact of New Labour Code), PAT Rs. 110 Crs, 108% growth YoY, Robust performance on all parameters. Export-led upside: A key feature was exports, up 66% YoY in Q3 (INR202cr → INR335cr, “highest ever per quarter”). “tariff uncertainties from USA” as an overhang for the industry, still hopeful it settles soon. Finance cost reduction QoQ attributed to both lower average debt during the quarter and renegotiated interest costs. On QoQ basis Op. Revenue is up by 10.32%, Total Income is up by 10.38%, EBITDA is up by 38.31%, PBT is up by 54.58%(which includes 3.38 Cr. one-time impact of New Labour Code), and PAT is also up by 66.28%. Order book / visibility: INR 6,400 cr. as of Dec-end; mix: Auto 31%, Consumer 25%, Industrial 27%, balance healthcare/IT/railways.