Syrma SGS — Building India’s Electronics Backbone

India doesn’t just want to assemble electronics anymore. It wants to manufacture the components inside them. And Syrma SGS is moving deeper into that opportunity. Syrma SGS is an electronics manufacturing and design company serving industries including automotive, healthcare, industrial, consumer, telecom and technology. But the bigger story is its transition from an EMS player toward higher-value electronics and component manufacturing. And the numbers already show the scale-up. In Q1 FY27, Syrma reported strong growth, with revenue reaching around ₹1,604 crore, up roughly 67% YoY, while operating EBITDA rose around 69% and PAT more than doubled to approximately ₹106 crore. The business is also building visibility. Its order book stood at around ₹6,770 crore, providing a substantial revenue pipeline. Now comes the exciting part. India is moving from “Make in India” to “Make more of it in India.” That means PCBs. Components. Electronics assemblies. Automotive electronics. Industrial electronics. Medical electronics. And Syrma is increasing its exposure across these categories. The company has also been expanding into PCB manufacturing, while pursuing opportunities under India's Electronics Components Manufacturing Scheme. Recent industry analysis highlights the potential for deeper domestic component manufacturing as India attempts to reduce dependence on imported electronics components. The flywheel is straightforward: More electronics demand → More localisation → More components → More manufacturing → More capacity → More revenue. And scale can change the economics. As utilisation improves and higher-value products become a larger part of the mix, operating leverage can potentially push earnings faster than revenue. That's the part investors should watch. Syrma isn't simply chasing the next EMS contract. It's trying to move up the electronics value chain.