SYRMA SGS TECHNOLOGY LIMITE (SYRMA): Financials & Fundamentals History

Share price

Closing priceAdjusted for splits and bonus issues.

3M1Y3YAll

₹1,462 latest close · +6.3% over the last 90 sessions

₹1,462 month-end · +78.2% over 12 months

₹1,462 month-end · +158.5% over 3 years

₹1,462 month-end · +372.0% since Aug '22

52-week range ₹634.50 to ₹1822.60 · 1-year volatility 45.5%

Was the rally earned?

1 year3 years

+78%share price, 1 yearEarnings-driven

Mostly yes.

Per-share earnings added 72 points to the rise, while the multiple moved less (P/E 73.0x to 76.5x).
The share count rose 10%.

Net profit growth+85 ptsNet profit rose about 88%, which lifts the price.

P/E change+7 ptsThe P/E rose from 73.0x to 76.5x, which lifts the price.

Share count change-13 ptsShare count rose 10%, which lowers the price.

+159%share price, 3 yearsLower P/E held it back

Mostly yes, with a catch.

Per-share earnings added 174 points, but investors now pay less per rupee of profit (P/E 83.8x to 76.5x), which took 15 points back.
The share count rose 15%.

Net profit growth+197 ptsNet profit rose about 226%, which lifts the price.

P/E change-15 ptsThe P/E fell from 83.8x to 76.5x, which lowers the price.

Share count change-24 ptsShare count rose 15%, which lowers the price.

What do "pts" mean?

"pts" are percentage points of the share price return. The parts add up to the total shown for each period. Because price = P/E × net profit ÷ share count, higher profit pushes the price up, a higher P/E pushes it up, and more shares push it down.

Example: if the price rose 34% and profit growth accounts for +58 pts while a lower P/E accounts for -24 pts, then 58 - 24 = 34. The +58 is not the profit growth rate itself: it is the part of the price move that profit growth explains.

Not shown for 5 years: earnings were negative at one end, or there is not enough history.

Net profit is trailing twelve months as reported with a 60-day lag.

Compare this with DIXON TECHNOLOGIES INDIA

How rough has the ride been?

Maximum drawdown-43.9%recovered 2025-07

1-year volatility45.5%annualised

Beta vs sector index0.833-year daily, correlation 0.46

Volume spikes5last 90 sessions, 5x the 50-day median

Drawdown from peak

Largest drawdowns

-43.9% (2023-12 peak to 2024-10 low, recovered 2025-07)

-29.1% (2025-11 peak to 2026-01 low, recovered 2026-04)

-22.7% (2022-08 peak to 2023-01 low, recovered 2023-05)

Most recent volume spikes

2026-11-02: 5.2x the 50-day median, price -7.0% that day

2026-09-18: 11.3x the 50-day median, price +6.9% that day

2026-09-17: 9.9x the 50-day median, price +7.0% that day

Beta is the slope of daily returns against a market-cap-weighted index of the sector's other listed companies, built from today's constituents (so it excludes companies no longer listed).

Is it expensive against its own past and its peers?

76.5xP/E todayWithin its usual range

Against its own history60th percentile

CheapestMedian 72.3xDearest

Usual range 50.4x to 91.5x since 2022-08.

Against Electronic Technology76.5x vs 55.3x

This company

76.5x

Sector median

55.3x

38% above the Electronic Technology median.

P/EP/BP/S

P/E (this company)10th to 90th percentile of its own historyIts medianElectronic Technology median

The chart loads when you open this tab.

P/B (this company)10th to 90th percentile of its own historyIts medianElectronic Technology median

The chart loads when you open this tab.

P/S (this company)10th to 90th percentile of its own historyIts medianElectronic Technology median

How to read this

Shaded band: 10th to 90th percentile of the company's own P/E history; dotted line: its median; orange line: sector median (companies with a positive multiple, at least 5 in the sector).

Sector figures are built from today's listed companies, so they exclude companies that are no longer listed.

All terms explained in the glossary →

How Electronic Technology is valued

Where does it rank among Electronic Technology peers?

Each cell is the company's percentile rank among its Electronic Technology peers (non-financial companies) that month.
Darker is better-ranked.
Rows marked ↓ are inverted (lower debt, shorter cash cycle and a lower P/E rank higher).

Where it ranks today

ROCE57th▲ 23 pts vs a year ago
Op. margin34th▼ 5 pts vs a year ago
Revenue growth79th▲ 65 pts vs a year ago
EPS growth75th▼ 9 pts vs a year ago
Debt/equity ↓67th▲ 31 pts vs a year ago
Cash cycle ↓81st▲ 5 pts vs a year ago
P/E ↓39thflat vs a year ago
12M momentum87thflat vs a year ago

Rank history

ROCE

Op. margin

Revenue growth

EPS growth

Debt/equity ↓

Cash cycle ↓

P/E ↓

12M momentum

Dec '21Jul '22Jan '23Jul '23Jan '24Jul '24Jan '25Jul '25Jan '26Jul '26Nov '26

Lower rank Higher rank Not enough data

Percentiles use today's listed companies in the sector and need at least 5 peers with a value; grey cells have too few.
ROE is computed from net profit and book value where the source does not report it.

The Electronic Technology sector page Watch it move against Electronic Technology in the Observatory

What is the price implying?

~43%annual earnings growth implied by the price

At a P/E of 179.3x, the price would imply about 42.9%/yr earnings growth for 10 years under the same assumptions, but it is not ranked.

Fewer than six years of annual earnings are available, which is too little to measure delivered growth.

“Implied growth” is what the current price would require under our stated assumptions, not what we expect.

What prices imply across Electronic Technology The market-wide Expectations lists

Key figures

Share Priceclose 9 Nov: ₹1462.00
P/E: 76.5x
ROCE: 17.0%
Market Cap: ₹28197 cr
Revenue (TTM): ₹5464 cr
P/S: 5.2x
P/B: 9.8x
ROE: 12.9%
Operating Margin: 10.0%
Debt / Equity: 0.1x
Promoter Holding: 42.3%
12M Momentum: 78.2%

52-week range

₹634.50₹1822.60

70% of the way from its 52-week low to its high

Price risk

1Y volatility

45.5%

Beta vs sector

1-year daily

1.09

Balance sheet & cash

Interest cover

operating profit ÷ interest

12.1x

Cash from profit, 3Y

operating cash flow ÷ net profit

0.55x

Share count, 1Y

+8.4%

Are profits backed by cash?

4 of 7checks within range3 near a threshold

Other income reliance8%Within range

Other income as a share of pre-tax profit (trailing twelve months): 8.1%. Bands: below 15%, 15% to 35%, above 35%.

Tax rate23%Within range

Median quarterly effective tax rate over about 2.5 years: 23.0%. Bands: 15% to 35%, 5% to 15% or 35% to 50%, outside 5% to 50%.

Cash conversion0.55xNear threshold

Operating cash flow divided by net profit over the last three fiscal years: 0.55x (cash from operations ₹357 cr, net profit ₹654 cr). Bands: 0.8x and above, 0.5x to 0.8x, below 0.5x.

Free cash flow2 of 5 yrsNear threshold

Fiscal years with positive free cash flow in the last 5: 2. Bands: at least 80% of years, 40% to 80%, below 40%.

Receivable days vs history+31 daysNear threshold

Debtor days are above the median of the previous three fiscal years by 31 days (139 vs 108). Bands: under 15 days, 15 to 45, over 45.

Capital work in progress5% of fixed assetsWithin range

Capital work-in-progress is 5% of fixed assets. Bands: not rising or up to 30%; rising for three years and above 30%; rising and above 60%.

Payable days+21 days / 2 yrsWithin range

Days payable changed by +21 over two years. Bands: rise of up to 30 days; more than 30 days.

Tap a check to see how it is measured

How to read this

Each check is a named rule with fixed thresholds, not a score. Annual statements are the latest restated figures, so a past year may differ from what was originally reported.

All terms explained in the glossary →

Who has been buying and selling?

Over 3 years, DIIs added 6.3 pts; promoters trimmed 4.9 pts; FIIs trimmed 2.6 pts.
The number of shareholders rose from 96,452 to 2.0 lakh (+112%) between Sep 2023 and Jun 2026.

Holdings, Jun '26

How each group changed

GroupSep '23Jun '26Change

Promoters47.2%42.3%-4.9 pts

FIIs10.1%7.5%-2.6 pts

DIIs9.6%15.9%+6.3 pts

Public and others33.0%34.2%+1.1 pts

Number of shareholders

2.0 lakhshareholders+112% since Sep '23

Quarterly shareholding as reported, labelled by the quarter it covers (it becomes visible about two months later).
Shareholder counts are only available for recent quarters.

This quarter's smart-money board

What happened next to similar setups

−6.8%typical 12-month return vs the marketNot meaningfully different from the base rate

We found 50 past situations where a non-financial company looked like SYRMA SGS TECHNOLOGY LIMITE today on valuation, return on capital, margins, debt, growth, price momentum, size and volatility.
Over the following 12 months the middle half of them returned −31% to +15% vs the market, against −4% for all non-financial companies in the same months.
The gap against the base rate (−2.9%, 80% range −12.5% to +1.3%) is within what chance and overlapping periods produce.

Where the 50 outcomes landed

Each dot is one past situation (hover or tap for details) · Solid dots are the closest matches, listed below · Shaded is the middle half of all companies in the same months · 3 beyond the range shown, drawn at the edge

Similar setups' median

−6.8%

All companies' median

−3.9%

Beat the market

38% vs 46%

50 past situations · 50 companies · 35 months · 2020–2025

The closest matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
LAURUSLABS Health Technology	Feb 2021	73x	14%	+323%	−8%	+29%
BECTORFOOD Consumer Non-Durables	Nov 2023	80x	21%	+181%	−9%	+15%
JWL Producer Manufacturing	Feb 2024	119x	24%	+300%	−11%	−19%
PGEL Electronic Technology	Sep 2024	91x	19%	+262%	−5%	−15%
AMBER Producer Manufacturing	Oct 2020	43x	17%	+109%	−11%	−5%

Show the other 3 matches

Company	When	P/E	ROCE	12M mom.	Drawdown	Next 12 months
ZAGGLE Technology Services	Dec 2024	89x	17%	+133%	−11%	−37%
IXIGO Consumer Services	Sep 2025	160x	13%	+74%	−18%	−39%
KAYNES Electronic Technology	Jan 2024	173x	22%	+266%	−2%	+57%

How reliable is this?

Matched on P/E, P/S, ROCE, operating margin, debt/equity, interest cover, revenue growth, 12-month momentum, drawdown from 12-month high, size and volatility. Closest on: drawdown from 12-month high, 12-month momentum and P/S. One match per company and at most 7 from any one month.

Independent periods: the matches fall in 5 distinct 12-month windows. Matches from nearby months share the same market conditions, so fewer windows means less evidence.

How this is built

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to SYRMA SGS TECHNOLOGY LIMITE. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

Methodology

How historical analogs are built

Data as of 2026-11-09. Outcome pool: Jan 2020 to Oct 2025.

For every company we look at the situation it is in today (valuation, return on capital, margins, debt, growth, 12-month price momentum, drawdown, size and volatility) and find past company-months that looked most like it. We then show what happened to those past situations over the following 12 months, measured against the ApnaFunda All index and against the base rate. It describes history. It does not predict anything.

What is compared

Feature	Weight	Non-financial	Financial
P/E	1	yes	yes
P/S	1	yes	—
P/B	1	—	yes
ROCE	1	yes	—
operating margin	1	yes	—
ROE	1	—	yes
debt/equity	0.75	yes	—
interest cover	0.5	yes	—
revenue growth	0.75	yes	yes
12-month momentum	1	yes	yes
drawdown from 12-month high	0.75	yes	yes
size	0.75	yes	yes
volatility	0.5	yes	yes

Weights were set by judgement before any outcome was looked at and are never tuned on results. Loss-making companies (negative P/E or net profit) are only matched with other loss-making companies. Banks, NBFCs and insurers are compared only with each other and use a different feature set. Every feature is converted, month by month, to its rank among companies in the same pool in that month, so a P/E of 30 in a hot market and a P/E of 22 in a cold one can match if both were equally expensive for their time. Only that month's data is used.

How closeness and the sample are defined

Distance is the weighted root-mean-square gap between the standardised features both companies have. A match needs at least 70% of the query's feature weight, a distance of at most 0.9, and 30 matches at minimum to be shown. We keep up to 50 matches with these exclusions: never the company itself, one match per company (its closest month), and at most 7 from any one calendar month so a single market episode cannot dominate.

Base rate

The base rate is the distribution of 12-month returns, relative to the market, of every eligible company-month in the same pool, with each month weighted to match the months the analogs came from. It answers: how did a random company do in these same months? Because matches from nearby months share the same market conditions, we also report the number of distinct 12-month windows behind a result, and a bootstrap that resamples months decides whether the analog median differs from the base rate at all. "Not meaningfully different" is the usual outcome and the page copy is written for it.

Limits you should know

One market period. The outcome pool covers 2020–2025 only (70 months), including the 2020 crash and the 2020–21 rally.
Survivorship. Only companies listed today are included. Delisted and bankrupt companies are missing, which flatters past outcomes, particularly for distressed-looking setups.
Price return only. Dividends are excluded, and the benchmark is an ApnaFunda market-cap-weighted index of the same listed companies, not an official index.
Reporting lag. Fundamentals are matched on an assumed 60-day lag after the quarter end, not on real announcement dates.
Pools: non-financial: 98,395 company-months from 2019 companies; financial: 5,659 company-months from 108 companies. 2349 companies currently have a result; the rest are suppressed because too few comparable situations exist.

Does it work? A walk-forward check

The walk-forward check has not been run for this build, so skill is shown as not yet measured.

Disclaimer

This is history, not a forecast. These are past situations where other companies had broadly similar reported numbers and price trends. What happened to them does not tell you what will happen to any company shown. The comparison covers only 2020–2025, a single market period, and only companies still listed today. Companies that were delisted or went bankrupt are missing, which makes past outcomes look better than they were. Returns exclude dividends and are measured against an ApnaFunda-built index, not an official benchmark. Fundamentals are matched on a 60-day assumed reporting lag, not actual announcement dates. Its historical skill has not yet been measured. Past patterns may not repeat.

What else looks like this?

Companies with the most similar financial profile today, regardless of industry.

OLECTRA GREENTECHOLECTRA

Consumer Durables

69%similar

EPS growthrevenue growth

SANSERA ENGINEERINGSANSERA

Producer Manufacturing

62%similar

market capP/E

KEI INDUSTRIESKEI

Producer Manufacturing

61%similar

market cappromoter holding

PRICOLPRICOLLTD

Producer Manufacturing

60%similar

promoter holdingoperating margin

R R KABELRRKABEL

Producer Manufacturing

58%similar

debt/equityEPS growth

PG ELECTROPLASTPGEL

Electronic Technology

72%similar

revenue growthP/E

KAYNES TECHNOLOGY INDKAYNES

Electronic Technology

64%similar

EPS growthmarket cap

AVALON TECHNOLOGIESAVALON

Electronic Technology

61%similar

promoter holdingP/E

Similarity is statistical, based on reported metrics; it does not imply similar business quality or future returns.

What changed?

30 events since Jun '24

2026
NovPriceVolume reached 5.2x its 50-day median on 2026-11-02; price -7.0% that day.
SepValuationP/E crossed above the 90th percentile of its own history to date (93.3x).
SepPeer rankMoved into the top quartile of Electronic Technology on EPS growth (from the 2nd quartile).
SepPriceVolume reached 13.7x its 50-day median on 2026-09-07; price +12.2% that day.
JunPeer rankMoved into the 2nd quartile of Electronic Technology on ROCE (from the 3rd quartile).
JunDebtDebt / equity halved over 12 months to 0.14x.
JunSharesShare count is up 8.4% over 12 months.
MayPriceVolume reached 10.5x its 50-day median on 2026-05-12; price -3.4% that day.

Show 22 earlier events

2026
AprPriceRegained the 2025-11 peak, 3 months after the low.
MarResultsRevenue (TTM) reached a new high of ₹4,278 cr.
MarPeer rankMoved into the 2nd quartile of Electronic Technology on operating margin (from the 3rd quartile).
JanPriceFell 29% from the Nov 2025 peak to the Jan 2026 low.
JanPriceVolume reached 14.0x its 50-day median on 2026-01-30; price +5.1% that day.
2025
DecPromoterPromoter holding fell 3.5 pts to 43.0% (largest drop in the history since 2019-01).
DecInstitutionsFII + DII holding rose 9.5 pts over 2 quarters to 23.4%.
NovPriceVolume reached 16.8x its 50-day median on 2025-11-11; price +2.8% that day.
SepPeer rankMoved into the top quartile of Electronic Technology on EPS growth (from the 2nd quartile).
JulPriceRegained the 2023-12 peak, 9 months after the low.
JulPriceVolume reached 14.9x its 50-day median on 2025-07-09; price +5.6% that day.
JunPeer rankMoved into the 2nd quartile of Electronic Technology on EPS growth (from the 3rd quartile).
MayPriceVolume reached 8.9x its 50-day median on 2025-05-12; price +13.2% that day.
MarResultsYear-on-year EPS growth turned positive.
JanPriceVolume reached 10.3x its 50-day median on 2025-01-29; price +20.0% that day.
2024
DecPeer rankMoved into the 3rd quartile of Electronic Technology on operating margin (from the bottom quartile).
OctPriceFell 44% from the Dec 2023 peak to the Oct 2024 low.
OctValuationP/E crossed above the 90th percentile of its own history to date (93.7x).
OctPriceVolume reached 81.7x its 50-day median on 2024-10-29; price +15.1% that day.
SepPriceVolume reached 8.7x its 50-day median on 2024-09-12; price +10.5% that day.
JunResultsYear-on-year EPS growth turned negative.
JunPeer rankSlipped to the 3rd quartile of Electronic Technology on ROCE (from the 2nd quartile).

Events are generated from the data by fixed rules.
The month shown is when the change became visible in the reported figures, assuming a 60-day lag after each quarter end; it is not an announcement date.

Where price and fundamentals disagree, market-wide Rewind the whole market to any month

Monthly history52 months · 2022-08 to 2026-11

Month	P/E	Revenue (TTM)	ROE	ROCE	Debt / Equity
2026-11	76.5x	₹5464 cr	12.9%	17.0%	0.1x
2026-10	85.1x	₹5464 cr	12.9%	17.0%	0.1x
2026-09	93.3x	₹5464 cr	12.9%	17.0%	0.1x
2026-08	86.0x	₹4819 cr	11.1%	17.0%	0.1x
2026-07	81.8x	₹4819 cr	11.1%	17.0%	0.1x
2026-06	83.6x	₹4819 cr	11.1%	17.0%	0.1x
2026-05	72.0x	₹4278 cr	15.6%	12.0%	0.4x
2026-04	63.4x	₹4278 cr	15.6%	12.0%	0.4x
2026-03	51.1x	₹4278 cr	15.6%	12.0%	0.4x
2026-02	65.6x	₹3884 cr	12.6%	12.0%	0.4x
2026-01	60.7x	₹3884 cr	12.6%	12.0%	0.4x
2025-12	58.5x	₹3884 cr	12.6%	12.0%	0.4x
2025-11	73.0x	₹3571 cr	11.2%	12.0%	0.4x
2025-10	72.4x	₹3571 cr	11.2%	12.0%	0.4x
2025-09	68.3x	₹3571 cr	11.2%	12.0%	0.4x
2025-08	79.0x	₹3787 cr	9.7%	12.0%	0.4x
2025-07	79.2x	₹3787 cr	9.7%	12.0%	0.4x
2025-06	59.5x	₹3787 cr	9.7%	12.0%	0.4x
2025-05	68.7x	₹4006 cr	9.0%	10.0%	0.4x
2025-04	59.4x	₹4006 cr	9.0%	10.0%	0.4x
2025-03	58.7x	₹4006 cr	9.0%	10.0%	0.4x
2025-02	69.3x	₹3843 cr	7.1%	10.0%	0.4x
2025-01	89.1x	₹3843 cr	7.1%	10.0%	0.4x
2024-12	98.9x	₹3843 cr	7.1%	10.0%	0.4x
2024-11	102.4x	₹3722 cr	6.6%	10.0%	0.4x
2024-10	93.7x	₹3722 cr	6.6%	10.0%	0.4x
2024-09	76.8x	₹3722 cr	6.6%	10.0%	0.4x
2024-08	72.6x	₹3154 cr	7.1%	10.0%	0.4x
2024-07	81.9x	₹3154 cr	7.1%	10.0%	0.4x
2024-06	82.3x	₹3154 cr	7.1%	10.0%	0.4x
2024-05	71.1x	₹2048 cr	7.3%	15.0%	0.2x
2024-04	72.3x	₹2048 cr	7.3%	15.0%	0.2x
2024-03	68.9x	₹2048 cr	7.3%	15.0%	0.2x
2024-02	77.7x	₹2048 cr	7.3%	15.0%	0.2x
2024-01	88.7x	₹2048 cr	7.3%	15.0%	0.2x
2023-12	99.4x	₹2048 cr	7.3%	15.0%	0.2x
2023-11	83.8x	₹2048 cr	7.3%	15.0%	0.2x
2023-10	91.6x	₹2048 cr	7.3%	15.0%	0.2x
2023-09	90.6x	₹2048 cr	7.3%	15.0%	0.2x
2023-08	80.0x	₹2048 cr	7.3%	15.0%	0.2x
2023-07	74.0x	₹2048 cr	7.3%	15.0%	0.2x
2023-06	66.4x	₹2048 cr	7.3%	15.0%	0.2x
2023-05	70.2x	₹1267 cr	12.7%	16.0%	0.4x
2023-04	52.8x	₹1267 cr	12.7%	16.0%	0.4x
2023-03	47.0x	₹1267 cr	12.7%	16.0%	0.4x
2023-02	47.5x	₹1267 cr	12.7%	16.0%	0.4x
2023-01	45.7x	₹1267 cr	12.7%	16.0%	0.4x
2022-12	50.2x	₹1267 cr	12.7%	16.0%	0.4x
2022-11	50.3x	₹1267 cr	12.7%	16.0%	0.4x
2022-10	49.2x	₹1267 cr	12.7%	16.0%	0.4x
2022-09	50.5x	₹1267 cr	12.7%	16.0%	0.4x
2022-08	55.4x	₹1267 cr	12.7%	16.0%	0.4x

Methodology and data notes