Name: Latest research reports of Syrma SGS Technology Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: Syrma SGS Technology Ltd.
Rating: 5
Author: ICICI Securities Limited

Date	Stock	Author	LTP	Target	Price at reco (Change since reco%)	Upside(%)	Type	Report	Discuss
12 Sep 2025	Syrma SGS Technology	Consensus Share Price Target	825.35	755.13	-	-8.51	buy	pdf Detailed Estimates
10 Feb 2023	Syrma SGS Technology	ICICI Securities Limited Target	825.35	325.00	276.80 (198.18%)	Target met	Buy	pdf post cache	Broker Report Change in revenue mix and lower exports to hurt margins in near term ICICI Securities Limited While the revenue growth remained strong, Syrma’s Q3FY23 EBITDA margins were impacted due to (1) lower exports and 76% decline in healthcare revenues, (2) Steep 3x revenue growth in Consumer business which generates low margins and (3) lower revenues from ODM. pdf Copy Link Share on Share on Share on Share on Alert
09 Feb 2023	Syrma SGS Technology	BOB Capital Markets Ltd. Target	825.35	400.00	265.40 (210.98%)	Target met	Buy	pdf post cache	Broker Report Syrma SGS (BUY): Strong topline but margins soften BOB Capital Markets Ltd. Q3 topline growth robust at 70% YoY led by resilient domestic demand; order book expands further to Rs 21bn pdf Copy Link Share on Share on Share on Share on Alert
11 Jan 2023	Syrma SGS Technology	ICICI Securities Limited Target	825.35	271.00	270.80 (204.78%)	Target met	Buy	pdf post cache	Broker Report Strong growth momentum to continue ICICI Securities Limited With recovery in auto production and electric vehicles, we expect demand for PCBA to increase resulting in higher domestic sales for Syrma. With correction in input prices, we model its margins to improve and inventory days to reduce. pdf 1 Copy Link Share on Share on Share on Share on Alert
20 Dec 2022	Syrma SGS Technology	BOB Capital Markets Ltd.	825.35	390.00	276.95 (198.01%)	Target met	Buy	pdf post cache	Broker Report Syrma SGS (BUY): Capacity expansion on course BOB Capital Markets Ltd. Capacity addition on track to meet expected EMS demand boom, with a total of five SMT lines to be added by end-FY23 pdf Copy Link Share on Share on Share on Share on Alert
08 Dec 2022	Syrma SGS Technology	BOB Capital Markets Ltd.	825.35	390.00	280.25 (194.50%)	Target met	Buy	pdf post cache	Broker Report Syrma SGS (BUY): Niche ODM player initiate with BUY BOB Capital Markets Ltd. Niche EMS-ODM player capable of servicing diverse sectors across the electronics product value chain, yielding best-in-class margins pdf Copy Link Share on Share on Share on Share on Alert
16 Nov 2022	Syrma SGS Technology	ICICI Securities Limited	825.35	350.00	305.80 (169.90%)	Target met	Buy	pdf post cache	Broker Report Strong print; capacity expansion on track ICICI Securities Limited Syrma reported healthy revenue growth of 118.6% YoY in Q2FY23, led by strong growth in the automotive segment. pdf Copy Link Share on Share on Share on Share on Alert
14 Nov 2022	Syrma SGS Technology	ICICI Securities Limited	825.35	350.00	286.55 (188.03%)	Target met	Buy	pdf post cache	Broker Report At the right place at the right time ICICI Securities Limited Syrma SGS Technology (Syrma) has established strong competitive advantages in EMS industry. pdf Copy Link Share on Share on Share on Share on Alert
22 Sep 2022	Syrma SGS Technology	BOB Capital Markets Ltd.	825.35		288.70 (185.89%)		Not Rated	pdf post cache	Broker Report Syrma SGS Tech (NOT RATED): Niche player in EMS BOB Capital Markets Ltd. Leading EMS player with best-in-class EBITDA margins of 11-13% vs. 4-8% for listed peers pdf Copy Link Share on Share on Share on Share on Alert
12 Aug 2022	Syrma SGS Technology	Trendlyne Analysis	825.35				IPO Note	pdf post cache	Broker Report Syrma SGS Technology IPO leaves money on the table, but should investors bite? Trendlyne Analysis After a brief lull, another initial public offering (IPO) will hit the primary markets - anchor investors are probably hoping that they can ride the wave of the recent recovery. pdf Copy Link Share on Share on Share on Share on Alert
11 Aug 2022	Syrma SGS Technology	Ventura	825.35				IPO Subscribe	pdf post cache	Broker Report SYRMA SGS TECHNOLOGY LTD. Ventura IPO Note pdf Copy Link Share on Share on Share on Share on Alert

New 52W High in past week

Syrma SGS Technology Ltd. share price target

Syrma SGS Technology Ltd. has an average share price target of 712. The consensus estimate represents a downside of -13.73% from the last price of 825.35. View 7 reports from 3 analysts offering long-term price targets for Syrma SGS Technology Ltd..

Change in revenue mix and lower exports to hurt margins in near term

Syrma SGS (BUY): Strong topline but margins soften

Strong growth momentum to continue

Syrma SGS (BUY): Capacity expansion on course

Syrma SGS (BUY): Niche ODM player initiate with BUY

Strong print; capacity expansion on track

At the right place at the right time

Syrma SGS Tech (NOT RATED): Niche player in EMS

Syrma SGS Technology IPO leaves money on the table, but should investors bite?

SYRMA SGS TECHNOLOGY LTD.

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