Syrma SGS Technology

What Syrma SGS Technology does

Syrma SGS Technology Limited is an Indian publicly listed (BSE/NSE ticker: SYRMA) Electronics Manufacturing Services company headquartered in Tambaram, Chennai, formed through the 2020 merger of Syrma Technology and SGS Tekniks Manufacturing Pvt Ltd (founded 1989). The company operates 12 manufacturing facilities across India — Chennai, Bangalore, Manesar, Gurgaon, Bawal, Baddi, and Pune — and provides end-to-end EMS services including PCB assembly, box build, tester development, repair/rework, and specialised product engineering through its SETS (Syrma SGS Engineering & Technology Services) division. Its portfolio extends beyond conventional EMS into proprietary RFID tags/inlays, custom magnetics (transformers, inductors, chokes, coils), MedTech ODM services, and emerging products such as AI pendants and IoT-enabled pharma RFID tracking systems.

Syrma SGS serves global OEMs across eight verticals: automotive (airbag controllers, EV chargers, automotive sensors), telecom, industrial, IT (motherboards, servers, laptops, desktops, industrial PCs), healthcare/medical devices, railways (RFID wagon tags, signaling), defence (post Elcome acquisition), and consumer electronics. Notable customers include Quectel Wireless Solutions (IoT modules), Giga Computing (server motherboards), and Brave (consumer electronics). The business model is project/program-based contract manufacturing with revenue diversified across OEM relationships, supplemented by professional services revenue from SETS engineering and hardware sales from RFID, magnetics, and MedTech ODM product lines.

The company is now positioning for backward integration into PCB manufacturing (Rs 1,595 crore Shinhyup JV in Andhra Pradesh), defence electronics (Rs 235 crore Elcome acquisition), Japanese OEM access (Kaga Electronics JV), and European industrial/railway (Elemaster S.p.A JV). FY26 revenue was Rs 4,819 crore (~27% YoY) with Rs 346 crore net profit (~87% YoY), and the company is guiding for ~30% growth in FY27 toward a five-year revenue target exceeding $2 billion. It holds PLI 2.0 vendor status, IATF 16949/ISO 13485/ISO 27001 certifications, an IND AA/Stable credit rating, and an EcoVadis Gold sustainability rating.

Name

Syrma SGS Technology

Legal name

Syrma SGS Technology Limited

Website

https://syrmasgs.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

1–10 employees

Short description

Syrma SGS Technology is a publicly listed Indian Electronics Manufacturing Services company operating 12 facilities, offering PCB assembly, box build, engineering services, RFID, magnetics, and MedTech ODM to global OEMs across automotive, telecom, IT, healthcare, railways, defence, and consumer verticals.

Ownership category

akta.pro rank

Product category

Electronics Manufacturing Services

NAICS

Navigational, Measuring, Electromedical, and Control Instruments Manufacturing (33451)

SIC

Industrial Instruments For Measurement, Display, And Control (3823)

akta.pro primary industry

Industrial Electronics Manufacturing Services (EMS) (IMAGAGAA)

akta.pro secondary industries

Industrial IoT/Edge Electronics Manufacturing (Gateways, Edge Controllers) (IMAGAGAC), Ruggedized/Harsh-Environment Electronics Manufacturing (IP-rated, shock/vibration, wide-temp) (IMAGAGAF), Motor Drive & Motion Control Electronics Manufacturing Services (VFDs, servo drives, controllers) (IMAGAGAJ), PCB Assembly (PCBA/EMS) (HDAHAOAI)

Keywords

• Electronics manufacturing services
• PCB assembly
• OEM contract manufacturing
• RFID IoT solutions
• Original design manufacturing

Headquarters

HQ city

Tambaram

HQ country

India

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Electronic Manufacturing Services (EMS): Core revenue stream providing end-to-end EMS including PCB assembly, box build, tester development, repair and rework services for automotive, telecom, industrial, IT, consumer, railways, and defence sectors.
2. Engineering & Technology Services: SETS division offering product engineering, digital engineering, design studio, and prototyping services from concept to production.
3. RFID Tags & IoT Solutions: RFID tags, inlays and IoT-powered digital transformation solutions for supply chain, pharma, and industrial applications.
4. MedTech ODM Services: Original design and manufacturing services for medical technology devices, operating as an ODM.
5. Magnetics: Custom magnetics components including transformers, inductors, chokes, and coils for power electronics applications.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Syrma SGS Technology provides end-to-end Electronics Manufacturing Services (EMS) — including high-speed SMT PCB assembly, box build, tester development, and repair/rework — for global OEMs across automotive, telecom, industrial, IT, healthcare, railways, defence, and consumer verticals. Complementing the EMS core is the SETS engineering services division (product engineering, digital engineering, design studio, prototyping), custom magnetics components, RFID tags/inlays and IoT solutions, MedTech Original Design Manufacturing (ODM), and IT hardware and EV charger manufacturing on PLI 2.0-qualified production lines. Manufacturing is delivered through 12 world-class facilities using high-speed SMT lines, AOI, ICT, and reliability testing under ISO 9001, IATF 16949, ISO 13485, and IPC standards.

Product overview

Syrma SGS Technology is a design-focused electronics manufacturing powerhouse offering an integrated portfolio spanning Electronic Manufacturing Services (EMS), Engineering & Technology Services (SETS), RFID solutions, MedTech ODM services, and Magnetics. The company operates across multiple industry verticals including Automotive, Telecom, Industrial, IT, Healthcare, Railways, Defence, and Consumer electronics. Core capabilities include PCB assembly, box build, full product integration, and specialized offerings like AI-powered wearables, EV charging solutions, and pharmaceutical RFID tracking systems. Manufacturing is supported by SETS for product engineering, digital engineering, design studio, and prototyping services, enabling customers to move from concept to production with comprehensive support.

Differentiator

Problem solved

Functional benefit

Brands

• SETS (Syrma SGS Engineering & Technology Services): Engineering and technology services division offering product engineering, digital engineering, design studio, and prototyping services for mobility, hi-tech, industrial, and medical sectors.

Products and services

• Electronic Manufacturing Services (EMS) Full-service EMS including PCB assembly, box build, tester development, and repair/rework services for automotive, telecom, industrial, healthcare, railways, defence, IT, and consumer electronics sectors. Targeted at global OEMs needing end-to-end electronics manufacturing.
• Engineering & Technology Services (SETS) Comprehensive engineering services offering end-to-end product engineering, digital engineering, design studio, and prototyping for mobility, hi-tech, industrial, and medical sectors. Targeted at OEMs needing design-to-production support.
• RFID Tags & Inlays RFID and IoT-powered digital transformation solutions for businesses, including custom RFID tags, inlays, readers, and integrated software systems for supply chain tracking and visibility. Targeted at enterprises in pharma, supply chain, and industrial sectors.
• MedTech ODM Services Original design and manufacturing services for medical technology devices, enabling medical device companies to develop and produce healthcare electronics including diagnostic equipment, patient monitoring, and IoT-enabled devices under ISO 13485.
• Magnetics Custom magnetics components including transformers, inductors, chokes, and coils designed for power electronics applications. Targeted at OEMs needing specialized magnetics for automotive, industrial, and power electronics.
• IT Hardware Manufacturing Manufacturing of IT hardware including motherboards, laptops, desktops, industrial PCs, storage devices, WiFi modules, power adapters, and LAN/peripheral cards at PLI 2.0-qualified facilities. Targets global IT OEMs and server manufacturers including Giga Computing server platforms.
• EV Charger and Controller Manufacturing Manufacturing of EV chargers and controllers featuring power conversion systems, control boards, embedded firmware, thermal management, and communication modules for electric vehicle charging infrastructure. Targeted at EV charging OEMs and mobility companies.
• AI Pendants AI-powered wearable personal assistants featuring edge AI processors, voice interaction, motion/proximity/environmental sensors, and secure hardware architecture for productivity and wellness applications. Targeted at consumer AI wearable brands and OEMs.
• Pharma RFID Solutions IoT-enabled RFID systems for pharmaceutical supply chain including raw material tracking, batch monitoring, inventory accuracy, cold chain visibility, and anti-counterfeiting protection. Targeted at pharmaceutical manufacturers and supply chain operators.
• Brave Ark 2-in-1 Android PC Manufacturing Manufacturing of the Brave Ark 2-in-1 Android PC powered by Qualcomm Snapdragon 8s Gen 3 for consumer brand Brave (Indian startup), with Amazon India retail distribution. Targeted at consumer computing buyers.

Quantifiable outcome

• FY26 revenue of ₹4,819 crore, up 27% YoY; PAT up 87% to ₹346 crore; exports crossed ₹1,200 crore growing 41%
• +2 more outcomes

Named customers8 records

Segments8 records

Ideal customer profiles6 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability8 records

Feature7 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Shinhyup Electronics (South Korea)coreStrategic or Co-development Partner · 25 June 2026Partnership with South Korea-based Shinhyup Electronics for building a new advanced PCB manufacturing facility in Andhra Pradesh. Investment of Rs 1,595 crore to reduce India's $70 billion annual electronics import bill through domestic multi-layer PCB and copper-clad laminate production.
• Kaga Electronics IndiacoreStrategic or Co-development Partner · 22 June 2026Syrma SGS agreed to form a JV with Japan-based Kaga Electronics India to establish an advanced EMS manufacturing facility in India. Syrma holds 60% equity (Rs 15 crore) and Kaga holds 40% (Rs 10 crore), with the facility specifically targeting Japanese clients. Board comprises two directors from each company.
• Elemaster S.p.A Tecnologie Elettroniche (Italy)coreStrategic or Co-development Partner · 16 April 2026JV with Italy-based Elemaster S.p.A for high-reliability industrial and railway electronics. Syrma holds 60% stake with investment of approximately Rs 33 crore. Partnership targets revenue of Rs 200 crore for FY27E and peak revenue of Rs 400 crore by FY28E, combining Elemaster's engineering expertise with Syrma's manufacturing scale.
• Quectel Wireless SolutionscoreTechnology or Integration · 2 April 2026Expanded partnership with Quectel Wireless Solutions to manufacture IoT antennas in India, building on existing collaboration for IoT modules at Syrma SGS's Manesar plant. Collaboration enables shorter lead times, improved supply chain reliability, and solutions aligned with local regulatory standards for telecom, automotive, and Digital India initiatives.
• Giga ComputingcoreTechnology or Integration · 9 February 2026Syrma SGS and Giga Computing marked first server product manufactured in India at Chennai facility. Companies commenced PCB assembly for server platforms including MS73-HB0 and MZ33-AR1 motherboards, with plans to scale to system integration and complete box-build solutions. Collaboration strengthens India's position as trusted manufacturing hub under Make in India initiative.
• Elcome Integrated Systems Private LimitedcoreStrategic or Co-development Partner · 11 November 2025Syrma SGS approved acquisition of 60% stake in Mumbai-based Elcome Integrated Systems for approximately Rs 235 crore, expanding into defence and maritime equipment manufacturing. Elcome will then acquire Navicom Technology International as a wholly-owned subsidiary, enabling complete electronic systems manufacturing for military applications including navigation radars and fire detection systems.
• Navicom Technology International Private LimitedcoreStrategic or Co-development Partner · 11 November 2025Navicom Technology International, a subsidiary of Elcome Integrated Systems, is involved in manufacturing defence and maritime equipment. Full ownership expected by December 2028.
• India Ratings & Research (Ind-Ra)minorOthersCredit rating agency that upgraded Syrma SGS's long-term bank loan facilities rating to IND AA/Stable from IND AA-

Scale indicators9 records

Recent moves11 records

Expansion highlights8 records

Direct peers

• Dixon Technologies (India) Limited: Largest listed Indian EMS/ODM company competing head-to-head with Syrma SGS across consumer electronics, IT hardware, mobile, and home appliances manufacturing, with similar PLI-led growth dynamics and OEM customer base.
• Kaynes Technology India Limited: Direct Indian EMS competitor serving automotive, industrial, aerospace, defence, and medical verticals with end-to-end design-to-manufacturing services; commonly benchmarked against Syrma SGS by sell-side analysts on growth and margin profile.
• VVDN Technologies: India-based ODM/EMS company specializing in 5G, networking, IoT, automotive, and vision products with design-led manufacturing, closely comparable to Syrma's SETS-plus-EMS model.
• Amber Enterprises India Limited: Indian electronics manufacturer serving RAC, consumer durables, automotive, and defence, with vertically integrated manufacturing similar to Syrma's expanding PCB and magnetics capabilities.
• Centum Electronics Limited: Bengaluru-based EMS provider focused on defence, space, aerospace, industrial, and medical electronics with strong design-led manufacturing; directly comparable to Syrma's defence push via Elcome and high-reliability industrial play via Elemaster JV.
• Elemaster S.p.A Tecnologie Elettroniche: Italy-headquartered EMS/ODM company specializing in railway, industrial, medical, and aerospace electronics; now Syrma's JV partner (Syrma 60%) and a direct peer in high-reliability industrial/railway electronics.
• Kaga Electronics Co., Ltd. Japanese EMS/ODM with focus on automotive, industrial, and consumer electronics; now Syrma's JV partner (Syrma 60%) for an India facility serving Japanese clients, and a directly comparable high-reliability EMS peer.

Broad incumbents

• Hon Hai Precision (Foxconn): World's largest EMS/ODM and a key competitor in India PLI-driven IT hardware and mobile manufacturing; broader portfolio across consumer electronics but increasingly overlapping with Syrma's target verticals.
• Flex Ltd: Global EMS/ODM incumbent with broad capabilities in automotive, healthcare, industrial, and communications; competes with Syrma for cross-border OEM programs, especially in medical and industrial segments.
• Jabil Inc. Global EMS leader with strong capabilities in healthcare, automotive, and industrial electronics manufacturing; competes for similar OEM contract wins as Syrma's healthcare, automotive, and IT hardware verticals scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/syrmatechnology
• Facebookfacebook.com/syrmatechnology
• LinkedInlinkedin.com/company/syrma-technology

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A4 records

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Syrma SGS Technology