InCred Equities - Syrma SGS Technology

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	31,538	44,241	60,230	80,587
Operating EBITDA (Rsm)	1,984	2,915	4,132	5,575
Net Profit (Rsm)	1,257	1,737	2,644	3,658
Core EPS (Rs)	7.1	9.8	15.0	20.7
Core EPS Growth	2.1%	38.2%	52.2%	38.4%
FD Core P/E (x)	78.68	56.93	37.40	27.03
DPS (Rs)
Dividend Yield
EV/EBITDA (x)	52.68	35.71	25.02	18.40
P/FCFE (x)	113.72	1,203.80	46.87	36.39
Net Gearing	29.7%	24.7%	18.3%	12.2%
P/BV (x)	6.13	5.54	4.82	4.09
ROE	8.0%	10.2%	13.8%	16.4%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	31,538	44,241	60,230	80,587
Gross Profit	6,469	8,842	12,389	16,577
Operating EBITDA	1,984	2,915	4,132	5,575
Depreciation And Amortisation	(515)	(680)	(711)	(816)
Operating EBIT	1,469	2,235	3,422	4,760
Financial Income/(Expense)	(378)	(539)	(532)	(517)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	587	614	635	635
Profit Before Tax (pre-EI)	1,678	2,310	3,525	4,878
Exceptional Items
Pre-tax Profit	1,678	2,310	3,525	4,878
Taxation	(421)	(573)	(881)	(1,219)
Exceptional Income - post-tax
Profit After Tax	1,257	1,737	2,644	3,658
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	1,257	1,737	2,644	3,658
Recurring Net Profit	1,257	1,737	2,644	3,658
Fully Diluted Recurring Net Profit	1,257	1,737	2,644	3,658

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	1,664	2,310	3,525	4,878
Cash Flow from Invt. & Assoc.
Change In Working Capital	(3,273)	(958)	(1,640)	(2,637)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	515	680	711	816
Other Operating Cashflow
Net Interest (Paid)/Received	378	539	532	517
Tax Paid	(421)	(573)	(881)	(1,219)
Cashflow From Operations	(1,136)	1,998	2,247	2,354
Capex	(3,249)	(1,800)	(1,000)	(1,000)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments
Other Investing Cashflow	2,967	549	363	1,213
Cash Flow From Investing	(282)	(1,251)	(637)	213
Debt Raised/(repaid)	2,288	(665)	500	150
Proceeds From Issue Of Shares	0
Shares Repurchased
Dividends Paid
Preferred Dividends
Other Financing Cashflow	(741)	(539)	(532)	(517)
Cash Flow From Financing	1,547	(1,203)	(32)	(367)
Total Cash Generated	128	(457)	1,578	2,200
Free Cashflow To Equity	870	82	2,110	2,718
Free Cashflow To Firm	(1,797)	208	1,078	2,050

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	784	518	1,734	2,720
Total Debtors	9,301	6,436	8,444	11,381
Inventories	10,043	11,419	14,025	17,747
Total Other Current Assets	2,207	1,910	2,633	3,549
Total Current Assets	22,335	20,283	26,835	35,397
Fixed Assets	5,965	7,220	7,509	7,693
Total Investments	64	64	64	64
Intangible Assets	3,450	3,450	3,450	3,450
Total Other Non-Current Assets	4,007	4,007	4,007	4,007
Total Non-current Assets	13,487	14,741	15,030	15,215
Short-term Debt	5,118	4,099	4,599	4,749
Current Portion of Long-Term Debt
Total Creditors	12,232	8,350	11,210	15,087
Other Current Liabilities	1,056	1,833	2,519	3,391
Total Current Liabilities	18,407	14,282	18,328	23,226
Total Long-term Debt	645	1,000	1,000	1,000
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	722	722	722	722
Total Non-current Liabilities	1,367	1,722	1,722	1,722
Total Provisions	350	710	861	1,052
Total Liabilities	20,124	16,714	20,911	25,999
Shareholders Equity	16,126	17,863	20,507	24,165
Minority Interests	644	644	644	644
Total Equity	16,770	18,507	21,151	24,810

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	54.0%	40.3%	36.1%	33.8%
Operating EBITDA Growth	5.7%	46.9%	41.8%	34.9%
Operating EBITDA Margin	6.3%	6.6%	6.9%	6.9%
Net Cash Per Share (Rs)	(28.17)	(25.91)	(21.86)	(17.13)
BVPS (Rs)	91.22	101.05	116.00	136.70
Gross Interest Cover	3.88	4.15	6.43	9.20
Effective Tax Rate	25.1%	24.8%	25.0%	25.0%
Net Dividend Payout Ratio
Accounts Receivables Days	77.16	64.92	45.09	44.90
Inventory Days	115.87	110.64	97.06	90.58
Accounts Payables Days	124.58	106.11	74.62	74.98
ROIC (%)	5.1%	6.9%	9.7%	12.1%
ROCE (%)	7.0%	9.6%	13.5%	16.5%
Return On Average Assets	5.1%	6.0%	7.9%	8.7%

(91) 22 4161 1542 arafat.saiyed@incredresearch.com

(91) 02241611548 anirvan.divakera@incredresearch.com

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Market Data

Source: Bloomberg