Analysts/Institutional Investor Meet/Con. Call Updates

Date: November 06, 2026 Listing Department Department of Corporate Service National Stock Exchange of India Limited BSE Limited Exchange Plaza, C-1, G Block, Bandra Kurla Complex, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001. Bandra (East), Mumbai - 400 051. Scrip Code: 543573 Symbol: SYRMA Subject: Earnings Call transcript of the Investors Conference Call held for the unaudited Financial Results (Consolidated and Standalone) of the Company for the quarter and half year ended September 30, 2026. Dear Sir/ Madam, Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find attached the Transcript in respect to the Earning Conference Call on the unaudited Financial Results (Consolidated and Standalone) of the Company for the quarter and half year ended September 30, 2026, held on Monday, November 02, 2026, at 10:30 AM (IST). The transcript of the conference call will also be accessed at the website of the Company at https://www.syrmasgs.com/investor-relations . We request you to take the same on your record. For Syrma SGS Technology Limited Bhabagrahi Pradhan Company Secretary & Compliance Officer M. No.: F4921 Place: Gurgaon “Syrma SGS Technology Limited Q2 FY27 Earnings Conference Call” November 02, 2026 MANAGEMENT: MR. J. S. GUJRAL – MANAGING DIRECTOR – SYRMA SGS TECHNOLOGY LIMITED MR. JAYESH DOSHI – WHOLE-TIME DIRECTOR – SYRMA SGS TECHNOLOGY LIMITED MR. JAIDIT SINGH BRAR – CHIEF EXECUTIVE OFFICER – SYRMA SGS TECHNOLOGY LIMITED MR. BIJAY AGRAWAL – CHIEF FINANCIAL OFFICER – SYRMA SGS TECHNOLOGY LIMITED MR. NIKHIL GUPTA – INVESTOR RELATIONS – SYRMA SGS TECHNOLOGY LIMITED MODERATOR: MR. SHALIN CHOKSY – JM FINANCIAL INSTITUTIONAL SECURITIES LIMITED Page 1 of 24 Syrma SGS Technology Limited November 02, 2026 Moderator: Ladies and gentlemen, good day and welcome to Syrma SGS Technology Limited Q2 FY27 Earnings Call hosted by JM Financial Institutional Securities Limited. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Shalin Choksy. Thank you and over to you, sir. Shalin Choksy: Thank you, Saisha. Good morning, everybody. On behalf of JM Financial Institutional Securities, I welcome you all to the Q2 FY27 Earnings Call of Syrma SGS. We have the senior management of the company joining us today morning. And I will now hand over to Mr. Nikhil Gupta:, Head of Investor Relations, to take the call forward. Thank you and over to you, Nikhil. Nikhil Gupta: Yes. Thank you, Shalin. A very good morning to all of you. On behalf of Syrma SGS family, we welcome you all to the Syrma SGS Quarter 2 and Half Year Fiscal Year 2027 Earnings Call. We have with us today: Mr. J.S. Gujral, Managing Director; Mr. Jayesh Doshi, Whole- Time Director; Mr. Jaidit Singh Brar, Chief Executive Officer; and Mr. Bijay Agrawal, Chief Financial Officer, Syrma SGS; to discuss the performance of the company during the second quarter and half year fiscal year 2027 followed by a detailed question-and-answer session. Kindly note during the call, certain statements that will be made are forward-looking, which involve several risks, uncertainties, assumptions and other factors that can cause results to differ materially from those in such forward-looking statements. All forward-looking statements made herein are based on the information presently available to the management and to the company and the company does not undertake to update any forward-looking statements that may be made during this call. In this regard, we request you to kindly review the disclaimer statement in the earnings release and all those factors that can cause the difference. With this, I'll now hand over the call to Mr. J.S. Gujral, Managing Director of Syrma SGS. Thank you. Over to you. J.S. Gujral: Good morning, everyone. A pleasure to speak to you for the Q2 FY27 and H1 FY27 earnings call. The quarter gone by has been very, very satisfying and almost on all the parameters whatever we had guided, we have either delivered better performance or almost the performance which we had committed. The most significant and satisfying aspect to the management is that a 71% growth has been achieved while maintaining fiscal hygiene. I think that's the most critical factor for us. We had a negative operating cash flow in Q1 and, as committed, we sort of see from the prism of 1 year, this quarter we have turned positive and we generated INR120 crores of positive operating cash flow, which is approximately 30-odd percent of EBITDA and that's what we have committed to everyone. Another very heartening factor is that in H1 of FY27, Page 2 of 24 Syrma SGS Technology Limited November 02, 2026 we have almost surpassed all the figures of FY25. In FY25, we had revenue from operations INR3,787 crores. This time it's about INR3,578 crores. EBITDA was INR324 crores for full FY25; for this half year, it is INR355 crores. PAT was INR184 crores, this year it is INR230 crores. Export was INR854 crores, in H1 we are INR901 crores. ODM: it was INR453 crores in FY25, it's INR591 crores. So on all the qualitative aspects, we have surpassed what we did in FY25 in H1 and this gives us the confidence to revise our guidance upwards that we would be able to deliver 40% to 45% growth this year on an annualized basis, which would translate into around INR7,000 crores of revenue. And we recommit or reaffirm that this revenue growth will be achieved maintaining the fiscal discipline. Last quarter my net working capital had gone up to about 71 days. It has come down back to 63 days. And with this, we are confident that next year, that is FY28, we should be able to cross the $1 billion revenue mark in revenues. The second effect, which the management has seen drop is the supply chain constraint which the industry is facing today and whenever there are supply chain constraints, it has a cost push effect. We have pass-through mechanisms with all customers, but we don't get a value- add on the cost push and that results in slight dilution in the margin profile. The absolute figure is being maintained, but the margin profile does take a small hit because you get the same value addition on a higher base of the cost push. All our projects of diversification, backward integration be it the PCB project, the camera module project, the magnet project; they have all been sort of initiated the construction and commissioning. The major one which will have a significant impact in the long run on our -- a positive impact rather on our revenues and margin profile is the PCB project. It is on stream and we expect as we had committed to power on the equipment by March, start the trial production. It takes about 3 to 6 months to get all the quality certifications, customer approvals and all those things. So that by about September of '27, we should start the volume production. This would result in '28-'29 a significant bump up in our margin profile because PCB project is comparatively margin accretive. Exports, as we have always been maintaining, are one of the corner stones of our growth strategy and exports is in the DNA of Syrma SGS. We have been exporting for 35-plus years or 40-plus years. And exports have grown significantly. We expect this year that exports should cross the INR1,700 crores mark. We had estimated at the start of year it will be about around INR1,600 crores -- anything between INR1,500 crores to INR1,600 crores on a base of INR1,200 crores in FY26. If we achieve and I'm very confident that we'll achieve the INR1,700 plus crores mark, next year it should give us a INR2,000 crores in exports. We have beefed up our marketing presence in U.S.A. and going forward, I [Showing first 8,000 characters — download PDF for full document]