Syrma SGS shares hit 52-week high mark following Shinhyup Electronic JV announcement

Shares of electronics manufacturing services firm Syrma SGS Technology today, July 17, reached a 52-week high on the back of the recent announcement of a joint venture with South Korea’s Shinhyup Electronics for the manufacturing of multi-layer Printed Circuit Boards (PCBs).On 15 July, the company in a stock exchange filing said that it entered into a JV agreement with the South Korean counterpart for manufacturing PCBs, including flexible PCBs and similar other products. Syrma SGS will initially hold 75% shareholding in the JV company, and the balance of 25% will be held by Shinhyup Electronics.
The Chennai-based company’s stock has seen significant activity over the last month. Shares of the company have jumped as much as 35% in the period. The shares of Syrma SGS Technology jumped around 8% on July 9 after reports said that the firm is set to build India’s largest multi-layer Printed Circuit Board (PCB) and Copper Clad Laminate (CCL) manufacturing facility in Andhra Pradesh.
Subsequently, the company in a stock exchange filing clarified that it held discussions with the Ministry of Electronics and Information Technology (MeitY) and IT Secretary, and the government of Andhra Pradesh for reservation of land parcels selected, discussion in person for incentives and land plots in June.The company’s Managing Director, Jasbir Singh Gujral, told

CNBC-TV18 in May that the company has also taken an enabling resolution for a qualified institutional placement (QIP) of up to ₹1,000 crore, which may be used to fund inorganic acquisitions or capital expenditure under the government’s component manufacturing policy.Global brokerage firm JPMorgan, in a note published on July 9, called India’s electronic manufacturing services (EMS) space a “sunrise sector” and initiated coverage on three stocks, which also included Syrma SGS. JPMorgan gave an ‘Overweight’ rating to Syrma SGS Technology, citing growth acceleration and margin expansion.

JPMorgan sees it continuing to deliver strong growth, estimating a 32% revenue CAGR over FY25-30, driven by rising electronics content, the ‘Make in India’ initiative, and global supply chain diversification under the China+1 strategy. Exports, it said, could become the next big growth driver over the long term, with Syrma, Cyient DLM, and Avalon among the key beneficiaries.

In the January–March quarter of FY25, the company delivered over 12% EBITDA (earnings before interest, tax, depreciation, and amortisation) margin, driven largely by a favourable product mix. For FY26, the company has guided for 8% EBITDA margins, translating to about ₹400 crore in absolute terms.

The majority of the analysts, 24 out of 27, tracking the company have a buy rating for Syrma SGS. However, the consensus target price of ₹634.42 indicates trading 11% above the company’s last closing price of ₹714.5 on July 17, according to Bloomberg data.

Also read: Syrma SGS targets 30-35% revenue growth in FY26