Company Update : Syrma SGS Technology by Motilal Oswal Financial Services Ltd

Profitability beats estimates
* 1QFY26 consol. revenue declined 18.6% YoY to INR9.4b (est. in line).
* EBITDA margins expanded 530bp YoY to 9.2% (est. 8%), led by gross margin expansion of 7pp YoY to 22%.
* EBITDA grew 94% YoY to INR866m (est. INR784m).
* Adj. PAT surged 2.6x YoY to INR497m (est. INR457m).
* Auto/Consumer/Healthcare/Industrial/IT & Railways segments accounted for ~23%/34%/7%/30%/5% of total sales during 1QFY26.
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