Latest view
Cautious
as of 6 Aug 2026 · not a recommendation
Evidence timeline
What management said
from NSE earnings-call filings · extracted, not interpreted
guidance maintainedrevenue growth 30.0%generic growth 30.0%ebitda margin 10.0%margin 10.0%
Just to recollect, we had started the year with a guidance of about INR400-plus crores of EBITDA figures, a revenue growth of about 30% to 35% and a positive cash flow with exports targeted to c
Pace against its own guidance
FY27
one quarter filed — the pace is shown, not judged
guided 30.0%
filed 68.3%
1 of 4 quarters
Outlook, as stated
Going forward, in the coming year, we believe that we are well poised to take sort of capitalize on the emerging opportunities and grow healthy growth rate across all verticals, such that we would be able to deliver a 30% growth rate in the coming year also.
When we see, as we have previously guided that we will keep consumer business vertical below 35%, which is actually 31% for FY '26, and when we calculate our growth, ex of consumer business, my revenue growth is actually 38% on a yearon-year basis.
Coming to capex for the half year, we had spent around INR45 crores during the H1 of this year, and we expect to invest around INR60 crores to INR100 crores, including my investments towards the PCB business also in the balance of the year.
5.86
concrete references per 100 words spoken — counts, currency, units and
named periods, not adjectives
If management delivers what it guided
arithmetic on filed guidance and past valuations · not a price target
SYRMA
FY26 → FY29 · 3 years of guidance · ~2.7 years from today₹1,367 today
BEAR
₹1,008
-26%-11% a yr
12.6% a year · 42.9x exit
BASE
₹1,446
+6%+2% a yr
21.8% a year · 48.5x exit
BULL
₹2,493
+82%+25% a yr
29.6% a year · 69.4x exit
Where the market has priced it
39x83x today — outside the range81x
- multiple band rests on only 4 filed years
- FY27 one quarter filed — the pace is shown, not judged: guided +30.0%, filed +68.3% across 1 quarter(s)
- at 83x its FY26 earnings the stock already trades above the top of its own ten-year range (69x)
How these numbers are produced
| Earnings base | FY26 fiscal year EPS ₹16.48 (screener) |
|---|---|
| Guided growth | 21.8% a year, said on the call of 18-May-2026 · transcript |
| Read across as | operating: revenue growth x margin change — high confidence |
| Delivery calibration | 0.58x / 1x / 1.36x of what was guided — measured: 76 annual guided-vs-filed pairs + 77 near-complete quarterly years — NSE transcripts against the companies' own filings |
| Exit multiple | 42.85x / 48.55x / 69.42x, this company’s own p20 / median / p80 across 4 filed years |
| Filed-industry peers | median 66.27x across 5 peers — the cross-check, not the input |
| Arithmetic | base EPS × (1 + guided growth × delivery)3 × exit multiple |
Arithmetic on management’s own guidance and this company’s own past valuations. Not a price target, not a recommendation, and not a forecast of what the stock will do.
Price chart
260 sessions to 6 Aug 2026 ·
daily close ·
our own broker data