Syrma SGS Technology: Prabhudas Lilladher Upgrades to 'BUY' with Rs 929 Target

• Prabhudas Lilladher upgraded Syrma SGS Technology to 'BUY' from 'Accumulate', raising the target price to Rs 929 (from Rs 860).
• The upgrade follows robust Q3FY26 earnings growth of 108% YoY, driven by a 350 bps EBITDA margin expansion to 12.6%.
• The company's order book reached Rs 64 billion, primarily from industrial and auto segments.
• Syrma SGS maintained 30% revenue growth guidance and upgraded EBITDA margin guidance to over 10% for FY26.
• Exports are projected to reach Rs 11 billion by FY26, with 25-30% growth expected in FY27, supported by EU market exposure and PLI benefits.