Syrma SGS Technology Ltd Directors Report

Dear Members,

Your Directors are pleased to present the 22^nd Annual Report of Syrma SGS Technology Limited ("the Company/Syrma SGS") on the performance of the Company, together with the Audited Financial Statements for the Financial Year ended March 31, 2026.

Financial Results:

The Companys standalone and consolidated financial performance during the year ended March 31, 2026, as compared to the previous financial year, is summarised below:

Amounts in H Millions

	Standalone		Consolidated
Particulars
	March 31, 2026	March 31, 2025	March 31, 2026	March 31, 2025
Revenue from Operations	43,671.54	36,157.51	48,190.59	37,871.93
Other Income	407.68	472.64	378.07	489.22
Total Income	44,079.22	36,630.15	48,568.66	38,361.15
Less: Expenses	40,326.91	34,497.29	44,069.17	35,969.02
Profit Before exceptional items and Tax	3,752.31	2,132.86	4,499.49	2,392.13
Exceptional Items	32.47	20.00	45.73	21.38
Profit before tax	3,719.84	2,112.86	4,453.76	2,370.75
Tax Expenses	786.15	426.27	995.70	526.25
Net Profit after Tax	2,933.69	1,686.59	3,458.06	1,844.50
Other Comprehensive Income	8.19	(26.97)	62.65	(22.68)
Total Comprehensive Income	2,941.88	1,659.62	3,520.71	1,821.82

State of Affairs of the Company and Financial Performance

Your Companys financial performance for the fiscal year ended March 31, 2026, demonstrated robust growth across both standalone and consolidated operations, characterised by a marked improvement in key profitability metrics year-over-year. Most business verticals maintained a resilient order pipeline, with the Automotive, Consumer, and Industrial segments securing substantial momentum in order bookings.

Furthermore, standalone financials for the fiscal year incorporate the amalgamation of the erstwhile subsidiaries, SGS Tekniks Manufacturing Private Limited, and SGS Infosystems Private Limited. The consolidated financial includes the strategic acquisition of a 60% stake in Elcome Integrated Systems Private Limited and its wholly-owned subsidiary, Navicom Technology International Private Limited.

Standalone Performance

The Companys Revenue from Operations stood at H 43,671.54 million for FY 2025-26, as against H 36,157.51 million in the previous year, registering a growth of approximately 20.8%. Total Income (including Other Income) increased to H 44,079.22 million from H 36,630.15 million, a growth of 20.3%. Profit Before Exceptional Items and Tax increased substantially to H 3,752.31 million from H 2,132.86 million, representing a growth of approximately 75.9%. After accounting for exceptional items of H 32.47 million (previous year: H 20.00 million), Profit Before Tax stood at H 3,719.84 million as compared to H 2,112.86 million in the previous year, an increase of 76.1%.

Net Profit after Tax for the year stood at H 2,933.69 million as against H 1,686.59 million in the previous year, reflecting a growth of 73.9%. Including Other Comprehensive Income of H 8.19 million (previous year: H (26.97) million), the Total Comprehensive Income for the year was H 2,941.88 million as compared to H 1,659.62 million in the previous year, an increase of 77.3%.

The net profit margin (standalone) improved to 6.7% in FY 2025-26 from 4.7% in FY 2024-25, reflecting improved operating efficiency and better cost management.

Consolidated Performance

On a consolidated basis, Revenue from Operations grew to H 48,190.59 million from H 37,871.93 million in the previous year, an increase of approximately 27.3%. Total Income rose to H 48,568.66 million from H 38,361.15 million, registering growth of 26.6%.

Profit Before Exceptional Items and Tax on a consolidated basis increased to H 4,499.49 million from H 2,392.13 million, a growth of 88.1%. After exceptional items of H 45.73 million (previous year: H 21.38 million), Profit Before Tax stood at H 4,453.76 million as against H 2,370.75 million, an increase of 87.9%.

Consolidated Net Profit after Tax for the year stood at H 3,458.06 million, as compared to H 1,844.50 million in the previous year, registering a robust growth of 87.5%. Total Comprehensive Income, after including Other Comprehensive Income of H 62.65 million (previous year: H (22.68) million), stood at H 3,520.71 million as against H 1,821.82 million in the previous year, an increase of 93.3%.

The consolidated net profit margin improved to 7.2% in FY 2025-26 from 4.9% in FY 2024-25.

The growth in revenue of your Company coupled with improved profitability reflects the Companys continued focus on operational efficiency, cost optimisation, and sustainable business growth. The Board remains committed to enhancing shareholder value while pursuing sustainable growth opportunities in the year ahead.

Share Capital

During the year under review, On implementation of the order passed by Honble NCLT, Mumbai Bench, vide its order dated 07.10.2025 granting sanction to the Scheme of Amalgamation of SGS Infosystems Private Limited (Petitioner Company 1/ Transferor Company 1), SGS Tekniks Manufacturing Private Limited (Petitioner Company 2/ Transferor Company 2) with SYRMA SGS Technology Limited (Petitioner Company 3/ Transferee Company) and their respective shareholders and creditors. ("Scheme"), both the transferor companies have got amalgamated with the Company. In terms of Para 16.1 of the NCLT approved Scheme, the Authorised capital increased from the present authorised share capital consisting of 20,00,00,000 (Twenty Crore) equity shares of H 10/- (Rupees Ten only) and 12,00,000 (Twelve Lakh) preference shares of H 100/- (Rupees Hundred only) each aggregating to H 212,00,00,00,000/- (Rupees Two Hundred and Twelve Crore only) to 21,50,10,000/- (Twenty One Crore Fifty Lakh Ten Thousand) equity shares of H 10/- (Rupees Ten only) each, 12,00,000 (Twelve Lakh) preference shares of H 100/- (Rupees Hundred only) each and 1,00,000 10% Redeemable Preference Shares of H 10/- each collectively aggregating to H 2,27,11,00,000/- (Rupees Two Hundred and Twenty Seven Crore Eleven Lakh only).

Paid-up capital:

During the year under review, your Company has made following allotments:

		Reason for	No. of Equity		Issue price		Cumulative	Cumulative
Date of	Details of Allottees /			FV		Form of
		/ Nature of	Shares		per Equity		No. of Equity	paid-up equity
Allotment	Allotment			(J)		consideration
		Allotment	Allotted		Share (J)		Shares	share capital (J)
	Opening Balance	-	-	-	-	-	178,158,012	1,781,580,120
August	Allotment of 14,306,151	QIP	14,306,151	10	699	Cash	19,24,64,163	1,92,46,41,630
12, 2025	Equity Shares under Qualified
	Institutional Placement (QIP)
November	Allotment of 3,66,322 Equity	ESOP	3,66,322	10	As per	Cash	19,28,30,485	1,92,83,04,850
10, 2025	Shares under ESOP Plan 2020				price band

Accordingly, the total paid-up share capital of the Company as on March 31, 2026, is H 1,92,83,04,850/- (One Billion, Nine Hundred and Twenty Eighty Million, Three Hundred and Four Thousand, Eight Hundred and Fifty only) divided into 19,28,30,485 equity shares of face value of H 10/- each.

Employee Stock Option Plan

Syrma SGS Stock Option Plan 2020

The members of your Company at their General Meeting held on October 19, 2021, approved Syrma SGS Stock Option Plan 2020 (ESOP Plan 2020) for the eligible employees of your Company and its subsidiary Company(ies), and empowered the Board to allot shares in one or more tranches to the employees of your Company and its subsidiaries in accordance with ESOP Plan 2020 and its underlying schemes.

National Stock Exchange of India Limited, and Bombay Stock Exchange Limited vide their letters dated October 31, 2022 and November 01, 2022, respectively, granted in principle approval for listing of up to 23,71,884 equity shares of H 10 each upon allotment under the Syrma SGS Employee Stock Option plan 2020. During FY 26 the year under review, the Board has made an allotment of 3,66,322 equity shares of face value of H 10/- each pursuant to exercise of employee stock options by eligible employees under ESOP Plan 2020 and its underlying Scheme II. The Scheme I of said ESOP Plant 2020 has no outstanding options and stand closed.

Syrma SGS Stock Option Plan 2023

The Members in their meeting held on September 8, 2023, approved Syrma SGS Employee Stock Option Plan 2023 ("ESOP Plan 2023"). The ESOP Plan 2023 is being administered through an irrevocable employee welfare trust namely ‘Syrma SGS Employee Welfare Trust ("Trust") as set up by the Company. ESOP Plan 2023 contemplates acquisition of equity shares of the Company from the secondary market.

Accordingly, the Trust acquired 158,000 no. of equity shares (0.089% of the paid-up equity capital) during the year ended March 31, 2024. During FY 24, the Board has granted 235,500 options to the eligible employees at an exercise price of H 220/- each pursuant to exercise of employee stock options by eligible employees under the ESOP Plan 2023. During FY 25 the year under review, the Trust has transferred 47,100 equity shares of face value of H 10/- each from ‘Syrma SGS Employee Welfare Trust ("Trust") to the eligible employees pursuant to the exercise of employee stock options under ESOP Plan 2023.

Further, during the year on December 23, 2025, the Nomination and Remuneration Committee granted 4,21,947 options to eligible employees under the ESOP Plan 2023. The Trust during the year has acquired 131,643 equity shares of the Company and on February 10, 2026, the Trust transferred 37,035 equity shares of face value H 10 each to eligible employees pursuant to the exercise of stock options under the said Plan.

Summary of the ESOP Schemes are given under:

		Options	Options vested in	Options		Total Options	Outstanding
					Exercise
		vested	previous year and	vested during		Exercised	exercisable options
Option Series	Grant Date				price
		during the	exercised during	the year and		during the year	for the year March
					in J
		year	the year (A)	exercised (B)		(A)+(B)	31, 2026
Syrma SGS Stock Option Plan 2020
Scheme II	October 19, 2021	380,526	0	366,322	10*	366,322	1,365
Syrma SGS Stock Option Plan 2023
Scheme III	January 11, 2024	37,035	0	37,035	220	37,035	115,365
Scheme IV	December 23, 2025	0	0	0	220	0	421,947

* The effective exercise price of H 0.1 (adjusted considering the Bonus issue)

The applicable disclosures as stipulated under Regulation 14 of Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 and Section 62(1)(b) of Companies Act, 2013 read with rule 12(9) of Companies (Share capital and debentures) Rules, 2014 are disclosed on the website of the Company at https://www.syrmasgs.com/investor-relations/43-2/.

Dividend

The Board of Directors of your Company have recommended a final dividend of H 1.50 per equity share (i.e. 15% on Face value of H 10) (FY 25: H 1.50 @ 15%) for the financial year ended March 31, 2026, subject to approval of Members at the ensuring Annual General Meeting.

The dividend proposed by the Directors is in line with Dividend Distribution Policy of the Company. The Dividend Distribution Policy can be accessed at https://www.syrmasgs.com/investor-relations/codes-and-policies/.

Transfer to Reserves

Your Company does not propose to transfer any amount to the General Reserve

Credit Rating

The details of Credit Ratings as provided by India Ratings and Research are as follows:

Type	Facility	Rating
Long-term / Short-	Fund based and	IND AA/Stable/IND A1+
term bank Facilities	non-fund based
Short Term	Commercial paper	IND A1+

During the year under review, the Credit Ratings were upgraded/ re-a_rmed.

Investor Education and Protection Fund

In terms of the Section 125 and 124 of the Act read with Investor Education and Protection Fund (IEPF) Authority (Accounting, Auditing, Transfer and Refund) Rules, 2016 (IEPF Rules), the unclaimed dividend/entitled amount that remains unclaimed for a period of seven years or more is required to be transferred to the IEPF administered by the Central Government, along with the corresponding shares to the demat account of IEPF Authority.

During the year under review, your Company was not required to transfer any unclaimed funds to IEPF.

Public Deposits

No public deposits have been accepted or renewed by your Company during the financial year under review pursuant to the provisions of Section 73 and 74 of the Act read together with the Companies (Acceptance of Deposits) Rules, 2014. Hence, the requirement for furnishing of details relating to deposits covered under Chapter V of the Act or the details of deposits that do not comply with Chapter V of the Act is not applicable.

Change in the Nature of Business

Your Company is a leading electronics system design and manufacturing (ESDM) company, has acquired 60% majority stake in Elcome Integrated Systems Private Limited, a long-established Indian Defence and Maritime electronics company specialising in advanced electronic systems, integrated command solutions, and indigenous mission-critical technologies. This acquisition marks a strategic step for your Company in advancing its presence in Defence Electronics, an area of increasing national priority.

There has been no change in the nature of business carried on by your Company or its subsidiaries during the year under review.

Details of Deviation(s) or Variation(s) in the use of Proceeds of Issue, if any.

There were no instances of deviation(s) or variation(s) in the utilisation of the Initial Public OFFer ("IPO") & Qualified Institutions Placement ("QIP") proceeds, as stated in the objects of the OFFer in the Prospectus and Placement Document of the Company. The Audit Committee has during the year reviewed the statements placed before it on a quarterly basis.

Consolidated Financial Statements

In compliance with provisions of Section 129 (3) of the Act read with Companies (Accounts) Rules, 2014, your Company has prepared Consolidated Financial Statements as per the Indian Accounting Standards on Consolidated Financial Statements issued by the Institute of Chartered Accountants of India together with Auditors Report thereon form part of this Annual Report. The Financial statement as stated above are also available on the website of the Company and can be accessed at https://www. syrmasgs.com/investor-relations/43-2/.

Subsidiary Companies, Associates & Joint Ventures

As on March 31, 2026, your Company has thirteen Subsidiaries as under:

Sr.

Name of the Subsidiary No.

1. Perfect ID India Private Limited

2. Syrma Johari Medtech Limited (Previously known as Johari Digital Healthcare Limited)*

3. Syrma SGS Electronics Private Limited

4. Syrma SGS Design & Manufacturing Private Limited

5. Syrma SGS Technology and Engineering Services Limited

6. Syrma Semicon Private Limited

7. Shinhyup Syrma Circuits Private Limited (Previously known as Syrma Strategic Electronics Private Limited)

8. Syrma Mobility Private Limited

9. Syrma Technology, Inc.

10. Syrma Components Private Limited 11. Syrma Elecomp Private Limited

12. Elcome Integrated Systems Private Limited* 13. SGS Solutions GmbH

*Step-down Subsidiary -

- Syrma Johari Medtech Limited has a subsidiary, Syrma Johari Medtech Inc (Previously known as Johari Digital Healthcare Inc). Accordingly, Syrma Johari Medtech Inc. is a step-down Subsidiary of Syrma SGS Technology Limited.

- Elcome Integrated Systems Private Limited has a wholly owned subsidiary, Navicom Technology International Private Limited Accordingly, Navicom Technology International Private Limited is a step-down Subsidiary of Syrma SGS Technology Limited.)

During the year under review, SGS Tekniks Manufacturing Private Limited ceased to be a subsidiary of the Company following the effectiveness of the Scheme of Amalgamation sanctioned by the Honble National Company Law Tribunal, Mumbai Bench. Consequent to the transfer and vesting of its entire undertaking, assets, and liabilities, SGS Tekniks Manufacturing Private Limited stood dissolved without winding up Your Companys Audit Committee reviews financial Statements, of subsidiary companies. Minutes of Board Meetings of subsidiary companies are placed before the Companys Board every quarter.

As required under Section 129(3) of the Companies Act, 2013, the salient features of financial statements of subsidiaries in Form AOC-1 is attached in Annexure I.

In accordance with Section 136 of the Act, the Audited Financial Statements including Consolidated Financial Statements and related information of your Company and audited accounts of Subsidiaries are available on the website of your Company at https://www.syrmasgs.com/investor-relations/43-2/.

Material Subsidiaries

During the year under review, as mentioned in the proceeding para SGS Tekniks Manufacturing Private Limited, a material subsidiary got amalgamated with the Company and as on March 31, 2026, the Company has do not have any material subsidiary. Your Company has formulated a policy for determining Material Subsidiaries. The policy is available on your Companys website at https://www.syrmasgs.com/investor-relations/codes-and-policies/.

Your Company had entered into a Joint Venture Agreement (JVA) with SH Electronic Co. Limited, South Korea and Syrma Strategic Electronics Private Limited (JV Co), on July 15, 2025 for manufacturing of Printed Circuit Board (PCB) for automobile electronic equipment, home electronic appliances, IT and medical services in India. In terms of the JVA, Syrma Strategic Electronics Private Limited, the JV Company has issued and allotted 75% of its Paid-up Capital to your Company at a consideration of H 36,00,30,576/- and 25% of its Paid-up Capital to SH Electronic Co. Limited at a consideration of H 12,18,00,192/. Later, the JV Co was renamed to Shinhyup Syrma Circuits Private Limited.

Your Company has entered in to a Joint Venture Agreement("JVA") with Elemaster S.p.A Tecnologie Elettroniche ("Elemaster") and Syrma SGS Design and Manufacturing Private Limited on September 1, 2025. Elemaster is a global electronics design and manufacturing leader headquartered in Italy. Pursuant to the said JVA, Syrma SGS Design and Manufacturing Private Limited (to be renamed as "Syrma SGS Elemaster Private Limited"), will establish a dedicated India-focused platform to serve high-reliability customers across the railway, industrial, and medical electronics sectors. On April 14, 2026, the JV Company has allotted 60% of its stake to your Company at a consideration H 32,69,90,092/- and allotted 40% of its stake to Elemaster at a consideration of H 21,98,99,996/-.

On November 10, 2025 your Company has executed a securities subscription and purchase agreement ("SSPA") and shareholders agreement ("SHA") with the promoters of Elcome to acquire the entire paid-up share capital of Elcome Integrated Systems Private Limited ("Elcome"), and for Elcome to acquire the entire paidup share capital of Navicom Technology International Private Limited ("Navicom") such that post-acquisition, Navicom was to become a wholly-owned subsidiary of Elcome. On December 17, 2025 pursuant to the first tranche, the Company has acquired 60% of the total paid-up share capital of Elcome for an aggregate consideration of H 235 crores by way of a mix of primary and secondary investment. Post the infusion of funds by the Company, Elcome acquired 100% equity shareholding in Navicom which becomes wholly owned subsidiary.

Pursuant to Section 134 of the Act read with rules made thereunder, the details of developments at the level of subsidiaries and joint ventures of your Company are covered in the Management Discussion and Analysis Report, which forms part of this Annual Report.

Particulars of Loans, Guarantees or Investments

The details of loans and investments made by the Company under Section 186 of the Companies Act, 2013 form part of this annual report and are given as Para V of note no. 51 to the standalone financial statements for the financial year ended March 31, 2026.

Loan from Directors or Directors Relative

The Company has not taken any loans from Directors or their relatives during the year under review.

Related-Party Transactions

In accordance with the requirements of the Companies Act, 2013 and SEBI Listing Regulations, 2015, your Company has formulated a Policy on Related-Party Transactions, which can be accessed through weblink https://www.syrmasgs.com/investor-relations/codes-and-policies/.

All related-party transactions were duly reviewed and approved by the Audit Committee. Prior omnibus approval of the Audit

Committee and the Board was obtained for the transactions, which are of a foreseen and repetitive nature. A statement giving details of all related-party transactions was placed before the Audit Committee for their noting/ approval every quarter and all the related-party transactions were at arms length and in normal course of business.

There were no materially significant transactions with related party (i.e. transactions exceeding 10% of the annual consolidated turnover) during the year as per the last audited financial statements. Accordingly, the disclosure of transactions entered into with related parties pursuant to the provisions of Section 188(1) of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts), Rules 2014 is not required to be made in Form AOC-2 and hence does not form part of the report. All related-party transactions are mentioned in the notes to the accounts. The Directors wish to draw the attention of the members to the Notes to the financial statements, which sets out the disclosure for related-party transactions.

Material changes and Commitments, if any, Affecting the Financial Position of the Company which have occurred between the end of the Financial year of the Company to which the Financial Statements relate and the date of the Report

No material changes occurred during the stated period except as disclosed and matters forming part of this report

Board of Directors & Key Managerial Personnel

The Board of Directors is duly constituted and consists of the following 9 (nine) Directors as on the close of the financial year:

DIN	Name of Director	Designation	DIN	Name of Director	Designation
00054553	Mr. Sandeep Tandon	Executive Director & Chairman	01653176	Mr. Kunal Naresh Shah	Independent Director
00198825	Mr. Jasbir Singh Gujral	Managing Director	02655564	Mr. Anil Govindan Nair	Independent Director
02214657	Mr. Sudeep Tandon	Non-Executive Director	00106895	Mr. Hetal Madhukant Gandhi	Independent Director
00017963	Mr. Jayesh Nagindas Doshi	Non-Executive Director*	03165703	Ms. Smita Jatia	Independent Director
02806475	Mr. Bharat Anand	Independent Director

*On recommendation of the Nomination and Remuneration Committee the Board has approved to designate Mr. Jayesh Nagindas Doshi as the Whole Time Director of the Company and the proposal in this regard has been submitted for the approval of the shareholders at the ensuing annual general meeting.

The details of Key managerial personnel as on the close of the financial year is as follows:

SN	Name of Key Managerial Personnel	Designation
1.	Mr. Sandeep Tandon	Executive Director & Chairman
2.	Mr. Jasbir Singh Gujral	Managing Director (MD)
3.	Mr. Satendra Singh*	Chief Executive OFFcer (CEO)
4.	Mr. Bijay Kumar Agrawal	Chief Financial OFFcer (CFO)
5.	Mr. Bhabagrahi Pradhan	Company Secretary & Compliance OFFcer (CS & CO)

*Mr. Satendra Singh stepped down from the position of CEO and Mr. Jaidit Singh Brar was appointed as CEO w.e.f. June 29, 2026.

Change in Directors and KMP

1. Mr. Sudeep Tandon (DIN: 02214657), was appointed as a Non-Executive Non-Independent Director of the Company w.e.f. September 26, 2025 in place of Mr. Jaideep Tandon (DIN: 01693731), Non-Executive Non-Independent Director of the Company, who retired by rotation and did not offer himself for re-appointment at the 21^st Annual General Meeting of the Company held on Friday, September 26, 2025.

2. Mr. Bhabagrahi Pradhan was appointed as Company Secretary and Compliance Officer of the Company w.e.f. August 5, 2025, in place of Mrs. Komal Malik, who resigned from the position w.e.f. close of business hours on July 30, 2025.

Independent Directors

The Independent Directors have submitted their declaration of independence, as required under section 149(7) of the Act stating that they meet the criteria of independence as provided under subsection (6) of Section 149 of the Act, as amended and Regulation 16 and 25 of the SEBI Listing Regulations, 2015, as amended. The Independent Directors have also confirmed compliance with the provisions of rule 6 of Companies (Appointment and Qualifications of Directors) Rules, 2014, as amended, relating to inclusion of their name in the databank of Independent Directors.

The Independent Directors have also complied with the Code for Independent Directors prescribed in Schedule IV of the Act and have confirmed that they comply with the Code of Conduct for Directors and Senior Management personnel formulated by the Company.

Based on the declaration received from all the Independent Directors and in the opinion of the Board, all Independent Directors possess integrity, expertise, experience & proficiency and are independent of the management.

During the year under review, none of the Independent Directors of the Company has had any pecuniary relationship or transactions with the Company, other than sitting fees or commission.

The terms and conditions of appointment of Independent Directors are placed on the website of the Company at https:// www.syrmasgs.com/investor-relations/codes-and-policies/.

Familiarisation Program for Independent Directors

Your Company has in place a structured induction and familiarisation programme for its Directors. Upon appointment, Directors receive a Letter of Appointment setting out in detail, the terms of appointment, duties, responsibilities, obligations, Code of Conduct for Prevention of Insider Trading and Code of Conduct applicable to Directors and Senior Management Personnel. They are also updated on all business-related issues and new initiatives. Independent Directors are also encouraged to visit the manufacturing facilities of the Company and engage with senior management.

Regular presentations and updates on relevant statutory changes encompassing important laws are made and circulated to the Directors.

The Independent Directors are briefed from time to time about various CSR activities of the Company. Senior Executives of the Company make presentations to the members of the Board on the performance of the Company and strategic initiatives.

Brief details of the familiarisation programme are uploaded and can be accessed on the Companys website at https://www.syrmasgs.com/investor-relations/disclosure/.

Separate Meeting of Independent Directors

Pursuant to Schedule IV to the Act and SEBI Listing Regulations one meeting of Independent Directors was held during the year i.e., on January 29, 2026, without the attendance of Non-Independent Directors and members of Management. For details of meeting, please refer Corporate Governance Report, forming part of this annual report.

Retirement by rotation

The Companies Act, 2013 mandates that at least two–thirds of the total number of Directors (excluding Independent Directors) shall be liable to retire by rotation and one-thirds are liable to retire at every Annual General Meeting. Article 148 of the Articles of Association of Company provides that the Managing Director or Whole-Time Director so appointed shall be liable to retire by rotation. Independent Directors hold offce for a fixed term and are not liable to retire by rotation.

Accordingly, Mr. Jayesh Nagindas Doshi (DIN: 00017963), Non-Executive Director of the Company, retires by rotation at the ensuing Annual General Meeting and being eligible has offered himself for re–appointment. Members approval is sought for his reappointment.

Meetings of the Board

The Board of Directors met eight (9) times during the Financial Year viz.

1.	May 13, 2025,	6.	October 23, 2025,
2.	July 11, 2025,	7.	November 10, 2025,
3.	July 23, 2025,	8.	January 29, 2026, and
4.	August 05, 2025,	9.	March 23, 2026
5.	September 01, 2025,

For details of the meeting, please refer Corporate Governance Report, forming part of this Annual Report.

The necessary quorum was present at all the meetings. The intervening gap between any two meetings was not more than one hundred and twenty days as prescribed by the Act.

Constitution/Reconstitution of various committees

The Board had duly constituted following Committees, which are in line with the provisions of applicable laws: A. Audit Committee B. Nomination and Remuneration Committee C. Corporate Social Responsibility Committee D. Stakeholders Relationship Committee E. Risk Management Committee.

A detailed update on the composition, re-constitution and number of meetings, attendance, and terms of reference of previously mentioned Committees are provided in the section "Committees of the Board" of Corporate Governance Report forming part of this Annual Report.

Policy on Directors Appointment and Remuneration

The policy of the Company on Directors appointment and remuneration, including the criteria for determining qualifications, positive attributes, independence of a Director and other matters, as mandated under sub section 3 of Section 178 of the Act, is available on the Companys website at the link https://www.syrmasgs.com/investor-relations/codes-and-policies/.

The brief particulars are given in the Corporate Governance Report, forming part of the Annual Report.

Board Evaluation

In terms of requirements of the Companies Act, 2013 read with the Rules issued thereunder and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, the Board carried out the annual performance evaluation of the Board of Directors as a whole, Committees of the Board and individual Directors. During the year under review, your Company has completed the Board Evaluation process by maintaining confidentiality & anonymity of the responses.

The Board Evaluation cycle was completed by your Company internally led by the lead Independent Director and Chairperson of the Nomination and Remuneration Committee.

The parameters for performance evaluation of the Board include the composition of the Board, process of appointment to the Board of Directors, common understanding of the roles and responsibilities of the Board members, timelines for circulating Board papers, content and quality of the information provided to the Board, attention to the Companys long-term strategic issues, evaluating strategic risks, overseeing and guiding acquisitions and so on Some of the performance indicators for the Committees include understanding the terms of reference, the effectiveness of discussions at the Committee meetings, the information provided to the Committee to discharge its duties and performance of the Committee vis- -vis its responsibilities.

Performance of individual Directors was evaluated based on parameters such as attendance at the meeting(s), contribution to Board deliberations, engagement with colleagues on the Board, ability to guide the Company in key matters, knowledge, and understanding of relevant areas, and responsibility towards stakeholders. All the Directors were subject to self-evaluation and peer evaluation.

The performance of the Independent Directors was evaluated taking into account the above factors as well as independent decision-making and non-conflict of interest.

Further, the evaluation process was based on the affirmation received from the Independent Directors that they met the independence criteria as required under the Companies Act, 2013 and SEBI Listing Regulations.

The Board Evaluation discussion, focused on ways to enhance the Board effectiveness as a collective body in the context of the business and the external environment in which the Company functions. From time to time during the year, the Board was apprised of relevant business issues and related opportunities and risks. The Board discussed various aspects of its functioning and that of its Committees such as structure, composition, meetings, functions and interaction with management and means to further augment the effectiveness of the Boards functioning. Additionally, during the evaluation discussion, the Board also focused on the contribution being made by the Board as a whole, through its Committees and discussions with the Chairman. The overall assessment of the Board was that it was functioning as a cohesive body including the Committees of the Board. They were functioning well with periodic reporting by the Committees to the Board on the work done and progress made during the reporting period. The Board also noted that the actions identified in the past questionnaire-based evaluations had been acted upon.

Vigil Mechanism

Pursuant to Section 177(9) of the Companies Act, 2013 and Regulation 4(2)(d)(iv) of the SEBI Listing Regulations, a Whistle-blower Policy and Vigil Mechanism was established for Directors, employees and stakeholders to report to the Management instances of unethical behaviour, actual or suspected, fraud or violation of the Companys code of conduct or ethics policy. The Vigil Mechanism provides a mechanism for all stakeholders of the Company to approach the Chairman of the Audit Committee of the Company for redressal.

The Company has framed a Vigil Mechanism policy that provides a mechanism ensuring adequate safeguards to employees and Directors from any victimisation on raising of concerns of any violations of legal or regulatory requirements, incorrect or misrepresentation of any financial statements and reports, etc. The Company is committed to adhering to the highest standards of ethical, moral and legal conduct of business operations. The Whistle Blower Policy of your Company is posted on the website of the Company and can be accessed at the weblink at https://www.syrmasgs.com/investor-relations/codes-and-policies/.

No complaints were received during the period under review.

Significant Material Orders of Regulators/ Courts/Tribunals

No significant or material orders were passed by the Regulators or Courts or Tribunals, which affect the going concern status and Companys operations in the future.

Auditors and Auditors Report

a. Statutory Auditors:

Pursuant to the provisions of Section 139 of the Companies Act, 2013 (the Act) and the Companies (Audit and Auditors) Rules, 2014, M/s. Walker Chandiok & Co LLP, Chartered Accountants, were appointed as the Statutory Auditors of the Company at the Annual General Meeting held on September 17, 2024, for a term of five years i.e. till conclusion of 25^th Annual General Meeting. They continue to be the Statutory Auditors of the Company.

The Independent Auditors Report given by the Auditors M/s. Walker Chandiok & Co LLP, on the financial statement (Standalone and Consolidated) of your Company forms part of this Annual Report. The Statutory Auditors report does not contain any qualifications, reservations, adverse remarks or disclaimers. The Notes to the Accounts referred to in the Auditors report are self-explanatory and therefore do not call for any further clarification under Section 134(3) (f) of the Act.

During the year under review, there were no material or serious instances of fraud falling within the purview of Section 143 (12) of the Act and rules made thereunder, by offcers or employees, reported by the Statutory Auditors of the Company during the course of the audit conducted and therefore no details are required to be disclosed under Section 134 (3)(ca) of the Act.

b. Cost Auditors:

As per the requirements of the Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, your Company is required to maintain cost records and accordingly, such accounts are made and records have been maintained every year. The Board has appointed M/s Umesh Sagta & Associates, Cost Accountants, (FRN:001801) to conduct the audit of the cost records of the Company for the financial year ended March 31, 2026. The Cost Auditor has submitted the Cost Audit Report for the financial year ended March 31, 2026 within the stipulated period and the Cost Audit Report does not contain any qualification, reservation, or adverse remark.

Pursuant to the provisions of Section 148 of the Companies Act, 2013 and as per the Companies (Cost Records and Audit) Rules, 2014 and amendments thereof, the Board at its meeting held on July 29, 2026, has approved the appointment of M/s Umesh Sagta & Associates, Cost Accountants, (FRN:001801) as Cost Auditors of the Company for audit of cost accounting records for FY 2026-27. M/s Umesh Sagta & Associates, Cost Accountants, have confirmed their independent status and their non-disqualifications under section 141 of the Companies Act, 2013.

A proposal for ratification of remuneration of the Cost Auditor for Financial Year 2026-27 has been placed before the shareholders for consideration at ensuing Annual General Meeting.

c. Secretarial Auditors:

Pursuant to the provisions of section 204 of the Act and Rules made thereunder and Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company had appointed M/s. DPV & Associates LLP., Practicing Company Secretaries, (Firm Registration No. L2021HR009500) as Secretarial Auditors, for a period of 5 years commencing from Financial year 2025-26 till Financial Year 2029-30.

Secretarial Audit report for the financial year 2025-26 issued by M/s DPV & Associates LLP., in the prescribed form, is annexed to this Report as Annexure II.

The Secretarial Auditors Report to the shareholders is self-explanatory and does not contain any qualifications, reservations, material adverse remarks or disclaimers Further, none of the subsidiaries of the Company as mentioned above are material unlisted subsidiaries. Therefore, the provisions regarding the Secretarial Audit as mentioned in Regulation 24A of the SEBI (Listing Obligations and Disclosure Requirements), 2015 as amended, does not apply to such subsidiaries.

d. Internal Auditors:

Pursuant to Section 138 of the Act & rules made thereunder M/s. Protiviti India Member Private Limited, Chartered Accountant, were appointed as Internal Auditors of the Company at the meeting of the Board of Directors held on May 13, 2025, to review various operations of the Company and report their findings to the Audit Committee.

The Internal Auditors had submitted their reports to the Audit Committee on quarterly basis on operations of the Company in terms of approved scope and audit planning.

Corporate Social Responsibility (CSR) Framework & Vision

Your Company believes that corporates have a significant role to play in bringing about social change and your Company has kept its social and development mandate flexible and responsive to development challenges. Your Companys Corporate Social Responsibility strategy has evolved to focus on areas it sees as key for positive change.

The CSR Policy of your Company lays down the philosophy and approach of your Company towards its CSR commitment. Your Company has chosen the grant-making route, and back the right implementation partners, leverage their sector expertise and community connect, to positively impact the lives of the end beneficiary.

The Companys CSR Policy is available on its website at https:// www.syrmasgs.com/investor-relations/codes-and-policies/.

The Annual Report on CSR activities in terms of the Companies (Corporate Social Responsibility Policy) Rules, 2014 is annexed as Annexure III and forms a part of this report.

Business Responsibility and Sustainability Report (BRSR)

A Business Responsibility and Sustainability Report as per Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, detailing the various initiatives taken by your Company on the environmental, social and governance front, forms an integral part of the Annual Report.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

As required under section 134(3)(m) of the Companies Act, 2013, read with Rule 8 of the Companies (Accounts) Rules, 2014, the relevant data pertaining to conservation of energy, technology absorption and foreign exchange earnings and outgo is given in the prescribed format as Annexure IV to this Report.

Human Resources & Employee Relations

The Company recognizes its human capital as a vital strategic partner in driving sustained organisational growth and competitiveness. As the Electronic Manufacturing Services (EMS) industry rapidly evolves due to technological acceleration and shifting market demands, the Human Resources function remains focused on cultivated a robust talent ecosystem. This is achieved through targeted internal talent development paired with rigorous external acquisition strategies. Comprehensive skill enhancement programs and structured cross-functional exposure ensure the workforce remains resilient and adaptable in a fast-paced operating environment.

To maintain technical excellence and operational agility, the Company provides formalised training, targeted mentorship, and professional coaching. These frameworks empower employees to continuously adapt to emerging industry trends and disruptive technologies. The Company fosters an organisational culture that values continuous learning at all levels, ensuring the workforce remains future-ready and technically proficient.

The Company is committed to fostering a diverse and inclusive workplace, extending equal opportunities to individuals across various backgrounds and advancing gender diversity. To support holistic employee care and long-term retention, the Company has instituted progressive, employee-centric policies. These initiatives extend beyond standard health coverage to incorporate comprehensive mental wellness programs and strict physical safety protocols. Furthermore, the Company leverages advanced digital platforms to streamline human resource operations, optimising administrative efficiency and data-driven decision-making.

Syrma SGS deploys a comprehensive portfolio of programs designed to optimize employee growth, well-being, and organisational engagement. These initiatives prioritize leadership development, performance recognition, and a supportive workplace culture through the following frameworks:

• FUTURE BETS Program: High-potential talent identification and development.

• Graduate Engineer Trainee (GET) Scheme: Structured onboarding and technical integration for emerging engineering talent.

• Rewards & Recognition Programs: Frameworks designed to celebrate and incentivize high performance.

• People Initiatives: Focused programs aimed at enhancing workplace culture and employee relations.

• Training Updates: Structured, ongoing educational modules aligned with industry advancements.

• Excellence Centre: Specialised hubs for technical Upskilling and innovation.

• CARE Behavioural Training Modules: Focused training to instil core organisational values and behavioural competencies.

• Employee Well-being Initiatives: Holistic health, safety, and wellness programs.

Enterprise Risk Management

The Risk Management Committee ("the Committee") proactively identifies operational risks across all functional areas in accordance with the Board-approved Risk Management Policy, implementing appropriate measures to mitigate exposure. The Committee systematically reviews the key risks applicable to the Company at regular intervals, alongside the strategic actions deployed to address them. In the opinion of both the Committee and the Board, there are currently no identified risks that threaten the Companys status as a going concern or its long-term existence. The Company maintains a robust Risk Management Policy, which undergoes periodic reviews to ensure alignment with changing market dynamics and regulatory standards. Comprehensive details regarding the composition, mandate, and activities of the Committee are disclosed within the Corporate Governance Report, which forms an integral part of this Annual Report.

The Risk Management Policy of your Company is posted on the website of the Company and can be accessed at the weblink at https://www.syrmasgs.com/investor-relations/ codes-and-policies/.

Internal Control Systems

The Company has an adequate Internal Control System commensurate with the size and nature of its business. The preparation, designing and documentation of Policy on Internal Financial Control have been finalised and implemented which is being reviewed periodically and modified suitably to ensure controls. The internal audit functions are carried out by an Independent firm of Chartered Accountants. This is supplemented through an extensive internal audit programme and periodic review by the management and Audit Committee.

Cyber Security

The Company continues strengthen its cybersecurity framework through a proactive and risk-based approach to address the evolving cyber threat landscape. Key initiatives undertaken during the year include:

• Strengthened email security to prevent phishing and spam attacks.

• Enhanced endpoint protection.

• Continuous monitoring of critical IT infrastructure and network security.

• Periodic cybersecurity awareness training and phishing simulation for employees.

• Regular Vulnerability Assessment & Penetration Testing (VAPT), security patching, and backup reviews to improve cyber resilience.

These initiatives have further strengthened the Companys cybersecurity posture and operational resilience. During the year under review, the Company did not experience any material cybersecurity incidents, data breaches, or loss of critical information.

Research and Development (R&D)

R&D details are covered under the Management Discussion & Analysis section forming part of the Annual Report.

Particulars of Employees and Related Disclosures

Details as required under the provisions of section 197(12) of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, containing, inter alia, ratio of remuneration of Directors and KMP to median remuneration of employees and percentage increase in the median remuneration are annexed to this Directors Report as ‘Annexure V.

Further, a statement containing details of top ten employees in terms of the remuneration drawn and other specified employees as required under the provisions of section 197(12) of the Act read with rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, forms part of this Directors Report. In terms of the provisions of section 136 of the Act, the report is being sent to the members excluding the previously mentioned statement. This statement will be made available to members of the Company seeking such information. The members can send an email to compliance@syrmasgs.com. It shall also be kept open for inspection by any member at the registered office of the Company during business hours.

Report on Corporate Governance

The Company is committed to maintaining the highest standards of Corporate Governance and adheres to the Corporate Governance requirements set out by the SEBI. The Company has also implemented several best governance practices.

As per Regulation 34 read with Schedule V(C) of SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, a separate section on Report on Corporate Governance practices followed by the Company, together with a certificate received from the Companys Secretarial Auditor confirming compliance is included in the Annual Report.

Secretarial Standards

Your Directors state that applicable Secretarial Standards, i.e. SS-1 and SS-2 relating to ‘Meetings of the Board of Directors and ‘General Meetings respectively have been duly followed by the Company.

Report on Management Discussion and Analysis

As required under Regulation 34 read with Schedule V(B) of SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2018, report on "Management Discussion and Analysis" is attached and forms a part of this Report.

Annual Return

As required under Section 134(3)(a) of the Act, the copy of Annual Return for the financial year 2025-26, is placed on the Companys website and can be accessed at https://www.syrmasgs.com/ investor-relations/43-2/.

Complaints Relating to Sexual Harassment

Syrma SGS is committed to fostering a safe and respectful workplace, aligning with the Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2013 (POSH Act).

The Company have POSH Committee in place to oversee the implementation of the POSH Act within the organisation establishing comprehensive measures to promote awareness, provide training, and ensure compliance with the POSH Act.

• The Committee is composed of members from various departments, ensuring a diverse and inclusive approach to handling complaints.

• Employees are encouraged to report any incidents of sexual harassment to the POSH Committee, which is responsible for investigating and addressing complaints.

• We maintain transparency by reporting the number of complaints received and actions taken, ensuring accountability and continuous improvement in handling such issues.

Our dedication in creating a safe and inclusive environment is reflected in its recognition as a "Great Place to Work." Our e_orts in implementing effective POSH measures contribute to building trust and fostering a positive workplace culture.

The Company received no POSH complaints at any of its locations during the FY 2025-26.

Application Under the Insolvency and Bankruptcy Code, 2016

During the year under review, there is no application made/ proceeding pending against the Company under the Insolvency and Bankruptcy Code, 2016.

Directors Responsibility Statement

Pursuant to the section 134(5) of the Act, the Board of Directors, to the best of its knowledge and ability, confirm that (a) In the preparation of the annual accounts for the financial year ended March 31, 2026, the applicable accounting standards had been followed along with proper explanation relating to material departures; (b) The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of Affairs of the Company as at March 31, 2026 and of the profit of the Company for the period ended on that date; (c) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; (d) The Directors have prepared the annual accounts on a going concern basis; (e) The Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and operating effectively; and (f) The Directors have devised Proper systems to ensure compliance with the provisions of all the applicable laws and such systems were adequate and operating effectively.

General

Your Directors state that no disclosure or reporting is required in respect of the following matters as there were no transactions on these items during the year under review:

1. Issue of equity shares with differential rights as to dividend, voting or otherwise as per Section 43(a)(ii) of the Companies Act, 2013;

2. Neither the Managing Director nor the Executive Chairman of the Company receive any remuneration or commission from any of its subsidiaries;

3. No fraud has been reported by the Auditors to the Audit Committee or the Board;

4. No instances of non-exercising of voting rights in respect of shares purchased directly by employees under a scheme pursuant to Section 67(3) of the Companies Act, 2013.

5. Disclosure of reason for difference between valuation done at the time of taking loan from bank and at the time of one time settlement. There was no instance of onetime settlement with any Bank or Financial Institution.

6. Issue of Shares including Sweat Equity Shares to the employees of the Company under any scheme as per provisions of Section 54(1)(d) of the Companies Act, 2013;

Acknowledgements

Your Directors wish to convey their gratitude and appreciation to all the employees of the Company posted at all its locations for their tremendous personal e_orts as well as collective dedication and contribution to the Companys performance.

Your Directors would also like to thank the employees, shareholders, customers, dealers, suppliers, bankers, Government and all other business associates, consultants and all the stakeholders for their continued support extended to the Company and the Management.

For and on behalf of the Board of Directors

Annexure I

FORM AOC-1

(Pursuant to first proviso to Sub-section (3) of Section 129 read with rule 5 of Companies (Accounts) Rules, 2014) Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures)

Part "A": subsidiaries

1. Number of subsidiaries: 12

S.
									Subsidiary
No.	Particulars
1.	CIN/ any other registration		U32109HR2015	U26104HR2025	U26100HR2025	803979714	U26109HR2023	U26109HR2023	U26109HR2023	U26104HR2023	U26101HR2023	U26101HR2024	U45201RJ1995	UR-Nr.	U63040MH1978
	number of subsidiary		PTC124016	PTC132496	PTC132565		PLC110135	PTC110154	PTC109688	PTC116757	PTC117218	PTC117767	PLC009997	2333/	PTC020572
	company													2009-R
2.	Name of the subsidiary		Perfect ID India	SYRMA	SYRMA	Syrma	Syrma SGS	Syrma SGS	Syrma SGS	Syrma Semicon	Shinhyup	Syrma Mobility	Syrma Johari	SGS	Elcome
			Private Limited	ELECOMP	COMPONENTS	Technology,	Technology &	Design and	Electronics	Private Limited	Syrma Circuits	Private Limited	Medtech	Solutions	Integrated
				PRIVATE	PRIVATE	Inc., USA	Engineering	Manufacturing	Private Limited		Private Limited		Limited	GMBH	Systems
				LIMITED	LIMITED		Services	Private Limited			(Previously		(Previously		Private
							Limited				known as		known as		Limited
											Syrma Strategic		Johari Digital
											Electronics		Healthcare
											Private Limited)		Limited)
3.	Date since when subsidiary		22.10.2021	24.05.2025	27.05.2025	12.03.2021	22.03.2023	23.03.2023	03.03.2023	24.11.2023	13.12.2023	03.01.2024	05.09.2023	31.10.	16.12.2025
	was acquired													2025
4.	Provisions pursuant to which		Section 2(87)(ii)	Section 2(87)(ii)	Section 2(87)(ii)	Section	Section 2(87)(ii)	Section 2(87)(ii)	Section 2(87)(ii)	Section 2(87)(ii)	Section 2(87)(ii)	Section 2(87)(ii)	Section 2(87)(ii)	Section	Section 2(87)(ii)
	the Company has become a					2(87)(ii)								2(87)(ii)
	subsidiary (Section 2(87)(i)/
	Section 2(87)(ii))
5.	Reporting period	From	April 01, 2025	April 01, 2025	April 01, 2025	April 01,	April 01, 2025	April 01, 2025	April 01, 2025	April 01, 2025	April 01, 2025	April 01, 2025	April 01, 2025	April 01,	April 01, 2025
	for the subsidiary					2025								2025
	concerned, if	To	March	March	March	March	March	March	March	March	March	March	March	March	March
	different from		31, 2026	31, 2026	31, 2026	31, 2026	31, 2026	31, 2026	31, 2026	31, 2026	31, 2026	31, 2026	31, 2026	31,	31, 2026
	the holding													2026
	Companys
	reporting period
6.	Reporting	Reporting	INR	INR	INR	USD	INR	INR	INR	INR	INR	INR	INR	INR	INR
	currency and	Currency
	Exchange rate	Exchange	-	-	-	(@87.40)	-	-	-	-	-	-	-		-
	as on the last	Rate
	date of the
	relevant Financial
	Year in the
	case of foreign
	subsidiaries
7.	Share capital		2.26	0.01	0.01	0.02	0.01	0.01	0.01	0.01	0.91	0.01	3.37	0.17	12.41
8.	Reserves and surplus		53.44	(0.00)	(0.00)	(18.79)	(0.01)	(0.07)	(10.66)	(0.02)	47.36	(.01)	156.92	21.18	219.71
9.	Total Assets		76.05	0.01	0.01	2.71	4.55	0.01	8.43	0.01	54.88	0.004	245.90	71.03	374.85
10.	Total Liabilities		76.05	0.01	0.01	2.71	4.55	0.01	8.43	0.01	54.88	0.004	245.90	71.03	374.85
11.	Investments		11.39	-	-	-	-	-	-	-	17.80	-	28.97	-	0.14
12.	Turnover		40.51	-	-	0.15	-	-	8.41	-	-	-	207.21	52.60	137.97
13.	Profit before taxation		(3.23)	(0.00)	(0.00)	(3.61)	(0.01)	(0.06)	(3.56)	(0.01)	0.09	(0.01)	35.77	4.48	34.43
14.	Provision for taxation		(0.59)	-	-	-	-	-	0.30	-	0.01	-	10.04	1.64	6.38
15.	Profit after taxation		(2.64)	(0.00)	(0.00)	(3.61)	(0.01)	(0.06)	(3.86)	(0.01)	0.08	(0.01)	25.73	2.84	28.05
16.	Proposed Dividend		NA	NA	NA	NA	NA	NA	NA	NA	NA	NA	NA	NA	NA
17.	% of shareholding		100%	100%	100%	100%	100%	100%	100%	100%	75%	100%	51%	66%	60%

2. Number of subsidiaries which are yet to commence operations: 7

Sl.
	CIN /any other registration number	Names of subsidiaries which are yet to commence operations
No.
1.	U26109HR2023PLC110135	Syrma SGS Technology and Engineering Services Limited
2.	U26109HR2023PTC110154	Syrma SGS Design & Manufacturing Private Limited
3.	U26104HR2023PTC116757	Syrma Semicon Private Limited
4.	U26104HR2025PTC132496	SYRMA ELECOMP PRIVATE LIMITED
5.	U26100HR2025PTC132565	SYRMA COMPONENTS PRIVATE LIMITED
6.	U26101HR2024PTC117767	Syrma Mobility Private Limited
7.	U26101HR2023PTC117218	Shinhyup Syrma Circuits Private Limited
		(Previously known as Syrma Strategic Electronics Private Limited)

3. Number of subsidiaries which have been liquidated or sold during the year: Nil

Sl.
	CIN /any other registration number	Names of subsidiaries
No.
NA	NA	NA

Part "B": Associates and Joint Ventures

Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures:

Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies and Joint Ventures is not applicable as the Company does not have an associate or joint venture Company.

4. Number of Associate / Joint Venture - 0

Name of Associates/Joint Ventures
1.	Latest Audited Balance Sheet Date
2.	Date on which the Associate or Joint Venture was associated or acquired
3.	Shares of Associate/Joint Ventures held by the Company at the year end
	No.
	Amount of Investment in Associates/Joint Venture
	Extent of Holding %
		NOT APPLICABLE
4.	Description of how there is significant influence
5.	Reason why the associate/joint venture is not consolidated
6.	Net worth attributable to shareholding as per latest audited Balance Sheet
7.	Profit/Loss for the year:
	i. Considered in Consolidation
	ii. Not Considered in Consolidation

5. Number of associates or joint ventures which are yet to commence operations: N/A

Sl.
	CIN /any other registration number	Names of Associates and Joint Ventures which are yet to commence operations
No.
NA	NA	NA

6. Number of associates or joint ventures which have been liquidated or sold during the year: N/A

Sl.
	CIN /any other registration number	Names of Associates and Joint Ventures
No.
NA	NA	NA

For and on behalf of the Board of Directors