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Syrma SGS Technology’s 60:40 JV with Italy-based Elemaster

ICICIdirect Research 03 Sep 2026 DISCLAIMER

News: Syrma SGS Technology’s 60:40 JV with Italy-based Elemaster has inaugurated a new 20,000 sq. ft. high-reliability electronics manufacturing facility in Bommasandra, Bengaluru. The facility has advanced surface mount technology (SMT), Through-Hole Technology (THT) and box-build capabilities and will cater to railways & transportation, industrial, energy and medical electronics, serving both domestic and global OEMs.

View: The JV is not a new development, as the transaction was completed in April 2026; the inauguration marks the operationalisation of the partnership. The JV was initially planned with an ~₹55 crore investment and a targeted revenue of ~₹200 crore in FY28. The more important opportunity is the potential integration of the JV into Elemaster’s global supply chain once the India operation establishes its delivery and quality track record. Management had earlier indicated that this global opportunity may take time but could become a substantial growth base in the years ahead. Therefore, while the near-term earnings contribution may be limited, successful transfer of global programs to India could make the JV a meaningful medium-term growth driver for Syrma.

Impact: Positive

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