MOFSL sees Indian EMS revenue growing 32% CAGR through FY28
Motilal Oswal retains Buy ratings on Kaynes, Dixon, Syrma SGS, Avalon, Amber and Cyient DLM, citing localisation, complex-product outsourcing, order inflows and capacity expansion. It forecasts 32% revenue and 37% EBITDA CAGR for the EMS sector over FY26-28.
What happened
Kaynes Technology India · MOFSL says Indian EMS firms should benefit from complex-product outsourcing, localisation, order inflows and capacity additions. It
Key facts
- Kaynes target price: Rs 5,000
- Avalon target price: Rs 2,740
- Cyient DLM target price: Rs 1,030
- Syrma SGS target price: Rs 2,000
- Dixon target price: Rs 16,100
- Amber target price: Rs 8,250
- Data Patterns target price: Rs 4,000
- EMS revenue CAGR estimate: 32% over FY26-28
- EMS EBITDA CAGR estimate: 37% over FY26-28
Why this matters
The expected localisation-led growth cycle increases the strategic value of acquisitions, partnerships and supply-chain capabilities in complex electronics manufacturing segments.