Dixon Technologies, Kaynes, Avalon, Cyient, Syrma SGS: MOSL shares price targets
EMS stocks: The brokerage's coverage universe includes Dixon Technologies, Kaynes Technology, Amber Enterprises, Avalon Technologies, Syrma SGS Technology, Cyient DLM, and Data Patterns.
- Feb 25, 2026,
- Updated Feb 25, 2026 12:44 PM IST
India's electronics manufacturing services (EMS) sector is on a strong growth path, led by government backing through the production-linked incentive (PLI) scheme, expansion into high-margin areas, and solid momentum in various segments.
Terming the sector having tremendous growth opportunities, brokerage Motilal Oswal said EMS companies are experiencing a surge in orders across a variety of high-value sectors, particularly in lucrative areas such as defence, aerospace, automotive, telecom, power electronics, and clean energy.
These sectors are benefiting from a wider range of projects and clearer execution pathways, which are contributing to margin growth and strong future prospects for the industry.
The EMS sector will maintain its earnings growth momentum, driven by increasing domestic and global demand that will support a robust order pipeline and long-term capacity expansion, according to MOSL.
MOSL projects its EMS coverage companies will achieve a revenue/EBITDA/adjusted PAT CAGR of 30%/36%/42% from FY25 to FY28.
The brokerage's coverage universe includes Dixon Technologies, Kaynes Technology, Amber Enterprises, Avalon Technologies, Syrma SGS Technology, Cyient DLM, and Data Patterns.
It estimates a 30% CAGR in aggregate revenue of its EMS coverage companies over FY25-28, aided by robust order flows, healthy demand, capacity additions, ramp-up of existing and new plants, and development of new products across key industry verticals (such as rail, industrial infrastructure, clean energy, and communications).
"We reiterate our BUY ratings on Kaynes (Rs 8,200), Avalon Technologies (Rs 1,330), Cyient DL (Rs 550), Syrma (Rs 960), Dixon Technologies (Rs 22,500), and Amber Enterprises (Rs 8,400), and our Neutral stance on Data Patterns (Rs 2,950)," said MOSL.
India's electronics manufacturing services (EMS) sector is on a strong growth path, led by government backing through the production-linked incentive (PLI) scheme, expansion into high-margin areas, and solid momentum in various segments.
Terming the sector having tremendous growth opportunities, brokerage Motilal Oswal said EMS companies are experiencing a surge in orders across a variety of high-value sectors, particularly in lucrative areas such as defence, aerospace, automotive, telecom, power electronics, and clean energy.
These sectors are benefiting from a wider range of projects and clearer execution pathways, which are contributing to margin growth and strong future prospects for the industry.
The EMS sector will maintain its earnings growth momentum, driven by increasing domestic and global demand that will support a robust order pipeline and long-term capacity expansion, according to MOSL.
MOSL projects its EMS coverage companies will achieve a revenue/EBITDA/adjusted PAT CAGR of 30%/36%/42% from FY25 to FY28.
The brokerage's coverage universe includes Dixon Technologies, Kaynes Technology, Amber Enterprises, Avalon Technologies, Syrma SGS Technology, Cyient DLM, and Data Patterns.
It estimates a 30% CAGR in aggregate revenue of its EMS coverage companies over FY25-28, aided by robust order flows, healthy demand, capacity additions, ramp-up of existing and new plants, and development of new products across key industry verticals (such as rail, industrial infrastructure, clean energy, and communications).
"We reiterate our BUY ratings on Kaynes (Rs 8,200), Avalon Technologies (Rs 1,330), Cyient DL (Rs 550), Syrma (Rs 960), Dixon Technologies (Rs 22,500), and Amber Enterprises (Rs 8,400), and our Neutral stance on Data Patterns (Rs 2,950)," said MOSL.