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Motilal Oswal Report
According to the brokerage firm Motilal Oswal Financial Services, EMS sector continues to benefit from strong order inflows across high margin segments such as defense, aerospace, automotive, telecom, and clean energy, with aggregate order books growing ~25% YoY in FY26 to Rs 20,500 crore.
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While companies faced cost pressures from higher prices of memory, commodities, labor, and logistics, the impact has largely been mitigated through pass-through mechanisms and operational efficiencies.
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Going forward, Motilal Oswal estimates a 31% compound annual growth rate in aggregate revenue of its EMS coverage companies over FY26-28, aided by robust order flows, healthy demand, capacity additions, ramp-up of existing and new plants, and the development of new products across key industry verticals.
The brokerage reiterates Buy ratings on Kaynes Technology with a target price of Rs 4,000), Avalon Technologies- target price of Rs 2,050), Cyeint DLM - TP Rs 560, Syrma- TP: Rs 1,620), Dixon Technologies TP: Rs 14,600), and Amber Enterprises TP: Rs 8,450).
Motilal Oswal has a Neutral stance on Data Patterns with a target price of Rs 3,980.
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