- Motilal Oswal forecasts 30% CAGR revenue growth for EMS firms from FY25 to FY28
- Growth driven by strong order inflows and demand in railways, energy, and communications
- New facilities and product lines will accelerate expansion in the electronics sector
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Motilal Oswal Report
Brokerage house Motilal Oswal expects strong growth momentum for its coverage universe of electronics manufacturing services (EMS) companies, projecting a 30% CAGR in aggregate revenue between FY25 and FY28.
According to the brokerage, the sector's outlook is supported by robust order inflows, sustained demand across key industries, and ongoing capacity expansions. The ramp‑up of both existing and newly commissioned facilities, along with the introduction of new product lines, is expected to further accelerate growth. Key verticals driving this momentum include railways, industrial infrastructure, clean energy, and communications, the report noted.
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Motilal Oswal also anticipates meaningful improvement in profitability over the same period. With operating leverage kicking in as capacities scale up, the brokerage forecasts a combined Ebitda compound annual growth rate of nearly 36% during FY25–28, alongside a steady expansion in margin profiles of EMS players.
The brokerage believes the EMS sector remains well‑positioned to capitalise on structural demand trends and government-led manufacturing incentives, reinforcing its bullish outlook for the medium term.
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