India EMS: Is QIP season coming back?

Research evidence excerpt

India EMS: Is QIP season coming back?

J P M O R G A N Asia Pacific Equity Research

23 July 2026

India EMS

Is QIP season coming back?

Over the past week we have seen two companies announce fundraising plans. IT Services, EMS, Telecom, and

Amber’s Board has approved fundraising options to drive growth while Syrma’s Internet Research

Board will consider raising funds through QIPs. We have already seen Amber, Bhavik Mehta, CFA AC

Syrma, and Kaynes do QIPs last year, and the key investor question during the (91-22) 6157-3871

sector correction over Sep-25 to Jan-26 was “when will these companies start bhavik.mehta@jpmchase.com

becoming self-sufficient for future growth rather than relying on equity J.P.Tower,MorganSantacruz(E),India PrivateMumbaiLimited,- 400098,J.P. MorganSEBI

fundraising?” We believe that after the rally seen in the EMS space YTD, this Registration: INH000001873, (91-22) 6157-3000.

question could come up again and could potentially drive a correction, as the focus Ankur Rudra, CFA

might again move away from revenue growth and margins to FCF generation if the (65) 6801-3237

read-through is that persistent fundraising is required to drive capex and growth. ankur.rudra@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited

In this context, our top pick continues to be Dixon, which has driven capex largely

Gokul Hariharan

through internal accruals and enjoys the highest ROCE/ROIC.

(852) 2800-8564

• Amber Board approves fundraising. Amber’s Board has approved gokul.hariharan@jpmorgan.comJ.P. Morgan Securities (Asia Pacific) Limited/ J.P.

fundraising options to drive growth; options under consideration are rights Morgan Broking (Hong Kong) Limited

issues, preferential allotments, public issues, and debt. It has outlined