India EMS: 1QFY27 preview: Growth divergence to persist; risk-reward favours Dixon

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India EMS: 1QFY27 preview: Growth divergence to persist; risk-reward favours Dixon

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

04 July 2026

India EMS

1QFY27 preview: Growth divergence to persist; risk-

reward favours Dixon

We expect 1Q to be another quarter of divergence in revenue growth. We expect IT Services, EMS, Telecom, and

Syrma to grow the fastest (50% YY) followed by Cyient DLM (30%), Avalon Internet Research

(30%), Amber (26%), Kaynes (25%) and Dixon (13%, lower due to headwinds on Bhavik Mehta, CFA AC

mobile volumes). What to expect on FY27 guidance? 1) Dixon - we expect it to (91-22) 6157-3871

maintain its flat mobile volumes guide; 2) Amber - we expect consumer durable bhavik.mehta@jpmchase.com

rev growth guide to be maintained at 12-13%, Electronics at 40%, overall Ebitda J.P.Tower,MorganSantacruz(E),India PrivateMumbaiLimited,- 400098,J.P. MorganSEBI

margins to be down 50-100bps, Electronics at 9.5-10%, Railways at 16-17%; 3) Registration: INH000001873, (91-22) 6157-3000.

Kaynes - we expect 25-30% revenue growth guide in core EMS, OSAT rev of Rs2- Ankur Rudra, CFA

3bn, PCB rev of Rs2-3bn and 15%+ Ebitda margins; 4) Syrma - we expect guide (65) 6801-3237

to be maintained at 35% revenue growth and 10.5-11% Ebitda margins; 5) Avalon ankur.rudra@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited

- we expect revenue growth guidance to be upgraded to 30% from 24-27%; 6)

Gokul Hariharan

Cyient DLM - we expect 25% revenue growth guide and double-digit Ebitda

(852) 2800-8564

margin guide. Since the end of the last earnings season in mid May, the Mcap gokul.hariharan@jpmorgan.com

weighted EMS basket is up 19% vs Nifty up 3%. Our top picks going into the J.P. Morgan Securities (Asia Pacific) Limited/ J.P.