NDTV Profit reported Oct. 20 that JPMorgan ranked Dixon Technologies (India) Ltd. first among six Indian electronics manufacturing services (EMS) companies, comparing projected earnings growth with valuations and capital use.
Amber Enterprises India Ltd. placed second, followed by Kaynes Technology India Ltd., Syrma SGS Technology Ltd., Avalon Technologies Ltd. and Cyient DLM Ltd., the outlet reported. According to NDTV Profit, JPMorgan rated Dixon and Amber Overweight, Kaynes Neutral and the remaining three Underweight.
The reported share-price targets range from ₹530 for Cyient DLM to ₹16,200 for Dixon. NDTV Profit put Amber’s target at ₹8,350 and listed targets of ₹3,150 for Kaynes, ₹1,300 for Syrma and ₹1,650 for Avalon.
The Financial Express reported in September that an earlier JPMorgan analysis weighed the manufacturers’ capital spending and working-capital needs alongside expected earnings growth. The bank also considered return on capital employed (ROCE) in assessing their valuations, the outlet said.
The Financial Express reported JPMorgan’s estimates for fiscal 2026 net working-capital days: 195 at Cyient DLM, 63 at Syrma and 120 at Avalon. The bank’s projected fiscal 2028 ROCE was 16.3%, 21% and 29.3% for those companies, respectively. Those figures are brokerage estimates.
NDTV Profit said an earlier revenue-growth miss at Kaynes and a rise in its working-capital days had drawn investor attention to cash flow and capital efficiency.
Cyient DLM said its Sept. 30 quarter brought revenue of ₹3.931 billion, 26.5% above a year earlier. Earnings before interest, taxes, depreciation and amortization (EBITDA) reached ₹342 million, up 9.5%, while its EBITDA margin was 8.7%.
A 27.5% decline in Cyient DLM shares over two trading sessions followed the results, as EconoTimes previously reported. On the company’s earnings call, Cyient DLM Managing Director and CEO Rajendra Velagapudi gave fiscal 2027 EBITDA margin guidance of 9% to 10%.
