JP Morgan says India electronics makers' growth story intact, Syrma top pick

Kaynes Technology India

17/03/2026 05:36

** India's electronics manufacturing services (EMS) sector growth story remains intact despite a sharp 8%–35% correction in recent months, J.P. Morgan says

** In the sector, all stocks except Dixon Technologies Ltd DIXO.NS are expected to deliver 20%–25% revenue growth over FY26–28E, analysts at J.P. Morgan say

** See evidence of the sector upping value addition, evolving from finished product assembly to component and PCB manufacturing - JPM

** Syrma SGS Technology Ltd SYRM.NS remains J.P. Morgan's top pick in the sector, followed by Dixon

** Says with high conviction on revenue path, valuation discount and consumer electronics upcycle, see Syrma as the best risk-reward among the EMS names

** YTD, DIXO down 14.5%, KAYN down ~10% and SYRM up about 2%

 (Reporting by Brijesh Patel in Bengaluru)

 ((Brijesh.Patel1@thomsonreuters.com; Ph no. +91 9590227221;))