J.P. Morgan bullish on India’s electronic manufacturing services on strong growth prospect

Syrma SGS Technology

09/07/2025 05:21

** J.P. Morgan expects India’s electronic manufacturing services (EMS) sector to grow rapidly, supported by the Make in India push, rising electronics demand, and global supply chain shifts under the China+1 strategy

** Initiates coverage of Syrma SSG Technology SYRM.NS, Dixon Technologies DIXO.NS and Kaynes Technology KAYN.NS at "overweight"

** Brokerage expects EMS to continue its strong growth and forecasts a 32% revenue CAGR over FY25-30E, as it takes an increasing share of domestic electronics production

** Adds, outsourced semiconductor assembly and testing and printed circuit board manufacturing as emerging opportunities, with exports poised to be the next frontier

** Shares of SYRM, DIXO and KAYN rise between 2% and 3.1%

(Reporting by Rudra Pratap Singh in Bengaluru)

((rudrapratap.singh@thomsonreuters.com))