Sector Alpha Week of 2026-07-29
20-quarter listed-company comparison

Consumer Electronics - EMS Stocks in India

Consumer Electronics - EMS: Dixon Technologies (India) Ltd owns the largest revenue base; Avalon Technologies Ltd has the fastest current growth.

Nifty Consumer Electronics - EMS Index — Constituents & Performance

The Consumer Electronics - EMS companies below are the listed Indian Consumer Electronics - EMS universe this page tracks — the same constituent set people search for as the Nifty Consumer Electronics - EMS index. Every figure is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.

The sector itself · before any single company

How has Consumer Electronics - EMS moved against NIFTY 500?

The line below covers 5.1 years. Over the most recent two of them this sector is 62% ahead of NIFTY 500. Earnings across its companies grew 38% on average over the last four reported quarters. It has been ahead of NIFTY 500 on a rolling three-month view for 16 weeks running.

LEADER · ahead 16w~Price and the fundamentals both up4 of 8 companies ahead of NIFTY 500 by 5% or more over three months

RS ↑16w · 5/8 >200d (+1) · 4/8 lead (+0) · EPS 5/8↑

2005001000202620252024202320222021 1135335 TRAILING 12-MONTH EPS · 100 AT THE START0100189Mar 23Sep 23Mar 24Sep 24Mar 25Sep 25Mar 26Mar 2023 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 4 reporting · thin coverageJun 2023 · trailing 12-month earnings per share at 103, against 100 at the start · up 64.5% on a year ago · 4 reporting · thin coverageSep 2023 · trailing 12-month earnings per share at 93, against 100 at the start · up 60.4% on a year ago · 8 reportingDec 2023 · trailing 12-month earnings per share at 95, against 100 at the start · up 51.6% on a year ago · 8 reportingMar 2024 · trailing 12-month earnings per share at 83, against 100 at the start · up 24.5% on a year ago · 8 reportingJun 2024 · trailing 12-month earnings per share at 93, against 100 at the start · up 45.4% on a year ago · 8 reportingSep 2024 · trailing 12-month earnings per share at 102, against 100 at the start · up 27.1% on a year ago · 8 reportingDec 2024 · trailing 12-month earnings per share at 115, against 100 at the start · up 38.6% on a year ago · 8 reportingMar 2025 · trailing 12-month earnings per share at 131, against 100 at the start · up 70.2% on a year ago · 8 reportingJun 2025 · trailing 12-month earnings per share at 151, against 100 at the start · up 59.5% on a year ago · 8 reportingSep 2025 · trailing 12-month earnings per share at 144, against 100 at the start · up 38.9% on a year ago · 8 reportingDec 2025 · trailing 12-month earnings per share at 167, against 100 at the start · up 41.0% on a year ago · 8 reportingMar 2026 · trailing 12-month earnings per share at 189, against 100 at the start · up 12.9% on a year ago · 8 reportingNot reported yet — earnings trail price by a quarter or two189 · Mar 26No earnings on file this far back — the price series reaches further than the filings doNO EARNINGS ON FILE
2005001000202620252024202320222021 1135335 TRAILING 12-MONTH EPS · 100 AT THE START0100189Mar 23Mar 24Mar 25Mar 26Mar 2023 · trailing 12-month earnings per share at 100, against 100 at the start · no comparable year yet · 4 reporting · thin coverageJun 2023 · trailing 12-month earnings per share at 103, against 100 at the start · up 64.5% on a year ago · 4 reporting · thin coverageSep 2023 · trailing 12-month earnings per share at 93, against 100 at the start · up 60.4% on a year ago · 8 reportingDec 2023 · trailing 12-month earnings per share at 95, against 100 at the start · up 51.6% on a year ago · 8 reportingMar 2024 · trailing 12-month earnings per share at 83, against 100 at the start · up 24.5% on a year ago · 8 reportingJun 2024 · trailing 12-month earnings per share at 93, against 100 at the start · up 45.4% on a year ago · 8 reportingSep 2024 · trailing 12-month earnings per share at 102, against 100 at the start · up 27.1% on a year ago · 8 reportingDec 2024 · trailing 12-month earnings per share at 115, against 100 at the start · up 38.6% on a year ago · 8 reportingMar 2025 · trailing 12-month earnings per share at 131, against 100 at the start · up 70.2% on a year ago · 8 reportingJun 2025 · trailing 12-month earnings per share at 151, against 100 at the start · up 59.5% on a year ago · 8 reportingSep 2025 · trailing 12-month earnings per share at 144, against 100 at the start · up 38.9% on a year ago · 8 reportingDec 2025 · trailing 12-month earnings per share at 167, against 100 at the start · up 41.0% on a year ago · 8 reportingMar 2026 · trailing 12-month earnings per share at 189, against 100 at the start · up 12.9% on a year ago · 8 reportingNot reported yet — earnings trail price by a quarter or two189No earnings on file this far back — the price series reaches further than the filings do
Consumer Electronics - EMS, equal-weighted, based at 200 NIFTY 500, same base, same start trailing 12-month earnings per share rising falling
Strength anatomy Broad but lateHow much of the sector is participating, how recently, and whether the movers score well.
Together4 of 8 stocks moving
Fresh0 crossed in the last 4 weeks
Backed by scoresmovers score +15 vs the sector average
Down the cap ladder — bar is now, tick is four weeks ago
Large 1/20
Mid 1/30
Small 2/30

Participation is not spreading downward this month; the larger companies are still carrying most of it.

Both lines start at 200 in the same week, so the distance between them is the whole story: the sector line is an equal-weighted index of its 8 companies. The bars underneath are trailing 12-month earnings per share, one bar per reported quarter, each member rebased to 100 at the start and the sector taking the median — so a price line pulling away from flat bars is a re-rating, not earnings. A bar turns red when that figure is lower than the quarter before. Rules are fixed and applied identically everywhere on this site: ahead by 5% or more over three months, or behind by 20% or more over a year while earnings grew 20% or more. Hover any point to read both values and the gap. This is a description of what the numbers did, not advice.

Sector relative strength · before individual stocks

Is Consumer Electronics - EMS outperforming NIFTY 500?

The 52-week comparison of Consumer Electronics - EMS against NIFTY 500 is not available from the current market series. 7 of 9 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Avalon Technologies Ltd is the strongest against the sector itself at +30.2%. Readings are as of 2026-07-19.

—Sector vs NIFTY 500 · 13 weeks
—Sector vs NIFTY 500 · 52 weeks
7/9Stocks leading NIFTY 500
3/9Stocks leading sector

Sector metric: 48.9 as of 2026-07-19 · CONSOLIDATION · falling.

The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.

Bottom line

The 52-week sector comparison is unavailable. 7 of 9 covered companies currently have positive Mansfield relative strength versus NIFTY 500. Dixon Technologies (India) Ltd leads with revenue of ₹48,874 crore, based on 9 of 9 comparable companies through Mar 2026. Avalon Technologies Ltd has the fastest current revenue growth at 46%, across 8 of 9 comparable companies.

Is the Consumer Electronics - EMS sector outperforming NIFTY 500?

The 52-week sector comparison is unavailable. 7 of 9 covered companies currently have positive Mansfield relative strength versus NIFTY 500.

Which Consumer Electronics - EMS company is largest by revenue?

Dixon Technologies (India) Ltd leads with revenue of ₹48,874 crore, based on 9 of 9 comparable companies through Mar 2026.

Which Consumer Electronics - EMS company is growing fastest?

Avalon Technologies Ltd has the fastest current revenue growth at 46%, across 8 of 9 comparable companies.

Which Consumer Electronics - EMS company has the strongest 4-Factor Sector Score?

Avalon Technologies Ltd ranks first at 72/100 with 95.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

Which Consumer Electronics - EMS company reports the most CAPEX?

Virtuoso Optoelectronics Ltd reports the largest latest CAPEX at ₹64 crore, with 3 of 9 companies comparable.

Which Consumer Electronics - EMS company has the least gross debt?

Cyient DLM Ltd has the lowest comparable gross debt at ₹172 crore. Amber Enterprises India Ltd has the highest at ₹2,702 crore.

Which Consumer Electronics - EMS company has the lowest comparable PEG?

Kaynes Technology India Ltd has the lowest comparable Guarded PEG at 1.33, among 5 of 9 companies that pass the metric’s comparability rules.

How much history does this Consumer Electronics - EMS comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

Companies
9
complete canonical membership
Combined market value
₹1.9 L Cr
Dixon Technologies (India) Ltd
Revenue growing
6/8
positive TTM year-on-year growth
Beating NIFTY 500
7/9
positive Mansfield relative strength
Global company selection
00 · research priority, made explicit

4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

Growth & earnings · 35%Capital efficiency · 25%Valuation · 20%Relative strength · 20%
Avalon Technologies Ltd has the strongest current balance of earnings trajectory, business quality, valuation and price confirmation, with 95.6% evidence confidence.

Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is guarded: positive earnings, positive 5–60% three-year EPS growth, and a positive P/E are required.

1. Avalon Technologies Ltd · AVALON

72.0/100 · Favorable setup · 96% evidence

Exact sum: 28.1 + 18.1 + 6.6 + 19.2 = 72

Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

28.1/35Growth & earnings

Revenue 46% · PAT 79.4% · OPM change 0 pp

88% evidence

18.1/25Capital efficiency

ROCE 19.5% · debt/equity 0.29×

100% evidence

6.6/20Valuation

P/E 103× · PEG 2.57

100% evidence

19.2/20Relative strength

RS sector 30.2% · RS bench 54.1% · 1Y 99.2%

100% evidence

2. Syrma SGS Technology Ltd · SYRMA

67.5/100 · Favorable setup · 79% evidence

Exact sum: 27.3 + 18.5 + 8.1 + 13.6 = 67.5

Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.

27.3/35Growth & earnings

Revenue 27.3% · PAT 87.5% · OPM change 0 pp

83% evidence

18.5/25Capital efficiency

ROCE 16.7% · debt/equity 0.14×

80% evidence

8.1/20Valuation

P/E 77.4× · PEG —

50% evidence

13.6/20Relative strength

RS sector 26.9% · RS bench 50.7% · 1Y 92.7%

100% evidence

3. Dixon Technologies (India) Ltd · DIXON

65.5/100 · Favorable setup · 79% evidence

Exact sum: 24 + 17.2 + 14 + 10.3 = 65.5

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

24.0/35Growth & earnings

Revenue 25.8% · PAT 33.4% · OPM change 0 pp

83% evidence

17.2/25Capital efficiency

ROCE 42% · debt/equity 0.21×

80% evidence

14.0/20Valuation

P/E 58.8× · PEG —

50% evidence

10.3/20Relative strength

RS sector -9.9% · RS bench 6.6% · 1Y -10.2%

100% evidence

4. Cyient DLM Ltd · CYIENTDLM

56.6/100 · Mixed-positive evidence · 100% evidence

Exact sum: 19.7 + 11.8 + 7.4 + 17.7 = 56.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

19.7/35Growth & earnings

Revenue -11.8% · PAT 26.6% · OPM change 1 pp

100% evidence

11.8/25Capital efficiency

ROCE 9.9% · debt/equity 0.17×

100% evidence

7.4/20Valuation

P/E 64.8× · PEG 6.44

100% evidence

17.7/20Relative strength

RS sector 17.1% · RS bench 38.9% · 1Y 20.9%

100% evidence

5. Kaynes Technology India Ltd · KAYNES

53.0/100 · Mixed-positive evidence · 83% evidence

Exact sum: 18 + 16.7 + 14.6 + 3.7 = 53

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

18.0/35Growth & earnings

Revenue 33.3% · PAT 24.2% · OPM change -1 pp

88% evidence

16.7/25Capital efficiency

ROCE 13.2% · debt/equity 0.19×

100% evidence

14.6/20Valuation

P/E 58.2× · PEG 1.33

65% evidence

3.7/20Relative strength

RS sector -17.3% · RS bench -28.9% · 1Y -42.2%

70% evidence

6. Virtuoso Optoelectronics Ltd · VOEPL

42.6/100 · Thin evidence · provisional · 52% evidence

Exact sum: 18 + 7 + 9.3 + 8.3 = 42.6

Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

18.0/35Growth & earnings

Revenue — · PAT — · OPM change 1.3 pp

32% evidence

7.0/25Capital efficiency

ROCE 9.6% · debt/equity 0.84×

95% evidence

9.3/20Valuation

P/E 105× · PEG —

15% evidence

8.3/20Relative strength

RS sector -15% · RS bench 20.2% · 1Y 8.6%

70% evidence

7. PG Electroplast Ltd · PGEL

38.6/100 · Mixed-negative evidence · 96% evidence

Exact sum: 9 + 12.9 + 7.2 + 9.5 = 38.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

9.0/35Growth & earnings

Revenue 8.6% · PAT -31.6% · OPM change -4 pp

88% evidence

12.9/25Capital efficiency

ROCE 10.3% · debt/equity 0.2×

100% evidence

7.2/20Valuation

P/E 83.5× · PEG 2.29

100% evidence

9.5/20Relative strength

RS sector -9% · RS bench 9% · 1Y -23.7%

100% evidence

8. Amber Enterprises India Ltd · AMBER

29.6/100 · Adverse evidence · 79% evidence

Exact sum: 10.7 + 8.6 + 5.6 + 4.7 = 29.6

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

10.7/35Growth & earnings

Revenue 22.2% · PAT -9.6% · OPM change -1 pp

83% evidence

8.6/25Capital efficiency

ROCE 10.2% · debt/equity 0.62×

80% evidence

5.6/20Valuation

P/E 129× · PEG —

50% evidence

4.7/20Relative strength

RS sector -12.3% · RS bench 4.4% · 1Y 2.6%

100% evidence

9. Epack Durable Ltd · EPACK

19.0/100 · Adverse evidence · 83% evidence

Exact sum: 2.7 + 2.5 + 10.4 + 3.4 = 19

Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

2.7/35Growth & earnings

Revenue -12.7% · PAT -80% · OPM change -7 pp

88% evidence

2.5/25Capital efficiency

ROCE 4.5% · debt/equity 0.77×

100% evidence

10.4/20Valuation

P/E 692× · PEG 1.41

65% evidence

3.4/20Relative strength

RS sector -19.1% · RS bench -15.6% · 1Y -36.6%

70% evidence

01 · compare level, then change

Revenue Scale & Growth Durability

Dixon Technologies (India) Ltd has the highest Revenue among the 9 Consumer Electronics - EMS companies compared here, at ₹48,874 crore. Amber Enterprises India Ltd is next at ₹12,187 crore. Avalon Technologies Ltd has the highest Revenue growth at 46%, so level and change sit with different companies. Its Revenue series carries 14 reported observations across the 20-quarter window.

What the numbers say: Dixon Technologies (India) Ltd is the scale leader at ₹48,874 crore, 301% ahead of Amber Enterprises India Ltd. Avalon Technologies Ltd's growth is 46% from a ₹1,603 crore base, with 17 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

LeaderDixon Technologies (India) Ltd · ₹48,874 crore
Gap301% versus #2 · Amber Enterprises India Ltd
Persistence8/8 recent comparable periods
Coverage9/9 companies · 137 observations

Investor read: Dixon Technologies (India) Ltd is the scale benchmark; Avalon Technologies Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Dixon Technologies (India) Ltd's growth falls below Avalon Technologies Ltd's for two consecutive comparable reports while operating margin also compresses.

Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.
Revenuelargest
1Dixon Technologies (India) Ltd DIXON₹48.9K Cr
2Amber Enterprises India Ltd AMBER₹12.2K Cr
3PG Electroplast Ltd PGEL₹5.3K Cr
4Syrma SGS Technology Ltd SYRMA₹4.8K Cr
5Kaynes Technology India Ltd KAYNES₹3.6K Cr
Revenue growthfastest growers
1Avalon Technologies Ltd AVALON46%
2Kaynes Technology India Ltd KAYNES33%
3Syrma SGS Technology Ltd SYRMA27%
4Dixon Technologies (India) Ltd DIXON26%
5Amber Enterprises India Ltd AMBER22%
Revenue · company comparison
9/9 level · 8/9 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyRevenueRevenue growthReported
Dixon Technologies (India) Ltd DIXON₹10.5K Cr2.1%Mar 2026
Amber Enterprises India Ltd AMBER₹4.1K Cr11%Mar 2026
PG Electroplast Ltd PGEL₹1.7K Cr-10%Mar 2026
Syrma SGS Technology Ltd SYRMA₹1.5K Cr59%Mar 2026
Kaynes Technology India Ltd KAYNES₹1.2K Cr26%Mar 2026
Epack Durable Ltd EPACK₹591 Cr-8.1%Mar 2026
Avalon Technologies Ltd AVALON₹480 Cr40%Mar 2026
Cyient DLM Ltd CYIENTDLM₹374 Cr35%Jun 2026
Virtuoso Optoelectronics Ltd VOEPL⚠ unverified₹317 Cr32%Mar 2026
Full 20-quarter history · every available company

Revenue · reported quarter history

Amber Enterprises India Ltd · AMBER

—
—
—
—
—
₹1.3K Cr
₹3.0K Cr
₹1.7K Cr
₹927 Cr
₹1.3K Cr
₹2.8K Cr
₹2.4K Cr
₹1.7K Cr
₹2.1K Cr
₹3.8K Cr
₹3.4K Cr
₹1.6K Cr
₹2.9K Cr
₹4.1K Cr
—

Avalon Technologies Ltd · AVALON

—
—
₹210 Cr
₹196 Cr
₹245 Cr
₹233 Cr
₹272 Cr
₹235 Cr
₹201 Cr
₹214 Cr
₹217 Cr
₹199 Cr
₹275 Cr
₹281 Cr
₹343 Cr
₹323 Cr
₹382 Cr
₹418 Cr
₹480 Cr
—

Cyient DLM Ltd · CYIENTDLM

₹170 Cr
₹190 Cr
₹190 Cr
₹170 Cr
₹170 Cr
₹214 Cr
₹277 Cr
₹217 Cr
₹292 Cr
₹321 Cr
₹362 Cr
₹258 Cr
₹389 Cr
₹444 Cr
₹428 Cr
₹278 Cr
₹311 Cr
₹303 Cr
₹369 Cr
₹374 Cr

Dixon Technologies (India) Ltd · DIXON

—
—
—
—
—
₹2.4K Cr
₹3.1K Cr
₹3.3K Cr
₹4.9K Cr
₹4.8K Cr
₹4.7K Cr
₹6.6K Cr
₹11.5K Cr
₹10.5K Cr
₹10.3K Cr
₹12.8K Cr
₹14.9K Cr
₹10.7K Cr
₹10.5K Cr
—

Epack Durable Ltd · EPACK

—
—
—
—
—
₹276 Cr
₹639 Cr
₹437 Cr
₹178 Cr
₹279 Cr
₹526 Cr
₹774 Cr
₹377 Cr
₹377 Cr
₹643 Cr
₹662 Cr
₹213 Cr
₹428 Cr
₹591 Cr
—

Kaynes Technology India Ltd · KAYNES

—
₹183 Cr
₹238 Cr
₹199 Cr
₹273 Cr
₹289 Cr
₹365 Cr
₹297 Cr
₹361 Cr
₹509 Cr
₹637 Cr
₹504 Cr
₹572 Cr
₹661 Cr
₹984 Cr
₹673 Cr
₹906 Cr
₹804 Cr
₹1.2K Cr
—

PG Electroplast Ltd · PGEL

₹198 Cr
₹262 Cr
₹514 Cr
₹535 Cr
₹328 Cr
₹459 Cr
₹828 Cr
₹678 Cr
₹460 Cr
₹532 Cr
₹1.1K Cr
₹1.3K Cr
₹671 Cr
₹968 Cr
₹1.9K Cr
₹1.5K Cr
₹655 Cr
₹1.4K Cr
₹1.7K Cr
—

Syrma SGS Technology Ltd · SYRMA

—
—
—
—
—
₹513 Cr
₹680 Cr
₹601 Cr
₹712 Cr
₹707 Cr
₹1.1K Cr
₹1.2K Cr
₹833 Cr
₹870 Cr
₹924 Cr
₹944 Cr
₹1.1K Cr
₹1.3K Cr
₹1.5K Cr
—

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

—
—
—
₹74 Cr
—
—
₹225 Cr
—
—
—
—
—
—
—
₹240 Cr
₹203 Cr
₹98 Cr
₹206 Cr
₹317 Cr
—

Revenue growth · reported quarter history

Amber Enterprises India Ltd · AMBER

—
—
—
—
—
—
—
—
—
-4.0%
-6.6%
41%
82%
65%
34%
44%
-2.3%
38%
11%
—

Avalon Technologies Ltd · AVALON

—
—
—
—
—
—
30%
20%
-18%
-8.2%
-20%
-15%
37%
31%
58%
62%
39%
49%
40%
—

Cyient DLM Ltd · CYIENTDLM

—
—
—
—
0.0%
13%
46%
28%
72%
50%
31%
19%
33%
38%
18%
7.8%
-20%
-32%
-14%
35%

Dixon Technologies (India) Ltd · DIXON

—
—
—
—
—
—
—
—
—
100%
52%
101%
133%
117%
121%
95%
29%
2.1%
2.1%
—

Epack Durable Ltd · EPACK

—
—
—
—
—
—
—
—
—
1.3%
-18%
77%
112%
35%
22%
-14%
-43%
14%
-8.1%
—

Kaynes Technology India Ltd · KAYNES

—
—
—
—
—
58%
53%
49%
32%
76%
75%
70%
58%
30%
54%
34%
58%
22%
26%
—

PG Electroplast Ltd · PGEL

—
—
—
291%
66%
75%
61%
27%
40%
16%
30%
95%
46%
82%
77%
14%
-2.4%
46%
-10%
—

Syrma SGS Technology Ltd · SYRMA

—
—
—
—
—
—
—
—
—
38%
68%
93%
17%
23%
-19%
-19%
38%
45%
59%
—

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
32%
—
02 · compare level, then change

Operating Economics & Margin Trend

Kaynes Technology India Ltd has the highest OPM among the 9 Consumer Electronics - EMS companies compared here, at 16%. Avalon Technologies Ltd is next at 12%. Virtuoso Optoelectronics Ltd has the highest Margin change at +1.3 percentage points, so level and change sit with different companies. 9 of 9 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Kaynes Technology India Ltd leads opm at 16%; Virtuoso Optoelectronics Ltd leads margin change at +1.3 percentage points.

LeaderKaynes Technology India Ltd · 16%
Gap33.3% versus #2 · Avalon Technologies Ltd
Persistence4/8 recent comparable periods
Coverage9/9 companies · 156 observations

Investor read: Kaynes Technology India Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.
OPMhighest
1Kaynes Technology India Ltd KAYNES16%
2Avalon Technologies Ltd AVALON12%
3Syrma SGS Technology Ltd SYRMA12%
4Cyient DLM Ltd CYIENTDLM10%
5Virtuoso Optoelectronics Ltd VOEPL⚠ unverified9.2%
Margin changefastest expanders
1Virtuoso Optoelectronics Ltd VOEPL⚠ unverified+1.3 pp
2Cyient DLM Ltd CYIENTDLM+1.0 pp
3Avalon Technologies Ltd AVALON0.0 pp
4Dixon Technologies (India) Ltd DIXON0.0 pp
5Syrma SGS Technology Ltd SYRMA0.0 pp
Operating margin · company comparison
9/9 level · 9/9 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyOPMMargin changeReported
Kaynes Technology India Ltd KAYNES16%−1.0 ppMar 2026
Syrma SGS Technology Ltd SYRMA12%0.0 ppMar 2026
Avalon Technologies Ltd AVALON12%0.0 ppMar 2026
Cyient DLM Ltd CYIENTDLM10%+1.0 ppJun 2026
Virtuoso Optoelectronics Ltd VOEPL⚠ unverified9.2%+1.3 ppMar 2026
Amber Enterprises India Ltd AMBER7.0%−1.0 ppMar 2026
PG Electroplast Ltd PGEL7.0%−4.0 ppMar 2026
Dixon Technologies (India) Ltd DIXON4.0%0.0 ppMar 2026
Epack Durable Ltd EPACK4.0%−7.0 ppMar 2026
Full 20-quarter history · every available company

OPM · reported quarter history

Amber Enterprises India Ltd · AMBER

5.8%
7.6%
6.5%
5.4%
4.9%
5.8%
7.0%
8.0%
6.0%
6.0%
8.0%
8.0%
7.0%
7.0%
8.0%
7.0%
5.0%
8.0%
7.0%
—

Avalon Technologies Ltd · AVALON

—
—
11%
10.0%
12%
9.0%
15%
7.0%
6.0%
8.0%
8.0%
2.0%
11%
12%
12%
9.0%
10%
11%
12%
—

Cyient DLM Ltd · CYIENTDLM

8.3%
9.6%
9.6%
3.9%
14%
9.6%
12%
9.0%
8.0%
9.0%
11%
8.0%
8.0%
6.0%
13%
9.0%
10%
9.0%
12%
10%

Dixon Technologies (India) Ltd · DIXON

3.9%
3.4%
4.0%
3.5%
3.7%
5.0%
5.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
—

Epack Durable Ltd · EPACK

—
—
—
—
—
1.5%
9.6%
6.6%
4.2%
8.4%
10%
6.7%
2.4%
6.2%
11%
8.2%
-0.5%
6.9%
4.0%
—

Kaynes Technology India Ltd · KAYNES

—
12%
17%
12%
16%
14%
16%
14%
14%
14%
15%
13%
14%
14%
17%
17%
16%
15%
16%
—

PG Electroplast Ltd · PGEL

6.5%
6.3%
9.7%
6.8%
8.0%
8.0%
9.0%
10%
8.0%
8.0%
11%
10%
8.0%
9.0%
11%
8.0%
5.0%
8.0%
7.0%
—

Syrma SGS Technology Ltd · SYRMA

9.5%
12%
6.8%
8.6%
10%
9.0%
8.0%
6.0%
7.0%
6.0%
7.0%
4.0%
9.0%
9.0%
12%
9.0%
10%
13%
12%
—

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

—
—
—
14%
14%
—
7.9%
—
9.7%
—
9.7%
—
6.9%
—
7.9%
9.9%
10%
12%
9.2%
—

Margin change · reported quarter history

Amber Enterprises India Ltd · AMBER

+0.5 pp
−0.7 pp
−2.4 pp
−0.5 pp
−1.0 pp
−1.7 pp
+0.5 pp
+2.6 pp
+1.1 pp
+0.2 pp
+1.0 pp
0.0 pp
+1.0 pp
+1.0 pp
0.0 pp
−1.0 pp
−2.0 pp
+1.0 pp
−1.0 pp
—

Avalon Technologies Ltd · AVALON

—
—
—
—
—
—
+3.8 pp
−3.0 pp
−5.7 pp
−1.0 pp
−7.0 pp
−5.0 pp
+5.0 pp
+4.0 pp
+4.0 pp
+7.0 pp
−1.0 pp
−1.0 pp
0.0 pp
—

Cyient DLM Ltd · CYIENTDLM

—
—
—
—
+5.6 pp
+0.0 pp
+2.4 pp
+5.1 pp
−5.9 pp
−0.6 pp
−1.0 pp
−1.0 pp
0.0 pp
−3.0 pp
+2.0 pp
+1.0 pp
+2.0 pp
+3.0 pp
−1.0 pp
+1.0 pp

Dixon Technologies (India) Ltd · DIXON

−1.5 pp
−1.3 pp
+0.2 pp
+0.9 pp
−0.2 pp
+1.7 pp
+1.0 pp
+0.5 pp
+0.3 pp
−1.0 pp
−1.0 pp
0.0 pp
0.0 pp
0.0 pp
0.0 pp
0.0 pp
0.0 pp
0.0 pp
0.0 pp
—

Epack Durable Ltd · EPACK

—
—
—
—
—
—
—
—
—
+6.9 pp
+0.9 pp
+0.0 pp
−1.8 pp
−2.2 pp
+0.6 pp
+1.6 pp
−2.9 pp
+0.7 pp
−7.0 pp
—

Kaynes Technology India Ltd · KAYNES

—
—
—
—
—
+2.0 pp
−0.8 pp
+1.7 pp
−1.8 pp
0.0 pp
−1.0 pp
−1.0 pp
0.0 pp
0.0 pp
+2.0 pp
+4.0 pp
+2.0 pp
+1.0 pp
−1.0 pp
—

PG Electroplast Ltd · PGEL

−2.0 pp
−2.0 pp
+2.4 pp
+0.2 pp
+1.5 pp
+1.7 pp
−0.7 pp
+3.2 pp
0.0 pp
0.0 pp
+2.0 pp
0.0 pp
0.0 pp
+1.0 pp
0.0 pp
−2.0 pp
−3.0 pp
−1.0 pp
−4.0 pp
—

Syrma SGS Technology Ltd · SYRMA

—
—
—
—
+0.6 pp
−3.3 pp
+1.2 pp
−2.6 pp
−3.0 pp
−3.0 pp
−1.0 pp
−2.0 pp
+2.0 pp
+3.0 pp
+5.0 pp
+5.0 pp
+1.0 pp
+4.0 pp
0.0 pp
—

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

—
—
—
—
—
—
—
—
−4.2 pp
—
+1.8 pp
—
−2.8 pp
—
−1.8 pp
—
+3.4 pp
—
+1.3 pp
—
03 · compare level, then change

Profit Scale & Acceleration

Dixon Technologies (India) Ltd has the highest Net profit among the 9 Consumer Electronics - EMS companies compared here, at ₹1,645 crore. Kaynes Technology India Ltd is next at ₹364 crore. Syrma SGS Technology Ltd has the highest Profit growth at 87.5%, so level and change sit with different companies.

What the numbers say: Dixon Technologies (India) Ltd leads with ₹1,645 crore of TTM profit, 351.9% above Kaynes Technology India Ltd. Syrma SGS Technology Ltd shows 87.5% growth from a ₹345 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

LeaderDixon Technologies (India) Ltd · ₹1,645 crore
Gap351.9% versus #2 · Kaynes Technology India Ltd
Persistence7/8 recent comparable periods
Coverage9/9 companies · 137 observations

Investor read: Dixon Technologies (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.
Net profitlargest
1Dixon Technologies (India) Ltd DIXON₹1.6K Cr
2Kaynes Technology India Ltd KAYNES₹364 Cr
3Syrma SGS Technology Ltd SYRMA₹345 Cr
4Amber Enterprises India Ltd AMBER₹227 Cr
5PG Electroplast Ltd PGEL₹197 Cr
Profit growthfastest growers
1Syrma SGS Technology Ltd SYRMA88%
2Avalon Technologies Ltd AVALON79%
3Dixon Technologies (India) Ltd DIXON33%
4Cyient DLM Ltd CYIENTDLM27%
5Kaynes Technology India Ltd KAYNES24%
Net profit · company comparison
9/9 level · 8/9 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyNet profitProfit growthReported
Dixon Technologies (India) Ltd DIXON₹298 Cr-36%Mar 2026
Amber Enterprises India Ltd AMBER₹162 Cr37%Mar 2026
Syrma SGS Technology Ltd SYRMA₹119 Cr68%Mar 2026
Kaynes Technology India Ltd KAYNES₹91 Cr-22%Mar 2026
PG Electroplast Ltd PGEL₹65 Cr-55%Mar 2026
Avalon Technologies Ltd AVALON₹41 Cr71%Mar 2026
Cyient DLM Ltd CYIENTDLM₹16 Cr129%Jun 2026
Virtuoso Optoelectronics Ltd VOEPL⚠ unverified₹4 Cr85%Mar 2026
Epack Durable Ltd EPACK₹0 Cr-100%Mar 2026
Full 20-quarter history · every available company

Net profit · reported quarter history

Amber Enterprises India Ltd · AMBER

—
—
—
—
—
₹15 Cr
₹108 Cr
₹47 Cr
₹-6 Cr
₹-1 Cr
₹99 Cr
₹75 Cr
₹21 Cr
₹37 Cr
₹118 Cr
₹106 Cr
₹-32 Cr
₹-9 Cr
₹162 Cr
—

Avalon Technologies Ltd · AVALON

—
—
₹11 Cr
₹9 Cr
₹15 Cr
₹6 Cr
₹23 Cr
₹7 Cr
₹7 Cr
₹7 Cr
₹7 Cr
₹-2 Cr
₹17 Cr
₹24 Cr
₹24 Cr
₹14 Cr
₹25 Cr
₹33 Cr
₹41 Cr
—

Cyient DLM Ltd · CYIENTDLM

₹8 Cr
₹12 Cr
₹12 Cr
₹6 Cr
₹7 Cr
₹6 Cr
₹13 Cr
₹5 Cr
₹15 Cr
₹18 Cr
₹23 Cr
₹11 Cr
₹15 Cr
₹11 Cr
₹31 Cr
₹7 Cr
₹32 Cr
₹11 Cr
₹22 Cr
₹16 Cr

Dixon Technologies (India) Ltd · DIXON

—
—
—
—
—
₹52 Cr
₹81 Cr
₹67 Cr
₹113 Cr
₹97 Cr
₹97 Cr
₹140 Cr
₹412 Cr
₹216 Cr
₹465 Cr
₹280 Cr
₹746 Cr
₹321 Cr
₹298 Cr
—

Epack Durable Ltd · EPACK

—
—
—
—
—
₹-6 Cr
₹33 Cr
₹9 Cr
₹-6 Cr
₹5 Cr
₹28 Cr
₹23 Cr
₹-8 Cr
₹3 Cr
₹38 Cr
₹23 Cr
₹-22 Cr
₹3 Cr
₹0 Cr
—

Kaynes Technology India Ltd · KAYNES

—
₹11 Cr
₹20 Cr
₹10 Cr
₹21 Cr
₹23 Cr
₹41 Cr
₹25 Cr
₹32 Cr
₹45 Cr
₹81 Cr
₹51 Cr
₹60 Cr
₹66 Cr
₹116 Cr
₹75 Cr
₹121 Cr
₹77 Cr
₹91 Cr
—

PG Electroplast Ltd · PGEL

₹4 Cr
₹6 Cr
₹28 Cr
₹16 Cr
₹7 Cr
₹14 Cr
₹40 Cr
₹34 Cr
₹12 Cr
₹19 Cr
₹70 Cr
₹84 Cr
₹19 Cr
₹40 Cr
₹145 Cr
₹67 Cr
₹3 Cr
₹62 Cr
₹65 Cr
—

Syrma SGS Technology Ltd · SYRMA

—
—
—
—
—
₹34 Cr
₹43 Cr
₹28 Cr
₹31 Cr
₹20 Cr
₹45 Cr
₹20 Cr
₹40 Cr
₹53 Cr
₹71 Cr
₹50 Cr
₹66 Cr
₹110 Cr
₹119 Cr
—

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

—
—
—
₹4 Cr
—
—
₹3 Cr
—
—
—
—
—
—
—
₹2 Cr
₹6 Cr
₹-4 Cr
₹8 Cr
₹4 Cr
—

Profit growth · reported quarter history

Amber Enterprises India Ltd · AMBER

—
—
—
—
—
—
—
—
—
-107%
-8.3%
60%
—
—
19%
41%
-252%
-124%
37%
—

Avalon Technologies Ltd · AVALON

—
—
—
—
—
—
109%
-22%
-53%
17%
-70%
-129%
143%
243%
243%
—
47%
38%
71%
—

Cyient DLM Ltd · CYIENTDLM

—
—
—
—
-13%
-52%
8.3%
-17%
114%
215%
77%
120%
0.0%
-39%
35%
-36%
113%
0.0%
-29%
129%

Dixon Technologies (India) Ltd · DIXON

—
—
—
—
—
—
—
—
—
87%
20%
109%
265%
123%
379%
100%
81%
49%
-36%
—

Epack Durable Ltd · EPACK

—
—
—
—
—
—
—
—
—
—
-17%
168%
—
-49%
36%
-2.2%
—
3.2%
-100%
—

Kaynes Technology India Ltd · KAYNES

—
—
—
—
—
109%
105%
150%
52%
96%
98%
104%
88%
47%
43%
47%
102%
17%
-22%
—

PG Electroplast Ltd · PGEL

—
—
—
1,500%
75%
133%
43%
113%
71%
36%
75%
147%
58%
111%
107%
-20%
-84%
55%
-55%
—

Syrma SGS Technology Ltd · SYRMA

—
—
—
—
—
—
—
—
—
-41%
4.7%
-29%
29%
165%
58%
150%
65%
108%
68%
—

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
85%
—
04 · compare level, then change

Capacity Spending & Returns On It

Virtuoso Optoelectronics Ltd has the highest CAPEX among the 9 Consumer Electronics - EMS companies compared here, at ₹64 crore. Kaynes Technology India Ltd is next at ₹12 crore. The same company also holds the highest CAPEX intensity, at 26.7%. 3 of 9 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Virtuoso Optoelectronics Ltd reports ₹64 crore of CAPEX; Virtuoso Optoelectronics Ltd has the highest covered intensity at 26.7%. Coverage is only 3 of 9 companies and 20 reported observations, so this is partial evidence—not a complete sector rank.

LeaderVirtuoso Optoelectronics Ltd · ₹64 crore
Gap433.3% versus #2 · Kaynes Technology India Ltd
Persistence3/3 recent comparable periods
Coverage3/9 companies · 20 observations

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.
CAPEXlargest spenders
1Virtuoso Optoelectronics Ltd VOEPL⚠ unverified₹64 Cr
2Kaynes Technology India Ltd KAYNES₹12 Cr
3Cyient DLM Ltd CYIENTDLM₹2 Cr
CAPEX intensityhighest reinvestment intensity
1Virtuoso Optoelectronics Ltd VOEPL⚠ unverified27%
2Kaynes Technology India Ltd KAYNES4.4%
3Cyient DLM Ltd CYIENTDLM1.1%
Capital expenditure · company comparison
3/9 level · 3/9 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

Withheld from this chart: Dixon Technologies (India) Ltd (DIXON) — its two data sources disagree by up to 21% on reported income across 14 comparable periods, so its derived ratios are withheld; Amber Enterprises India Ltd (AMBER) — its two data sources disagree by up to 197% on reported income across 14 comparable periods, so its derived ratios are withheld; Syrma SGS Technology Ltd (SYRMA) — its two data sources disagree by up to 21% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyCAPEXCAPEX intensityReported
Virtuoso Optoelectronics Ltd VOEPL⚠ unverified₹64 Cr27%Mar 2026
Kaynes Technology India Ltd KAYNES₹12 Cr4.4%Mar 2026
Cyient DLM Ltd CYIENTDLM₹2 Cr1.1%Jun 2026
Full 20-quarter history · every available company

CAPEX · reported quarter history

Cyient DLM Ltd · CYIENTDLM

₹2 Cr
₹2 Cr
₹2 Cr
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Kaynes Technology India Ltd · KAYNES

—
—
₹26 Cr
₹7 Cr
₹12 Cr
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

₹2 Cr
₹12 Cr
₹12 Cr
₹2 Cr
₹17 Cr
₹18 Cr
₹18 Cr
₹15 Cr
₹15 Cr
—
₹16 Cr
₹18 Cr
₹18 Cr
₹64 Cr
₹64 Cr
—
—
—
—
—

CAPEX intensity · reported quarter history

Cyient DLM Ltd · CYIENTDLM

1.2%
1.1%
1.1%
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Kaynes Technology India Ltd · KAYNES

—
—
11%
3.5%
4.4%
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

—
—
—
2.7%
—
—
8.0%
—
—
—
—
—
—
—
27%
—
—
—
—
—
Annual capital allocation · 10-year view
9/9 capacity base · 9/9 OCF · 9/9 CAPEX · 9/9 FCF

Capacity base is net fixed assets plus capital work in progress, straight off the reported balance sheet. It is not cash spent, so it answers a narrower question than CAPEX — but it is reported for companies whose cash-flow CAPEX is not published, which is why it leads here. Missing years remain blank; annual values are never relabelled as quarters.

Full annual capacity base, operating cash flow, CAPEX and free cash flow history

Capacity base · net fixed assets + CWIP · fiscal-year history

Amber Enterprises India Ltd · AMBER

₹578 Cr
₹740 Cr
₹843 Cr
₹1.1K Cr
₹1.2K Cr
₹1.6K Cr
₹2.3K Cr
₹2.9K Cr
₹3.2K Cr
₹6.4K Cr

Avalon Technologies Ltd · AVALON

—
—
—
₹102 Cr
₹104 Cr
₹116 Cr
₹143 Cr
₹167 Cr
₹195 Cr
₹216 Cr

Cyient DLM Ltd · CYIENTDLM

—
—
₹49 Cr
₹183 Cr
₹188 Cr
₹175 Cr
₹162 Cr
₹193 Cr
₹352 Cr
₹357 Cr

Dixon Technologies (India) Ltd · DIXON

₹139 Cr
₹195 Cr
₹260 Cr
₹424 Cr
₹622 Cr
₹1.0K Cr
₹1.4K Cr
₹2.1K Cr
₹3.0K Cr
₹4.7K Cr

Epack Durable Ltd · EPACK

—
—
—
₹113 Cr
₹116 Cr
₹335 Cr
₹511 Cr
₹705 Cr
₹749 Cr
₹998 Cr

Kaynes Technology India Ltd · KAYNES

—
₹46 Cr
₹55 Cr
₹78 Cr
₹93 Cr
₹121 Cr
₹161 Cr
₹424 Cr
₹1.2K Cr
₹2.1K Cr

PG Electroplast Ltd · PGEL

₹166 Cr
₹202 Cr
₹227 Cr
₹259 Cr
₹279 Cr
₹446 Cr
₹580 Cr
₹848 Cr
₹1.2K Cr
₹1.9K Cr

Syrma SGS Technology Ltd · SYRMA

—
—
₹86 Cr
₹297 Cr
₹292 Cr
₹419 Cr
₹557 Cr
₹1.1K Cr
₹1.2K Cr
₹1.5K Cr

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

—
—
₹5 Cr
₹19 Cr
₹27 Cr
₹50 Cr
₹94 Cr
₹138 Cr
₹257 Cr
₹490 Cr

Operating cash flow · fiscal-year history

Amber Enterprises India Ltd · AMBER

₹142 Cr
₹127 Cr
₹-63 Cr
₹288 Cr
₹221 Cr
₹241 Cr
₹321 Cr
₹965 Cr
₹711 Cr
₹240 Cr

Avalon Technologies Ltd · AVALON

—
—
—
₹66 Cr
₹6 Cr
₹16 Cr
₹-13 Cr
₹17 Cr
₹25 Cr
₹0 Cr

Cyient DLM Ltd · CYIENTDLM

—
—
₹29 Cr
₹16 Cr
₹35 Cr
₹49 Cr
₹54 Cr
₹-71 Cr
₹-62 Cr
₹54 Cr

Dixon Technologies (India) Ltd · DIXON

₹53 Cr
₹68 Cr
₹-3 Cr
₹237 Cr
₹170 Cr
₹273 Cr
₹726 Cr
₹584 Cr
₹1.2K Cr
₹1.8K Cr

Epack Durable Ltd · EPACK

—
—
—
₹43 Cr
₹47 Cr
₹-29 Cr
₹19 Cr
₹257 Cr
₹31 Cr
₹-140 Cr

Kaynes Technology India Ltd · KAYNES

—
₹9 Cr
₹-8 Cr
₹45 Cr
₹28 Cr
₹21 Cr
₹-42 Cr
₹88 Cr
₹-82 Cr
₹-600 Cr

PG Electroplast Ltd · PGEL

₹6 Cr
₹42 Cr
₹19 Cr
₹28 Cr
₹57 Cr
₹-79 Cr
₹46 Cr
₹188 Cr
₹-77 Cr
₹66 Cr

Syrma SGS Technology Ltd · SYRMA

—
—
₹10 Cr
₹156 Cr
₹37 Cr
₹-13 Cr
₹-70 Cr
₹-109 Cr
₹176 Cr
₹290 Cr

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

—
—
₹2 Cr
₹-6 Cr
₹1 Cr
₹22 Cr
₹-10 Cr
₹14 Cr
₹31 Cr
₹3 Cr

CAPEX · reported cash flow · fiscal-year history

Amber Enterprises India Ltd · AMBER

₹82 Cr
₹211 Cr
₹165 Cr
₹360 Cr
₹161 Cr
₹554 Cr
₹778 Cr
₹831 Cr
₹550 Cr
₹3.5K Cr

Avalon Technologies Ltd · AVALON

—
—
—
—
₹18 Cr
₹30 Cr
₹47 Cr
₹47 Cr
₹57 Cr
₹55 Cr

Cyient DLM Ltd · CYIENTDLM

—
—
—
₹145 Cr
₹23 Cr
₹6 Cr
₹6 Cr
₹53 Cr
₹193 Cr
₹48 Cr

Dixon Technologies (India) Ltd · DIXON

₹26 Cr
₹71 Cr
₹87 Cr
₹201 Cr
₹242 Cr
₹487 Cr
₹454 Cr
₹862 Cr
₹1.2K Cr
₹2.1K Cr

Epack Durable Ltd · EPACK

—
—
—
—
₹12 Cr
₹235 Cr
₹202 Cr
₹229 Cr
₹91 Cr
₹303 Cr

Kaynes Technology India Ltd · KAYNES

—
—
₹14 Cr
₹31 Cr
₹25 Cr
₹41 Cr
₹59 Cr
₹288 Cr
₹857 Cr
₹975 Cr

PG Electroplast Ltd · PGEL

₹30 Cr
₹48 Cr
₹38 Cr
₹48 Cr
₹38 Cr
₹189 Cr
₹169 Cr
₹315 Cr
₹430 Cr
₹728 Cr

Syrma SGS Technology Ltd · SYRMA

—
—
—
₹230 Cr
₹18 Cr
₹152 Cr
₹169 Cr
₹586 Cr
₹193 Cr
₹405 Cr

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

—
—
—
₹15 Cr
₹10 Cr
₹28 Cr
₹53 Cr
₹62 Cr
₹129 Cr
₹261 Cr

Free cash flow · fiscal-year history

Amber Enterprises India Ltd · AMBER

₹60 Cr
₹-84 Cr
₹-228 Cr
₹-72 Cr
₹60 Cr
₹-313 Cr
₹-457 Cr
₹134 Cr
₹161 Cr
₹-3.2K Cr

Avalon Technologies Ltd · AVALON

—
—
—
—
₹-12 Cr
₹-14 Cr
₹-60 Cr
₹-30 Cr
₹-32 Cr
₹-55 Cr

Cyient DLM Ltd · CYIENTDLM

—
—
—
₹-129 Cr
₹12 Cr
₹43 Cr
₹48 Cr
₹-124 Cr
₹-255 Cr
₹6 Cr

Dixon Technologies (India) Ltd · DIXON

₹27 Cr
₹-3 Cr
₹-90 Cr
₹36 Cr
₹-72 Cr
₹-214 Cr
₹272 Cr
₹-278 Cr
₹-98 Cr
₹-323 Cr

Epack Durable Ltd · EPACK

—
—
—
—
₹35 Cr
₹-264 Cr
₹-183 Cr
₹28 Cr
₹-60 Cr
₹-443 Cr

Kaynes Technology India Ltd · KAYNES

—
—
₹-22 Cr
₹14 Cr
₹3 Cr
₹-20 Cr
₹-101 Cr
₹-200 Cr
₹-939 Cr
₹-1.6K Cr

PG Electroplast Ltd · PGEL

₹-24 Cr
₹-6 Cr
₹-19 Cr
₹-20 Cr
₹19 Cr
₹-268 Cr
₹-123 Cr
₹-127 Cr
₹-507 Cr
₹-662 Cr

Syrma SGS Technology Ltd · SYRMA

—
—
—
₹-74 Cr
₹19 Cr
₹-165 Cr
₹-239 Cr
₹-695 Cr
₹-17 Cr
₹-115 Cr

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

—
—
—
₹-21 Cr
₹-9 Cr
₹-6 Cr
₹-63 Cr
₹-48 Cr
₹-98 Cr
₹-258 Cr
05 · compare level, then change

Debt Load & Balance-Sheet Headroom

Cyient DLM Ltd has the lowest Gross debt among the 9 Consumer Electronics - EMS companies compared here, at ₹172 crore. Avalon Technologies Ltd is next at ₹213 crore. Avalon Technologies Ltd has the lowest Net debt at ₹70 crore, so level and change sit with different companies. Its Gross debt series carries 18 reported observations across the 20-quarter window.

What the numbers say: Avalon Technologies Ltd has the clearest covered balance-sheet capacity with ₹70 crore and gross debt of ₹213 crore. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

LeaderCyient DLM Ltd · ₹172 crore
Gap19.2% versus #2 · Avalon Technologies Ltd
Persistence4/8 recent comparable periods
Coverage9/9 companies · 116 observations

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.
Gross debtlowest gross debt
1Cyient DLM Ltd CYIENTDLM₹172 Cr
2Avalon Technologies Ltd AVALON₹213 Cr
3Virtuoso Optoelectronics Ltd VOEPL⚠ unverified₹345 Cr
4Syrma SGS Technology Ltd SYRMA₹400 Cr
5PG Electroplast Ltd PGEL₹597 Cr
Net debtlowest net debt
1Avalon Technologies Ltd AVALON₹70 Cr
2Cyient DLM Ltd CYIENTDLM₹72 Cr
3Kaynes Technology India Ltd KAYNES₹114 Cr
4PG Electroplast Ltd PGEL₹208 Cr
5Virtuoso Optoelectronics Ltd VOEPL⚠ unverified₹344 Cr
Debt and balance-sheet capacity · company comparison
9/9 level · 6/9 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGross debtNet debtReported
Amber Enterprises India Ltd AMBER₹2.7K Cr—Mar 2026
Dixon Technologies (India) Ltd DIXON₹994 Cr—Mar 2026
Kaynes Technology India Ltd KAYNES₹913 Cr₹114 CrMar 2026
Epack Durable Ltd EPACK₹739 Cr₹723 CrMar 2026
PG Electroplast Ltd PGEL₹597 Cr₹208 CrMar 2026
Syrma SGS Technology Ltd SYRMA₹400 Cr—Mar 2026
Virtuoso Optoelectronics Ltd VOEPL⚠ unverified₹345 Cr₹344 CrMar 2026
Avalon Technologies Ltd AVALON₹213 Cr₹70 CrMar 2026
Cyient DLM Ltd CYIENTDLM₹172 Cr₹72 CrJun 2026
Full 20-quarter history · every available company

Gross debt · reported quarter history

Amber Enterprises India Ltd · AMBER

—
—
₹1.1K Cr
—
—
—
₹1.5K Cr
—
—
—
₹1.5K Cr
—
—
—
₹2.1K Cr
—
₹2.8K Cr
—
₹2.7K Cr
—

Avalon Technologies Ltd · AVALON

—
—
₹318 Cr
—
—
—
₹342 Cr
₹342 Cr
₹136 Cr
₹136 Cr
₹209 Cr
₹209 Cr
₹199 Cr
₹199 Cr
₹180 Cr
₹180 Cr
₹163 Cr
₹163 Cr
₹213 Cr
—

Cyient DLM Ltd · CYIENTDLM

—
₹337 Cr
₹337 Cr
₹337 Cr
₹349 Cr
—
₹356 Cr
₹356 Cr
₹287 Cr
₹287 Cr
₹192 Cr
₹192 Cr
₹343 Cr
₹343 Cr
₹301 Cr
₹301 Cr
₹211 Cr
₹211 Cr
₹172 Cr
₹172 Cr

Dixon Technologies (India) Ltd · DIXON

—
—
₹667 Cr
—
—
—
₹453 Cr
—
—
—
₹489 Cr
—
—
—
₹671 Cr
—
₹1.4K Cr
—
₹994 Cr
—

Epack Durable Ltd · EPACK

—
—
₹415 Cr
—
—
—
₹525 Cr
—
₹430 Cr
—
₹386 Cr
₹416 Cr
₹488 Cr
₹488 Cr
₹416 Cr
₹416 Cr
₹724 Cr
₹724 Cr
₹739 Cr
—

Kaynes Technology India Ltd · KAYNES

—
₹175 Cr
₹189 Cr
₹208 Cr
—
—
₹155 Cr
₹155 Cr
₹278 Cr
₹278 Cr
₹323 Cr
₹323 Cr
₹698 Cr
₹698 Cr
₹903 Cr
₹903 Cr
₹885 Cr
₹885 Cr
₹913 Cr
—

PG Electroplast Ltd · PGEL

₹232 Cr
₹232 Cr
₹399 Cr
₹399 Cr
₹433 Cr
₹433 Cr
₹577 Cr
₹577 Cr
₹313 Cr
₹313 Cr
₹435 Cr
₹435 Cr
₹456 Cr
₹456 Cr
₹384 Cr
₹384 Cr
₹590 Cr
₹590 Cr
₹597 Cr
—

Syrma SGS Technology Ltd · SYRMA

—
—
₹218 Cr
—
—
—
₹375 Cr
—
—
—
₹630 Cr
—
—
—
₹665 Cr
—
₹332 Cr
—
₹400 Cr
—

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

₹69 Cr
₹68 Cr
₹68 Cr
₹71 Cr
₹74 Cr
₹88 Cr
₹88 Cr
₹112 Cr
₹112 Cr
₹135 Cr
₹135 Cr
₹124 Cr
₹124 Cr
₹172 Cr
₹172 Cr
₹172 Cr
₹202 Cr
₹206 Cr
₹345 Cr
—

Net debt · reported quarter history

Avalon Technologies Ltd · AVALON

—
—
₹308 Cr
—
—
—
₹-80 Cr
₹-80 Cr
₹3 Cr
₹3 Cr
₹27 Cr
₹27 Cr
₹11 Cr
₹11 Cr
₹45 Cr
₹45 Cr
₹95 Cr
₹95 Cr
₹70 Cr
—

Cyient DLM Ltd · CYIENTDLM

—
₹260 Cr
₹260 Cr
₹260 Cr
₹267 Cr
—
₹279 Cr
₹279 Cr
₹-277 Cr
₹-277 Cr
₹150 Cr
₹150 Cr
₹-116 Cr
₹-116 Cr
₹254 Cr
₹254 Cr
₹-98 Cr
₹-98 Cr
₹72 Cr
₹72 Cr

Epack Durable Ltd · EPACK

—
—
—
—
—
—
₹623 Cr
—
₹420 Cr
—
₹49 Cr
₹70 Cr
₹240 Cr
₹240 Cr
₹372 Cr
₹362 Cr
₹682 Cr
₹682 Cr
₹723 Cr
—

Kaynes Technology India Ltd · KAYNES

—
₹159 Cr
₹173 Cr
₹206 Cr
—
—
₹-327 Cr
₹-331 Cr
₹-172 Cr
₹-172 Cr
₹-1.2K Cr
₹-1.2K Cr
₹-514 Cr
₹-514 Cr
₹-144 Cr
₹-144 Cr
₹-168 Cr
₹-168 Cr
₹114 Cr
—

PG Electroplast Ltd · PGEL

₹200 Cr
₹200 Cr
₹371 Cr
₹360 Cr
₹410 Cr
₹410 Cr
₹560 Cr
₹537 Cr
₹-27 Cr
₹-27 Cr
₹280 Cr
₹253 Cr
₹309 Cr
₹309 Cr
₹-510 Cr
₹-596 Cr
₹-40 Cr
₹-40 Cr
₹208 Cr
—

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

₹68 Cr
₹66 Cr
₹67 Cr
₹71 Cr
₹72 Cr
₹88 Cr
₹88 Cr
₹112 Cr
₹112 Cr
₹45 Cr
₹45 Cr
₹75 Cr
₹75 Cr
₹137 Cr
₹137 Cr
₹137 Cr
₹206 Cr
₹206 Cr
₹344 Cr
—
06 · compare level, then change

Return On Capital Employed

Dixon Technologies (India) Ltd has the highest ROCE among the 9 Consumer Electronics - EMS companies compared here, at 42%. Avalon Technologies Ltd is next at 19.5%. Avalon Technologies Ltd has the highest ROCE change at +5.9 percentage points, so level and change sit with different companies. 9 of 9 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Dixon Technologies (India) Ltd leads ROCE at 42%, 22.5 percentage points above Avalon Technologies Ltd. Avalon Technologies Ltd has the strongest latest improvement at +5.9 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

LeaderDixon Technologies (India) Ltd · 42%
Gap115.4% versus #2 · Avalon Technologies Ltd
PersistenceNot enough history
Coverage9/9 companies · 89 observations

Investor read: Dixon Technologies (India) Ltd sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.
ROCEhighest
1Dixon Technologies (India) Ltd DIXON42%
2Avalon Technologies Ltd AVALON20%
3Syrma SGS Technology Ltd SYRMA17%
4Kaynes Technology India Ltd KAYNES13%
5PG Electroplast Ltd PGEL10%
ROCE changefastest improvers
1Avalon Technologies Ltd AVALON+5.9 pp
2Syrma SGS Technology Ltd SYRMA+5.0 pp
3Dixon Technologies (India) Ltd DIXON+2.0 pp
4Cyient DLM Ltd CYIENTDLM−0.1 pp
5Virtuoso Optoelectronics Ltd VOEPL⚠ unverified−3.0 pp
Return on capital · company comparison
9/9 level · 9/9 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

Withheld from this chart: Dixon Technologies (India) Ltd (DIXON) — its two data sources disagree by up to 21% on reported income across 14 comparable periods, so its derived ratios are withheld; Amber Enterprises India Ltd (AMBER) — its two data sources disagree by up to 197% on reported income across 14 comparable periods, so its derived ratios are withheld; Syrma SGS Technology Ltd (SYRMA) — its two data sources disagree by up to 21% on reported income across 14 comparable periods, so its derived ratios are withheld. A figure two sources cannot agree on is not drawn — the gap is a decision, not missing data.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyROCEROCE changeReported
Avalon Technologies Ltd AVALON18%+5.9 ppMar 2026
Cyient DLM Ltd CYIENTDLM11%−0.1 ppJun 2026
Virtuoso Optoelectronics Ltd VOEPL⚠ unverified9.1%−3.0 ppMar 2026
Kaynes Technology India Ltd KAYNES9.0%−3.4 ppMar 2026
PG Electroplast Ltd PGEL8.9%−3.9 ppMar 2026
Epack Durable Ltd EPACK4.9%−5.7 ppMar 2026
Full 20-quarter history · every available company

ROCE · reported quarter history

Avalon Technologies Ltd · AVALON

—
—
9.9%
—
—
—
15%
—
12%
20%
6.1%
6.3%
6.6%
13%
12%
19%
16%
22%
18%
—

Cyient DLM Ltd · CYIENTDLM

—
18%
25%
—
18%
—
19%
—
7.3%
15%
8.4%
17%
8.8%
11%
8.9%
11%
8.8%
12%
7.3%
11%

Epack Durable Ltd · EPACK

—
—
—
—
—
—
12%
—
12%
14%
7.9%
15%
9.7%
14%
11%
13%
8.8%
11%
4.9%
—

Kaynes Technology India Ltd · KAYNES

—
7.9%
21%
27%
—
—
15%
—
16%
34%
9.1%
19%
11%
22%
12%
19%
9.2%
16%
9.0%
—

PG Electroplast Ltd · PGEL

11%
—
13%
—
17%
—
22%
—
15%
21%
16%
29%
20%
26%
13%
20%
11%
20%
8.9%
—

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

12%
20%
29%
35%
22%
16%
18%
15%
18%
11%
12%
13%
14%
11%
12%
—
9.8%
14%
9.1%
—

ROCE change · reported quarter history

Avalon Technologies Ltd · AVALON

—
—
—
—
—
—
+4.7 pp
—
—
—
−8.5 pp
—
−5.3 pp
−7.3 pp
+6.2 pp
+12.6 pp
+9.5 pp
+8.7 pp
+5.9 pp
—

Cyient DLM Ltd · CYIENTDLM

—
—
—
—
—
—
−6.1 pp
—
−10.6 pp
—
−10.6 pp
—
+1.5 pp
−3.5 pp
+0.5 pp
−5.9 pp
0.0 pp
+0.9 pp
−1.6 pp
−0.1 pp

Epack Durable Ltd · EPACK

—
—
—
—
—
—
—
—
—
—
−4.5 pp
—
−2.0 pp
−0.3 pp
+2.7 pp
−2.5 pp
−0.9 pp
−2.2 pp
−5.7 pp
—

Kaynes Technology India Ltd · KAYNES

—
—
—
—
—
—
−6.1 pp
—
—
—
−5.8 pp
—
−5.3 pp
−11.8 pp
+3.3 pp
0.0 pp
−1.4 pp
−6.6 pp
−3.4 pp
—

PG Electroplast Ltd · PGEL

—
—
—
—
+6.6 pp
—
+8.9 pp
—
−1.8 pp
—
−6.4 pp
—
+4.3 pp
+5.2 pp
−2.9 pp
−8.4 pp
−8.8 pp
−6.4 pp
−3.9 pp
—

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

—
—
—
—
+10.2 pp
−3.4 pp
−11.7 pp
−19.4 pp
−3.9 pp
−5.2 pp
−5.4 pp
−2.6 pp
−4.7 pp
+0.1 pp
0.0 pp
—
−3.7 pp
+2.4 pp
−3.0 pp
—
07 · compare level, then change

Valuation Against Growth & Quality

Kaynes Technology India Ltd has the lowest Guarded PEG among the 9 Consumer Electronics - EMS companies compared here, at 1.33×. Epack Durable Ltd is next at 1.41×. The same company also holds the lowest P/E, at 58.2×. 5 of 9 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Kaynes Technology India Ltd has the lowest comparable Guarded PEG at 1.33×, 5.7% below Epack Durable Ltd. Only 5 of 9 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

LeaderKaynes Technology India Ltd · 1.33×
Gap5.7% versus #2 · Epack Durable Ltd
Persistence0/8 recent comparable periods
Coverage5/9 companies · 19 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.
Guarded PEGlowest PEG
1Kaynes Technology India Ltd KAYNES1.3
2Epack Durable Ltd EPACK1.4
3PG Electroplast Ltd PGEL2.3
4Avalon Technologies Ltd AVALON2.6
5Cyient DLM Ltd CYIENTDLM6.4
P/Elowest P/E
1Kaynes Technology India Ltd KAYNES58.2
2Dixon Technologies (India) Ltd DIXON58.8
3Cyient DLM Ltd CYIENTDLM64.8
4Syrma SGS Technology Ltd SYRMA77.4
5PG Electroplast Ltd PGEL83.5
Valuation · company comparison
5/9 level · 9/9 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyGuarded PEGP/EReported
Cyient DLM Ltd CYIENTDLM6.450.3Jun 2026
PG Electroplast Ltd PGEL2.350.0Mar 2026
Epack Durable Ltd EPACK1.449.7Mar 2026
Kaynes Technology India Ltd KAYNES1.361.2Mar 2026
Dixon Technologies (India) Ltd DIXON—43.0Mar 2026
Amber Enterprises India Ltd AMBER—96.3Mar 2026
Syrma SGS Technology Ltd SYRMA—53.6Mar 2026
Avalon Technologies Ltd AVALON—66.7Mar 2026
Virtuoso Optoelectronics Ltd VOEPL⚠ unverified—62.6Mar 2026
Full 20-quarter history · every available company

Guarded PEG · reported quarter history

Cyient DLM Ltd · CYIENTDLM

—
—
—
—
—
—
—
—
—
—
3.9
2.8
—
1.9
—
4.9
—
1.9
0.7
6.4

Epack Durable Ltd · EPACK

—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
1.4
—
—
—
—

Kaynes Technology India Ltd · KAYNES

—
—
—
—
—
—
—
—
4.8
2.1
—
—
—
—
—
2.3
3.2
1.3
1.3
—

PG Electroplast Ltd · PGEL

7.1
—
—
—
—
—
—
—
3.2
—
0.8
—
—
—
—
—
—
2.9
2.3
—

P/E · reported quarter history

Amber Enterprises India Ltd · AMBER

90.1
91.4
95.2
67.0
57.4
49.6
55.7
48.4
62.4
67.4
86.7
114.7
98.3
135.0
109.5
95.0
100.5
100.4
96.3
—

Avalon Technologies Ltd · AVALON

—
—
—
—
—
—
—
0.2
61.2
77.4
69.5
126.7
213.8
231.7
108.2
86.0
82.3
67.3
66.7
—

Cyient DLM Ltd · CYIENTDLM

—
—
—
—
—
—
—
—
120.1
112.5
96.0
96.8
80.2
79.8
60.7
54.3
53.0
41.0
27.0
50.3

Dixon Technologies (India) Ltd · DIXON

144.9
172.9
146.8
109.5
118.8
99.7
71.4
102.1
113.0
126.7
126.3
194.3
193.9
191.8
124.2
113.3
122.8
57.6
43.0
—

Epack Durable Ltd · EPACK

—
—
—
—
—
—
—
—
—
—
23.8
60.3
79.6
99.2
78.0
59.8
62.4
66.3
49.7
—

Kaynes Technology India Ltd · KAYNES

—
—
—
—
—
83.2
106.6
84.8
116.1
125.3
119.8
130.3
166.8
190.4
117.4
127.9
149.6
70.3
61.2
—

PG Electroplast Ltd · PGEL

66.3
73.7
70.1
50.3
41.5
42.6
44.3
45.4
42.4
54.8
37.2
66.2
93.7
135.1
114.4
72.7
53.4
64.6
50.0
—

Syrma SGS Technology Ltd · SYRMA

—
—
—
—
50.9
50.7
47.4
64.2
81.7
89.0
71.3
81.3
79.0
99.9
58.0
57.8
70.8
58.5
53.6
—

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

—
—
—
—
35.2
32.8
48.5
79.5
87.2
64.0
54.7
77.5
112.8
148.7
144.4
108.0
103.1
149.9
62.6
—
08 · compare level, then change

Enterprise Value & Book Value

Virtuoso Optoelectronics Ltd has the lowest EV/EBITDA among the 9 Consumer Electronics - EMS companies compared here, at 14×. Epack Durable Ltd is next at 15.7×. Epack Durable Ltd has the lowest P/BV at 2.35×, so level and change sit with different companies. 9 of 9 companies report a comparable reading, the latest through Mar 2026.

What the numbers say: Virtuoso Optoelectronics Ltd leads ev/ebitda at 14×; Epack Durable Ltd leads p/bv at 2.35×.

LeaderVirtuoso Optoelectronics Ltd · 14×
Gap10.8% versus #2 · Epack Durable Ltd
Persistence0/8 recent comparable periods
Coverage9/9 companies · 134 observations

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.
EV/EBITDAlowest EV/EBITDA
1Virtuoso Optoelectronics Ltd VOEPL⚠ unverified14.0
2Epack Durable Ltd EPACK15.7
3Cyient DLM Ltd CYIENTDLM22.9
4Dixon Technologies (India) Ltd DIXON24.1
5PG Electroplast Ltd PGEL25.6
P/BVlowest P/BV
1Epack Durable Ltd EPACK2.4
2Virtuoso Optoelectronics Ltd VOEPL⚠ unverified3.8
3Kaynes Technology India Ltd KAYNES4.5
4Cyient DLM Ltd CYIENTDLM5.2
5PG Electroplast Ltd PGEL5.4
Enterprise and book valuation · company comparison
9/9 level · 9/9 change

Solid lines show level; dotted lines show change when “Both” is selected. Missing reports break the line rather than being invented.

All-company data · latest reported quarter

Each figure is the company’s latest single reported quarter. The rankings above use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.

CompanyEV/EBITDAP/BVReported
Avalon Technologies Ltd AVALON36.79.9Mar 2026
Kaynes Technology India Ltd KAYNES35.25.2Mar 2026
Syrma SGS Technology Ltd SYRMA29.45.6Mar 2026
Amber Enterprises India Ltd AMBER25.96.4Mar 2026
PG Electroplast Ltd PGEL25.64.8Mar 2026
Dixon Technologies (India) Ltd DIXON24.115.0Mar 2026
Cyient DLM Ltd CYIENTDLM22.93.6Jun 2026
Epack Durable Ltd EPACK15.72.1Mar 2026
Virtuoso Optoelectronics Ltd VOEPL⚠ unverified14.02.4Mar 2026
Full 20-quarter history · every available company

EV/EBITDA · reported quarter history

Amber Enterprises India Ltd · AMBER

34.8
37.6
39.4
24.1
23.9
19.3
17.4
17.2
21.4
22.2
25.6
29.6
27.4
40.3
34.8
29.8
34.3
30.0
25.9
—

Avalon Technologies Ltd · AVALON

—
—
—
—
—
—
—
30.3
28.0
35.5
32.9
45.2
63.4
82.8
47.2
42.1
43.4
36.1
36.7
—

Cyient DLM Ltd · CYIENTDLM

—
—
—
—
—
—
—
—
62.7
58.9
47.9
40.2
34.0
34.4
23.6
22.7
21.1
18.2
12.1
22.9

Dixon Technologies (India) Ltd · DIXON

81.2
96.2
74.2
55.2
60.0
50.0
36.5
51.2
57.0
64.2
65.2
98.3
98.4
100.8
62.0
56.9
60.0
31.4
24.1
—

Epack Durable Ltd · EPACK

—
—
—
—
—
—
—
—
—
—
18.4
22.5
26.1
33.9
25.1
20.4
21.2
20.1
15.7
—

Kaynes Technology India Ltd · KAYNES

—
—
—
—
—
45.6
58.1
49.6
64.3
76.2
72.1
78.3
96.2
107.8
65.8
73.6
87.1
42.4
35.2
—

PG Electroplast Ltd · PGEL

19.6
29.7
26.0
23.6
21.5
20.8
21.7
21.9
24.6
27.6
18.5
35.7
51.5
78.5
64.5
42.0
26.8
32.5
25.6
—

Syrma SGS Technology Ltd · SYRMA

—
—
—
—
36.1
36.0
33.1
35.0
43.7
47.8
34.7
35.4
32.1
38.7
25.6
28.1
38.1
30.4
29.4
—

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

—
—
—
—
12.3
10.7
13.4
14.9
15.4
13.8
13.0
17.5
24.3
30.1
32.7
26.9
27.4
22.8
14.0
—

P/BV · reported quarter history

Amber Enterprises India Ltd · AMBER

6.5
6.8
7.4
4.6
4.5
3.6
3.5
4.4
5.2
5.4
6.3
8.0
7.6
11.9
11.6
11.2
12.1
6.4
6.4
—

Avalon Technologies Ltd · AVALON

—
—
—
—
—
—
—
6.7
6.8
6.8
6.1
6.5
7.3
11.9
8.9
9.9
10.8
9.1
9.9
—

Cyient DLM Ltd · CYIENTDLM

—
—
—
—
—
—
—
—
6.4
6.0
6.3
6.5
5.9
5.7
3.9
3.9
3.6
3.4
2.2
3.6

Dixon Technologies (India) Ltd · DIXON

34.8
38.8
30.5
28.0
23.3
20.8
17.0
26.1
24.5
27.0
30.8
55.5
49.5
48.2
35.5
51.1
35.0
18.4
15.0
—

Epack Durable Ltd · EPACK

—
—
—
—
—
—
—
—
—
—
1.6
2.6
4.1
5.3
3.9
3.7
3.6
2.9
2.1
—

Kaynes Technology India Ltd · KAYNES

—
—
—
—
—
—
5.8
9.1
13.9
14.9
18.1
23.2
14.3
17.4
11.7
15.1
16.5
5.8
5.2
—

PG Electroplast Ltd · PGEL

4.2
6.1
5.5
5.9
6.4
7.1
9.0
10.7
10.2
6.6
4.6
20.2
16.6
22.7
22.6
19.0
5.2
5.7
4.8
—

Syrma SGS Technology Ltd · SYRMA

—
—
—
—
—
3.4
3.2
5.1
7.0
7.6
5.3
5.7
4.8
6.4
5.0
6.1
8.2
5.0
5.6
—

Virtuoso Optoelectronics Ltd · VOEPL⚠ unverified

—
—
—
—
5.1
2.8
4.0
4.4
5.6
2.5
2.7
3.8
5.5
7.0
6.8
6.3
5.2
3.5
2.4
—
09 · let price answer last

Market action

Avalon Technologies Ltd has the strongest one-year price move in Consumer Electronics - EMS at +99.2%. It also leads on Mansfield relative strength against NIFTY at +54.1%. 7 of 9 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-07-17.

Every price line is indexed to 100 over the chosen window. Mansfield relative strength compares a price ratio with its own 52-week average; zero separates leadership from lagging.
Price and relative strength

Price is rebased to 100 inside the selected window. Pair ratio rebases each selected company against one chosen denominator.

Before the conclusion · check the blind spots

What can make this comparison misleading?

This Consumer Electronics - EMS comparison names 6 specific ways its own evidence can mislead, all listed below. All 9 companies here report on comparable dates, so no rank carries a stale marker. 1 draws at least one figure from a second feed with too little overlap to cross-check. 3 have second-feed figures withheld because the two sources disagree.

Keep these limits visible

  • A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
  • A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
  • The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
  • An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
  • 1 company draws at least one figure from a second data feed with too little overlapping history to cross-check against the primary source; it is marked unverified wherever that figure appears.
  • 3 companies are missing from the second-feed metrics by decision, not by absence: the two sources disagree, so nothing from the second is drawn. Read those rows as narrower evidence, never as a weaker business.
10 · the complete set

Which companies are included?

All 9 companies in the canonical Consumer Electronics - EMS membership are listed below, largest market value first — nothing is silently dropped, even where a company reports too little to rank. The charts above default to a selective view; this register is the complete set, with each company's own latest reporting date beside it.

AHEAD means the company is beating the index by 5% or more over three months. LAGGING, FUNDAMENTALS UP means it is 20% or more behind over a year while its trailing twelve-month earnings grew 20% or more. Both rules are fixed and applied the same way in every sector.

CompanyMarket valuePricePriced toLatest fundamentalsSource standing
Dixon Technologies (India) Ltd DIXONAHEAD₹84.7K Cr₹13,8462026-07-19Mar 2026Second feed withheld
Amber Enterprises India Ltd AMBER19/26 WEEKS₹25.6K Cr₹7,2622026-07-19Mar 2026Second feed withheld
Syrma SGS Technology Ltd SYRMAAHEAD24/26 WEEKS₹24.8K Cr₹1,2882026-07-19Mar 2026Second feed withheld
Kaynes Technology India Ltd KAYNES₹21.3K Cr₹3,1762026-07-19Mar 2026Cross-checked
PG Electroplast Ltd PGEL₹16.4K Cr₹5722026-07-19Mar 2026Cross-checked
Avalon Technologies Ltd AVALONAHEAD25/26 WEEKS₹11.6K Cr₹1,7422026-07-19Mar 2026Cross-checked
Cyient DLM Ltd CYIENTDLMAHEAD₹5.3K Cr₹6702026-07-19Jun 2026Cross-checked
Epack Durable Ltd EPACK₹2.3K Cr₹2352026-07-19Mar 2026Cross-checked
Virtuoso Optoelectronics Ltd VOEPL⚠ unverified₹1.6K Cr₹4842026-07-19Mar 2026Includes unverified figures
How each company's sources stand: 1 of 9 companies draws at least one figure from a second data feed that could not be cross-checked against the primary source, because the two do not share enough reported history to compare. Those figures are marked unverified wherever they appear. 3 of 9 companies have a second data feed that is known to disagree with the primary source, so nothing from it is drawn: Dixon Technologies (India) Ltd (DIXON) — its two data sources disagree by up to 21% on reported income across 14 comparable periods, so its derived ratios are withheld; Amber Enterprises India Ltd (AMBER) — its two data sources disagree by up to 197% on reported income across 14 comparable periods, so its derived ratios are withheld; Syrma SGS Technology Ltd (SYRMA) — its two data sources disagree by up to 21% on reported income across 14 comparable periods, so its derived ratios are withheld.
Evidence and freshness

How was this comparison built?

This comparison is built from the reported filings of 9 Consumer Electronics - EMS companies, normalized to a common ₹ scale and a shared quarter axis of up to 20 quarters each. Fundamentals run through Jun 2026 and market data through 2026-07-24. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.

FundamentalsThrough Jun 2026 · up to 20 quarters per company
Market dataThrough 2026-07-24 · weekly price and relative-strength history
Derived metricsGrowth, changes, CAPEX intensity, net debt, guarded PEG and P/BV÷ROE are calculated only when their inputs are comparable.
Score confidenceMissing and stale evidence reduces confidence and pulls the 0–100 research-priority score toward neutral.
Source standing5 cross-checked · 1 unverified · 3 withheld, of 9 graded companies.

A second feed is read only after its reported income is matched against the primary source on at least three overlapping periods. Where the two agree the figures fill silently. Where there is too little shared history to compare, the figures are still drawn — they are the only evidence there is — and marked ⚠ unverified everywhere they appear. Where the two are known to disagree, nothing from the second feed is drawn and the affected company is named under the chart it is missing from. Every company's standing is listed in the register above.

Questions investors ask · short, speakable answers

Consumer Electronics - EMS company comparison FAQs

These 18 answers restate the Consumer Electronics - EMS comparison above in question form. Every one is computed from the same 9 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-07-24. Nothing here is estimated, and none of it is a recommendation.

What is the Nifty Consumer Electronics - EMS index?

The Nifty Consumer Electronics - EMS index tracks India's listed Consumer Electronics - EMS companies as a single basket. This page follows the same 9 companies and equal-weights them, so every company's weekly return counts once whatever it is worth, and the reading belongs to the Consumer Electronics - EMS sector rather than to its largest constituent. Figures are as of Jun 2026.

Which are the best Consumer Electronics - EMS stocks in India?

Ranked by this page's four-factor score, Avalon Technologies Ltd places first among 9 listed Consumer Electronics - EMS companies, followed by Syrma SGS Technology Ltd. That is a ranking of published data — earnings, quality, valuation and market behaviour as of Jun 2026 — and not a recommendation; Sector Alpha is not registered with SEBI as an investment adviser.

How many Consumer Electronics - EMS stocks are listed in India?

This comparison covers 9 listed Consumer Electronics - EMS companies in India, each above the size floor the site applies, with 20 quarters of reported figures per company where the filings exist. The full ranked list is on this page, as of Jun 2026.

Which Consumer Electronics - EMS company is the biggest?

Dixon Technologies (India) Ltd is the largest, with trailing-twelve-month revenue of ₹48,874 crore, ahead of Amber Enterprises India Ltd at ₹12,187 crore. That covers 9 of 9 companies with comparable reporting through Mar 2026.

Which Consumer Electronics - EMS company is growing fastest?

Avalon Technologies Ltd has the fastest revenue growth at 46% year on year, across 8 of 9 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

Which Consumer Electronics - EMS company has the best profit margins?

Kaynes Technology India Ltd has the highest operating margin at 16%, from 9 of 9 comparable companies. Virtuoso Optoelectronics Ltd shows the biggest recent improvement, at +1.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

Which Consumer Electronics - EMS company makes the most profit?

Dixon Technologies (India) Ltd earns the most, at ₹1,645 crore of trailing-twelve-month net profit, from 9 of 9 comparable companies. Syrma SGS Technology Ltd has the fastest profit growth at 87.5%, though growth off a small or recovering profit base overstates how much has actually changed.

Which Consumer Electronics - EMS company earns the highest return on capital?

Dixon Technologies (India) Ltd leads on return on capital employed at 42%, across 9 of 9 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

Which Consumer Electronics - EMS stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Kaynes Technology India Ltd screens cheapest at 1.33×. Only 5 of 9 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

Which Consumer Electronics - EMS company has the strongest balance sheet?

Cyient DLM Ltd carries the lowest comparable gross debt at ₹172 crore, from 9 of 9 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

Which Consumer Electronics - EMS stock has the strongest price momentum?

Avalon Technologies Ltd has the strongest relative strength against NIFTY 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

Which Consumer Electronics - EMS company scores highest for research priority?

Avalon Technologies Ltd scores 72 out of 100 with 95.6% evidence confidence, from 28.1 points on growth and earnings, 18.1 on capital efficiency, 6.6 on valuation and 19.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

How many Consumer Electronics - EMS companies does this comparison cover, and over what period?

It compares 9 listed companies over up to 20 reported quarters of fundamentals and 10 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

What is the total market cap of the Consumer Electronics - EMS sector?

The 9 Consumer Electronics - EMS companies on this page carry ₹1,93,606 crore of combined market value. Dixon Technologies (India) Ltd is the largest at ₹84,657 crore, about 44% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-29.

What is the Consumer Electronics - EMS sector's P/E ratio?

The median price-to-earnings ratio across the 9 Consumer Electronics - EMS companies on this page is 83.5×, measured on the 9 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-29.

How is the Consumer Electronics - EMS sector performing?

7 of the 9 covered Consumer Electronics - EMS companies are beating NIFTY 500 on Mansfield relative strength. A 52-week sector-versus-index comparison is not available from the current market series for this sector, so it is not quoted. Readings are as of 2026-07-29.

Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

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