# Consumer Electronics - EMS — company-by-company sector analysis

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

Sector Alpha — machine-written from the numbers. Data as of 2026-08-15. Not investment advice.

## Bottom line

Consumer Electronics - EMS has outperformed NIFTY 500 by 14.8% over 52 weeks and 12.4% over 13 weeks. 6 of 9 covered companies beat NIFTY on Mansfield relative strength, while 3 of 9 beat the sector itself. Dixon Technologies (India) Ltd leads with revenue of ₹51,586 crore, based on 9 of 9 comparable companies through Jun 2026.

## Sector relative strength

Consumer Electronics - EMS has outperformed NIFTY 500 by 14.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 12.4%. 6 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 +36.7%.

13-week sector return versus NIFTY 500: 12%
52-week sector return versus NIFTY 500: 15%
Stocks leading NIFTY: 6/9
Stocks leading sector: 3/9

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

Companies: 9
Combined market value: ₹2.1 L Cr

## 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.

1. Avalon Technologies Ltd (AVALON): 75/100 — Favorable setup; evidence 100%
   - Growth & earnings 32.2/35 | Capital efficiency 16.2/25 | Valuation 9.5/20 | Relative strength 17.0/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 32.2 + 16.2 + 9.5 + 17 = 74.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. Syrma SGS Technology Ltd (SYRMA): 69/100 — Favorable setup; evidence 82%
   - Growth & earnings 30.7/35 | Capital efficiency 16.4/25 | Valuation 9.5/20 | Relative strength 12.5/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 30.7 + 16.4 + 9.5 + 12.5 = 69.1
   - Decision use: Confirmed research leader: earnings, capital efficiency and relative strength agree. Move to management, catalyst and risk diligence.
3. Dixon Technologies (India) Ltd (DIXON): 65/100 — Favorable setup; evidence 82%
   - Growth & earnings 22.2/35 | Capital efficiency 17.6/25 | Valuation 14.3/20 | Relative strength 11.1/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 11 of the last 12 weeks
   - Exact sum: 22.2 + 17.6 + 14.3 + 11.1 = 65.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
4. Cyient DLM Ltd (CYIENTDLM): 56/100 — Mixed-positive evidence; evidence 100%
   - Growth & earnings 18.9/35 | Capital efficiency 11.0/25 | Valuation 7.6/20 | Relative strength 18.9/20
   - Price stage: LEADER — Ahead of the benchmark 13 weeks or more running, and ahead over the past year.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 18.9 + 11 + 7.6 + 18.9 = 56.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Virtuoso Optoelectronics Ltd (VOEPL): 44/100 — Thin evidence · provisional; evidence 52%
   - Growth & earnings 17.6/35 | Capital efficiency 7.9/25 | Valuation 9.3/20 | Relative strength 9.0/20
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 3 weeks with a reading, within the last 12
   - Exact sum: 17.6 + 7.9 + 9.3 + 9 = 43.8
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Kaynes Technology India Ltd (KAYNES): 43/100 — Mixed-negative evidence; evidence 87%
   - Growth & earnings 17.1/35 | Capital efficiency 14.2/25 | Valuation 6.4/20 | Relative strength 4.9/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 17.1 + 14.2 + 6.4 + 4.9 = 42.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. PG Electroplast Ltd (PGEL): 38/100 — Mixed-negative evidence; evidence 100%
   - Growth & earnings 10.3/35 | Capital efficiency 9.8/25 | Valuation 6.3/20 | Relative strength 11.5/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 5 of the last 12 weeks
   - Exact sum: 10.3 + 9.8 + 6.3 + 11.5 = 37.9
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
8. Amber Enterprises India Ltd (AMBER): 26/100 — Adverse evidence; evidence 78%
   - Growth & earnings 11.0/35 | Capital efficiency 8.1/25 | Valuation 5.6/20 | Relative strength 1.4/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 4 of the last 12 weeks
   - Exact sum: 11 + 8.1 + 5.6 + 1.4 = 26.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. Epack Durable Ltd (EPACK): 21/100 — Adverse evidence; evidence 78%
   - Growth & earnings 2.7/35 | Capital efficiency 3.6/25 | Valuation 11.4/20 | Relative strength 3.7/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of 10 weeks with a reading, within the last 12
   - Exact sum: 2.7 + 3.6 + 11.4 + 3.7 = 21.4
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.

## Market action

Avalon Technologies Ltd has the strongest one-year price move in Consumer Electronics - EMS at +129.6%. It also leads on Mansfield relative strength against NIFTY at +64.8%. 6 of 9 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-07.

### Strongest one-year price performers
1. Avalon Technologies Ltd (AVALON): 130%
2. Syrma SGS Technology Ltd (SYRMA): 90%
3. Cyient DLM Ltd (CYIENTDLM): 54%
4. Virtuoso Optoelectronics Ltd (VOEPL): 2.6%
5. Amber Enterprises India Ltd (AMBER): -5.5%

### Strongest relative strength versus NIFTY 500
1. Avalon Technologies Ltd (AVALON): 65%
2. Cyient DLM Ltd (CYIENTDLM): 57%
3. Syrma SGS Technology Ltd (SYRMA): 50%
4. Virtuoso Optoelectronics Ltd (VOEPL): 17%
5. PG Electroplast Ltd (PGEL): 11%

## Revenue Scale & Growth Durability

What the numbers say: Dixon Technologies (India) Ltd is the scale leader at ₹51,586 crore, 323.3% ahead of Amber Enterprises India Ltd. Syrma SGS Technology Ltd's growth is 53% from a ₹5,464 crore base, with 15 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Dixon Technologies (India) Ltd is the scale benchmark; Syrma SGS Technology 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 Syrma SGS Technology Ltd's for two consecutive comparable reports while operating margin also compresses.

Evidence: Dixon Technologies (India) Ltd · ₹51,586 crore | 323.3% versus #2 · Amber Enterprises India Ltd | 8/8 recent comparable periods | 9/9 companies · 142 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Dixon Technologies (India) Ltd (DIXON): ₹51.6K Cr
2. Amber Enterprises India Ltd (AMBER): ₹12.2K Cr
3. PG Electroplast Ltd (PGEL): ₹5.8K Cr
4. Syrma SGS Technology Ltd (SYRMA): ₹5.5K Cr
5. Kaynes Technology India Ltd (KAYNES): ₹3.6K Cr

### Revenue growth — fastest growers
1. Syrma SGS Technology Ltd (SYRMA): 53%
2. Avalon Technologies Ltd (AVALON): 44%
3. Kaynes Technology India Ltd (KAYNES): 33%
4. Amber Enterprises India Ltd (AMBER): 22%
5. PG Electroplast Ltd (PGEL): 15%

### 20-quarter Revenue history
- DIXON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹2.4K Cr | Mar 2023 ₹3.1K Cr | Jun 2023 ₹3.3K Cr | Sep 2023 ₹4.9K Cr | Dec 2023 ₹4.8K Cr | Mar 2024 ₹4.7K Cr | Jun 2024 ₹6.6K Cr | Sep 2024 ₹11.5K Cr | Dec 2024 ₹10.5K Cr | Mar 2025 ₹10.3K Cr | Jun 2025 ₹12.8K Cr | Sep 2025 ₹14.9K Cr | Dec 2025 ₹10.7K Cr | Mar 2026 ₹10.5K Cr | Jun 2026 ₹15.5K Cr
- SYRMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹513 Cr | Mar 2023 ₹680 Cr | Jun 2023 ₹601 Cr | Sep 2023 ₹712 Cr | Dec 2023 ₹707 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹833 Cr | Dec 2024 ₹870 Cr | Mar 2025 ₹924 Cr | Jun 2025 ₹944 Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.5K Cr | Jun 2026 ₹1.6K Cr
- AMBER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹1.3K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹1.7K Cr | Sep 2023 ₹927 Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹2.8K Cr | Jun 2024 ₹2.4K Cr | Sep 2024 ₹1.7K Cr | Dec 2024 ₹2.1K Cr | Mar 2025 ₹3.8K Cr | Jun 2025 ₹3.4K Cr | Sep 2025 ₹1.6K Cr | Dec 2025 ₹2.9K Cr | Mar 2026 ₹4.1K Cr | Jun 2026 —
- KAYNES: Sep 2021 — | Dec 2021 ₹183 Cr | Mar 2022 ₹238 Cr | Jun 2022 ₹199 Cr | Sep 2022 ₹273 Cr | Dec 2022 ₹289 Cr | Mar 2023 ₹365 Cr | Jun 2023 ₹297 Cr | Sep 2023 ₹361 Cr | Dec 2023 ₹509 Cr | Mar 2024 ₹637 Cr | Jun 2024 ₹504 Cr | Sep 2024 ₹572 Cr | Dec 2024 ₹661 Cr | Mar 2025 ₹984 Cr | Jun 2025 ₹673 Cr | Sep 2025 ₹906 Cr | Dec 2025 ₹804 Cr | Mar 2026 ₹1.2K Cr | Jun 2026 ₹946 Cr
- PGEL: Sep 2021 ₹198 Cr | Dec 2021 ₹262 Cr | Mar 2022 ₹514 Cr | Jun 2022 ₹535 Cr | Sep 2022 ₹328 Cr | Dec 2022 ₹459 Cr | Mar 2023 ₹828 Cr | Jun 2023 ₹678 Cr | Sep 2023 ₹460 Cr | Dec 2023 ₹532 Cr | Mar 2024 ₹1.1K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹671 Cr | Dec 2024 ₹968 Cr | Mar 2025 ₹1.9K Cr | Jun 2025 ₹1.5K Cr | Sep 2025 ₹655 Cr | Dec 2025 ₹1.4K Cr | Mar 2026 ₹1.7K Cr | Jun 2026 ₹2.0K Cr
- AVALON: Sep 2021 — | Dec 2021 — | Mar 2022 ₹210 Cr | Jun 2022 ₹196 Cr | Sep 2022 ₹245 Cr | Dec 2022 ₹233 Cr | Mar 2023 ₹272 Cr | Jun 2023 ₹235 Cr | Sep 2023 ₹201 Cr | Dec 2023 ₹214 Cr | Mar 2024 ₹217 Cr | Jun 2024 ₹199 Cr | Sep 2024 ₹275 Cr | Dec 2024 ₹281 Cr | Mar 2025 ₹343 Cr | Jun 2025 ₹323 Cr | Sep 2025 ₹382 Cr | Dec 2025 ₹418 Cr | Mar 2026 ₹480 Cr | Jun 2026 ₹484 Cr
- CYIENTDLM: Sep 2021 ₹170 Cr | Dec 2021 ₹190 Cr | Mar 2022 ₹190 Cr | Jun 2022 ₹170 Cr | Sep 2022 ₹170 Cr | Dec 2022 ₹214 Cr | Mar 2023 ₹277 Cr | Jun 2023 ₹217 Cr | Sep 2023 ₹292 Cr | Dec 2023 ₹321 Cr | Mar 2024 ₹362 Cr | Jun 2024 ₹258 Cr | Sep 2024 ₹389 Cr | Dec 2024 ₹444 Cr | Mar 2025 ₹428 Cr | Jun 2025 ₹278 Cr | Sep 2025 ₹311 Cr | Dec 2025 ₹303 Cr | Mar 2026 ₹369 Cr | Jun 2026 ₹374 Cr
- EPACK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹276 Cr | Mar 2023 ₹639 Cr | Jun 2023 ₹437 Cr | Sep 2023 ₹178 Cr | Dec 2023 ₹279 Cr | Mar 2024 ₹526 Cr | Jun 2024 ₹774 Cr | Sep 2024 ₹377 Cr | Dec 2024 ₹377 Cr | Mar 2025 ₹643 Cr | Jun 2025 ₹662 Cr | Sep 2025 ₹213 Cr | Dec 2025 ₹428 Cr | Mar 2026 ₹591 Cr | Jun 2026 —
- VOEPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹74 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹225 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹240 Cr | Jun 2025 ₹203 Cr | Sep 2025 ₹98 Cr | Dec 2025 ₹206 Cr | Mar 2026 ₹317 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- DIXON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 100% | Mar 2024 52% | Jun 2024 101% | Sep 2024 133% | Dec 2024 117% | Mar 2025 121% | Jun 2025 95% | Sep 2025 29% | Dec 2025 2.1% | Mar 2026 2.1% | Jun 2026 21%
- SYRMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 38% | Mar 2024 68% | Jun 2024 93% | Sep 2024 17% | Dec 2024 23% | Mar 2025 -19% | Jun 2025 -19% | Sep 2025 38% | Dec 2025 45% | Mar 2026 59% | Jun 2026 68%
- AMBER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -4.0% | Mar 2024 -6.6% | Jun 2024 41% | Sep 2024 82% | Dec 2024 65% | Mar 2025 34% | Jun 2025 44% | Sep 2025 -2.3% | Dec 2025 38% | Mar 2026 11% | Jun 2026 —
- KAYNES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 58% | Mar 2023 53% | Jun 2023 49% | Sep 2023 32% | Dec 2023 76% | Mar 2024 75% | Jun 2024 70% | Sep 2024 58% | Dec 2024 30% | Mar 2025 54% | Jun 2025 34% | Sep 2025 58% | Dec 2025 22% | Mar 2026 26% | Jun 2026 41%
- PGEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 291% | Sep 2022 66% | Dec 2022 75% | Mar 2023 61% | Jun 2023 27% | Sep 2023 40% | Dec 2023 16% | Mar 2024 30% | Jun 2024 95% | Sep 2024 46% | Dec 2024 82% | Mar 2025 77% | Jun 2025 14% | Sep 2025 -2.4% | Dec 2025 46% | Mar 2026 -10% | Jun 2026 35%
- AVALON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 30% | Jun 2023 20% | Sep 2023 -18% | Dec 2023 -8.2% | Mar 2024 -20% | Jun 2024 -15% | Sep 2024 37% | Dec 2024 31% | Mar 2025 58% | Jun 2025 62% | Sep 2025 39% | Dec 2025 49% | Mar 2026 40% | Jun 2026 50%
- CYIENTDLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 13% | Mar 2023 46% | Jun 2023 28% | Sep 2023 72% | Dec 2023 50% | Mar 2024 31% | Jun 2024 19% | Sep 2024 33% | Dec 2024 38% | Mar 2025 18% | Jun 2025 7.8% | Sep 2025 -20% | Dec 2025 -32% | Mar 2026 -14% | Jun 2026 35%
- EPACK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 1.3% | Mar 2024 -18% | Jun 2024 77% | Sep 2024 112% | Dec 2024 35% | Mar 2025 22% | Jun 2025 -14% | Sep 2025 -43% | Dec 2025 14% | Mar 2026 -8.1% | Jun 2026 —
- VOEPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 32% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Kaynes Technology India Ltd leads opm at 16%; Avalon Technologies Ltd leads margin change at +3 percentage points.

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.

Evidence: Kaynes Technology India Ltd · 16% | 33.3% versus #2 · Avalon Technologies Ltd | 4/8 recent comparable periods | 9/9 companies · 161 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Kaynes Technology India Ltd (KAYNES): 16%
2. Avalon Technologies Ltd (AVALON): 12%
3. Cyient DLM Ltd (CYIENTDLM): 10%
4. Syrma SGS Technology Ltd (SYRMA): 10%
5. Virtuoso Optoelectronics Ltd (VOEPL): 9.2%

### Margin change — fastest expanders
1. Avalon Technologies Ltd (AVALON): +3.0 pp
2. Virtuoso Optoelectronics Ltd (VOEPL): +1.3 pp
3. Cyient DLM Ltd (CYIENTDLM): +1.0 pp
4. Syrma SGS Technology Ltd (SYRMA): +1.0 pp
5. Dixon Technologies (India) Ltd (DIXON): −0.8 pp

### 20-quarter OPM history
- DIXON: Sep 2021 3.9% | Dec 2021 3.4% | Mar 2022 4.0% | Jun 2022 3.5% | Sep 2022 3.7% | Dec 2022 5.0% | Mar 2023 5.0% | Jun 2023 4.0% | Sep 2023 4.0% | Dec 2023 3.8% | Mar 2024 3.9% | Jun 2024 3.8% | Sep 2024 3.7% | Dec 2024 3.7% | Mar 2025 4.3% | Jun 2025 3.8% | Sep 2025 3.8% | Dec 2025 3.9% | Mar 2026 3.9% | Jun 2026 3.0%
- SYRMA: Sep 2021 9.5% | Dec 2021 12% | Mar 2022 6.8% | Jun 2022 8.6% | Sep 2022 10% | Dec 2022 9.0% | Mar 2023 8.0% | Jun 2023 6.0% | Sep 2023 7.0% | Dec 2023 6.0% | Mar 2024 7.0% | Jun 2024 3.9% | Sep 2024 9.0% | Dec 2024 9.0% | Mar 2025 12% | Jun 2025 9.0% | Sep 2025 10% | Dec 2025 13% | Mar 2026 12% | Jun 2026 10%
- AMBER: Sep 2021 5.8% | Dec 2021 7.6% | Mar 2022 6.5% | Jun 2022 5.4% | Sep 2022 4.9% | Dec 2022 5.8% | Mar 2023 7.0% | Jun 2023 8.0% | Sep 2023 6.0% | Dec 2023 6.0% | Mar 2024 8.0% | Jun 2024 8.0% | Sep 2024 7.0% | Dec 2024 7.0% | Mar 2025 8.0% | Jun 2025 7.0% | Sep 2025 5.0% | Dec 2025 8.0% | Mar 2026 7.0% | Jun 2026 —
- KAYNES: Sep 2021 — | Dec 2021 12% | Mar 2022 17% | Jun 2022 12% | Sep 2022 16% | Dec 2022 14% | Mar 2023 16% | Jun 2023 14% | Sep 2023 14% | Dec 2023 14% | Mar 2024 15% | Jun 2024 13% | Sep 2024 14% | Dec 2024 14% | Mar 2025 17% | Jun 2025 17% | Sep 2025 16% | Dec 2025 15% | Mar 2026 16% | Jun 2026 16%
- PGEL: Sep 2021 6.5% | Dec 2021 6.3% | Mar 2022 9.7% | Jun 2022 6.8% | Sep 2022 8.0% | Dec 2022 8.0% | Mar 2023 9.0% | Jun 2023 10% | Sep 2023 8.0% | Dec 2023 8.0% | Mar 2024 11% | Jun 2024 10% | Sep 2024 8.0% | Dec 2024 9.0% | Mar 2025 11% | Jun 2025 8.0% | Sep 2025 4.6% | Dec 2025 8.0% | Mar 2026 7.0% | Jun 2026 7.0%
- AVALON: Sep 2021 — | Dec 2021 — | Mar 2022 11% | Jun 2022 10.0% | Sep 2022 12% | Dec 2022 9.0% | Mar 2023 15% | Jun 2023 7.0% | Sep 2023 6.0% | Dec 2023 8.0% | Mar 2024 8.0% | Jun 2024 2.2% | Sep 2024 11% | Dec 2024 12% | Mar 2025 12% | Jun 2025 9.0% | Sep 2025 10% | Dec 2025 11% | Mar 2026 12% | Jun 2026 12%
- CYIENTDLM: Sep 2021 8.3% | Dec 2021 9.6% | Mar 2022 9.6% | Jun 2022 3.9% | Sep 2022 14% | Dec 2022 9.6% | Mar 2023 12% | Jun 2023 9.0% | Sep 2023 8.0% | Dec 2023 9.0% | Mar 2024 11% | Jun 2024 8.0% | Sep 2024 8.0% | Dec 2024 6.0% | Mar 2025 13% | Jun 2025 9.0% | Sep 2025 10% | Dec 2025 9.0% | Mar 2026 12% | Jun 2026 10%
- EPACK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 1.5% | Mar 2023 9.6% | Jun 2023 6.6% | Sep 2023 4.2% | Dec 2023 8.4% | Mar 2024 10% | Jun 2024 6.7% | Sep 2024 2.4% | Dec 2024 6.2% | Mar 2025 11% | Jun 2025 8.2% | Sep 2025 -0.5% | Dec 2025 6.9% | Mar 2026 4.0% | Jun 2026 —
- VOEPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 14% | Sep 2022 14% | Dec 2022 — | Mar 2023 7.9% | Jun 2023 — | Sep 2023 9.7% | Dec 2023 — | Mar 2024 9.7% | Jun 2024 — | Sep 2024 6.9% | Dec 2024 — | Mar 2025 7.9% | Jun 2025 9.9% | Sep 2025 10% | Dec 2025 12% | Mar 2026 9.2% | Jun 2026 —

### 20-quarter Margin change history
- DIXON: Sep 2021 −1.5 pp | Dec 2021 −1.3 pp | Mar 2022 +0.2 pp | Jun 2022 +0.9 pp | Sep 2022 −0.2 pp | Dec 2022 +1.7 pp | Mar 2023 +1.0 pp | Jun 2023 +0.5 pp | Sep 2023 +0.3 pp | Dec 2023 −1.2 pp | Mar 2024 −1.1 pp | Jun 2024 −0.2 pp | Sep 2024 −0.3 pp | Dec 2024 −0.1 pp | Mar 2025 +0.4 pp | Jun 2025 0.0 pp | Sep 2025 +0.1 pp | Dec 2025 +0.2 pp | Mar 2026 −0.4 pp | Jun 2026 −0.8 pp
- SYRMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.6 pp | Dec 2022 −3.3 pp | Mar 2023 +1.2 pp | Jun 2023 −2.6 pp | Sep 2023 −3.0 pp | Dec 2023 −3.0 pp | Mar 2024 −1.0 pp | Jun 2024 −2.1 pp | Sep 2024 +2.0 pp | Dec 2024 +3.0 pp | Mar 2025 +5.0 pp | Jun 2025 +5.1 pp | Sep 2025 +1.0 pp | Dec 2025 +4.0 pp | Mar 2026 0.0 pp | Jun 2026 +1.0 pp
- AMBER: Sep 2021 +0.5 pp | Dec 2021 −0.7 pp | Mar 2022 −2.4 pp | Jun 2022 −0.5 pp | Sep 2022 −1.0 pp | Dec 2022 −1.7 pp | Mar 2023 +0.5 pp | Jun 2023 +2.6 pp | Sep 2023 +1.1 pp | Dec 2023 +0.2 pp | Mar 2024 +1.0 pp | Jun 2024 0.0 pp | Sep 2024 +1.0 pp | Dec 2024 +1.0 pp | Mar 2025 0.0 pp | Jun 2025 −1.0 pp | Sep 2025 −2.0 pp | Dec 2025 +1.0 pp | Mar 2026 −1.0 pp | Jun 2026 —
- KAYNES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +2.0 pp | Mar 2023 −0.8 pp | Jun 2023 +1.7 pp | Sep 2023 −1.8 pp | Dec 2023 0.0 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 0.0 pp | Mar 2025 +2.0 pp | Jun 2025 +4.0 pp | Sep 2025 +2.0 pp | Dec 2025 +1.0 pp | Mar 2026 −1.0 pp | Jun 2026 −1.0 pp
- PGEL: Sep 2021 −2.0 pp | Dec 2021 −2.0 pp | Mar 2022 +2.4 pp | Jun 2022 +0.2 pp | Sep 2022 +1.5 pp | Dec 2022 +1.7 pp | Mar 2023 −0.7 pp | Jun 2023 +3.2 pp | Sep 2023 0.0 pp | Dec 2023 0.0 pp | Mar 2024 +2.0 pp | Jun 2024 0.0 pp | Sep 2024 0.0 pp | Dec 2024 +1.0 pp | Mar 2025 0.0 pp | Jun 2025 −2.0 pp | Sep 2025 −3.4 pp | Dec 2025 −1.0 pp | Mar 2026 −4.0 pp | Jun 2026 −1.0 pp
- AVALON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +3.8 pp | Jun 2023 −3.0 pp | Sep 2023 −5.7 pp | Dec 2023 −1.0 pp | Mar 2024 −7.0 pp | Jun 2024 −4.8 pp | Sep 2024 +5.0 pp | Dec 2024 +4.0 pp | Mar 2025 +4.0 pp | Jun 2025 +6.8 pp | Sep 2025 −1.0 pp | Dec 2025 −1.0 pp | Mar 2026 0.0 pp | Jun 2026 +3.0 pp
- CYIENTDLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +5.6 pp | Dec 2022 +0.0 pp | Mar 2023 +2.4 pp | Jun 2023 +5.1 pp | Sep 2023 −5.9 pp | Dec 2023 −0.6 pp | Mar 2024 −1.0 pp | Jun 2024 −1.0 pp | Sep 2024 0.0 pp | Dec 2024 −3.0 pp | Mar 2025 +2.0 pp | Jun 2025 +1.0 pp | Sep 2025 +2.0 pp | Dec 2025 +3.0 pp | Mar 2026 −1.0 pp | Jun 2026 +1.0 pp
- EPACK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 +6.9 pp | Mar 2024 +0.9 pp | Jun 2024 +0.0 pp | Sep 2024 −1.8 pp | Dec 2024 −2.2 pp | Mar 2025 +0.6 pp | Jun 2025 +1.6 pp | Sep 2025 −2.9 pp | Dec 2025 +0.7 pp | Mar 2026 −7.0 pp | Jun 2026 —
- VOEPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 −4.2 pp | Dec 2023 — | Mar 2024 +1.8 pp | Jun 2024 — | Sep 2024 −2.8 pp | Dec 2024 — | Mar 2025 −1.8 pp | Jun 2025 — | Sep 2025 +3.4 pp | Dec 2025 — | Mar 2026 +1.3 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Dixon Technologies (India) Ltd leads with ₹2,083 crore of TTM profit, 419.5% above Syrma SGS Technology Ltd. Syrma SGS Technology Ltd shows 87.4% growth from a ₹401 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

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.

Evidence: Dixon Technologies (India) Ltd · ₹2,083 crore | 419.5% versus #2 · Syrma SGS Technology Ltd | 7/8 recent comparable periods | 9/9 companies · 142 observations

Definition: 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 profit — largest
1. Dixon Technologies (India) Ltd (DIXON): ₹2.1K Cr
2. Syrma SGS Technology Ltd (SYRMA): ₹401 Cr
3. Kaynes Technology India Ltd (KAYNES): ₹364 Cr
4. Amber Enterprises India Ltd (AMBER): ₹227 Cr
5. PG Electroplast Ltd (PGEL): ₹206 Cr

### Profit growth — fastest growers
1. Syrma SGS Technology Ltd (SYRMA): 87%
2. Avalon Technologies Ltd (AVALON): 70%
3. Dixon Technologies (India) Ltd (DIXON): 52%
4. Cyient DLM Ltd (CYIENTDLM): 27%
5. Kaynes Technology India Ltd (KAYNES): 24%

### 20-quarter Net profit history
- DIXON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹52 Cr | Mar 2023 ₹81 Cr | Jun 2023 ₹67 Cr | Sep 2023 ₹113 Cr | Dec 2023 ₹97 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹140 Cr | Sep 2024 ₹412 Cr | Dec 2024 ₹216 Cr | Mar 2025 ₹465 Cr | Jun 2025 ₹280 Cr | Sep 2025 ₹746 Cr | Dec 2025 ₹321 Cr | Mar 2026 ₹298 Cr | Jun 2026 ₹718 Cr
- SYRMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹34 Cr | Mar 2023 ₹43 Cr | Jun 2023 ₹28 Cr | Sep 2023 ₹31 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹45 Cr | Jun 2024 ₹20 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹53 Cr | Mar 2025 ₹71 Cr | Jun 2025 ₹50 Cr | Sep 2025 ₹66 Cr | Dec 2025 ₹110 Cr | Mar 2026 ₹119 Cr | Jun 2026 ₹106 Cr
- AMBER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹15 Cr | Mar 2023 ₹108 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹-6 Cr | Dec 2023 ₹-1 Cr | Mar 2024 ₹99 Cr | Jun 2024 ₹75 Cr | Sep 2024 ₹21 Cr | Dec 2024 ₹37 Cr | Mar 2025 ₹118 Cr | Jun 2025 ₹106 Cr | Sep 2025 ₹-32 Cr | Dec 2025 ₹-9 Cr | Mar 2026 ₹162 Cr | Jun 2026 —
- KAYNES: Sep 2021 — | Dec 2021 ₹11 Cr | Mar 2022 ₹20 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹21 Cr | Dec 2022 ₹23 Cr | Mar 2023 ₹41 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹32 Cr | Dec 2023 ₹45 Cr | Mar 2024 ₹81 Cr | Jun 2024 ₹51 Cr | Sep 2024 ₹60 Cr | Dec 2024 ₹66 Cr | Mar 2025 ₹116 Cr | Jun 2025 ₹75 Cr | Sep 2025 ₹121 Cr | Dec 2025 ₹77 Cr | Mar 2026 ₹91 Cr | Jun 2026 ₹56 Cr
- PGEL: Sep 2021 ₹4 Cr | Dec 2021 ₹6 Cr | Mar 2022 ₹28 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹40 Cr | Jun 2023 ₹34 Cr | Sep 2023 ₹12 Cr | Dec 2023 ₹19 Cr | Mar 2024 ₹70 Cr | Jun 2024 ₹84 Cr | Sep 2024 ₹19 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹145 Cr | Jun 2025 ₹67 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹62 Cr | Mar 2026 ₹65 Cr | Jun 2026 ₹76 Cr
- AVALON: Sep 2021 — | Dec 2021 — | Mar 2022 ₹11 Cr | Jun 2022 ₹9 Cr | Sep 2022 ₹15 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹23 Cr | Jun 2023 ₹7 Cr | Sep 2023 ₹7 Cr | Dec 2023 ₹7 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹24 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹14 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹33 Cr | Mar 2026 ₹41 Cr | Jun 2026 ₹35 Cr
- CYIENTDLM: Sep 2021 ₹8 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹12 Cr | Jun 2022 ₹6 Cr | Sep 2022 ₹7 Cr | Dec 2022 ₹6 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹18 Cr | Mar 2024 ₹23 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹31 Cr | Jun 2025 ₹7 Cr | Sep 2025 ₹32 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹22 Cr | Jun 2026 ₹16 Cr
- EPACK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 ₹-6 Cr | Mar 2023 ₹33 Cr | Jun 2023 ₹9 Cr | Sep 2023 ₹-6 Cr | Dec 2023 ₹5 Cr | Mar 2024 ₹28 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹-8 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹38 Cr | Jun 2025 ₹23 Cr | Sep 2025 ₹-22 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- VOEPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 ₹4 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹3 Cr | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹2 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹8 Cr | Mar 2026 ₹4 Cr | Jun 2026 —

### 20-quarter Profit growth history
- DIXON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 87% | Mar 2024 20% | Jun 2024 109% | Sep 2024 265% | Dec 2024 123% | Mar 2025 379% | Jun 2025 100% | Sep 2025 81% | Dec 2025 49% | Mar 2026 -36% | Jun 2026 156%
- SYRMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -41% | Mar 2024 4.7% | Jun 2024 -29% | Sep 2024 29% | Dec 2024 165% | Mar 2025 58% | Jun 2025 150% | Sep 2025 65% | Dec 2025 108% | Mar 2026 68% | Jun 2026 112%
- AMBER: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -107% | Mar 2024 -8.3% | Jun 2024 60% | Sep 2024 — | Dec 2024 — | Mar 2025 19% | Jun 2025 41% | Sep 2025 -252% | Dec 2025 -124% | Mar 2026 37% | Jun 2026 —
- KAYNES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 109% | Mar 2023 105% | Jun 2023 150% | Sep 2023 52% | Dec 2023 96% | Mar 2024 98% | Jun 2024 104% | Sep 2024 88% | Dec 2024 47% | Mar 2025 43% | Jun 2025 47% | Sep 2025 102% | Dec 2025 17% | Mar 2026 -22% | Jun 2026 -25%
- PGEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 1,500% | Sep 2022 75% | Dec 2022 133% | Mar 2023 43% | Jun 2023 113% | Sep 2023 71% | Dec 2023 36% | Mar 2024 75% | Jun 2024 147% | Sep 2024 58% | Dec 2024 111% | Mar 2025 107% | Jun 2025 -20% | Sep 2025 -84% | Dec 2025 55% | Mar 2026 -55% | Jun 2026 13%
- AVALON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 109% | Jun 2023 -22% | Sep 2023 -53% | Dec 2023 17% | Mar 2024 -70% | Jun 2024 -129% | Sep 2024 143% | Dec 2024 243% | Mar 2025 243% | Jun 2025 — | Sep 2025 47% | Dec 2025 38% | Mar 2026 71% | Jun 2026 150%
- CYIENTDLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -13% | Dec 2022 -52% | Mar 2023 8.3% | Jun 2023 -17% | Sep 2023 114% | Dec 2023 215% | Mar 2024 77% | Jun 2024 120% | Sep 2024 0.0% | Dec 2024 -39% | Mar 2025 35% | Jun 2025 -36% | Sep 2025 113% | Dec 2025 0.0% | Mar 2026 -29% | Jun 2026 129%
- EPACK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -17% | Jun 2024 168% | Sep 2024 — | Dec 2024 -49% | Mar 2025 36% | Jun 2025 -2.2% | Sep 2025 — | Dec 2025 3.2% | Mar 2026 -100% | Jun 2026 —
- VOEPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 85% | Jun 2026 —

## Return On Capital Employed

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.

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.

Evidence: Dixon Technologies (India) Ltd · 42% | 115.4% versus #2 · Avalon Technologies Ltd | Not enough history | 9/9 companies · 89 observations

Definition: 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.

### ROCE — highest
1. Dixon Technologies (India) Ltd (DIXON): 42%
2. Avalon Technologies Ltd (AVALON): 20%
3. Syrma SGS Technology Ltd (SYRMA): 17%
4. Kaynes Technology India Ltd (KAYNES): 13%
5. PG Electroplast Ltd (PGEL): 10%

### ROCE change — fastest improvers
1. Avalon Technologies Ltd (AVALON): +5.9 pp
2. Syrma SGS Technology Ltd (SYRMA): +5.0 pp
3. Dixon Technologies (India) Ltd (DIXON): +2.0 pp
4. Cyient DLM Ltd (CYIENTDLM): −0.1 pp
5. Virtuoso Optoelectronics Ltd (VOEPL): −3.0 pp

### 20-quarter ROCE history
- KAYNES: Sep 2021 — | Dec 2021 7.9% | Mar 2022 21% | Jun 2022 27% | Sep 2022 — | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 16% | Dec 2023 34% | Mar 2024 9.1% | Jun 2024 19% | Sep 2024 11% | Dec 2024 22% | Mar 2025 12% | Jun 2025 19% | Sep 2025 9.2% | Dec 2025 16% | Mar 2026 9.0% | Jun 2026 —
- PGEL: Sep 2021 11% | Dec 2021 — | Mar 2022 13% | Jun 2022 — | Sep 2022 17% | Dec 2022 — | Mar 2023 22% | Jun 2023 — | Sep 2023 15% | Dec 2023 21% | Mar 2024 16% | Jun 2024 29% | Sep 2024 20% | Dec 2024 26% | Mar 2025 13% | Jun 2025 20% | Sep 2025 11% | Dec 2025 20% | Mar 2026 8.9% | Jun 2026 —
- AVALON: Sep 2021 — | Dec 2021 — | Mar 2022 9.9% | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 15% | Jun 2023 — | Sep 2023 12% | Dec 2023 20% | Mar 2024 6.1% | Jun 2024 6.3% | Sep 2024 6.6% | Dec 2024 13% | Mar 2025 12% | Jun 2025 19% | Sep 2025 16% | Dec 2025 22% | Mar 2026 18% | Jun 2026 —
- CYIENTDLM: Sep 2021 — | Dec 2021 18% | Mar 2022 25% | Jun 2022 — | Sep 2022 18% | Dec 2022 — | Mar 2023 19% | Jun 2023 — | Sep 2023 7.3% | Dec 2023 15% | Mar 2024 8.4% | Jun 2024 17% | Sep 2024 8.8% | Dec 2024 11% | Mar 2025 8.9% | Jun 2025 11% | Sep 2025 8.8% | Dec 2025 12% | Mar 2026 7.3% | Jun 2026 11%
- EPACK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 12% | Jun 2023 — | Sep 2023 12% | Dec 2023 14% | Mar 2024 7.9% | Jun 2024 15% | Sep 2024 9.7% | Dec 2024 14% | Mar 2025 11% | Jun 2025 13% | Sep 2025 8.8% | Dec 2025 11% | Mar 2026 4.9% | Jun 2026 —
- VOEPL: Sep 2021 12% | Dec 2021 20% | Mar 2022 29% | Jun 2022 35% | Sep 2022 22% | Dec 2022 16% | Mar 2023 18% | Jun 2023 15% | Sep 2023 18% | Dec 2023 11% | Mar 2024 12% | Jun 2024 13% | Sep 2024 14% | Dec 2024 11% | Mar 2025 12% | Jun 2025 — | Sep 2025 9.8% | Dec 2025 14% | Mar 2026 9.1% | Jun 2026 —

### 20-quarter ROCE change history
- KAYNES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −6.1 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −5.8 pp | Jun 2024 — | Sep 2024 −5.3 pp | Dec 2024 −11.8 pp | Mar 2025 +3.3 pp | Jun 2025 0.0 pp | Sep 2025 −1.4 pp | Dec 2025 −6.6 pp | Mar 2026 −3.4 pp | Jun 2026 —
- PGEL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +6.6 pp | Dec 2022 — | Mar 2023 +8.9 pp | Jun 2023 — | Sep 2023 −1.8 pp | Dec 2023 — | Mar 2024 −6.4 pp | Jun 2024 — | Sep 2024 +4.3 pp | Dec 2024 +5.2 pp | Mar 2025 −2.9 pp | Jun 2025 −8.4 pp | Sep 2025 −8.8 pp | Dec 2025 −6.4 pp | Mar 2026 −3.9 pp | Jun 2026 —
- AVALON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 +4.7 pp | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −8.5 pp | Jun 2024 — | Sep 2024 −5.3 pp | Dec 2024 −7.3 pp | Mar 2025 +6.2 pp | Jun 2025 +12.6 pp | Sep 2025 +9.5 pp | Dec 2025 +8.7 pp | Mar 2026 +5.9 pp | Jun 2026 —
- CYIENTDLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −6.1 pp | Jun 2023 — | Sep 2023 −10.6 pp | Dec 2023 — | Mar 2024 −10.6 pp | Jun 2024 — | Sep 2024 +1.5 pp | Dec 2024 −3.5 pp | Mar 2025 +0.5 pp | Jun 2025 −5.9 pp | Sep 2025 0.0 pp | Dec 2025 +0.9 pp | Mar 2026 −1.6 pp | Jun 2026 −0.1 pp
- EPACK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 −4.5 pp | Jun 2024 — | Sep 2024 −2.0 pp | Dec 2024 −0.3 pp | Mar 2025 +2.7 pp | Jun 2025 −2.5 pp | Sep 2025 −0.9 pp | Dec 2025 −2.2 pp | Mar 2026 −5.7 pp | Jun 2026 —
- VOEPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +10.2 pp | Dec 2022 −3.4 pp | Mar 2023 −11.7 pp | Jun 2023 −19.4 pp | Sep 2023 −3.9 pp | Dec 2023 −5.2 pp | Mar 2024 −5.4 pp | Jun 2024 −2.6 pp | Sep 2024 −4.7 pp | Dec 2024 +0.1 pp | Mar 2025 0.0 pp | Jun 2025 — | Sep 2025 −3.7 pp | Dec 2025 +2.4 pp | Mar 2026 −3.0 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: Epack Durable Ltd has the lowest comparable PEG at 1.41×, 34.4% below Avalon Technologies Ltd. Only 5 of 9 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

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.

Evidence: Epack Durable Ltd · 1.41× | 34.4% versus #2 · Avalon Technologies Ltd | 0/8 recent comparable periods | 5/9 companies · 20 observations

Definition: 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 feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG
1. Epack Durable Ltd (EPACK): 1.4
2. Avalon Technologies Ltd (AVALON): 2.2
3. PG Electroplast Ltd (PGEL): 2.3
4. Kaynes Technology India Ltd (KAYNES): 3.2
5. Cyient DLM Ltd (CYIENTDLM): 6.4

### P/E — lowest P/E
1. Dixon Technologies (India) Ltd (DIXON): 46.2
2. Cyient DLM Ltd (CYIENTDLM): 66.3
3. Syrma SGS Technology Ltd (SYRMA): 74.0
4. Kaynes Technology India Ltd (KAYNES): 74.4
5. PG Electroplast Ltd (PGEL): 87.9

### 20-quarter PEG history
- KAYNES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 4.8 | Dec 2023 2.1 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 2.3 | Sep 2025 3.2 | Dec 2025 1.3 | Mar 2026 1.3 | Jun 2026 3.2
- PGEL: Sep 2021 7.1 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 3.2 | Dec 2023 — | Mar 2024 0.8 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 2.9 | Mar 2026 2.3 | Jun 2026 —
- CYIENTDLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 3.9 | Jun 2024 2.8 | Sep 2024 — | Dec 2024 1.9 | Mar 2025 — | Jun 2025 4.9 | Sep 2025 — | Dec 2025 1.9 | Mar 2026 0.7 | Jun 2026 6.4
- EPACK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 1.4 | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- DIXON: Sep 2021 144.9 | Dec 2021 172.9 | Mar 2022 146.8 | Jun 2022 109.5 | Sep 2022 118.8 | Dec 2022 99.7 | Mar 2023 71.4 | Jun 2023 102.1 | Sep 2023 113.0 | Dec 2023 126.7 | Mar 2024 126.3 | Jun 2024 194.3 | Sep 2024 193.9 | Dec 2024 191.8 | Mar 2025 124.2 | Jun 2025 113.3 | Sep 2025 122.8 | Dec 2025 57.6 | Mar 2026 43.0 | Jun 2026 50.8
- SYRMA: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 50.9 | Dec 2022 50.7 | Mar 2023 47.4 | Jun 2023 64.2 | Sep 2023 81.7 | Dec 2023 89.0 | Mar 2024 71.3 | Jun 2024 81.3 | Sep 2024 79.0 | Dec 2024 99.9 | Mar 2025 58.0 | Jun 2025 57.8 | Sep 2025 70.8 | Dec 2025 58.5 | Mar 2026 53.6 | Jun 2026 85.4
- AMBER: Sep 2021 90.1 | Dec 2021 91.4 | Mar 2022 95.2 | Jun 2022 67.0 | Sep 2022 57.4 | Dec 2022 49.6 | Mar 2023 55.7 | Jun 2023 48.4 | Sep 2023 62.4 | Dec 2023 67.4 | Mar 2024 86.7 | Jun 2024 114.7 | Sep 2024 98.3 | Dec 2024 135.0 | Mar 2025 109.5 | Jun 2025 95.0 | Sep 2025 100.5 | Dec 2025 100.4 | Mar 2026 96.3 | Jun 2026 —
- KAYNES: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 83.2 | Mar 2023 106.6 | Jun 2023 84.8 | Sep 2023 116.1 | Dec 2023 125.3 | Mar 2024 119.8 | Jun 2024 130.3 | Sep 2024 166.8 | Dec 2024 190.4 | Mar 2025 117.4 | Jun 2025 127.9 | Sep 2025 149.6 | Dec 2025 70.3 | Mar 2026 61.2 | Jun 2026 59.8
- PGEL: Sep 2021 66.3 | Dec 2021 73.7 | Mar 2022 70.1 | Jun 2022 50.3 | Sep 2022 41.5 | Dec 2022 42.6 | Mar 2023 44.3 | Jun 2023 45.4 | Sep 2023 42.4 | Dec 2023 54.8 | Mar 2024 37.2 | Jun 2024 66.2 | Sep 2024 93.7 | Dec 2024 135.1 | Mar 2025 114.4 | Jun 2025 72.7 | Sep 2025 53.4 | Dec 2025 64.6 | Mar 2026 50.0 | Jun 2026 79.2
- AVALON: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.2 | Sep 2023 61.2 | Dec 2023 77.4 | Mar 2024 69.5 | Jun 2024 126.7 | Sep 2024 213.8 | Dec 2024 231.7 | Mar 2025 108.2 | Jun 2025 86.0 | Sep 2025 82.3 | Dec 2025 67.3 | Mar 2026 66.7 | Jun 2026 103.5
- CYIENTDLM: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 120.1 | Dec 2023 112.5 | Mar 2024 96.0 | Jun 2024 96.8 | Sep 2024 80.2 | Dec 2024 79.8 | Mar 2025 60.7 | Jun 2025 54.3 | Sep 2025 53.0 | Dec 2025 41.0 | Mar 2026 27.0 | Jun 2026 50.3
- EPACK: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 23.8 | Jun 2024 60.3 | Sep 2024 79.6 | Dec 2024 99.2 | Mar 2025 78.0 | Jun 2025 59.8 | Sep 2025 62.4 | Dec 2025 66.3 | Mar 2026 49.7 | Jun 2026 —
- VOEPL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 35.2 | Dec 2022 32.8 | Mar 2023 48.5 | Jun 2023 79.5 | Sep 2023 87.2 | Dec 2023 64.0 | Mar 2024 54.7 | Jun 2024 77.5 | Sep 2024 112.8 | Dec 2024 148.7 | Mar 2025 144.4 | Jun 2025 108.0 | Sep 2025 103.1 | Dec 2025 149.9 | Mar 2026 62.6 | Jun 2026 —


## What can make this comparison misleading?
- 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.

## Every company
- Dixon Technologies (India) Ltd (DIXON) — market value ₹86.8K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Syrma SGS Technology Ltd (SYRMA) — market value ₹27.5K Cr; latest fundamentals Jun 2026; second-feed figures WITHHELD
- Amber Enterprises India Ltd (AMBER) — market value ₹26.2K Cr; latest fundamentals Mar 2026; second-feed figures WITHHELD
- Kaynes Technology India Ltd (KAYNES) — market value ₹25.9K Cr; latest fundamentals Jun 2026
- PG Electroplast Ltd (PGEL) — market value ₹18.1K Cr; latest fundamentals Jun 2026
- Avalon Technologies Ltd (AVALON) — market value ₹13.1K Cr; latest fundamentals Jun 2026
- Cyient DLM Ltd (CYIENTDLM) — market value ₹5.4K Cr; latest fundamentals Jun 2026
- Epack Durable Ltd (EPACK) — market value ₹2.2K Cr; latest fundamentals Mar 2026
- Virtuoso Optoelectronics Ltd (VOEPL) — market value ₹1.6K Cr; latest fundamentals Mar 2026; includes UNVERIFIED second-feed figures

## Source standing of each company

Cross-checked: 5. Unverified: 1. Withheld: 3. Graded companies: 9.

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; 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; 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.

- WITHHELD | DIXON | Dixon Technologies (India) Ltd | diff_gt_2pct | disagreement up to 20.51% over 14 comparable periods
- WITHHELD | SYRMA | Syrma SGS Technology Ltd | diff_gt_2pct | disagreement up to 21.24% over 14 comparable periods
- WITHHELD | AMBER | Amber Enterprises India Ltd | diff_gt_2pct | disagreement up to 197.13% over 14 comparable periods

- UNVERIFIED | VOEPL | Virtuoso Optoelectronics Ltd | too little overlapping reported history to cross-check the second feed

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-07.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Is the Consumer Electronics - EMS sector outperforming NIFTY 500?

Consumer Electronics - EMS has outperformed NIFTY 500 by 14.8% over 52 weeks and 12.4% over 13 weeks. 6 of 9 covered companies beat NIFTY on Mansfield relative strength, while 3 of 9 beat the sector itself.

### Which Consumer Electronics - EMS company is largest by revenue?

Dixon Technologies (India) Ltd leads with revenue of ₹51,586 crore, based on 9 of 9 comparable companies through Jun 2026.

### Which Consumer Electronics - EMS company is growing fastest?

Syrma SGS Technology Ltd has the fastest current revenue growth at 53%, across 8 of 9 comparable companies.

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

Avalon Technologies Ltd ranks first at 74.9/100 with 100% evidence confidence. The score prioritizes research; it is not a buy recommendation.

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

Epack Durable Ltd has the lowest comparable PEG at 1.41, among 5 of 9 companies whose earnings and growth are steady enough for the ratio to mean anything.

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

The page compares up to 20 reported quarters per company for fundamentals, returns 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.

### Is there a Nifty Consumer Electronics - EMS index?

NSE India maintains Nifty indices for several broad sector categories — Nifty Bank, Nifty IT, Nifty Pharma and others — but not for every sub-sector grouping on this site. Whether or not an official Nifty index covers Consumer Electronics - EMS, this page builds its own equal-weight basket of 9 listed Consumer Electronics - EMS companies — one company, one vote, regardless of market value — so no single large company dominates the reading. 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 ₹51,586 crore, ahead of Amber Enterprises India Ltd at ₹12,187 crore. That covers 9 of 9 companies with comparable reporting through Jun 2026.

### 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. Avalon Technologies Ltd shows the biggest recent improvement, at +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 ₹2,083 crore of trailing-twelve-month net profit, from 9 of 9 comparable companies. Syrma SGS Technology Ltd has the fastest profit growth at 87.4%, 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 PEG — where a LOWER number is cheaper — Epack Durable Ltd screens cheapest at 1.41×. Only 5 of 9 companies have earnings and growth steady enough for the ratio to mean anything, 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.

### Is the Consumer Electronics - EMS sector beating the market?

Consumer Electronics - EMS has outperformed NIFTY 500 by 14.8% over the last 52 weeks and 12.4% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 6 of 9 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### 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 74.9 out of 100 with 100% evidence confidence, from 32.2 points on growth and earnings, 16.2 on capital efficiency, 9.5 on valuation and 17 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, 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 ₹2,06,881 crore of combined market value. Dixon Technologies (India) Ltd is the largest at ₹86,822 crore, about 42% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-15.

### 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 87.9×, 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 2026-08-15.

### How is the Consumer Electronics - EMS sector performing?

6 of the 9 covered Consumer Electronics - EMS companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 14.8% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-15.

### 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.