EMS Stocks in India
EMS: Centum Electronics Ltd owns the largest revenue base AND the fastest current growth.
Nifty EMS Index — Constituents & Performance
All 2 listed Indian EMS companies are named here, largest first — the same constituent set people search for as the Nifty EMS index. Every figure on this page is equal-weighted across those companies, so one large constituent cannot set the reading. Each number carries its own as-of date.
- Centum Electronics Ltd₹5.2K Cr
- Aimtron Electronics Ltd₹3.6K Cr
Is EMS outperforming NIFTY 500?
EMS has outperformed NIFTY 500 by 95.8% over the last 52 weeks. Over 13 weeks the gap is a lead of 30.9%. 2 of 2 covered companies currently beat NIFTY on Mansfield relative strength, so leadership inside the sector is selective. Aimtron Electronics Ltd is the strongest against the sector itself at +18.3%. Readings are as of 2026-08-09.
Sector metric: 38.7 as of 2026-08-09 · NARROWING · rising.
The central tension: current leadership is concentrated, so durability matters more than rank.
Start with scale. Then earnings trajectory. Then business quality. Only after those three agree should price leadership carry much weight.
Bottom line
EMS has outperformed NIFTY 500 by 95.8% over 52 weeks and 30.9% over 13 weeks. 2 of 2 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself. Centum Electronics Ltd leads with revenue of ₹1,058 crore, based on 1 of 2 comparable companies through Jun 2026.
Best EMS Stocks in India (Aug 2026), Ranked by Data
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.
How this score is built, and what the marks mean
Missing observations are not scored as bad. Their missing weight lowers confidence and pulls the final score toward neutral. PEG is not shown when the ratio cannot mean anything: the company must be making a profit, its price-to-earnings must be positive, and its three-year earnings growth must fall between 5% and 60%. Dividing a price multiple by a loss, or by growth measured off a tiny base, produces a number that looks precise and tells you nothing. Under relative strength, one mark per week shows the last 12 weeks: a mark is filled where the company led NIFTY 500 by 5% or more over the 13 weeks ending that week, which is the same test used everywhere on this site. Price stage places the company on the same six-step curve the sector itself is placed on — basing, turning, breaking out, leader, fading, asleep — read from how many weeks running it has led NIFTY 500 and whether that lead is widening or shrinking. It describes where the PRICE stands, not the earnings trajectory and not a recommendation, and it is left blank for a company whose weekly history is too short or too stale to read.
Top 10 EMS Stocks in India
| Company | Score | Price stage | Growth & earnings/35 | Capital efficiency/25 | Valuation/20 | Relative strength/20 |
|---|---|---|---|---|---|---|
| 1Aimtron Electronics LtdAIMTRON | 70.3/100Thin evidence · provisional53% evidence | LEADER | 20.7/35 Revenue — · PAT — · OPM change 1 pp 26% evidence | 19.6/25 ROCE 28.2% · OPM 20% 95% evidence | 10.0/20 P/E 78.5× · PEG — 0% evidence | 20.0/20 RS sector 18.3% · RS bench 76.3% · 1Y 149.2%12 of 12 weeks ahead 100% evidence |
| Exact sum: 20.7 + 19.6 + 10 + 20 = 70.3 · Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral. | ||||||
| 2Centum Electronics LtdCENTUM | 52.3/100Mixed-positive evidence72% evidence | LEADER | 20.9/35 Revenue 8.1% · PAT 100% · OPM change -4 pp 95% evidence | 16.4/25 ROCE 25.5% · OPM 12% 76% evidence | 10.0/20 P/E 59.7× · PEG — 0% evidence | 5.0/20 RS sector -19.4% · RS bench 22.1% · 1Y 46.1%12 of 12 weeks ahead 100% evidence |
| Exact sum: 20.9 + 16.4 + 10 + 5 = 52.3 · Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction. | ||||||
Market action
Aimtron Electronics Ltd has the strongest one-year price move in EMS at +149.2%. It also leads on Mansfield relative strength against NIFTY at +76.3%. 2 of 2 covered companies are above zero on that measure. Every line covers 313 weekly closes through 2026-08-14.
Every company, the sector's own index and NIFTY 500 all start level on the left edge of the window, so only the distance between the lines counts — the highest line has risen the most since then, and the chart at the top of this page is drawn the same way. It opens on one year; the buttons beside it stretch that to three or five.
How far ahead of or behind NIFTY 500 each company has been running, measured against its own recent average of that comparison, so the flat line at zero IS NIFTY 500: above it the company is beating the market, below it the market is beating the company. It opens on one year.
The same measure taken against EMS itself instead of the whole market, so the flat line at zero is the sector: above it the company is beating its own peers, which is the sharper test of the two. It opens on one year.
EMS — the story behind the numbers
This is the written read behind the EMS figures above — what is actually happening in the sector, in words, with the evidence each claim rests on. It is dated 22 Jul 2026. 4 themes are live here.
The EMS sector sample for this week consists of a single constituent, AIMTRON, which delivered a transformational FY26. Full-year revenue reached Rs 3,011.6 Mn, representing an 89.2% YoY increase. EBITDA grew 93.6% YoY to Rs 657.7 Mn. The order book surged 175.8% YoY to Rs 5,212 Mn, which is 1.7x FY26 revenue.
How old this read is: This read comes from our EMS sector brief dated 22 Jul 2026, so the words here and the numbers above them cover the same few weeks.
What is live in this sector right now
| Live theme | Severity | Evidence on file |
|---|---|---|
| US tariff escalations could impair cost advantage; ICS acquisition provides US manufacturing hedge.Named for AIMTRON | medium | “Entered European Market → with Automobile sector (Post India-Europe FTA)” ICS acquisition provides a physical US manufacturing hedge — products manufactured in Illinois would not face import tariffs |
| Dependency on key suppliers for critical components; semiconductor shortage or tariff disruption could compress margins.Named for AIMTRON | medium | “Dependency on key suppliers for critical components. Vulnerability to market fluctuations in specific sectors.” AIC acquisition in Decatur is partly a hedge against US tariff risk for US customers |
| 9-country supply chain creates logistical complexity; port congestion or shipping disruption could delay production.Named for AIMTRON | low | “Supply chain disruptions and raw material shortages. Compliance with evolving regulatory standards.” Not mentioned on call |
| Delays in ECMS approval would defer access to PLI-linked incentives; RDSO approval delays would impair Railway sector entry.Named for AIMTRON | low | “Application submitted & acknowledged by MeitY under the Electronics Component Manufacturing Scheme (ECMS). Approval currently under process.” Application submitted & acknowledged by MeitY under the Electronics Component Manufacturing Scheme (ECMS). |
Sources: our EMS sector brief, 22 Jul 2026 · company earnings-call transcripts.
Revenue Scale & Growth Durability
Centum Electronics Ltd has the highest Revenue among the 2 EMS companies compared here, at ₹1,058 crore. The same company also holds the highest Revenue growth, at 8.1%. 1 of 2 companies report a comparable reading, the latest through Jun 2026. Its Revenue series carries 15 reported observations across the 20-quarter window.
What the numbers say: Centum Electronics Ltd is the scale leader at ₹1,058 crore, Centum Electronics Ltd's growth is 8.1% from a ₹1,058 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: Centum Electronics Ltd is the scale benchmark; Centum Electronics Ltd is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.
This conclusion weakens if: Centum Electronics Ltd's growth falls below Centum Electronics Ltd's for two consecutive comparable reports while operating margin also compresses.
On every company-comparison chart on this page: solid lines show level, dotted lines show change when “Both” is selected, and a missing report breaks the line rather than being invented.
All-company data · latest reported quarter
In every all-company table on this page, each figure is the company’s latest single reported quarter. The rankings above them use trailing-twelve-month or current-market values, so a company can legitimately show a different number in each.
| Company | Revenue | Revenue growth | Reported |
|---|---|---|---|
| Centum Electronics Ltd CENTUM | ₹204 Cr | 14% | Jun 2026 |
| Aimtron Electronics Ltd AIMTRON | ₹179 Cr | 75% | Mar 2026 |
Full 20-quarter history · every available company
Revenue · reported quarter history
Centum Electronics Ltd · CENTUM
Revenue growth · reported quarter history
Aimtron Electronics Ltd · AIMTRON
Centum Electronics Ltd · CENTUM
Operating Economics & Margin Trend
Aimtron Electronics Ltd has the highest OPM among the 2 EMS companies compared here, at 20%. Centum Electronics Ltd is next at 12%. The same company also holds the highest Margin change, at +1 percentage points. 2 of 2 companies report a comparable reading, the latest through Mar 2026. Its OPM series carries 6 reported observations across the 20-quarter window.
What the numbers say: Aimtron Electronics Ltd leads both opm at 20% and margin change at +1 percentage points.
Investor read: Aimtron Electronics 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.
All-company data · latest reported quarter
| Company | OPM | Margin change | Reported |
|---|---|---|---|
| Aimtron Electronics Ltd AIMTRON | 20% | +1.0 pp | Mar 2026 |
| Centum Electronics Ltd CENTUM | 12% | −4.0 pp | Jun 2026 |
Full 20-quarter history · every available company
OPM · reported quarter history
Aimtron Electronics Ltd · AIMTRON
Centum Electronics Ltd · CENTUM
Margin change · reported quarter history
Aimtron Electronics Ltd · AIMTRON
Centum Electronics Ltd · CENTUM
Profit Scale & Acceleration
Centum Electronics Ltd has the highest Net profit among the 2 EMS companies compared here, at ₹50 crore. The same company also holds the highest Profit growth, at the 100% top of the scoring scale. 1 of 2 companies report a comparable reading, the latest through Jun 2026. Its Net profit series carries 15 reported observations across the 20-quarter window.
What the numbers say: Centum Electronics Ltd leads with ₹50 crore of TTM profit, Centum Electronics Ltd shows ≥100% on the scoring scale (525% uncapped) growth from a ₹50 crore profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.
Investor read: Centum Electronics 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.
All-company data · latest reported quarter
| Company | Net profit | Profit growth | Reported |
|---|---|---|---|
| Centum Electronics Ltd CENTUM | ₹106 Cr | 2,020% | Jun 2026 |
| Aimtron Electronics Ltd AIMTRON | ₹26 Cr | 86% | Mar 2026 |
Full 20-quarter history · every available company
Net profit · reported quarter history
Aimtron Electronics Ltd · AIMTRON
Centum Electronics Ltd · CENTUM
Profit growth · reported quarter history
Aimtron Electronics Ltd · AIMTRON
Centum Electronics Ltd · CENTUM
Return On Capital Employed
Aimtron Electronics Ltd has the highest ROCE among the 2 EMS companies compared here, at 28.2%. Centum Electronics Ltd is next at 25.5%. Centum Electronics Ltd has the highest ROCE change at +9 percentage points, so level and change sit with different companies. 2 of 2 companies report a comparable reading, the latest through Mar 2026.
What the numbers say: Aimtron Electronics Ltd leads ROCE at 28.2%, 2.7 percentage points above Centum Electronics Ltd. Centum Electronics Ltd has the strongest latest improvement at +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: Aimtron Electronics 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.
Withheld from this chart: Centum Electronics Ltd (CENTUM) — its two data sources disagree by up to 40% 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
| Company | ROCE | ROCE change | Reported |
|---|---|---|---|
| Aimtron Electronics Ltd AIMTRON | 21% | +4.2 pp | Mar 2026 |
Full 20-quarter history · every available company
ROCE · reported quarter history
Aimtron Electronics Ltd · AIMTRON
ROCE change · reported quarter history
Aimtron Electronics Ltd · AIMTRON
Valuation Against Growth & Quality
No company in this EMS comparison reports a valuation figure this section can compare, so the PEG rank is empty. On P/E, Centum Electronics Ltd is lowest at 59.7×, across 2 of 2 companies with a usable reading. PEG asks what price is being paid for growth; P/E keeps that answer anchored to the actual earnings multiple.
What the numbers say: There is not enough comparable evidence to name a reliable peg leader.
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.
All-company data · latest reported quarter
| Company | PEG | P/E | Reported |
|---|---|---|---|
| Aimtron Electronics Ltd AIMTRON | 4.3 | 48.7 | Mar 2026 |
| Centum Electronics Ltd CENTUM | — | 95.6 | Jun 2026 |
Full 20-quarter history · every available company
PEG · reported quarter history
Aimtron Electronics Ltd · AIMTRON
P/E · reported quarter history
Aimtron Electronics Ltd · AIMTRON
Centum Electronics Ltd · CENTUM
What can make this comparison misleading?
This EMS comparison names 6 specific ways its own evidence can mislead, all listed below. All 2 companies here report on comparable dates, so no rank carries a stale marker. 1 has second-feed figures withheld because the two sources disagree. 3 of the 5 ranked sections have fewer than three usable current readings.
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 is 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.
- Thin comparisons: Revenue, Net profit, Valuation have fewer than three usable current readings.
How was this comparison built?
This comparison is built from the reported filings of 2 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 2026-08-14. A second data feed fills gaps only after identity and scale reconciliation, and missing observations are never interpolated.
How a second data feed is admitted, and what happens when it disagrees
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.
EMS company comparison FAQs
These 21 answers restate the EMS comparison above in question form. Every one is computed from the same 2 companies and the same reported filings as the rankings and charts, current through Jun 2026. Price and relative-strength answers run through 2026-08-14. Nothing here is estimated, and none of it is a recommendation.
Is the EMS sector outperforming NIFTY 500?
EMS has outperformed NIFTY 500 by 95.8% over 52 weeks and 30.9% over 13 weeks. 2 of 2 covered companies beat NIFTY on Mansfield relative strength, while 1 of 2 beat the sector itself.
Which EMS company is largest by revenue?
Centum Electronics Ltd leads with revenue of ₹1,058 crore, based on 1 of 2 comparable companies through Jun 2026.
Which EMS company is growing fastest?
Centum Electronics Ltd has the fastest current revenue growth at 8.1%, across 1 of 2 comparable companies.
Which EMS company has the strongest 4-Factor Sector Score?
Aimtron Electronics Ltd ranks first at 70.3/100 with 52.8% evidence confidence. The score prioritizes research; it is not a buy recommendation.
How much history does this 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 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 EMS, this page builds its own equal-weight basket of 2 listed 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 EMS stocks in India?
Ranked by this page's four-factor score, Aimtron Electronics Ltd places first among 2 listed EMS companies, followed by Centum Electronics 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 EMS stocks are listed in India?
This comparison covers 2 listed 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 EMS company is the biggest?
Centum Electronics Ltd is the largest, with trailing-twelve-month revenue of ₹1,058 crore. That covers 1 of 2 companies with comparable reporting through Jun 2026.
Which EMS company has the best profit margins?
Aimtron Electronics Ltd has the highest operating margin at 20%, from 2 of 2 comparable companies. Aimtron Electronics Ltd shows the biggest recent improvement, at +1 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.
Which EMS company makes the most profit?
Centum Electronics Ltd earns the most, at ₹50 crore of trailing-twelve-month net profit, from 1 of 2 comparable companies. Centum Electronics Ltd has the fastest profit growth at the ≥100% scoring cap, though growth off a small or recovering profit base overstates how much has actually changed.
Which EMS company earns the highest return on capital?
Aimtron Electronics Ltd leads on return on capital employed at 28.2%, across 2 of 2 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.
Is the EMS sector beating the market?
EMS has outperformed NIFTY 500 by 95.8% over the last 52 weeks and 30.9% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 2 of 2 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.
Which EMS stock has the strongest price momentum?
Aimtron Electronics 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 EMS company scores highest for research priority?
Aimtron Electronics Ltd scores 70.3 out of 100 with 52.8% evidence confidence, from 20.7 points on growth and earnings, 19.6 on capital efficiency, 10 on valuation and 20 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 EMS companies does this comparison cover, and over what period?
It compares 2 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 EMS sector?
The 2 EMS companies on this page carry ₹8,830 crore of combined market value. Centum Electronics Ltd is the largest at ₹5,222 crore, about 59% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-20.
How is the EMS sector performing?
2 of the 2 covered EMS companies are beating NIFTY 500 on Mansfield relative strength. The sector itself is 95.8% ahead of NIFTY 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-20.
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.