EMS Sector Q2 Preview - Kaynes, Dixon To Lead Likely Strong Results: Systematix

Systematix Research Report

The seven electronics manufacturing services companies under our coverage are expected to report strong results in Q2 FY25 led by Kaynes Technology India Ltd. and Dixon Technologies India Ltd.

The aggregate revenue/Ebitda/profit afte tax are likely to grow 45%/44%/51% YoY, led by Kaynes (up 75%/88%/103% YoY) and Dixon (up 52%/53%/46% YoY). Syrma is also expected to report a strong 42% YoY revenue growth but with a low 9% growth in Ebitda and flattish PAT.

Q2 is normally a low season for cooling products. We expect healthy revenue growth for Amber Enterprises India Pvt. Ltd. (up 25% YoY led by consumer durables and electronics) and PG Electroplast Ltd. (up 21% YoY led by product business).

Avalon Technologies Ltd. is expected to report 15% YoY growth in revenue and QoQ uptick in margins (as management guided for revival from Q2 and for full recovery by Q4).

Elin Electronics Ltd., on low base, is expected to clock 11% YoY rise in revenue on some demand revival in small domestic appliances.

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