Kaynes, Avalon, Syrma, Cyient DLM, Data Pattern, Dixon, Amber - Outlook Remains Strong: Motilal Oswal

Motilal Oswal Report

Our aggregate revenue for electronic manufacturing services coverage basket is poised to register a 37% compound annual growth rate over FY23-26E, aided by an order flows from new as well as existing segments both in domestic and international markets in areas such as high computing servers, railways, A&D, clean energies, electric vehicle, automotive, and Industrials.

Consequently, combined Ebitda margin is likely to remain at the current levels due to changing product mix (toward high volume, low margin products). Ebitda is expected to register a CAGR of ~37% to reach Rs 18.6 billion over FY23-26 from Rs 7.3 billion in FY23.

We reiterate our 'Buy' rating on Kaynes Technology India Ltd./Avalon Technologies Ltd./Cyient DLM Ltd./Syrma SGS Technology Ltd. with a target price of Rs 3,300/Rs 610/Rs 830/Rs 720 for FY26.

We retain our 'Neutral' stance on Data Patterns India Ltd. with a target price of Rs 2,020 for FY26.

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