Electronic Manufacturing Services – Jul-Sep’26 Earnings Preview – EMS Growth to Remain Strong, Margins to Improve
Published on 07 Oct 2026
Electronics manufacturing services (EMS) companies under our coverage are expected to post healthy YoY revenue growth of 26.0% in Q2FY27, driven by strong revenue momentum in CYIENTDL, SYRMA and AVAL, with YoY revenue growth of 27.2%, ~50% and 30.0%, respectively. We expect margins to expand by 30bps to 9.9% for the EMS universe. Overall, profit is expected to grow 8.6% YoY. We expect SYRMA to outperform in terms of both revenue and earnings growth. Looking ahead, we expect pickup in order book across companies, supported by their strategic focus on higher margin sectors and orders, which should further support margin expansion in the coming quarters.
