Archive · 18 Jan 2026
EMS Sector Correction: Syrma and Avalon Shine
The share prices of some electronic manufacturing service (EMS) companies in India fell sharply by the end of 2025.
However, two companies, Syrma and Avalon, have managed to do well.
They focus on making things for industries like cars, medical devices, and clean energy, which are more profitable.
Syrma is shifting its business to these higher-margin areas, even if it means growing slower for now.
Avalon is expanding in the U.S. and investing in new technologies.
Both companies have strong orders and are expected to grow in the future.
While their stock prices are still high, they are seen as safer bets in the EMS sector.
Share prices of Dixon, Kaynes, and PG Electroplast fell sharply by the end of 2025.
Syrma and Avalon focused on higher-margin segments like industrial, automotive, and medical devices, shielding them from the market crash.
Syrma's revenue grew by 4.4% YoY to ₹2,093 crore in H1FY26, with EBITDA increasing by 60% to ₹226.6 crore.
Avalon's revenue rose by 48.7% YoY to ₹706 crore in H1FY26, with EBITDA expanding by 98.5% to ₹68 crore.
Both companies have strong order books and are investing in growth areas like defence, solar energy, and semiconductor equipment.
- Who
- Syrma SGS Technology and Avalon Technologies
- What
- EMS companies focusing on industrial, automotive, and medical devices
- When
- End of 2025 and H1FY26
- Where
- India and global markets, with Avalon having a presence in the U.S.
- Why
- Shift to higher-margin segments and strategic investments in growth areas
- Sector Tailwinds
- Import substitution, electronics penetration, China+1 theme, Make in India
- PLI Scheme Investment
- ₹2 lakh crore
- Incremental Production
- ₹18.7 lakh crore by September 2025
- Syrma Revenue H1FY26
- ₹2,093 crore (4.4% YoY growth)
- Syrma EBITDA H1FY26
- ₹226.6 crore (60% YoY growth)
- Syrma Net Profit H1FY26
- ₹116.3 crore (nearly doubled)
- Syrma Order Book
- ₹5,800 crore (1.5-year visibility)
- Avalon Revenue H1FY26
- ₹706 crore (48.7% YoY growth)
- Avalon EBITDA H1FY26
- ₹68 crore (98.5% YoY growth)
- Avalon Order Book
- ₹3,031 crore (14-36 months execution)