Partner at Exencial Research, Exencial Research

Viral Kishorchandra Shah

Partner at Exencial Research

Exencial Research

Thematic (Sector/Industry)

<ul>
<li>India leads in electronics assembly but imports 94% of components. EMS 2.0 seeks to change this dynamic with local manufacturing</li>
<li>Display modules and PCBs offer growth potential with new manufacturing facilities being built nationwide to reduce import dependence</li>
<li>2025's $2.7B PLI scheme for components aims to attract $7B investment and create 91,600 new jobs across the electronics sector</li>
</ul>


India leads in electronics assembly but imports 94% of components. EMS 2.0 seeks to change this dynamic with local manufacturing
Display modules and PCBs offer growth potential with new manufacturing facilities being built nationwide to reduce import dependence
2025's $2.7B PLI scheme for components aims to attract $7B investment and create 91,600 new jobs across the electronics sector


Silicon Dreams: Can India Outgrow Its EMS Assembly Tag?

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kaynes-technology-india-ltd" target="_blank" data-smartkarma-citation="entities:36436:1" rel="noopener">Kaynes Technology India (KAYNES IN)</a> Semicon to deliver India's first packaged semiconductor chips by July 2025, supported by a multi-year deal.</li>
<li>
<a href="https://www.smartkarma.com/entities/bank-of-america-corp" target="_blank" data-smartkarma-citation="entities:278:1" rel="noopener">Bank Of America (BAC US)</a> expects RBI to cut the repo rate to 6% in April, with a target of 5.5% by year-end.</li>
<li>
<a href="https://www.smartkarma.com/entities/vadilal-industries-ltd" target="_blank" data-smartkarma-citation="entities:8782:1" rel="noopener">Vadilal Industries (VDI IN)</a> settles promoter dispute, plans leadership restructuring and board reconstitution to improve governance and growth.</li>
</ul>



Kaynes Technology India (KAYNES IN) Semicon to deliver India's first packaged semiconductor chips by July 2025, supported by a multi-year deal.

Bank Of America (BAC US) expects RBI to cut the repo rate to 6% in April, with a target of 5.5% by year-end.

Vadilal Industries (VDI IN) settles promoter dispute, plans leadership restructuring and board reconstitution to improve governance and growth.


#130 India Insight: Textile Aims $100B Exports, Wind Energy Hits 48.5 GW, Data Centers Reach $10B

<ul>
<li>India has launched a ₹23,000 crore PLI scheme for electronic components, targeting sub-assemblies, PCBs, and lithium-ion cells to boost local manufacturing and reduce import dependence. </li>
<li>EMS leaders like Dixon, Amber, and Kaynes are accelerating backward integration through JVs, capex, and high-value component manufacturing, unlocking margin expansion and strategic insulation from global supply chain disruptions. I</li>
<li>India's PCB production is just 8% of its ₹236 bn market, where PLI-backed players like Amber and Kaynes could scale rapidly as import substitution gains momentum</li>
</ul>


India has launched a ₹23,000 crore PLI scheme for electronic components, targeting sub-assemblies, PCBs, and lithium-ion cells to boost local manufacturing and reduce import dependence. 
EMS leaders like Dixon, Amber, and Kaynes are accelerating backward integration through JVs, capex, and high-value component manufacturing, unlocking margin expansion and strategic insulation from global supply chain disruptions. I
India's PCB production is just 8% of its ₹236 bn market, where PLI-backed players like Amber and Kaynes could scale rapidly as import substitution gains momentum


How the ₹23K Cr PLI Scheme Benefits EMS Companies - Dixon, Amber, and Kaynes

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India approved a INR 22,919 crore PLI scheme for non-chip electronic components, targeting PCBs, display modules, resistors, and more moving beyond finished goods to core sub-assemblies.</li>
<li>This marks a critical shift toward deep localization and import substitution, enhancing India’s value capture, margins, and positioning in the global electronics supply chain.</li>
<li>This PLI redefines India’s electronics play from low-margin assembly to high-value component manufacturing—benefiting players like Dixon, Amber, and Kaynes, and supporting a strategic export pivot.</li>
</ul>


India approved a INR 22,919 crore PLI scheme for non-chip electronic components, targeting PCBs, display modules, resistors, and more moving beyond finished goods to core sub-assemblies.
This marks a critical shift toward deep localization and import substitution, enhancing India’s value capture, margins, and positioning in the global electronics supply chain.
This PLI redefines India’s electronics play from low-margin assembly to high-value component manufacturing—benefiting players like Dixon, Amber, and Kaynes, and supporting a strategic export pivot.


₹22,919 Cr PLI for Components: A Game-Changer Bet to Deepen Electronics Value Chain

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our bullish outlook on global equities (MSCI ACWI) remains intact with ACWI-US and the S&amp;P 500 firmly trending higher. Our recommendation since mid-October to use any pre-election pullback in..</li>
<li>... the ACWI or the SPX as an opportunity to add exposure continues to pay off, and there is not much left to do except ride the trend higher.</li>
<li>Additionally, we still see a high probability of significant upside going into year-end and the early part of 2025 -- and likely beyond</li>
</ul>


Our bullish outlook on global equities (MSCI ACWI) remains intact with ACWI-US and the S&amp;P 500 firmly trending higher. Our recommendation since mid-October to use any pre-election pullback in..
... the ACWI or the SPX as an opportunity to add exposure continues to pay off, and there is not much left to do except ride the trend higher.
Additionally, we still see a high probability of significant upside going into year-end and the early part of 2025 -- and likely beyond


Ride the Trend Higher in MSCI ACWI and S&P 500; Buy/Stay Long Global Discretionary, Services, Tech

India

Kaynes Technology is an integrated electronics manufacturing company that provides end-to-end and IoT solutions, including conceptual design, process engineering, integrated manufacturing, and life-cycle support. They serve diverse sectors such as automotive, industrial, aerospace, defense, medical, and railways. The company was founded in 1988 and is headquartered in Mysore, Karnataka, India.

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Kaynes Technology (KAYNES IN)

Silicon Dreams: Can India Outgrow Its EMS Assembly Tag?

India aims to reduce import dependence in electronics assembly by promoting local manufacturing through EMS 2.0 and the $2.7B PLI scheme for...

Viral Kishorchandra Shah

#130 India Insight: Textile Aims $100B Exports, Wind Energy Hits 48.5 GW, Data Centers Reach $10B

Kaynes Technology India to deliver India's first packaged semiconductor chips by July 2025 with multi-year deal; Bank of America expects RBI to...

Sudarshan Bhandari

How the ₹23K Cr PLI Scheme Benefits EMS Companies - Dixon, Amber, and Kaynes

India launches PLI scheme for electronic components to boost local manufacturing, reduce import dependence, and accelerate backward integration...

Sudarshan Bhandari

₹22,919 Cr PLI for Components: A Game-Changer Bet to Deepen Electronics Value Chain

India's INR 22,919 crore PLI scheme for electronic components boosts localization, import substitution, and high-value manufacturing, benefiting...

Nimish Maheshwari

Ride the Trend Higher in MSCI ACWI and S&P 500; Buy/Stay Long Global Discretionary, Services, Tech

Ride the Trend Higher in MSCI $ACWI and $SPX; We are still bullish as Risk-On Signals Dominate. Ideas to buy/stay long in global Discretionary,...

Vermilion Research

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52-week Range

Market Cap (USDm)

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Silicon Dreams: Can India Outgrow Its EMS Assembly Tag?

​India aims to reduce import dependence in electronics assembly by promoting local manufacturing through EMS 2.0 and the $2.7B PLI scheme for...

Viral Kishorchandra Shah

#130 India Insight: Textile Aims $100B Exports, Wind Energy Hits 48.5 GW, Data Centers Reach $10B

​Kaynes Technology India to deliver India's first packaged semiconductor chips by July 2025 with multi-year deal; Bank of America expects RBI to...

Sudarshan Bhandari

How the ₹23K Cr PLI Scheme Benefits EMS Companies - Dixon, Amber, and Kaynes

​India launches PLI scheme for electronic components to boost local manufacturing, reduce import dependence, and accelerate backward integration...

Sudarshan Bhandari

₹22,919 Cr PLI for Components: A Game-Changer Bet to Deepen Electronics Value Chain

​India's INR 22,919 crore PLI scheme for electronic components boosts localization, import substitution, and high-value manufacturing, benefiting...

Nimish Maheshwari

Ride the Trend Higher in MSCI ACWI and S&P 500; Buy/Stay Long Global Discretionary, Services, Tech

Ride the Trend Higher in MSCI $ACWI and $SPX; We are still bullish as Risk-On Signals Dominate. Ideas to buy/stay long in global Discretionary,...

Vermilion Research

India aims to reduce import dependence in electronics assembly by promoting local manufacturing through EMS 2.0 and the $2.7B PLI scheme for...

Kaynes Technology India to deliver India's first packaged semiconductor chips by July 2025 with multi-year deal; Bank of America expects RBI to...

India launches PLI scheme for electronic components to boost local manufacturing, reduce import dependence, and accelerate backward integration...

India's INR 22,919 crore PLI scheme for electronic components boosts localization, import substitution, and high-value manufacturing, benefiting...