External broker reports(aggregated public sources), HDFC Securities

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Thematic (Sector/Industry)

<ul><li>India’s EMS industry remains at an early stage of global penetration with ~4-5% market share and is rapidly emerging as a key pillar of the electronics ecosystem, supported by strong growth momentum and multiple long‑term tailwinds</li><li>The sector delivered a robust 24% revenue CAGR over FY19–24, with growth expected to accelerate further to 27% CAGR over FY24–29E</li><li>Key drivers include PLI incentives, China+1-led supply‑chain diversification, rising domestic electronics demand, increasing labor costs in competing regions, and a growing preference among global OEMs for outsourced manufacturing</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

India’s EMS industry remains at an early stage of global penetration with ~4-5% market share and is rapidly emerging as a key pillar of the electronics ecosystem, supported by strong growth momentum and multiple long‑term tailwindsThe sector delivered a robust 24% revenue CAGR over FY19–24, with growth expected to accelerate further to 27% CAGR over FY24–29EKey drivers include PLI incentives, China+1-led supply‑chain diversification, rising domestic electronics demand, increasing labor costs in competing regions, and a growing preference among global OEMs for outsourced manufacturingContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Electronics Manufacturing Services: India EMS: scaling into a multi‑year upcycle

India

Syrma SGS Technology Limited is an Electronic System Design and Manufacturing (ESDM) company that offers integrated services including product design, prototyping, PCB assembly, box building, and automatic tester development. It manufactures a wide range of electronic products such as printed circuit board assemblies, RFID tags, and electromagnetic products for diverse industries including automotive, healthcare, IT, and consumer electronics. The company's headquarters are located in Chennai, India, and it was originally founded in 1978, though it was incorporated as Syrma Technology Private Limited in 2004.

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