Over the past decade, India’s electronics output has expanded more than sixfold, while exports have grown nearly eightfold, driven by strong momentum in mobile devices, solar modules, networking products, and electronic components.
Electronics exports reached USD 38.6 billion (bn) in FY25, rising sharply from USD 29.1 bn in the previous year. This growth has been supported by increasing scale, improving competitiveness, and the gradual emergence of India as a credible global alternative for high-volume manufacturing.
However, amid the ongoing geopolitical tensions involving Iran, Israel, and the United States, Electronic Manufacturing Services (EMS) sector stocks have come under pressure. Concerns that the conflict could disrupt global chip supply have weighed on companies operating in the electronics manufacturing space.
As a result of the ongoing correction, several EMS stocks are now trading near their 52-week lows.
In this article, we take a look at top three EMS stocks nearing their 52-week lows.
These stocks have been selected based on filters including positive sales and profit growth over the past five years, a five year average ROE and ROCE above 10%, and current prices below 10% of their 52-week lows.
#1 Dixon Technologies
First on the list is Dixon Technologies.
Dixon is one of the leading providers of Electronic Manufacturing Services company in India catering to the diverse requirements of clients across domestic and international markets.
The company has a presence across a wide range of business verticals, including consumer electronics such as LED TVs; home appliances like washing machines; lighting solutions comprising LED bulbs, tube lights and downlighters; mobile phones; wearables and hearables; refrigerators; as well as telecom and IT hardware products.
The shares of Dixon Tech are trading at Rs 10,271.5 just 6% away from its 52-week low of Rs 9,620.
Dixon Technologies Share Price -1 Year
Data Source: BSE
According to the transcript of the Q3 FY26 earnings conference call held on 29 January 2026, the company stated that it has been selected as a beneficiary under the ECMS scheme for camera modules and optical transceivers. This marks an important milestone in its expansion into component manufacturing and reinforces its strategy to move up the electronics manufacturing value chain. The company also expects to receive ECMS approvals for display modules and enclosures in the near term.
The company noted that it has built a strong foundation as one of India’s leading homegrown EMS players and is now steadily transforming into a more integrated, design-oriented component manufacturing partner across consumer, industrial, and strategic electronics segments.
#2 Kaynes Technology
Next on the list is Kaynes Technology.
Kaynes Technology India is an integrated Electronics System Design and Manufacturing (ESDM) company with over 37 years of operational experience.
The company partners with global OEMs and Tier-1 players across sectors to design, build, and support high-performance, high-reliability electronic solutions.
Headquartered in Mysuru, the company operates across the entire electronics value chain, integrating embedded design, advanced manufacturing, and lifecycle support into a unified and cohesive offering.
Its offerings span embedded design and development, including concept-to-prototype engineering and embedded software, as well as box build and system integration with full electro-mechanical integration and testing.
The company also undertakes precision build-to-print and build-to-spec manufacturing aligned with customer IP and specifications, supported by comprehensive lifecycle services covering post-sales support, service integration, and upgrades.
Currently trading at Rs 3,566.2, Kaynes Technology is just Rs 8% away from its 52-week low of Rs 3,295.65.
Kaynes T Dixon Technologies Share Price -1 Year
Data Source: BSE
Going forward, the company plans to strengthen its position as an integrated electronics player by expanding into OSAT and HDI PCB segments.
It is also focusing on expanding its presence across different geographies to stay closer to its customers.
In addition, the pilot line for its first semiconductor plant under the OSAT segment has already become operational, marking a step toward building capabilities in the semiconductor value chain.
#3 PG Electroplast
Last on the list is PG Electroplast.
PG Electroplast is India’s leading, diversified Electronics Manufacturing Services provider, recognised as a trusted partner to 70+ premier Indian and global brands across the consumer durables, electronics and automotive sectors.
From a component specialist to a comprehensive manufacturing partner, the company now offers both ODM and OEM solutions across the consumer electronics and consumer durables industries.
Its portfolio reflects a balanced mix of complete consumer appliances and the critical components that power them.
The company has strong capabilities in plastic moulding and electronics, supported by a large injection moulding setup that enables the production of high-precision components for consumer durables and appliances.
Its electronics division focuses on PCB assembly and electronic subsystems, with an expanding portfolio that includes security cameras, voice boxes, and other advanced electronic products.
Currently trading at Rs 508.4, PG Electroplast is just Rs 8% away from its 52-week low of Rs 471.15.
PG Electroplast Share Price -1 Year
Data Source: BSE
Going forward, the company expects significant opportunities in plastic moulding and consumer durables such as washing machines, room air conditioners, refrigerators, ceiling fans, and sanitaryware products.
It also plans to expand its presence in the ODM segment, focusing on products like air coolers, washing machines, and room air conditioners.
Conclusion
India’s electronics manufacturing ecosystem is gradually evolving from a high-growth, assembly-led industry into a more technology- and component-driven manufacturing hub.
Industry trends indicate strong long-term momentum, supported by rising domestic demand, deeper localisation efforts, and continued government policy support. As companies increasingly focus on backward integration and scaling capabilities, the sector is positioning itself for the next phase of value-added growth.
However, the ongoing global geopolitical tensions and supply chain uncertainties have created short-term volatility for EMS stocks.
Investors should evaluate the company’s fundamentals, corporate governance, and valuations of the stock as key factors when conducting due diligence before making investment decisions.
Happy investing.
Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here…
The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary