India’s Electronics Manufacturing Services (EMS) sector has been gaining attention as the country expands its electronics manufacturing capabilities and global companies diversify their supply chains.
Alongside this growth, foreign institutional participation in selected EMS stocks has also increased.
Here, we look at four such EMS stocks where Foreign Institutional Investors (FIIs) increased their holdings during the June 2026 quarter.
We will explore their business models, recent financial performance, and changes in FII shareholding to understand what has been happening across these companies.
#1 Syrma SGS Technology Ltd
First is Syrma SGS Technology, which has emerged as a diversified electronics system design and manufacturing (ESDM) player with exposure across multiple industries.
The company provides electronics manufacturing and engineering solutions to global original equipment manufacturers (OEMs). Its capabilities span high-mix and high-complexity products, allowing it to cater to sectors such as consumer electronics, industrials, automotive, healthcare, IT and railways.
The company serves more than 350 customers and has built a presence across both domestic and international markets. Its products are exported to more than 35 countries, with exports contributing around 25% of its operating revenue.
Another key aspect of the business is its diversified revenue mix. For the financial year ended March 31, 2026, the consumer segment accounted for 30% of revenue, while the industrial segment contributed 29%. Automotive represented another 24%, followed by IT and railways at 9% and healthcare at 8%.
Financial Performance
FY26 was a strong year for Syrma SGS, with the company reported total revenue of Rs 48,569 million (m) during FY26, registering a 27% YoY increase. EBITDA grew at a much faster pace of 56% to Rs 5,823 m.
The improvement was even more visible at the bottom line where profit after tax stood at Rs 3,458 m, representing an 87% YoY increase. Growth was vacross business verticals, with IT and railways standing out during the quarter, and this segment recorded 182% YoY growth in Q4 FY26.
Apart from the improvement in business performance, Syrma SGS has also seen an increase in Foreign Institutional Investor holding.
Change in FII Holding the June 2026 Quarter
| March 2026 | June 2026 | Change (%) |
| 6.60% | 7.51% | 0.91 |
Source: Company Financial Performance
FII holding increased from 6.60% at the end of the March 2026 quarter to 7.51% in June 2026.
#2 PG Electroplast Ltd
Second is PG Electroplast Limited (PGEL), which is an Indian electronics manufacturing services (EMS) company with a presence across consumer durables and electronics manufacturing.
The company operates through a combination of Original Design Manufacturing (ODM), Original Equipment Manufacturing (OEM), and plastic injection moulding, catering to more than 50 brands.
Its product portfolio includes room air conditioners, washing machines, LED televisions and air coolers.
Over the years, PG Electroplast has increasingly shifted its business mix towards the product segment, which has emerged as the largest contributor to its overall revenue.
The product business has become the key growth driver for the company, accounting for 76.2% of total revenue in FY26.
Within this business, room air conditioners remain an important contributor, particularly during the peak summer season. In certain quarters, the AC business accounted for around 66% of revenue.
Financial Performance
PG Electroplast reported consolidated operating revenue of Rs 52,880 m in FY26, compared with Rs 48,695 m in the previous year with an 8.6% YoY increase.
However, the fourth quarter presented a more challenging picture, particularly on the profitability front.
Revenue for Q4 FY26 stood at Rs 17,167 m, while EBITDA came in at Rs 1,315 m, declining 43% compared with the corresponding quarter of the previous year. Net profit for the quarter stood at Rs 642 m.
The pressure on profitability came amid a combination of operational and external challenges during the year. Disruptions in LPG availability affected production at the company’s Supa facility, which resulted in an estimated production loss of around Rs 3,000 m.
At the same time, a shortage of trucks affected product movement and contributed to higher inventory levels. This stretched the company’s working capital cycle and resulted in greater utilisation of borrowings, consequently increasing interest costs.
The January-March quarter also saw pressure from higher raw material costs and currency depreciation. The company was unable to immediately pass the entire increase in input costs to customers, which weighed margins during the quarter.
Change in FII Holding the June 2026 Quarter
| March 2026 | June 2026 | Change (%) |
| 9.75% | 9.95% | 0.20 |
Source: Company Financial Performance
FII holding in PG Electroplast increased marginally from 9.75% in the March 2026 quarter to 9.95% in the June 2026 quarter.
#3 Apollo Micro Systems Ltd
Next one is Apollo Micro Systems, which is an Indian technology company operating primarily across the defence, aerospace and space sectors.
With more than four decades of experience, the company specialises in the design, development, assembly, and testing of high-performance electronic and electro-mechanical solutions used in mission-critical applications.
It works with government agencies, defence public sector undertakings and private-sector companies.
Its customer ecosystem includes organisations involved in India’s defence and strategic programs, with the company supplying systems and subsystems for various mission-critical applications.
Apollo Micro Systems has also been expanding its capabilities beyond individual electronic systems and subsystems into broader areas such as complete weapon platforms and defence-related manufacturing.
This expansion is aimed at increasing the company’s participation across the value chain and capturing a larger share of opportunities arising from the growing focus on indigenous defence manufacturing.
Financial Performance
In FY26 revenue from operations increased 61% YoY to Rs 9,043.2 m compared to Rs 5,620.7 m in FY25.
The Q4 FY26 revenue from operations stood at Rs 2,932.6 m, compared with Rs 1,617.7 m in the corresponding period of the previous year.
Profitability also improved during the year with EBITDA, excluding other income, stood at Rs 2,181.6 m in FY26 with an EBITDA margin of 24.1%. In Q4 FY26, the operating margin stood at 23.1%.
At the bottom line, profit after tax increased 91% YoY to Rs 1,073.8 m in FY26, with the PAT margin reaching 11.9%. For Q4 FY26, net profit stood at Rs 367.9 m with a margin of 12.5%.
The improvement in financial performance was supported by the execution of the company’s order book and a more favourable product mix.
Cost optimisation and operating efficiencies also contributed to profitability as more programs moved from the development stage towards production.
Change in FII Holding the June 2026 Quarter
| March 2026 | June 2026 | Change |
| 3.63% | 6.21% | 2.58% |
Source: Company Financial Performance
FII holding increased from 3.63% at the end of the March 2026 quarter to 6.21% in June 2026.
#4 Centum Electronics Ltd
The fourth is Centum Electronics. It’s an electronics system design and manufacturing (ESDM) company with a presence across high-entry-barrier sectors such as defence, aerospace, and industrial electronics.
The company provides design, engineering and manufacturing solutions for complex and high-reliability electronic systems and subsystems.
Centum Electronics operates across two business verticals: Electronic Manufacturing Services (EMS) and Build-to-Specification (BTS).
Under its EMS business, the company manufactures complex and high-reliability electronics, including printed circuit board assemblies and integrated systems, for global customers. This business typically operates on a cost-plus model and generates EBITDA margins of around 10-11%.
The BTS business, on the other hand, involves greater participation across the product lifecycle. Centum takes responsibility for activities ranging from product conceptualisation and design to development and manufacturing. This segment primarily caters to domestic defence and space programmes and generates higher margins of over 20%.
Financial Performance
Centum Electronics reported consolidated operating revenue of Rs 9,527 m in FY26, growth of 28.7% compared with the previous financial year. The momentum continued in the fourth quarter, with revenue reaching Rs 3,404 m, an increase of 27.5% YoY.
Operating profitability also remained healthy. The consolidated operating EBITDA margin stood at 14.22% for FY26, while the margin for Q4 FY26 came in at 14.31%.
However, the company’s reported bottom line presents a different number from the performance of its continuing operations.
Profit after tax from continuing operations stood at Rs 1,007 m in FY26. However, after accounting for losses related to discontinued overseas operations, the company reported an overall net loss of Rs 518 m for the year.
Change in FII Holding the June 2026 Quarter
| March 2026 | June 2026 | Change |
| 2.37% | 3.31% | 0.94% |
Source: Company Financial Performance
FII holding increased from 2.37% at the end of the March 2026 quarter to 3.31% in June 2026.
Should You Invest in EMS Stocks with Rising FII Holdings?
Rising FII holdings can signal growing institutional interest, but they should not be the sole basis for an investment decision.
Investors should assess valuations, earnings consistency, order execution, customer concentration, regulatory changes, and industry competition.
Understanding individual risk appetite and investment horizon is equally important before considering any financial decision.
Happy investing.
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