4 EMS Stocks to Watch in 2027

#2 Dixon Technologies

Next on our list is the stock of Dixon Technologies.

Dixon Technologies is one of India's largest Electronics Manufacturing Services (EMS) companies. Headquartered in Noida, Uttar Pradesh, it manufactures electronic products for leading global and Indian brands rather than selling most products under its own brand.

This is another stock to watch due to massive expansion plans.

The company will be expanding the capacities of camera module and a subsidiary Q Tech, which is an ECMS beneficiary for smartphones from 70 m units annually to around 180 m units to 190 m units annually over the next 15 to 18 months, largely catering to its captive smartphone volumes in addition to deepening the level of manufacturing, capturing more value added in India.

It has received PN3 and ECMS approval for 74:26 display module JV with HKC. The trials will start at the beginning of Q3, and mass production will commence at the end of Q3 or the beginning of Q4, this fiscal.

Financials of Dixon Technologies

On the financial front, the company reported revenues for the year ended March 2026, at Rs 488.93 bn against Rs 388.8 bn in the same period last year.

The net profit after minority interest, excluding exceptional gain for the year was Rs 8.45 bn against Rs 7.06 bn in the same period last year, a growth of 20%.

To know more, check the Dixon fact sheet and latest quarterly results.

#3 Centum Electronics

Next on the list is the stock of Centum Electronics.

Centum Electronics is a Bengaluru-based electronics design and manufacturing company focused on high-reliability products for aerospace, defence, space, medical, transportation, and industrial sectors.

It designs and manufactures electronic systems, subsystems and components used in mission-critical applications. Centum has partnerships and supplies to organisations in the space and defence ecosystem, including applications linked to ISRO and defence programmes.

Centum Electronics Financial Snapshot

The company closed FY26 with a standalone order book of approximately Rs 16.45 bn, representing a growth of around 23% year-on-year (YoY) and providing strong visibility for the coming years.

For FY26, standalone revenue stood at a record Rs 9,730 m, up 25% YoY. The EBITDA stood at Rs 1,210 m, reflecting a 28% YoY growth, translating into a margin of 12.42%.

Profit before exceptional items and tax for the period was Rs 1,000 m, reflecting exceptional YoY growth of 63%. During FY26, profitability was impacted by a onetime exceptional item of Rs 2,030 m, relating to provisions and impairments in overseas subsidiaries.

Moving ahead, the company has also undertaken a restructuring exercise, which could be a reason to watch the stock, as the closed subsidiaries could improve profits.

In Canada, operations were discontinued during Q4 FY26 and the wind-up process is under progress. In Europe, the French subsidiary entered the legal restructuring process during March 2026, currently progressing through a court supervised asset sale process.

According to the management, with the overseas restructuring actions now substantially progressing towards closure, the company is increasing its focus on scaling its core ESDM platform supported by strong execution, robust order book, expanding customer engagements, and a healthy long-term opportunity pipeline across both BTS and EMS businesses.

To know more, check the Centum Electronics fact sheet and latest quarterly results.

#4 Amber Enterprises

Next on the list is the stock of Amber Enterprises.

Amber Enterprises is one of India's largest contract manufacturers (OEM/ODM) for room air conditioners (RACs). The company manufactures ACs and components for leading consumer durable brands in India.

In recent years, it has also expanded into electronics manufacturing services (EMS), railway HVAC, and components.

Amber Enterprises Financial Snapshot

On the financial front, the consolidated revenue of Amber Enterprises grew 22%, reaching Rs 121.86 bn for the year and recorded operating EBITDA of Rs 9.7 bn with growth of 22%. Adjusted net profit stood at Rs 3.38 bn, recording a growth of 22% over the previous year.

Amber becomes a good stock to watch because of its recent collaboration with Oppo in June 2026 to manufacture mobile phones.

This collaboration meaningfully diversifies Amber's revenue profile and, importantly, reduces the seasonal concentration inherent in its room air conditioner business.

The agreement covers 3 brands: Oppo, OnePlus, and Realme. The company expects trial production to commence in quarter 4 of FY27, with commercial production to start by quarter 1 of FY28.

On the electronics side, on the expansion front, Amber Enterprises received Rs 45 bn total investment approvals under ECMS for Ascent-K Circuit in Noida for HDI PCB, along with Ascent Circuits in Hosur and Shogini in Pune for multilayer PCB applications.

To know more, check the Amber Enterprises fact sheet and latest quarterly results.

Conclusion

While there is little doubt that EMS companies do have a growth story, there are things that investors should take note of.

Valuations have risen sharply across many EMS stocks, so investors must focus on companies with reasonable valuations, strong customers, niche capabilities, and sustainable profit growth rather than blindly chase the entire sector.

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...