The first quarter of FY27 reflects this difference. Market expects growth across all three companies, although the pace is no longer as strong as it was over the last few years. Dixon is likely to face slower growth because of weakness in the mobile phone business and high memory prices. On the other hand, Amber and Kaynes are expected to report healthier revenue growth.
Q1 FY27 Result Preview of Dixon Technologies, Amber Enterprises and Kaynes
Company
| Net Sales YoY (%)
| Net Sales QoQ (%)
| EBITDA YoY (%)
| EBITDA QoQ (%)
| APAT YoY (%)
| APAT QoQ (%)
|
Dixon Technologies Ltd
| 13
| 38
| (0.8)
| 17.2
| (2.7)
| 14.7
|
Amber Enterprises Ltd
| 23.8
| 2.9
| 33
| (4.7)
| (34)
| (1.8)
|
Kaynes Technology Ltd
| 27.0
| (31.2)
| 15
| (32.9)
| (27.6)
| (40.8)
|
Note: APAT stands for Adjusted Profit After Tax
1. Dixon Technologies Ltd
Dixon Technologies is India's largest EMS company. It manufactures products across several categories, including mobile phones, consumer electronics, lighting, home appliances and CCTV cameras. The company has built its business around large-scale manufacturing, allowing it to keep production costs low.
The Mobile & Other EMS business is the largest part of the company’s business. In March 2026, more than 90% of the total revenue of the company came from this business line.
However, there has been a softening of the demand in the market for mobile handsets lately. The cost of memory chips has also become high. These conditions are likely to affect the June quarter results of Dixon Technologies.
Q1 FY27 Net Sales Expected to Grow 13%
Market expects Dixon's net sales to increase by 13% YoY during Q1 FY27. Although this remains healthy, it is lower than the growth rates investors have become used to over recent years. Profitability could also come under pressure. Adjusted profit after tax (APAT) is expected to decline by 2.7% YoY.
Even so, the company's long-term outlook remains encouraging.
Management has guided for FY27 revenue of nearly ₹56,000 crore without including the expected contribution from Vivo. It also expects mobile phone volumes to remain broadly flat during the year. If Vivo manufacturing is added, it could become another major growth trigger. Even without that business, management believes revenue can continue growing by around 15% to 17%.
Key Metrics of Dixon Technologies
Particulars
| Value
|
PE Ratio
| 57.5
|
ROCE
| 42%
|
Debt to Equity
| 0.21
|
EPS
| ₹237
|
Debt
| ₹994 crore
|
Promoter Holding
| 28.7%
|
Source: Screener
2. Kaynes Technology Ltd
Kaynes Technology Ltd follows a very different business model. Instead of focusing on mass-market consumer products, it manufactures complex electronic systems for sectors such as aerospace, defence, industrial automation, railways and medical devices.
The company also spends heavily on design and engineering. This allows it to participate in products with higher value addition and stronger margins.
Kaynes Expected to Grow at 27%
Market expects Kaynes to report net sales growth of 27% YoY during the June quarter. However, quarter-on-quarter comparisons are likely to remain weak because execution in this business tends to be uneven. Revenue is expected to decline by 31.2% compared to the March quarter. This is largely because the company's business is execution-led, with revenue depending on the timing of large project deliveries.
EBITDA is expected to grow by 15% YoY, while APAT may decline by 27.6% YoY.
One of the biggest positives for the company remains its order book. Management has indicated that it continues to exceed ₹9,000 crore as of March 2026.
The company is also shortening product development timelines. Earlier, new products generally took between 12 and 18 months to launch. Today, thanks to new technology acquisitions and stronger engineering teams, products can be introduced in nearly nine months.
Another important area is electric vehicles. Management expects more products to be launched across the EV ecosystem over the coming years. These new offerings should improve margins and diversify the revenue mix. The company also expects almost 30% of future revenue to come from newly developed products.
Key Metrics of Kaynes Technology
Particulars
| Value
|
PE Ratio
| 60.9
|
ROCE
| 13.2%
|
Debt to Equity
| 0.19
|
EPS
| ₹54.3
|
Debt
| ₹913 crore
|
Promoter Holding
| 53.5%
|
Source: Screener
3. Amber Enterprises Ltd
Amber initially built its business around room air conditioners. Now, it has turned into a diversified electronics and components manufacturer with a presence across several product categories.
The Electronics Division has become one of the major growth engines. Its FY26 revenues grew by 49% year-over-year (YoY), whereas its operating EBITDA climbed by an impressive 89% YoY. The acquisition of Power-One, Unitronics, and Shogini has helped build its position in all the sectors of the electronics value chain and created a balanced mix of value-added and high volume manufacturing operations.
Besides, Amber has inked a strategic agreement with Sumitronics of Japan and ILJIN for expanding its EMS business in Japan and globally in India.
Electronics Division to Grow 40% in FY27
As a result, management expects the Electronics Division to maintain its strong momentum, with revenue projected to grow by around 40% during FY27.
This is further expected to support another strong quarter for the company.
Q1 FY27 Revenue Expected to Increase by 23%
Market expects the company's revenue to increase by 23.8% YoY during Q1 FY27. Operating performance also looks healthy. EBITDA is expected to rise by 33% over the same period.
However, bottom-line growth could remain under pressure. APAT is expected to decline by 34% YoY, showing that higher operating profit may not fully offset other costs during the quarter.
Key Metrics of Amber Enterprises
Particulars
| Value
|
PE Ratio
| 140
|
ROCE
| 10.2%
|
Debt to Equity
| 0.62
|
EPS
| ₹50.5
|
Debt
| ₹2,702 crore
|
Promoter Holding
| 38.2%
|
