Compare these EMS companies with a normalized scorecard, not a single revenue or margin ranking. The essential fields are revenue and organic growth, EBITDA and PAT margins, ROCE/ROE, order-book coverage, working-capital and cash-conversion days, capex and utilization, customer and end-market concentration, vertical integration, and one-off items. Keep reported and normalized earnings in separate columns.
The businesses are not interchangeable. Cyient DLM concentrates on high-reliability, safety-critical programs; Dixon operates at much greater consumer-electronics scale; and Kaynes combines diversified EMS with an integration-heavy model. A meaningful conclusion therefore asks which return, visibility and balance-sheet risks you are buying—not which company has the largest number.
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Start with a like-for-like EMS scorecard
Use one worksheet for all three companies, but preserve each company’s reporting units and business mix. Convert currencies and units only after recording the reported figures. Dixon reports revenue in crore, while Cyient DLM and Kaynes Technology figures below are in ₹ million. One crore equals ₹10 million, so a crore-to-million conversion is straightforward, but silently mixing units can make order-book ratios and margins look wrong.
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| Scale and growth quality | Revenue, year-on-year growth, organic growth, acquisition contribution, customer concentration | Is expansion coming from repeat programs and new customers, or from consolidation and a few large accounts? |
| Profitability | Gross margin, EBITDA, EBITDA margin, PAT, PAT margin, reported versus normalized earnings | How much value is created after manufacturing costs, overhead and financing, and how repeatable is it? |
| Visibility | Order book, book-to-bill, order-book-to-revenue, program duration and cancellation terms | How much future work is contracted, and how quickly can it become revenue? |
| Capital efficiency | ROCE, ROE, capex intensity, depreciation, net debt, working-capital days and cash-conversion cycle | Does growth produce cash and acceptable returns, or consume capital faster than profits grow? |
| Strategic position | Design ownership, vertical integration, end markets, exports, capacity additions and subsidy dependence | Does the company control more of the value chain and possess defensible capabilities? |
For every metric, record the period, consolidation perimeter, currency, one-off adjustments and whether the number is audited, management-reported or an analyst estimate. Do not use an analyst forecast as if it were a reported result.
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How to calculate and normalize the key metrics
Revenue and organic growth
Reported growth is the change in consolidated revenue. Organic growth removes revenue added through acquisitions, newly consolidated subsidiaries and major scope changes. A simple bridge is:
Organic growth = (current-period revenue − acquired or newly consolidated revenue − prior-period revenue) ÷ prior-period revenue.
Ask management to disclose the acquisition contribution and constant-currency effect. If it does not, show reported growth and label organic growth as unavailable rather than inferring it.
EBITDA, EBITDA margin and PAT margin
EBITDA margin is EBITDA divided by revenue. PAT margin is profit after tax divided by revenue. Keep reported EBITDA beside normalized EBITDA. Normalization should identify, rather than automatically remove, restructuring costs, acquisition earn-outs, integration expenses, asset-sale gains, government incentives, foreign-exchange swings and unusually large program completions.
A normalized figure is useful only when the adjustment is explained and non-recurring. If an incentive recurs every year, removing it may overstate the “underlying” cost base. Show both the reported and normalized margin and quantify the adjustment in rupees.
ROCE and ROE
ROCE can be calculated as EBIT divided by average capital employed, where capital employed is equity plus interest-bearing debt minus excess cash. Use average opening and closing capital rather than the closing balance alone. ROE is PAT divided by average shareholders’ equity. State whether you use consolidated or standalone accounts and whether lease liabilities are included. A high ROE produced by heavy leverage is not equivalent to a high ROCE produced by efficient operations.
Order-book coverage and book-to-bill
Order-book-to-revenue = closing order book ÷ trailing-12-month revenue. Book-to-bill compares orders booked during the period with revenue recognized during that period. The ratio is meaningful only when the order book uses the same consolidation perimeter and includes comparable firm commitments. Ask whether it includes framework agreements, cancellable purchase orders, pass-through material, or multi-year options.
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Program duration matters as much as the headline value. A two-year order book with firm delivery schedules has different visibility from a five-year framework whose releases depend on customer budgets.
Working capital and cash conversion
Cash-conversion cycle (CCC) is days inventory outstanding + days sales outstanding − days payable outstanding. It measures how long cash is tied up between buying materials and collecting customer receipts. Net-working-capital days may use a different numerator, such as receivables plus inventory minus payables divided by revenue; do not compare that measure directly with CCC without reconciling definitions.
Break the change into inventory, receivables, advances, contract assets, payables and customer deposits. A long cycle may be deliberate when a company builds expensive, customer-specific equipment, but it still requires funding and exposes the company to delays, cancellations and price escalation.
Capex, depreciation and utilization
Track gross capex, maintenance versus growth capex, depreciation, capital work in progress, installed capacity and actual utilization. Capex intensity is capex divided by revenue. Utilization should specify whether it is measured by lines, floor area, machine hours or revenue. A new facility can depress returns before customer programs ramp, while under-investment can constrain growth or quality.
What the three companies actually do
Cyient DLM: safety-critical, high-reliability EMS
Cyient DLM’s FY2025-26 annual report describes it as “CYIENT DLM LIMITED IS AN INTEGRATED ELECTRONICS MANUFACTURING SERVICES (EMS) PROVIDER FOCUSED ON HIGH-RELIABILITY, SAFETY-CRITICAL SYSTEMS.” Its stated sectors include aerospace and defence, industrial, medical and automotive. Those programs can involve qualification, traceability, long product lives and demanding change-control procedures. They should be assessed on program quality, engineering content and customer longevity rather than on the volume economics of commodity consumer devices.
The same qualification can make revenue lumpy. A delayed certification, platform launch or large program completion can move a year’s margin and working capital. Separate recurring production from milestone or non-recurring engineering revenue when reading the notes.
Kaynes Technology: diversified and integration-oriented
Kaynes reported consolidated FY2025-26 revenue of ₹36,264 million, EBITDA of ₹5,741 million, an EBITDA margin of 15.8%, PAT of ₹3,639 million and an order book of ₹83,663 million at 31 March 2026. Its CFO message says: “Our performance in FY 2025-26 reflects the strength of our diversified model, with a ~33% year-on-year increase in revenue and robust margin growth.”
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The combination of a high reported margin and a large order book makes Kaynes attractive on a first pass, but the cash cycle is a central test: the company reported a 125-day cash-conversion cycle. Determine how much of that balance is inventory for new capacity, customer-specific material, receivables from fast-growing programs or timing around advances. Then compare the funding cost and operating cash flow with EBITDA.
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Dixon Technologies: much larger, high-volume manufacturing footprint
Dixon’s official investor site lists revenue of ₹48,873 crore in FY2025-26, ₹38,880 crore in FY2024-25 and ₹17,691 crore in FY2023-24. It also lists 30 manufacturing facilities, seven R&D centres and more than 30,000 employees. This scale and footprint are materially different from Cyient DLM’s safety-critical orientation and Kaynes’ integration-led positioning.
The figures cited here do not state Dixon’s FY2025-26 EBITDA, PAT, ROCE/ROE, backlog or working-capital measures. Obtain those values from Dixon’s FY2025-26 annual report before inserting Dixon into a fully numeric profitability or balance-sheet ranking. Until then, compare its reported revenue trend and operating footprint qualitatively, and mark the missing cells as not stated rather than estimating them.
FY2025-26 reported snapshot
| Metric | Cyient DLM | Kaynes Technology | Dixon Technologies |
|---|---|---|---|
| FY2025-26 revenue | Not stated in the figures cited here | ₹36,264 million | ₹48,873 crore |
| FY2025-26 EBITDA | ₹1,268 million reported | ₹5,741 million | Not stated; verify FY2025-26 annual report |
| EBITDA margin | 7.5% reported | 15.8% | Not stated; verify FY2025-26 annual report |
| Normalized EBITDA | ₹1,302 million | Not stated | Not stated |
| FY2025-26 PAT | Not stated in the figures cited here | ₹3,639 million | Not stated; verify FY2025-26 annual report |
| PAT margin | Not calculable from the figures cited here | 10.0% (₹3,639 million ÷ ₹36,264 million, rounded) | Not stated; verify FY2025-26 annual report |
| Closing order book | ₹24,166 million at 31 March 2026 | ₹83,663 million at 31 March 2026 | Not stated; verify FY2025-26 annual report |
| Order-book-to-revenue | Not calculable without a comparable FY2025-26 revenue figure | About 2.31× (₹83,663 million ÷ ₹36,264 million) | Not calculable from the figures cited here |
| Working-capital measure | Net working capital: 11.4 days | Cash-conversion cycle: 125 days | Not stated; verify FY2025-26 annual report |
The Cyient DLM 11.4-day number is net working capital, not necessarily the same definition as Kaynes’ 125-day CCC. It should not be presented as evidence that Cyient converts cash faster until inventory, receivables and payables are reconciled on a common basis.
Growth estimates are context, not results
A Motilal Oswal sector update dated 25 February 2026 forecasts FY25-28E revenue CAGR of 46% for Kaynes, 13% for Cyient DLM and 31% for Dixon. Its EBITDA CAGR estimates are 52%, 23% and 35%, respectively. The “E” denotes estimates, not reported FY2025-26 performance.
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| Company | FY25-28E revenue CAGR | FY25-28E EBITDA CAGR | How to use the estimate |
|---|---|---|---|
| Kaynes Technology | 46% | 52% | Stress-test against the 125-day CCC, capacity funding and program execution. |
| Cyient DLM | 13% | 23% | Assess whether higher-reliability programs can lift profitability without creating customer or program concentration. |
| Dixon Technologies | 31% | 35% | Check whether the large revenue base, facility additions and consumer mix support the forecast margins. |
The update attributes sector growth to production-linked incentive support, high-margin diversification and demand in smart meters, electric vehicles, advanced printed circuit boards, semiconductor equipment, telecom and defence. Treat subsidy dependence as a scenario variable: model results with incentives, delayed incentives and no incremental incentive.
How to compare profitability without being misled
Separate mix from execution
A 15.8% EBITDA margin at Kaynes cannot be compared directly with Cyient DLM’s 7.5% reported margin without examining product mix, pass-through material, design content, qualification costs and customer pricing. High-volume consumer-electronics assembly can produce substantial revenue with thinner value added per unit; safety-critical or design-intensive work may have lower volume but higher engineering and compliance content. Dixon’s scale also means that a small margin difference can represent a large absolute EBITDA change.
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Bridge reported to normalized earnings
For Cyient DLM, reported EBITDA is ₹1,268 million and normalized EBITDA is ₹1,302 million, a ₹34 million adjustment. Show the reason for that adjustment in the annual-report note and do not use normalized EBITDA to erase recurring costs. Comparable normalized figures for Kaynes and Dixon are not stated in the figures cited here, so do not manufacture them by applying Cyient DLM’s adjustment percentage.
Check PAT and financing separately
PAT captures depreciation, interest, taxes and non-operating items that EBITDA excludes. Compare depreciation with recent capex, interest expense with net debt and tax rates with available incentives. A company can show strong EBITDA growth while operating cash flow falls because inventory and receivables absorb the proceeds.
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Kaynes’ ₹83,663 million order book is about 2.31 times its FY2025-26 revenue of ₹36,264 million. That is a useful headline coverage measure, not a promise that 2.31 years of revenue will arrive. Request the expected conversion by fiscal year, customer, program, product and gross margin.
Cyient DLM reported an order book of ₹24,166 million at 31 March 2026. Because a comparable FY2025-26 revenue figure is not stated in the figures cited here, its order-book-to-revenue ratio cannot be calculated from this dataset. Obtain revenue from the same consolidated annual-report perimeter before comparing coverage with Kaynes.
Dixon’s order-book value is not stated in the figures cited here. Its revenue growth and 30-facility footprint demonstrate scale, but they do not substitute for a disclosed backlog. Verify whether the annual report provides order book, order intake or customer-production schedules, and distinguish firm orders from framework arrangements.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Capital efficiency and the Kaynes working-capital question
The practical question “Is Kaynes’ higher margin worth its working-capital risk?” cannot be answered by margin spread alone. Start with the 15.8% EBITDA margin and ₹5,741 million EBITDA, then examine the 125-day CCC, operating cash flow, net debt, interest expense and incremental inventory required for each rupee of added revenue.
- Build a cash bridge: reconcile EBITDA to operating cash flow, identifying inventory, receivables, payables, taxes, interest and advances.
- Split the 125 days: calculate DIO, DSO and DPO separately and show the year-on-year movement.
- Test customer funding: identify customer advances, milestone billing and overdue receivables; advances can reduce risk, while unbilled work and overdue invoices increase it.
- Stress-test growth: model a two-quarter shipment delay, a 15-day increase in receivables and a material-cost increase. Measure liquidity, interest cover and covenant headroom.
- Compare returns: calculate ROCE after including the working capital and new capacity needed to support forecast growth.
If the higher margin remains after financing the cycle and produces superior ROCE and free cash flow, it can justify the risk. If growth requires repeated debt or equity to fund inventory and receivables, EBITDA leadership is less valuable than the headline suggests.
Capacity, vertical integration and subsidies
Capacity additions
Record each announced plant, line, technology and commissioning date. Match planned capacity with order-book conversion and utilization. Capacity that is built ahead of firm demand can depress returns; capacity added against signed multi-year programs can protect service levels and shorten delivery times.
Vertical integration and design ownership
Ask what the EMS company designs, what it merely assembles and which components or processes it controls in-house. Relevant evidence includes proprietary reference designs, engineering teams, testing, advanced PCB capability, box-build, tooling, firmware, component sourcing and repair. Integration can improve margin and quality, but it may also increase capex, inventory and execution complexity.
Subsidy dependence
Map production-linked incentive receipts and other subsidies to revenue, EBITDA and capex. Show the timing of recognition and cash collection. A valuation that assumes uninterrupted incentives should also include a downside case with delayed qualification, lower payout or program ineligibility.
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Collect the percentage of revenue from the largest customer, top five customers, largest program and largest end market. A diversified legal-entity customer list can still conceal concentration when several brands are supplied through one contract manufacturer or platform. For Cyient DLM, aerospace and defence, industrial, medical and automotive exposure should be split by program maturity and export destination. For Dixon, consumer-electronics volume should be separated from newer categories. For Kaynes, test whether “diversified” revenue is diversified by customer, product and geography rather than only by subsidiary.
Export exposure adds currency and regulatory risk but can broaden the addressable market. Record natural hedges, imported content, local-currency debt and the proportion of revenue exposed to one country’s subsidy or procurement rules.
A repeatable comparison workflow
- Fix the period and perimeter: use FY2025-26 consolidated numbers for all three companies and note fiscal-year definitions.
- Capture reported values: revenue, EBITDA, PAT, order book, cash flow, capex, debt, working capital and headcount.
- Add normalized values: list every one-off adjustment, acquisition contribution and completed large-program effect beside the reported number.
- Normalize units: retain the original crore or ₹ million figure, then add a converted column with the conversion stated.
- Calculate ratios: margins, growth, ROCE, ROE, order-book coverage, capex intensity and CCC, using consistent formulas.
- Map quality: tag each revenue stream as recurring production, new ramp, milestone, pass-through or acquisition-derived.
- Test cash: reconcile EBITDA with operating cash flow and identify the working-capital investment needed for forecast growth.
- Score risk: rate concentration, cancellation, subsidy, execution, foreign-exchange, leverage and capacity risks separately from profitability.
- Write the conclusion: state which profile suits a reader seeking scale, margin, safety-critical exposure, visibility or lower capital intensity; do not collapse those objectives into one winner.
Common comparison mistakes
- Ranking on revenue alone: revenue scale says little about margin, cash conversion or customer power.
- Ranking on EBITDA margin alone: mix, pass-through accounting, subsidies and one-offs can make margins non-comparable.
- Calling an order book revenue: backlog may include options, cancellable orders and material pass-through.
- Comparing 11.4 net-working-capital days with 125 CCC days: these are different definitions until reconciled.
- Using forecasts as facts: the 46%, 13% and 31% revenue CAGRs and 52%, 23% and 35% EBITDA CAGRs are FY25-28E estimates dated 25 February 2026.
- Filling Dixon’s missing cells with estimates: obtain FY2025-26 EBITDA, PAT, ROCE/ROE, backlog and working-capital data from its annual report.
- Ignoring acquisitions and completed programs: show reported and normalized results in parallel so a temporary spike does not become a permanent run-rate.
Decision framework for different investor questions
If you want the highest current reported margin
Kaynes leads the disclosed FY2025-26 comparison at a 15.8% EBITDA margin, but pair that figure with the 125-day CCC, funding requirements and normalized cash returns.
If you want safety-critical program exposure
Cyient DLM’s aerospace and defence, industrial, medical and automotive focus makes program qualification, reliability, customer tenure and order conversion more important than consumer-volume benchmarks. Its 7.5% reported EBITDA margin and ₹1,302 million normalized EBITDA should be read with the ₹1,268 million reported figure and the ₹24,166 million order book.
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Dixon’s ₹48,873 crore FY2025-26 revenue, 30 manufacturing facilities, seven R&D centres and more than 30,000 employees indicate a substantially larger operating platform. Complete the profitability, backlog and working-capital fields before concluding that scale translates into superior shareholder returns.
If you want the fastest forecast growth
Kaynes has the highest Motilal Oswal FY25-28E revenue CAGR at 46%, followed by Dixon at 31% and Cyient DLM at 13%. Treat that ordering as a forecast scenario, then test execution, capacity, customer concentration and cash funding before using it in valuation.
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