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Govt to tweak PLI 2.0 for IT hardware: Three EMS stocks in focus
graphics processing unit and memory costs is forcing a rethink of India’s flagship electronics incentive scheme, with the government now recalibrating Production-Linked Incentive scheme (PLI) 2.0 for IT hardware.The move signals a shift from volume-led assembly to value-linked manufacturing, particularly in artificial intelligence (AI) servers and advanced components, potentially reshaping the opportunity set for electronics manufacturing services (EMS) players. PLI 2.0, in its revised form, is expected to better account for the higher bill of materials in AI hardware, while continuing to reward incremental production, reduce import dependence and deepen domestic capabilities.Against this backdrop, a clutch of EMS companies with exposure to servers, displays and semiconductor packaging could be early beneficiaries, if policy design aligns with industry expectations.Here are three stocks to watch:Syrma is emerging as a niche player in high-end electronics, with a growing foothold in the server ecosystem.
Its recent partnership with Giga Computing (a Gigabyte subsidiary) to manufacture server boards in Chennai positions it closer to the AI hardware value chain than most peers.If PLI 2.0 introduces targeted incentives for AI servers to offset elevated GPU costs, Syrma could benefit disproportionately given its early presence in this segment. That said, policy specifics remain unclear, and any upside is contingent on how the scheme is structured.Financially, momentum is strong.
Revenue rose to ₹12,642 million in Q3 FY26 from ₹8,697 million a year earlier, while net profit more than doubled to ₹1,103 million from ₹530 million. Management expects EBITDA to exceed ₹5,000 million in FY26 (vs ₹3,240 million last year) and sees
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How chronic illness became a starting point for artistic alchemy for Koshy Brahmatmaj
Subscribe to enjoy similar stories.Pain is invisible; the sufferer has to make noise for it to be acknowledged, treated or accepted. Mumbai-based artist Koshy Brahmatmaj, 34, lives with chronic endometriosis, a painful condition that afflicts millions of women around the world.
21.05 / 10:17
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Even at $5 trillion, Nvidia is underappreciated
Subscribe to enjoy similar stories.Nvidia is no longer the only AI chip game in town. But it is the largest by far, and the likelihood that it will be that way for the foreseeable future should count for something.It hasn’t counted for much lately.
21.05 / 10:17
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RK Swamy bets on integrated advertising model as global agency giants split media and creative
Subscribe to enjoy similar stories.Homegrown advertising group RK Swamy Ltd is betting on its integrated marketing model to drive growth over the next few years, combining media, creative and other advertising services even as the ‘Big Four’ agency networks increasingly separate those businesses.“We never did disaggregated media and creative [although] that was an option 20 years ago,” Shekhar Swamy, MD and group CEO of RK Swamy Ltd told Mint in an interview.“How can you disaggregate the two? The media function holds a lot of data, and then when media and creative walk separately, it creates a lot of tension. This is not a sensible model for a client.”RK Swamy’s clients include Magicbricks, Polycab, and several government institutions and PSUs such as LIC.The company reported a 15% jump in annual revenue for FY26 to ₹351.73 crore, while profit before tax and exceptional items rose 30% year-on-year to ₹32.2 crore.
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SpaceX, Anthropic and OpenAI’s sprint to go public defines the AI boom’s big day
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21.05 / 09:47
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PI Industries’ weak core business keeps investors on edge
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Subscribe to enjoy similar stories.Forensic audits have gained significance in today’s world of business as they serve as a useful tool for commercial lenders to investigate fraud by borrowers and/or identify other deep-seated financial irregularities. Forensic auditors are also employed by resolution professionals to report on preferential, undervalued, fraudulent and extortionate (‘PUFE’) transactions for adjudication under India’s Insolvency and Bankruptcy Code (IBC). While there is no single universal definition, several globally recognized organizations have provided widely accepted definitions (and norms) of forensic auditing.
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Why Dixon, Syrma and Kaynes are moving beyond smartphones: margin pressure
Subscribe to enjoy similar stories.MUMBAI: India’s listed electronics manufacturers are under pressure to defend profitability as the mobile-phone assembly boom slows, prompting a shift towards higher-value industrial electronics.Investors remained jittery through the last fiscal, driven by concerns that slowing consumer sentiment could weigh on the rapid growth that electronics manufacturing services (EMS) firms have delivered so far.In an interview with Mint, Jasbir Singh Gujral, managing director of Syrma SGS Technology Ltd, India’s second-largest listed EMS firm, said, “We’re increasingly looking to capture a larger chunk of contracts from defence, aerospace and med-tech verticals, all of which represent opportunities for original design manufacturing, and also bring significantly higher margins. We’ve already started this transition, and we plan to do more of it this fiscal.”Beyond mobile phones and laptops, EMS firms are expanding into smart metres for electricity boards, aerospace and defence subsystems, railway safety instrumentation, printed circuit boards and display assemblies, and medical devices deployed in hospitals.India’s annual mobile phone shipments have remained subdued since the covid-19 pandemic, with industry estimates pointing to a single-digit decline this calendar year from 152 million smartphones shipped last year.The margin pressure driving this shift is increasingly visible.In FY26, Syrma SGS reported an operating margin of 7.1%, up 2.3 percentage points.
