The search for the next growth cycle led us to electronics manufacturing services (EMS), a sunrise sector in India’s manufacturing space. With India aiming to become a global electronics manufacturing hub, production-linked incentive (PLI) schemes provided a crucial push for EMS providers to grow. After surging multi-fold over the last three years, the sector saw a sharp dip in 2025, erasing six months of gains. Shares of Cyient DLM, Kaynes Technology India, and Centum Electronics fell over 40 per cent from their December peak, while Dixon Technologies and Syrma SGS Technology fell by 30 per cent. The sharp correction has...