6 Indian listed companies the Valarth AI Screener found for this question, as of 13 Oct 2026. Below: how it read the question, the filters it used, and why each company is on the list.
How Valarth read it
confidence 90%
Indian electronics manufacturing services (EMS) companies benefiting from the China+1 supply-chain shift.
semantic_residue semantic_only EMS plays riding the China+1 tailwind
No column in the data backs this part of the question, so it was used to rank the results, not to include or exclude a company.
What these companies have in common · written by the model
Six Indian EMS and consumer-electronics makers positioned to capture China+1 manufacturing shift this cycle
The kept basket is India's contract electronics and consumer-device manufacturing cohort, which stands to gain as global OEMs diversify assembly away from China. Dixon accounts for roughly half the basket by market cap, so the group's behaviour is largely a Dixon call with smaller EMS names around it. Growth is strong on five-year PAT CAGR, but one-year returns are sharply split between winners and laggards.
Stocks6
Weighted ROCE10.7%
Median P/E89.4x
Combined mcap₹1.57L Cr
Median 1Y return+43.8%
Median beta1.36
Risks of holding them together
Concentration: Dixon is about 49% of basket market cap, so a Dixon-specific miss drives basket performance.
Valuation: median P/E near 89x leaves little room for execution slips or slower China+1 order flow.
Volatility: one-year returns range from -53% (Kaynes) to +109% (Syrma), and median beta is about 1.4, so drawdowns can be sharp.
Policy and customer dependence: returns depend on continued PLI incentives and a small number of global OEM customers that can shift sourcing again.
From its filings. “…ailwinds and shifting global narratives that favour trusted, high-tech manufacturing destinations like India. Riding India’s Growth Engine India’s thrust on self-reliance, infrastructure modernisation, and digital public goods…”
China+1 Manufacturing Shift. theme tag from the entity model
Consumer Electronics Manufacturing. theme tag from the entity model
Cyient DLM Ltd
CYIENTDLM · Small Cap · Electronic Equipment
90%match
Market cap₹7,772 Cr
P/E92.0x
ROCE8.7%
1 year+100.5%
industry_l1: Industrials. matches
industry_l2: Electronic Equipment. matches
From its filings. “…• Chinese Yuan weakening due to economic slowdown, making Chinese suppliers more competitive. • China’s manufacturing wages rose 6.6% YoY, pushing OEMs to shift production elsewhere. • Mexico also experienced wa…”
Avalon Technologies Ltd
AVALON · Small Cap · Industrials
89%match
Market cap₹15,905 Cr
P/E114.9x
ROCE15.1%
1 year+95.1%
industry_l1: Industrials. matches
China+1 Manufacturing Shift. theme tag from the entity model
filing mentions supply chain. annual report / IR text
From its filings. “…EMDEs) grew at a stronger pace of 4.3% in 2024. Within this region, India posted strong growth at 6.5%, while China grew by 5.0%. The ASEAN-5 economies, including Indonesia, Malaysia, the Philippines, Thailand and Vietnam als…”
CWD Ltd
543378 · Small Cap · Hardware
40%match
Market cap₹688 Cr
P/E—
ROCE17.5%
1 year−7.4%
filing mentions supply chain. annual report / IR text
From its filings. “…orate HQ & R&D Centre Mumbai, India Manufacturing Facility Mysore, India APAC Sales Hong Kong Procurement Hub China Current Customer Base Projected Sales Base Office Network Corporate Overview | Statutory Reports | Financial St…”
A screen is a starting list, not a recommendation. It shows which companies fit a description on the data available on 13 Oct 2026; it says nothing about whether any of them is worth buying.
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