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Compare Cyient DLM, Dixon Technologies and Kaynes Technology with a normalized scorecard rather than a single ranking. Use revenue growth, EBITDA and PAT quality, return ratios, order-book coverage, cash-conversion days, capex and utilization, customer concentration, vertical integration and one-off adjustments. The businesses serve different EMS niches, so scale and margin percentages are not directly interchangeable.
Start with a like-for-like EMS scorecard
An electronics manufacturing services (EMS) comparison is useful only when the numerator and denominator mean the same thing. A high-volume consumer-electronics assembler can report much more revenue than a supplier of safety-critical aerospace systems, while the latter may have longer programs, stricter qualification requirements and less volatile customer relationships. Kaynes Technology’s vertically integrated model can produce a higher margin but also tie up more cash in inventory and receivables. Your first task is therefore to normalize the comparison before deciding which company is financially stronger.
Build one spreadsheet with reported and adjusted columns for each company. Keep acquisitions, earn-outs, completed large programs and unusual expenses visible instead of quietly blending them into recurring earnings.
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1. Scale and growth quality
- Revenue in the same fiscal year and currency unit.
- Organic growth separated from acquired revenue, consolidation changes and customer transfers.
- Growth by end market, geography and customer, not just consolidated growth.
- Book-to-bill (new orders divided by revenue) and order-book-to-revenue coverage.
2. Profitability
- Gross margin, EBITDA, EBITDA margin, PAT and PAT margin.
- Reported EBITDA and PAT alongside a normalized version that removes disclosed one-off effects.
- Segment mix: design and engineering, high-reliability programs, consumer assembly, automotive, industrial, medical, telecom or semiconductor work.
- Depreciation, finance cost and tax effects that explain the movement from EBITDA to PAT.
3. Capital efficiency
- ROCE and ROE, calculated with the same average-balance convention for all three companies.
- Cash-conversion cycle (CCC), net working-capital days, inventory days, receivable days and payable days.
- Capex intensity, depreciation, net debt, operating cash flow and free cash flow.
- Capacity commissioned, utilization and the time needed for a new plant to reach acceptable yields.
4. Strategic position
- Design ownership, engineering content, testing and vertical integration.
- Customer and end-market concentration, export exposure and program duration.
- Dependence on production-linked incentive (PLI) support or other subsidies.
- Capacity additions and whether demand is contracted, qualified or still speculative.
FY2025-26 reported snapshot
The following figures are reported for FY2025-26 unless noted otherwise. They are not a complete peer ranking: several Dixon profitability, backlog and working-capital fields must be taken from its FY2025-26 annual report before a fully numeric comparison is possible.
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| Metric | Cyient DLM | Kaynes Technology | Dixon Technologies |
|---|---|---|---|
| Revenue | Not stated in the cited FY2025-26 figures | ₹36,264 million | ₹48,873 crore |
| EBITDA | ₹1,268 million reported; ₹1,302 million normalized | ₹5,741 million | Not stated in the cited investor-site figures |
| EBITDA margin | 7.5% reported | 15.8% | Not stated in the cited investor-site figures |
| PAT | Not stated in the cited FY2025-26 figures | ₹3,639 million | Not stated in the cited investor-site figures |
| Order book at 31 March 2026 | ₹24,166 million | ₹83,663 million | Not stated in the cited investor-site figures |
| Working-capital measure | Net working capital: 11.4 days | Cash-conversion cycle: 125 days | Not stated in the cited investor-site figures |
| Operating footprint | Integrated, high-reliability EMS | Integrated EMS with broad manufacturing and design activities | 30 manufacturing facilities, 7 R&D centres and 30,000+ employees |
The units matter. Cyient DLM and Kaynes report the monetary figures above in millions of rupees, while Dixon’s investor site reports revenue in crore. Convert all values to one unit before calculating growth, margins or valuation multiples.
What each company’s business model changes in the comparison
Cyient DLM: reliability, qualification and program economics
Cyient DLM describes itself as an integrated EMS provider focused on high-reliability, safety-critical systems. Its stated end markets include aerospace and defence, industrial, medical and automotive. In these markets, qualification, traceability, testing and engineering support can matter more than assembly volume. A program may take longer to win but remain in production for years.
For FY2025-26, reported EBITDA was ₹1,268 million, equal to a 7.5% margin. The company also disclosed normalized EBITDA of ₹1,302 million. The ₹34 million difference is material to a margin analysis: calculate the reported margin for statutory performance, then calculate the normalized margin only after identifying the adjustment and confirming that it is genuinely non-recurring. Do not use the normalized number to erase a recurring cost.
Cyient DLM’s order book was ₹24,166 million at 31 March 2026, and net working capital was 11.4 days. Because the cited figures do not include FY2025-26 revenue, an order-book-to-revenue ratio cannot be calculated responsibly here. Obtain the revenue from the same annual report and use the exact fiscal-year denominator.
Kaynes Technology: high margin with a heavy cash commitment
Kaynes reported consolidated FY2025-26 revenue of ₹36,264 million, EBITDA of ₹5,741 million, an EBITDA margin of 15.8% and PAT of ₹3,639 million. Its order book stood at ₹83,663 million at 31 March 2026. Dividing the disclosed order book by disclosed revenue gives approximately 2.31 times revenue, a useful visibility indicator but not a promise of 2.31 years of sales. Order books can contain multi-year programs, framework commitments, cancellation clauses and different shipment schedules.
Kaynes’ cash-conversion cycle was 125 days. That is a central part of the investment case: a higher operating margin does not automatically create higher free cash flow if inventory and receivables absorb cash. Break the 125 days into inventory, receivable and payable components, then check whether the cycle is rising as new capacity ramps.
The company’s 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.” Treat the approximately 33% figure as management’s year-on-year characterization and reconcile it to the audited revenue series before using it in a model.
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Dixon Technologies: scale, facilities and volume mix
Dixon’s investor site lists revenue of ₹48,873 crore in FY2025-26, compared with ₹38,880 crore in FY2024-25 and ₹17,691 crore in FY2023-24. Those figures imply rapid reported expansion, but they do not by themselves show organic growth: check for customer additions, acquisitions, pass-through components, changes in consolidation and product-mix effects.
The same investor information lists 30 manufacturing facilities, 7 R&D centres and more than 30,000 employees. That footprint can support large customer programs and purchasing scale, but it also creates depreciation, execution and utilization requirements. Pull Dixon’s FY2025-26 EBITDA, PAT, ROCE, ROE, backlog and working-capital figures from its annual report before putting the company in a fully numeric profitability table. Until then, mark those cells as not stated rather than inferring them from revenue.
Dixon’s high-volume consumer-electronics exposure should be analyzed with different questions from Cyient DLM’s safety-critical programs: how quickly can a line be reconfigured, how concentrated are the top customers, what is the component pass-through, and how much margin depends on utilization or incentives?
How to calculate the metrics consistently
Revenue growth and organic growth
Use reported growth first:
Reported growth = (current-year revenue − prior-year revenue) ÷ prior-year revenue.
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Then reconcile it to organic growth by subtracting revenue from acquired businesses, newly consolidated subsidiaries, currency effects and material customer transfers. A company can show strong reported growth while its established operations are flat. Disclose the bridge rather than choosing whichever growth rate looks better.
EBITDA, PAT and normalized earnings
Calculate EBITDA margin as EBITDA divided by revenue and PAT margin as PAT divided by revenue. Keep reported and normalized columns side by side. For each adjustment, record the amount, tax effect, cash or non-cash status, and whether the same type of item appeared in prior years.
Common adjustments include acquisition-related earn-outs, integration costs, restructuring, impairment, a completed large customer program and one-time legal or warranty charges. A cost that appears every year is not one-off merely because management labels it exceptional.
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ROCE and ROE
Use average capital employed and average equity where possible:
- ROCE = EBIT ÷ average (equity + interest-bearing debt − cash), or the company’s clearly defined capital-employed measure.
- ROE = PAT attributable to shareholders ÷ average shareholders’ equity.
State whether you use EBIT or NOPAT for ROCE and whether lease liabilities are included. Acquisitions, fresh equity, a major plant commissioning or a year-end cash balance can distort a year-end denominator, so average balances are preferable.
Order-book coverage and book-to-bill
Order-book-to-revenue = closing order book ÷ the same year’s revenue. It indicates contracted or reported visibility, not guaranteed future profit. Book-to-bill = orders booked during the period ÷ revenue recognized during the period; it shows whether the backlog is replenishing.
Ask what the order book contains: purchase orders, letters of intent, framework agreements, cancellable orders, customer-owned material and pass-through components. Also examine program duration, expected annual run rate, gross margin and the proportion expected to ship within 12 months.
Working capital and cash conversion
The standard formula is:
CCC = inventory days + receivable days − payable days.
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Net working-capital days may use a different company definition, so do not compare Cyient DLM’s 11.4 net-working-capital days directly with Kaynes’ 125-day CCC as if they were identical measures. Recalculate both from audited balance-sheet data using one definition, then retain each company’s reported metric as a cross-check.
Investigate inventory ageing, customer advances, unbilled revenue, contract assets, supplier financing and the effect of rapid growth. A long cycle can be acceptable when customers fund materials or margins are exceptional; it becomes risky when inventory is customized and receivables are concentrated.
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Capacity, capex and utilization: the bridge from plans to profit
Compare capex as a percentage of revenue and as a percentage of depreciation, but also map what each rupee buys. A new surface-mount line, testing laboratory, advanced PCB capability or semiconductor-related plant has different commissioning and yield profiles.
- List existing and announced capacity by facility and product.
- Record commissioning date, rated capacity and actual utilization.
- Separate maintenance capex from expansion capex.
- Estimate depreciation and working-capital needs at target utilization.
- Check whether customer qualification is complete before counting the capacity as revenue-ready.
Dixon’s 30-facility footprint makes utilization and line balancing important. Kaynes’ integration-heavy strategy makes ramp-up, yield and inventory funding especially important. Cyient DLM’s safety-critical work can require longer qualification cycles, so capacity may be constrained by certification rather than floor space.
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Concentration
Collect the percentage of revenue and receivables from the top customer, top five customers and largest end market. A long order book is less reassuring if one customer can defer shipments or redesign a product. Conversely, a concentrated safety-critical program may have high switching costs and long qualification barriers. Read concentration together with contract duration, renewal history and customer credit quality.
End-market mix
Separate aerospace and defence, industrial, medical, automotive, consumer electronics, telecom, smart meters, EV, semiconductor equipment and other categories. Cyclicality, certification, pricing power and inventory risk differ sharply across them. A company moving into high-margin diversification may initially carry launch costs and lower utilization; measure the transition over several years.
Vertical integration and design ownership
Ask whether the EMS provider only assembles customer-designed boards or also owns design, firmware, testing, tooling, component engineering and system integration. More integration can increase switching costs and margin, but it can also require more engineers, equipment, inventory and warranty responsibility. Compare design-led revenue with pure build-to-print revenue rather than treating all EMS sales as equivalent.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Growth estimates are a scenario, not a reported result
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 estimated EBITDA CAGRs are 52%, 23% and 35%, respectively. These are analyst estimates, not FY2025-26 results.
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|---|---|---|---|
| Kaynes Technology | 46% | 52% | Check order conversion, 125-day cash cycle, capacity ramp and margin sustainability. |
| Cyient DLM | 13% | 23% | Check program wins, qualification timing, normalized EBITDA and safety-critical mix. |
| Dixon Technologies | 31% | 35% | Check facility utilization, customer concentration, organic growth and incentive dependence. |
The sector update attributes expected growth to PLI support, high-margin diversification and demand in smart meters, EVs, advanced PCBs, semiconductor equipment, telecom and defence. Build a base case, upside case and downside case around those drivers. In the downside case, delay capacity utilization, extend receivable days and reduce order conversion instead of simply applying a lower valuation multiple.
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A practical comparison workflow
- Set the period and units. Use FY2025-26 for all three companies, convert rupees to one unit, and identify consolidated versus standalone statements.
- Copy reported numbers first. Enter revenue, EBITDA, PAT, assets, equity, debt, cash, capex, depreciation, operating cash flow, order book and working-capital components without adjustments.
- Create an adjustment ledger. Document acquisitions, earn-outs, restructuring, completed programs and other disclosed exceptional items, including tax effects.
- Calculate normalized margins. Show reported EBITDA and PAT margins beside adjusted figures; never overwrite the statutory result.
- Normalize capital ratios. Use average capital and equity, and state treatment of leases, goodwill and cash.
- Reconcile backlog. Divide closing order book by the same-year revenue, calculate book-to-bill where orders are disclosed, and classify backlog by duration and cancellation risk.
- Stress working capital. Model inventory days, receivable days and payable days separately, then calculate cash conversion under slower collections.
- Map capacity to demand. Match each announced line or plant with customer qualification, expected utilization, capex and depreciation.
- Score qualitative risks. Rate concentration, end-market cyclicality, design ownership, vertical integration, exports and subsidy dependence on a consistent scale.
- Write the conclusion last. State which model suits the reader’s objective—cash efficiency, growth visibility, scale or high-reliability programs—rather than naming one universal winner.
Common comparison mistakes
- Ranking on revenue alone: scale can reflect a different product mix or component pass-through.
- Ranking on EBITDA margin alone: a higher margin can coexist with a much longer cash cycle or heavier capex.
- Mixing reported and normalized earnings: this hides whether an adjustment is genuinely non-recurring.
- Treating order book as revenue: backlog needs timing, margin and cancellation analysis.
- Comparing unlike working-capital definitions: Cyient DLM’s 11.4 net-working-capital days and Kaynes’ 125-day CCC are not the same published measure.
- Using forecasts as facts: the FY25-28E CAGRs are estimates and should be tested against execution milestones.
- Ignoring customer qualification: announced capacity does not equal saleable capacity until products pass validation.
- Assuming integration is always positive: vertical integration can add margin and control while increasing fixed costs, inventory and execution complexity.
Which metrics matter most for each comparison question?
If you are comparing growth visibility
Start with order-book-to-revenue, book-to-bill, program duration and the share of backlog expected to ship within 12 months. Kaynes’ disclosed 2.31-times order-book-to-revenue figure is the clearest example among the supplied FY2025-26 numbers, but it still needs conversion and cancellation analysis.
If you are comparing earnings quality
Start with reported versus normalized EBITDA and PAT, then trace each adjustment to cash flow. Cyient DLM’s ₹1,268 million reported EBITDA versus ₹1,302 million normalized EBITDA shows why the bridge matters.
If you are comparing balance-sheet risk
Start with CCC, inventory ageing, receivables concentration, net debt and operating cash flow. Kaynes’ 125-day CCC deserves more scrutiny than a margin-only comparison; Cyient DLM’s 11.4 net-working-capital days use a different definition and must be recalculated on a common basis.
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Start with design ownership, qualification barriers, customer switching costs, end-market diversity and export exposure. Cyient DLM’s safety-critical focus, Kaynes’ integration-led model and Dixon’s large manufacturing footprint represent different sources of advantage and different execution risks.
What a defensible conclusion looks like
A defensible comparison does not declare the largest company or the highest-margin company automatically superior. It states the trade-off. Cyient DLM offers a high-reliability, safety-critical profile that should be judged on program quality, qualification and normalized profitability. Kaynes combines the supplied FY2025-26 figures for strong margins and a large order book with a 125-day cash-conversion cycle that warrants balance-sheet analysis. Dixon brings the largest disclosed FY2025-26 revenue in the supplied figures, a 30-facility manufacturing network and 7 R&D centres, but its profitability, backlog and working-capital fields must be filled from the FY2025-26 annual report before a complete numeric ranking.
Use the scorecard to match the business to your question: visibility, cash efficiency, capital returns, scale, or strategic positioning. Only after those measures are normalized should valuation or an investment preference enter the discussion.
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