{"id":288348,"date":"2026-10-06T09:45:11","date_gmt":"2026-10-06T04:15:11","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=288348"},"modified":"2026-10-06T09:45:11","modified_gmt":"2026-10-06T04:15:11","slug":"electronics-manufacturing-stocks-strong-roadmap","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/","title":{"rendered":"3 Electronics Manufacturing Stocks With a Strong Future Roadmap: Dixon Technologies, Kaynes Technology and Syrma SGS Technology"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Dixon Rs 12,748.00, P\/E 37.43. Kaynes Rs 3,394.80, P\/E 66.11. Syrma SGS Rs 1,700.40, P\/E 81.59. Closing prices of 5 Oct 2026.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">Electronics manufacturing stocks with the clearest long-term roadmaps today include Dixon Technologies in contract manufacturing of consumer electronics and mobile phones, Kaynes Technology in electronics manufacturing for automotive, industrial and aerospace and Syrma SGS Technology in electronics manufacturing for industrial, automotive and consumer customers. FY26 revenue growth was 27.5% at Dixon, 33.7% at Kaynes and 26.6% at Syrma SGS. P\/E stands at 37.43 for Dixon (industry 44.39), 66.11 for Kaynes (industry 44.39) and 81.59 for Syrma SGS (industry 74.16). Demand cycles, input costs and valuation decide how much of that growth the market keeps paying for, so each company&#8217;s risks need equal attention.<\/p>\n<\/p><\/div>\n<p>Electronics manufacturing stocks give investors exposure to India&#8217;s push to build phones, appliances and components at home. Revenue follows customer orders and government incentives, which is why order wins, margins and working capital matter as much as headline growth.<\/p>\n<p>This list covers three electronics manufacturing sector stocks: Dixon Technologies for contract manufacturing of consumer electronics and mobile phones, Kaynes Technology for electronics manufacturing for automotive, industrial and aerospace and Syrma SGS Technology for electronics manufacturing for industrial, automotive and consumer customers. Every figure comes from the latest reported financials and the 5 October 2026 market close. Companies without complete current figures were left out.<\/p>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=electronics-manufacturing-stocks-strong-roadmap\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#What_Are_Electronics_Manufacturing_Stocks\" title=\"What Are Electronics Manufacturing Stocks?\">What Are Electronics Manufacturing Stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#Electronics_Manufacturing_Stocks_at_a_Glance\" title=\"Electronics Manufacturing Stocks at a Glance\">Electronics Manufacturing Stocks at a Glance<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#Why_Do_Electronics_Manufacturing_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Electronics Manufacturing Stocks Have a Strong Roadmap in India?\">Why Do Electronics Manufacturing Stocks Have a Strong Roadmap in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#Dixon_Technologies_Contract_Manufacturing_and_Components_Anchor_the_Roadmap\" title=\"Dixon Technologies: Contract Manufacturing and Components Anchor the Roadmap\">Dixon Technologies: Contract Manufacturing and Components Anchor the Roadmap<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#Kaynes_Technology_Design-Led_Manufacturing_and_Semiconductors_Drive_the_Pipeline\" title=\"Kaynes Technology: Design-Led Manufacturing and Semiconductors Drive the Pipeline\">Kaynes Technology: Design-Led Manufacturing and Semiconductors Drive the Pipeline<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#Syrma_SGS_Technology_Diversified_Customers_and_New_Lines_Build_the_Next_Leg\" title=\"Syrma SGS Technology: Diversified Customers and New Lines Build the Next Leg\">Syrma SGS Technology: Diversified Customers and New Lines Build the Next Leg<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#Best_Electronics_Manufacturing_Stocks_in_India_Dixon_vs_Kaynes_vs_Syrma_SGS_on_Key_Financials\" title=\"Best Electronics Manufacturing Stocks in India: Dixon vs Kaynes vs Syrma SGS on Key Financials\">Best Electronics Manufacturing Stocks in India: Dixon vs Kaynes vs Syrma SGS on Key Financials<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#How_to_Evaluate_EMS_Stocks_to_Buy_Before_You_Invest\" title=\"How to Evaluate EMS Stocks to Buy Before You Invest\">How to Evaluate EMS Stocks to Buy Before You Invest<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#Risks_to_Consider_Before_Investing_in_Electronics_Manufacturing_Stocks\" title=\"Risks to Consider Before Investing in Electronics Manufacturing Stocks\">Risks to Consider Before Investing in Electronics Manufacturing Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#Final_Take_Which_Stock_Has_the_Strongest_Roadmap\" title=\"Final Take: Which Stock Has the Strongest Roadmap?\">Final Take: Which Stock Has the Strongest Roadmap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#FAQs_on_Electronics_Manufacturing_Stocks\" title=\"FAQs on Electronics Manufacturing Stocks\">FAQs on Electronics Manufacturing Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#Which_are_the_best_electronics_manufacturing_stocks_in_India_with_a_strong_roadmap\" title=\"Which are the best electronics manufacturing stocks in India with a strong roadmap?\">Which are the best electronics manufacturing stocks in India with a strong roadmap?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#Is_Dixon_Technologies_a_good_stock_to_buy_now\" title=\"Is Dixon Technologies a good stock to buy now?\">Is Dixon Technologies a good stock to buy now?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#What_is_the_PE_ratio_of_Dixon_Kaynes_and_Syrma_SGS\" title=\"What is the P\/E ratio of Dixon, Kaynes and Syrma SGS?\">What is the P\/E ratio of Dixon, Kaynes and Syrma SGS?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#Which_of_these_electronics_manufacturing_stocks_has_the_highest_return_on_equity\" title=\"Which of these electronics manufacturing stocks has the highest return on equity?\">Which of these electronics manufacturing stocks has the highest return on equity?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#What_are_the_risks_of_investing_in_electronics_manufacturing_stocks\" title=\"What are the risks of investing in electronics manufacturing stocks?\">What are the risks of investing in electronics manufacturing stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#How_did_Dixon_Kaynes_and_Syrma_SGS_perform_in_Q1_FY27\" title=\"How did Dixon, Kaynes and Syrma SGS perform in Q1 FY27?\">How did Dixon, Kaynes and Syrma SGS perform in Q1 FY27?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#Do_electronics_manufacturing_stocks_pay_dividends\" title=\"Do electronics manufacturing stocks pay dividends?\">Do electronics manufacturing stocks pay dividends?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/univest.in\/blogs-2\/electronics-manufacturing-stocks-strong-roadmap\/#How_can_I_invest_in_electronics_manufacturing_stocks_in_India\" title=\"How can I invest in electronics manufacturing stocks in India?\">How can I invest in electronics manufacturing stocks in India?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Electronics_Manufacturing_Stocks\"><\/span><strong>What Are Electronics Manufacturing Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Electronics manufacturing stocks are shares of companies that make electronic products and components for brands and industrial customers on contract. Results depend on order wins, the production linked incentive scheme, component sourcing and working capital, so scale and customer mix separate the stronger names.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Electronics_Manufacturing_Stocks_at_a_Glance\"><\/span><strong>Electronics Manufacturing Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table compares size, valuation, return on equity and debt for the three electronics manufacturing stocks as of the 5 October 2026 close.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CMP (Rs)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Market Cap (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Industry P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">ROE<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Debt to Equity<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/dixon\/dixon-technologies-india-ltd-share-price-today\">Dixon Technologies<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12,748.00<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">77,937<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">37.43<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">44.39<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">30.76%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.21<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/kaynes\/kaynes-technology-india-ltd-share-price-today\">Kaynes Technology<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,394.80<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">22,856<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">66.11<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">44.39<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7.66%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.19<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/syrma\/syrma-sgs-technology-ltd-share-price-today\">Syrma SGS Technology<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,700.40<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">32,771<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">81.59<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">74.16<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">11.10%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.14<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Among electronics manufacturing sector stocks, Dixon trades below the industry P\/E, while Kaynes and Syrma SGS trade at a premium to the industry multiple.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Electronics_Manufacturing_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Electronics Manufacturing Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Electronics manufacturing stocks have a strong roadmap in India because global brands are adding Indian suppliers under a China plus one strategy, government incentives reward local production, and import substitution widens the market. Three drivers stand out.<\/p>\n<ul>\n<li><strong>Production linked incentive:<\/strong> Government schemes reward local production of phones, components and other electronics.<\/li>\n<li><strong>China plus one:<\/strong> Global brands are widening their supplier base, which brings orders to Indian manufacturers.<\/li>\n<li><strong>Import substitution:<\/strong> Local production of printed circuit boards and components replaces imports and adds value.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Dixon_Technologies_Contract_Manufacturing_and_Components_Anchor_the_Roadmap\"><\/span><strong>Dixon Technologies: Contract Manufacturing and Components Anchor the Roadmap<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Dixon Technologies&#8217; roadmap rests on contract manufacturing of mobile phones, televisions and appliances, a growing component and printed circuit board backbone and schemes that reward local production.<\/p>\n<p>Revenue grew from Rs 10,700.89 crore in FY22 to Rs 49,585.84 crore in FY26, a 363.4% rise, and FY26 revenue was 27.5% higher than FY25. FY26 net profit rose 33.4% to Rs 1,644.25 crore. Over four years, net profit rose from Rs 190.33 crore in FY22 to Rs 1,644.25 crore. In Q1 FY27, revenue grew 25.2% to Rs 16,075.95 crore, and net profit rose 156.3% to Rs 717.83 crore. Operating margin was 3.95% in FY26 and 6.43% in Q1 FY27 against 3.82% a year earlier.<\/p>\n<p>Debt to equity is 0.21 and return on equity is 30.76%. FY26 operating cash flow was Rs 1,782.29 crore against capital expenditure of Rs 1,067.51 crore. Dixon paid a dividend of Rs 10 per share for FY26, a yield of 0.08%. At a P\/E of 37.43 against an industry P\/E of 44.39, the stock trades below its industry multiple.<\/p>\n<p>What to watch: Operating margin is thin at 3.95% in FY26, so small cost changes move profit.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Kaynes_Technology_Design-Led_Manufacturing_and_Semiconductors_Drive_the_Pipeline\"><\/span><strong>Kaynes Technology: Design-Led Manufacturing and Semiconductors Drive the Pipeline<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Kaynes Technology&#8217;s roadmap rests on design-led electronics manufacturing for automotive, industrial, aerospace and medical customers, and a push into semiconductor packaging.<\/p>\n<p>Revenue grew from Rs 710.35 crore in FY22 to Rs 3,783.18 crore in FY26, a 432.6% rise, and FY26 revenue was 33.7% higher than FY25. FY26 net profit rose 24.0% to Rs 363.89 crore. Over four years, net profit rose from Rs 41.67 crore in FY22 to Rs 363.89 crore. In Q1 FY27, revenue grew 37.1% to Rs 960.45 crore, and net profit fell 24.4% to Rs 56.43 crore. Operating margin was 20.19% in FY26 and 17.12% in Q1 FY27 against 20.81% a year earlier.<\/p>\n<p>Debt to equity is 0.19 and return on equity is 7.66%. FY26 operating cash flow was negative at Rs 600.40 crore against capital expenditure of Rs 1,240.30 crore. At a P\/E of 66.11 against an industry P\/E of 44.39, the stock trades above its industry multiple.<\/p>\n<p>What to watch: FY26 operating cash flow was negative at Rs 600.40 crore against capital expenditure of Rs 1,240.30 crore. Q1 FY27 net profit was 24.4% lower than a year earlier; the P\/E of 66.11 sits above the industry P\/E of 44.39, so earnings delivery matters for the valuation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Syrma_SGS_Technology_Diversified_Customers_and_New_Lines_Build_the_Next_Leg\"><\/span><strong>Syrma SGS Technology: Diversified Customers and New Lines Build the Next Leg<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Syrma SGS Technology&#8217;s roadmap rests on electronics manufacturing for industrial, automotive, healthcare and consumer customers, with new product lines in RFID and magnetics.<\/p>\n<p>Revenue grew from Rs 1,284.44 crore in FY22 to Rs 4,856.87 crore in FY26, a 278.1% rise, and FY26 revenue was 26.6% higher than FY25. FY26 net profit rose 87.5% to Rs 345.81 crore. Over four years, net profit rose from Rs 76.44 crore in FY22 to Rs 345.81 crore. In Q1 FY27, revenue grew 67.0% to Rs 1,603.68 crore, and net profit rose 111.7% to Rs 105.69 crore. Operating margin was 11.99% in FY26 and 11.12% in Q1 FY27 against 10.88% a year earlier.<\/p>\n<p>Debt to equity is 0.14 and return on equity is 11.10%. FY26 operating cash flow was Rs 289.57 crore against capital expenditure of Rs 191.76 crore. Syrma SGS paid a dividend of Rs 1.5 per share for FY26, a yield of 0.09%. At a P\/E of 81.59 against an industry P\/E of 74.16, the stock trades above its industry multiple.<\/p>\n<p>What to watch: Operating margin of 11.12% in Q1 FY27 was only slightly above the 10.88% of Q1 FY26 even as revenue rose 67.0%. The P\/E of 81.59 sits above the industry P\/E of 74.16, so earnings delivery matters for the valuation.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Best_Electronics_Manufacturing_Stocks_in_India_Dixon_vs_Kaynes_vs_Syrma_SGS_on_Key_Financials\"><\/span><strong>Best Electronics Manufacturing Stocks in India: Dixon vs Kaynes vs Syrma SGS on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the best electronics manufacturing stocks in India, Kaynes leads on FY26 operating margin and five-year revenue growth; Syrma SGS leads on Q1 FY27 revenue growth; Dixon leads on return on equity and the lowest P\/E. The table puts the numbers side by side.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Metric<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Dixon<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Kaynes<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Syrma SGS<\/th>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">49,585.84<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,783.18<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4,856.87<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 revenue growth<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">27.5%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">33.7%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">26.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Revenue growth FY22 to FY26<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">363.4%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">432.6%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">278.1%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 net profit (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,644.25<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">363.89<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">345.81<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 net profit growth<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">33.4%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">24.0%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">87.5%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 operating profit margin<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3.95%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">20.19%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">11.99%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Q1 FY27 revenue growth (YoY)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">25.2%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">37.1%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">67.0%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Q1 FY27 net profit growth (YoY)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">156.3%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">-24.4%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">111.7%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Return on equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">30.76%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">7.66%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">11.10%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">P\/E ratio<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">37.43<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">66.11<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">81.59<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Debt to equity<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.21<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.19<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.14<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Dividend yield<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.08%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.00%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.09%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">FY26 operating cash flow (Rs Cr)<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,782.29<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">-600.40<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">289.57<\/td>\n<\/tr>\n<\/table>\n<\/div>\n<p>Contract manufacturers have thin margins and lumpy orders, so revenue growth and margin trends both need tracking.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Evaluate_EMS_Stocks_to_Buy_Before_You_Invest\"><\/span><strong>How to Evaluate EMS Stocks to Buy Before You Invest<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A short checklist keeps the research consistent when you screen electronics manufacturing stocks and shortlist EMS stocks to buy.<\/p>\n<ol>\n<li>Compare each stock&#8217;s P\/E with its industry P\/E, which differs by stock.<\/li>\n<li>Track operating margin across several quarters, because input costs can move faster than prices.<\/li>\n<li>Check whether revenue growth is turning into profit growth, not only sales.<\/li>\n<li>Read operating cash flow against capital expenditure to see how growth is funded.<\/li>\n<li>Watch debt to equity and interest cover before sizing a position.<\/li>\n<li>Spread exposure across companies and business lines instead of one demand cycle.<\/li>\n<\/ol>\n<p style=\"margin-top:24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Check the Univest Screener for live data on these electronics manufacturing stocks<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Risks_to_Consider_Before_Investing_in_Electronics_Manufacturing_Stocks\"><\/span><strong>Risks to Consider Before Investing in Electronics Manufacturing Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<ul>\n<li><strong>Thin margins:<\/strong> Small changes in component prices or customer mix can swing profit.<\/li>\n<li><strong>Customer concentration:<\/strong> A few large customers account for much of the revenue, so order shifts hit quickly.<\/li>\n<li><strong>Valuation:<\/strong> Syrma SGS trades at 81.59 times earnings and Kaynes at 66.11, against industry multiples of 74.16 and 44.39, so a growth slowdown can weigh on the stocks.<\/li>\n<li><strong>Working capital:<\/strong> Growth needs cash for inventory and receivables, as Kaynes&#8217;s negative operating cash flow showed.<\/li>\n<\/ul>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track Dixon, Kaynes and Syrma SGS live.<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Take_Which_Stock_Has_the_Strongest_Roadmap\"><\/span><strong>Final Take: Which Stock Has the Strongest Roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>These three EMS stocks cover contract manufacturing at scale, design-led manufacturing, and diversified industrial electronics. Kaynes leads on FY26 operating margin and five-year revenue growth; Syrma SGS leads on Q1 FY27 revenue growth; Dixon leads on return on equity and the lowest P\/E.<\/p>\n<p>Across electronics manufacturing sector stocks, each roadmap still has to turn growth into steady profit, so independent research and position sizing matter. Investors should consult a SEBI-registered advisor before acting on any of the EMS stocks to buy discussed here.<\/p>\n<div style=\"background:#CC0000;border-radius:8px;padding:16px 20px;margin:24px 0;\">\n<p style=\"color:#FFFFFF;font-size:13px;line-height:1.7;margin:0;\"><strong style=\"color:#FFFFFF;\">Disclaimer:<\/strong> Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).<\/p>\n<\/p><\/div>\n<h2><span class=\"ez-toc-section\" id=\"FAQs_on_Electronics_Manufacturing_Stocks\"><\/span><strong>FAQs on Electronics Manufacturing Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"Which_are_the_best_electronics_manufacturing_stocks_in_India_with_a_strong_roadmap\"><\/span><strong>Which are the best electronics manufacturing stocks in India with a strong roadmap?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Dixon Technologies, Kaynes Technology and Syrma SGS Technology stand out for their roadmaps in contract and design-led electronics manufacturing. FY26 revenue growth was 27.5% at Dixon, 33.7% at Kaynes and 26.6% at Syrma SGS, and return on equity ranges from 7.66% to 30.76%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_Dixon_Technologies_a_good_stock_to_buy_now\"><\/span><strong>Is Dixon Technologies a good stock to buy now?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Dixon Technologies has a debt to equity ratio of 0.21, a return on equity of 30.76% and a P\/E of 37.43 against an industry P\/E of 44.39. Thin margins and customer orders move results, even though the stock trades below its industry multiple. This article is not investment advice, so consult a SEBI-registered advisor before deciding.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_the_PE_ratio_of_Dixon_Kaynes_and_Syrma_SGS\"><\/span><strong>What is the P\/E ratio of Dixon, Kaynes and Syrma SGS?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The P\/E ratio is 37.43 for Dixon (industry 44.39), 66.11 for Kaynes (industry 44.39) and 81.59 for Syrma SGS (industry 74.16). Only Kaynes and Syrma SGS trade at or above the industry multiple.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_of_these_electronics_manufacturing_stocks_has_the_highest_return_on_equity\"><\/span><strong>Which of these electronics manufacturing stocks has the highest return on equity?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Dixon Technologies has the highest return on equity at 30.76%, followed by Syrma SGS Technology at 11.10% and Kaynes Technology at 7.66%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_are_the_risks_of_investing_in_electronics_manufacturing_stocks\"><\/span><strong>What are the risks of investing in electronics manufacturing stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> The main risks are thin margins, customer concentration, working capital needs and high valuations. Kaynes Technology had negative operating cash flow of Rs 600.40 crore in FY26, and Syrma SGS trades at 81.59 times earnings.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_did_Dixon_Kaynes_and_Syrma_SGS_perform_in_Q1_FY27\"><\/span><strong>How did Dixon, Kaynes and Syrma SGS perform in Q1 FY27?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Dixon Technologies reported revenue of Rs 16,075.95 crore, up 25.2% year on year, and net profit rose 156.3% to Rs 717.83 crore. Kaynes Technology reported revenue of Rs 960.45 crore, up 37.1% year on year, and net profit fell 24.4% to Rs 56.43 crore. Syrma SGS Technology reported revenue of Rs 1,603.68 crore, up 67.0% year on year, and net profit rose 111.7% to Rs 105.69 crore.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Do_electronics_manufacturing_stocks_pay_dividends\"><\/span><strong>Do electronics manufacturing stocks pay dividends?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Dividend payouts differ across the three companies. The dividend yield is 0.08% for Dixon, 0.00% for Kaynes and 0.09% for Syrma SGS, based on dividends declared for FY26.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_can_I_invest_in_electronics_manufacturing_stocks_in_India\"><\/span><strong>How can I invest in electronics manufacturing stocks in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> You can buy electronics manufacturing stocks through a demat and trading account on NSE or BSE after checking each company&#8217;s financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"Which are the best electronics manufacturing stocks in India with a strong roadmap?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Dixon Technologies, Kaynes Technology and Syrma SGS Technology stand out for their roadmaps in contract and design-led electronics manufacturing. 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Only Kaynes and Syrma SGS trade at or above the industry multiple.\"}},{\"@type\":\"Question\",\"name\":\"Which of these electronics manufacturing stocks has the highest return on equity?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Dixon Technologies has the highest return on equity at 30.76%, followed by Syrma SGS Technology at 11.10% and Kaynes Technology at 7.66%.\"}},{\"@type\":\"Question\",\"name\":\"What are the risks of investing in electronics manufacturing stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"The main risks are thin margins, customer concentration, working capital needs and high valuations. 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The dividend yield is 0.08% for Dixon, 0.00% for Kaynes and 0.09% for Syrma SGS, based on dividends declared for FY26.\"}},{\"@type\":\"Question\",\"name\":\"How can I invest in electronics manufacturing stocks in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"You can buy electronics manufacturing stocks through a demat and trading account on NSE or BSE after checking each company's financials, margins and valuation. The Univest Screener lets you compare fundamentals before placing an order. Investments in securities are subject to market risk, so consider your risk profile first.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dixon Technologies, Kaynes Technology and Syrma SGS Technology compared on growth, margins, debt and valuation, with the roadmap and risks investors should track.<\/p>\n","protected":false},"author":34,"featured_media":288347,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[764,5062,8490,7423,8491],"class_list":["post-288348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-dixon-technologies","tag-electronics-manufacturing-stocks","tag-ems-stocks","tag-kaynes-technology","tag-syrma-sgs-technology"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["288347"],"rank_math_title":["Electronics Manufacturing Stocks: Dixon, Kaynes, Syrma SGS"],"rank_math_description":["Electronics manufacturing stocks with a strong roadmap: Dixon, Kaynes and Syrma SGS compared on growth, margins, valuation and risks. 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