TSG Capital · India EMS peer benchmark · FY26

Nine listed EMS peers and RIKUN

RIKUN's EBITDA margin is — against a listed-peer median of —, and its ROCE is — against —. Revenue growth of — compares with a median of —. Growth is competitive; margins, returns and asset use are not yet.

High-mix EMS Appliance ODM Volume EMS RIKUN (target)

RIKUN against the listed-peer median

Rank 1 is best of the ten companies; for working capital, fewer days ranks higher. Cash from operations is ranked on cash conversion (CFO as a share of EBITDA), so size does not decide it. The median covers the nine listed peers only.

Revenue growth—Median — · Rank — of 10
EBITDA margin—Median — · Rank — of 10
PAT margin—Median — · Rank — of 10
ROCE—Median — · Rank — of 10
Net working capital—Median — · Rank — of 10
Fixed-asset turnover—Median — · Rank — of 10
EBITDA / fixed assets—Median — · Rank — of 10
Cash from operations—Cash conversion (CFO/EBITDA) — vs median — · Rank — of 10

Peers ranked on one metric

Pick a metric. Bars are coloured by business model; the dashed line is the listed-peer median.

EBITDA as a share of revenue, FY26. The tracker excludes other income for some companies.

Higher margins are paid for in working capital

EBITDA margin against net working-capital days, FY26. Bubble area follows revenue (Dixon capped). Dashed lines mark the listed-peer medians.

EBITDA margin, FY24 to FY26

Same scale for every company. RIKUN's margin has held at 7.6–8.0% for three years.

Full benchmark, FY26

Click a column to sort. Shaded bars compare margins and returns on one scale per column. Negative values are in red; blank cells are not disclosed or not applicable. EBITDA / FA is EBITDA over net block; CFO is cash flow from operations (listed peers from Screener.in, consolidated).

ScaleProfitabilityReturns and efficiencyCashVisibilityValuation

Quarterly revenue growth, year on year

Q1 FY25 to the latest reported quarter (Q2 FY27 for Cyient DLM and PG Electroplast; Q1 FY27 for the rest). Same scale for every company; the dashed line is zero. RIKUN does not report quarterly.

Capabilities matrix

What each company does in-house. Partial means JV-based, under construction or at small scale. Compiled by TSG from the comps tracker, company disclosures and the RIKUN CIM.

In-house at scalePartialNot disclosed
ElectronicsUpstreamMechanical and sub-assembliesFootprint
Company PCBA Box build Own design Bare PCB Semis / OSAT Cables Plastics Sheet metal Machining Magnetics Battery packs Overseas plants

Moat scorecard

TSG judgement, 1 (weak) to 5 (strong), on six dimensions. Sorted by total out of 30. Darker cells are stronger.

Company Qualification Integration Scale & cost Design / IP Global footprint Balance sheet Total /30 Primary moat

Listed peers: TSG comps tracker (company annual reports, FY26; quarterly updates to Q2 FY27 where published); FY26 cash from operations from Screener.in consolidated cash-flow statements. RIKUN: management workbook dated 21 Apr 2026; FY26 figures are provisional and unaudited. Business-model groups, capabilities and moat scores are TSG classifications.