Electronics manufacturing services (EMS) companies continue to see healthy revenue growth despite a high base. In 4QFY25, we expect EMS coverage companies to see strong revenue growth on account of (1) healthy order flow and execution, (2) customer addition, (3) diversification in sector penetration, and 4) wide product portfolio. The coverage companies are focusing on higher margin orders/sectors, which is driving their operating margins. We expect our EMS universe to register sales/EBITDA/PAT growth of 38.2%/52.6%/44.0% YoY, on the back of robust order execution and margin...