of 50% and 30%, respectively. Profitability is set to improve sharply, with margin expansion across the board driven by increasing exposure to high- their strategic focus on higher margin sectors and orders, which should further support margin expansion in the coming quarters. We expect our EMS universe to register sales/EBITDA/PAT growth of 7.5%/73.5%/59.1% YoY in Q1FY26, on the back of robust order execution and margin improvement led by cost rationalization and increased contribution from high-margin segments. We continue our positive view on EMS companies...