India-US Interim Trade Deal Signed — Five Electronics Stocks With Filing-Backed Tailwinds

India-US Interim Trade Deal Signed — Five Electronics Stocks With Filing-Backed Tailwinds

The electronics sector has welcomed the interim trade agreement between India and the US, announced this week. The deal — which is expected to reduce tariff friction on key electronics categories — arrives at a time when Indian EMS (electronics manufacturing services) companies are already scaling capacity, growing export books, and benefiting from PLI incentives. But not all listed EMS players are positioned equally. We went through their filings to find the ones with genuine export infrastructure, US-facing revenue, and order books that back up the optimism.

Avalon Technologies: 58% of Revenue Already Comes From US Customers

Avalon Technologies is perhaps the most directly positioned to benefit. Per their Q3 FY25 quarterly results, 58% of their revenue comes from US market customers, with Indian manufacturing representing 87% of operations. They reported a gross margin of 37.3%, an EBITDA margin of 12.3%, and a PAT margin of 8.2%. The company’s order book stood at INR 1,111 crore, and a new export-dedicated plant in Chennai is already operational.

Avalon also operates a US subsidiary (ABV Electronics Inc.) giving them on-ground presence for customer support and logistics. Their focus on clean energy is growing towards 30% of revenue, a segment where US procurement preferences for non-Chinese supply chains could create additional tailwinds. For a company that already does more than half its business with American clients, any tariff reduction is margin-accretive from day one.

Kaynes Technology: INR 5,400 Crore Order Book, 54% Revenue Growth

Kaynes Technology’s filings paint a picture of an EMS company hitting its stride. Per their Q4 FY25 earnings call, revenue was INR 9,845 million (approximately INR 985 crore) for the quarter, representing 54% year-on-year growth. Operational EBITDA reached INR 1,679 million — a 76% jump year-on-year — with PAT at INR 1,162 million, up 43%.

The order book tells the bigger story: it surged from INR 41,152 million in Q4 FY24 to INR 54,228 million by Q2 FY25. Growth is coming across automotive, aerospace, defence, EV, and railway verticals. Their Q1 FY25 results highlighted that the aerospace, outer space, and strategic electronics vertical secured a sizable new customer that would significantly increase revenue. As India-US defence and industrial cooperation deepens alongside the trade deal, Kaynes sits squarely in the flow.

Amber Enterprises: Electronics Division Revenue Up 79%, Export Conversations Multiplying

Amber Enterprises is better known for air conditioning components, but its electronics division is the growth engine. Per their recent quarterly results, the electronics division posted revenue of INR 845 crore — 79% growth year-on-year — with EBITDA of INR 88 crore, up 157%. In H1 FY26, the electronics division reached INR 1,409 crore in revenue, growing 60%.

What’s telling is management’s commentary on exports. During their earnings call, Managing Director Jasbir Singh noted that because tariffs are being discussed so widely, many customers have started approaching them for exports. The company has received INR 36 crore under the PLI scheme for FY24 and expects INR 49.5 crore for FY25. A new facility coming online by Q4 FY26 is expected to further support the export push. Management is guiding for 40% revenue growth in the electronics division with 9.5-10% EBITDA margins.

Syrma SGS Technology: 20% Export Order Book, Guiding 35% Revenue Growth

Syrma SGS is the quieter play in this space, but the filings show consistent execution. Per their 9-month results, total revenue reached approximately INR 3,380 crore — 17% growth year-on-year — with contributions from auto (30% growth), med-tech (31%), and industrial (29%). The quarterly run rate hit INR 620 crore, with EBITDA of INR 59 crore growing 64% year-on-year.

The export angle is concrete: approximately 20% of their open order book is export orders, per CFO Bijay Agrawal’s commentary. Export sales stood at 16% of total revenue, with management confident of 20% growth in export sales. The company is guiding for 35% revenue growth for FY27 and maintaining 7% EBITDA margins. Their customer pipeline spans healthcare, industrial, and auto verticals — all sectors where US buyers are actively diversifying away from China-dependent supply chains.

HFCL: Telecom Products + Defence, Export Revenue Targeting 50%

HFCL offers a different angle on the India-US trade deal. Per their FY26 annual results, revenue stood at INR 4,949 crore with EBITDA of INR 827 crore (16.7% margin) and PAT of INR 329 crore. In Q4 FY26 alone, EBITDA margin expanded to 18.47% with PAT margin reaching 10.11%.

The company’s order book of INR 11,125 crore (as of December 2025) provides substantial revenue visibility. Telecom products contributed 66% of Q4 FY26 revenue, up from 57% the prior quarter. The critical number: export revenue currently stands at approximately 41% and management is targeting 50%+ by FY27. With 329 acres allotted in Andhra Pradesh for a defence manufacturing facility and a global optical fibre demand recovery underway, HFCL is positioned for the kind of India-US industrial cooperation that goes beyond consumer electronics.

What Retail Investors Should Do

The India-US interim trade agreement is a structural positive for Indian electronics manufacturing, but it won’t lift all boats equally. Focus on companies that already have measurable US exposure (Avalon at 58% is the clearest case), large executable order books (Kaynes at INR 5,400 crore, HFCL at INR 11,125 crore), and proven capacity expansion underway (Amber’s new facility, Syrma’s export order pipeline). Avoid companies where export potential is mentioned only in investor presentations but never shows up in actual revenue breakdowns. The trade deal creates optionality, but the companies that will capture it are the ones already shipping.

Data sourced from company filings on NSE via Xaro.