India, Sept. 30 -- Syrma is being valued as a high-growth EMS company that has consistently delivered strong earnings growth. Kaynes, meanwhile, trades at a lower multiple despite making large investments in PCB manufacturing and semiconductor assembly. That difference matters because both companies are expected to grow rapidly. The question is not simply whether Syrma is growing faster. It is whether that additional growth is large enough to justify the substantially higher multiple.

On Wednesday, Syrma is at around Rs.1,750.80, with a market capitalisation of approximately Rs.33,760.76 crore and a trailing P/E of 81.28x. Kaynes traded at around Rs.3,557, with a market capitalisation of approximately Rs.23,891.15 crore and a trailing P...