The best business is the cheapest

On 1 October 2026 the five traded at between 53.7 and 128.8 times their FY26 earnings. The cheapest earns by far the most on its capital; the dearest earns among the least.

Dixon, at 53.7 times, earned 47.3% on capital employed in FY26 and 30.8% on equity — though its profit includes gains on investments. Amber, at 128.8 times, earned 10.9% on capital and 4.1% on equity. In between: Syrma 17.4% on capital at 104.2 times, PG Electroplast 10.3% at 69.8 times, Kaynes 13.2% at 62.6 times.

The difference is how much money each business ties up. Dixon’s margin is the thinnest of the five, 3.8%, but its working capital ran at minus five days in the June quarter: suppliers are paid after customers pay. The others carry stock and plants still being built, and the price assumes those plants will earn.

The year’s share prices did not follow either measure. To 1 October 2026: Syrma up 110.1%, PG Electroplast down 7.0%, Amber down 20.5%, Dixon down 25.5%, Kaynes down 52.5%.