This is my understanding and not a quote. He does mention demand remaining for the things you have mentioned. But also supply increasing.
All Elec component makers are increasing capacity not just in India but elsewhere. Again if you notice closely i said margins will move to new normal band and not old band of 7-8% but 10-14%.
Anyway this is my opinion and I can certainly be absolutely wrong and have been wrong earlier. Thanks for engaging. Thats what this forum is for.
Side Note: My problem is all these companies have PE of 50-80-100 which is unsustainable. There may not be downside, but we should at least consider what’s the upside.