India’s electronics manufacturing story is moving beyond assembling smartphones. The country is increasingly building capabilities across electronic components, automotive electronics, industrial electronics, telecom equipment, consumer devices and semiconductors. That shift is creating a much larger opportunity for India’s Electronics Manufacturing Services (EMS) companies.
According to the Ministry of Electronics & Information Technology, India’s electronics manufacturing output increased from ₹9.52 lakh crore in FY24 to ₹11.33 lakh crore in FY25, while electronics exports rose from ₹2.41 lakh crore to ₹3.27 lakh crore. For investors looking at electronics manufacturing stocks in India, the interesting part is no longer just the size of the opportunity it is how individual companies are moving up the value chain.
For readers exploring ai-based stock trading india, a growing industry is only the starting point. The investment case also depends on earnings quality, valuation and how much exposure your existing portfolio already has to the same theme.
Which electronics manufacturing stocks are covered
Dixon Technologies, Kaynes Technology, Syrma SGS, Amber Enterprises and CG Power offer different routes into India’s electronics manufacturing ecosystem. This watchlist compares their business exposure and the questions investors should investigate.
| COMPANY | MAIN EXPOSURE | WHAT TO EXAMINE |
| Dixon Technologies | EMS and device manufacturing | Recurring margins and customer concentration |
| Kaynes Technology | EMS and semiconductor packaging | Cash conversion and project execution |
| Syrma SGS | EMS across several end markets | Growth quality and working capital |
| Amber Enterprises | Consumer durables and electronics | Adjusted versus reported earnings |
| CG Power | Electrical equipment and emerging semiconductor operations | Semiconductor contribution to group earnings |
Dixon Technologies – From Assembly to a Broader EMS Platform
Dixon Technologies remains one of the most visible names in India’s electronics manufacturing ecosystem.
The company reported Q1 FY27 revenue of approximately ₹15,548 crore, up 21.1% YoY. EBITDA increased 105% to ₹991 crore, while EBITDA margin expanded to 6.4% from 3.8% a year earlier. Reported PAT was ₹663 crore, although the quarter included a significant one-time gain.
The bigger story is diversification across mobile phones, IT hardware, wearables, telecom and other electronics categories. For investors researching best electronics manufacturing stocks in India, Dixon’s ability to move into higher-value manufacturing and component ecosystems will be an important metric to track.
Earnings clarification – The ₹991 crore figure above should not be read as recurring operating EBITDA. NDTV Profit and Upstox report operating EBITDA of approximately ₹463 crore and a margin of about 3.0%, down from roughly 3.8%. Adding approximately ₹528 crore of other income to ₹463 crore produces ₹991 crore; this explains the difference in presentation, rather than an improvement in core operating margins. [1, 2]
A stock market ai tool can help compare EMS companies, but the comparison is useful only when recurring earnings are separated from other income and exceptional items.
Kaynes Technology – The Semiconductor Angle
Kaynes Technology India offers a different exposure to the sector. The company reported Q1 FY27 consolidated revenue of ₹946 crore, representing approximately 40.5% YoY growth. However, consolidated net profit declined 24.4% to ₹56.4 crore, highlighting the difference between revenue growth and bottom-line performance.
The bigger catalyst is its semiconductor ambitions. Kaynes Semicon has proposed a $1 billion OSAT project under the government’s Semicon 2.0 initiative. Its Sanand facility began commercial production in March 2026, while additional units are being developed for customers including Fujitsu and Infineon.
That potentially takes Kaynes beyond traditional EMS and deeper into India’s emerging semiconductor ecosystem.
Project context: Financial Express reported the proposed $1 billion project on 17 September 2026. A proposal, customer qualification and commercial production are different stages; the proposed expansion should not be treated as approved capacity or assured future earnings.
Syrma SGS – Scaling Across Multiple Electronics Segments
Syrma SGS Technology is another company worth tracking for investors studying Indian electronics manufacturing stocks. Its FY26 consolidated revenue from operations reached approximately ₹4,819 crore, compared with ₹3,787 crore in FY25, an increase of roughly 27%. Profit before tax increased from ₹239 crore to approximately ₹445 crore.
Like-for-like comparison: Syrma’s FY26 consolidated filing reports FY25 profit before tax of ₹237.075 crore and FY26 profit before tax of ₹445.376 crore. The approximately ₹239 crore FY25 figure is before exceptional items, so the comparison above mixes two measures.
Syrma operates across industrial, automotive, healthcare, consumer and other electronics applications, giving it exposure beyond a single end-market. The company’s investor-relations page also shows Q1 FY27 results and ongoing expansion of its manufacturing and product capabilities.
Latest quarter – Syrma’s Q1 FY27 presentation reports revenue from operations of ₹1,588.6 crore, up 66.7% year on year, and PAT of ₹105.7 crore, up 111.7%. Operating EBITDA margin was 10.2%, while net working capital increased to 71 days from 63 days in March 2026. Strong growth still needs to be assessed alongside the cash required to fund it.
Investors using stocks ai to compare electronics manufacturers should check whether stronger sales are also improving cash generation and returns on capital.
Amber Enterprises – The Consumer Electronics Play
Amber Enterprises India provides a different route into the electronics theme through consumer durables and electronics. Q1 FY27 revenue from operations rose 12.7% YoY to ₹3,888 crore. However, profitability was significantly weaker: consolidated PAT fell 97.1% YoY to just ₹3.1 crore.
That contrast is important. It demonstrates why investors should not evaluate electronics manufacturing stocks purely on revenue growth. Commodity prices, product mix, margins and working capital can materially influence earnings.
Amber’s exposure to consumer electronics and its broader manufacturing ecosystem could benefit from India’s localisation trend, but margin recovery remains an important factor to monitor.
Reported versus adjusted profit – Amber’s Q1 FY27 investor release reports adjusted PAT of ₹126 crore, up 19%, before an exceptional loss of approximately ₹123 crore. Note 12 of its results links that loss to the accounting for acquiring additional Ascent Circuits shares from minority shareholders. The reported PAT decline therefore should not be attributed solely to weaker operating performance.
CG Power – India’s Semiconductor Ecosystem Gets Another Name
CG Power and Industrial Solutions is another company investors may encounter while researching India’s semiconductor and electronics ecosystem. Its Q1 FY27 revenue reached ₹3,281 crore, up nearly 14% YoY, while net profit increased 16.3% YoY to ₹308 crore.
Its semiconductor initiatives make the company relevant to the broader electronics ecosystem, although investors should distinguish between its established electrical/industrial operations and its newer semiconductor ambitions.
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The Bigger Opportunity Is the Supply Chain
The most interesting part of India’s electronics story may not be the final assembly of devices. It is the gradual development of the entire supply chain. India’s FY25 electronics production included approximately ₹5.45 lakh crore of mobile-phone production, ₹93,933 crore of electronic components, ₹73,272 crore of auto electronics and ₹44,730 crore of telecom equipment.
That creates opportunities across EMS, components, semiconductor packaging, PCB manufacturing, displays, batteries and industrial electronics. Government policy is also supporting the ecosystem. In July 2026, customs-duty exemptions on electronics manufacturing machinery and components were extended until 2029, a move expected to reduce import costs and support fresh manufacturing investment.
Policy scope: The July 2026 relief applies to specified components and machinery, including selected display inputs, wireless charging components and lithium-ion manufacturing equipment. Eligibility depends on the relevant notification and conditions; it is not a blanket exemption for all electronics imports.
What Investors Should Track
For electronics manufacturing stocks in India, revenue growth alone is not enough. Investors should monitor:
● Order-book growth
● Capacity utilisation
● EBITDA margins
● Customer concentration
● Working-capital requirements
● Export contribution
● Component localisation
● Semiconductor investments
● Return on capital employed
● Valuation relative to expected earnings
The sector can deliver rapid revenue growth while still facing margin pressure from commodity prices, memory costs, freight and supply-chain disruptions. Recent industry analysis has highlighted component shortages, higher freight costs and sharply higher memory prices as potential near-term headwinds.
If you are comparing the best ai app for trading in india, check whether it explains the investment rationale, fees, risks and review process. For electronic stocks, useful research should distinguish business growth from the price already being paid for that growth.
Final Thoughts
India’s electronics manufacturing opportunity is becoming significantly broader than smartphone assembly.
With ₹11.33 lakh crore of electronics production in FY25 and ₹3.27 lakh crore of exports, the industry is moving toward a deeper domestic manufacturing ecosystem.
For investors, the next phase could be about identifying companies that can move from assembly to design, components, semiconductor packaging and high-value electronics manufacturing. That is where the real value creation and the real differentiation between electronics manufacturing stocks could emerge.
Jarvis Invest, operated by Ventugrow Consultants Private Limited, is a SEBI Registered Investment Advisor (INA000013235). If you want to turn sector research into a portfolio decision, explore Jarvis Portfolio and review how its stock selection, allocation and rebalancing approach fits your goals and risk profile.
