India's electronics-manufacturing build-out as the manufacturers themselves report it.
Core — the theme IS a principal business todayGrowing — real operations, not yet the main businessAnnounced — committed plans or orders, little revenue yetMention-only — appears only as outlook language
LG Electronics IndiaHousehold AppliancesCore business₹1.10 L CrP/E 87.3 vs 57.6ROCE 27.2%
LG Electronics India is fundamentally an electronics manufacturer with two large in-house plants (Noida and Pune) producing 14.51 million units annual capacity across TVs, refrigerators, washing machines, ACs, microwave ovens, compressors, monitors and signages, and is a beneficiary of the PLI scheme.
“LGE India operates one of the largest in-house production capacities among home appliances and consumer electronics players in India. The Company has two world-class manufacturing units in Noida and Pune.”
+1 more quote from the report
“The Company manufactures a range of media display and audio-visual products, including televisions, monitors, interactive displays and information systems, along with soundbars, audio systems, projectors and wireless speakers for sale in the domestic markets.”
Syrma SGS TechnologyIndustrial ProductsCore business₹27,775 CrP/E 67.9 vs 23.8ROCE 13.4%
Syrma SGS is fundamentally an EMS/ESDM company, with PCB assembly, box build, ODM, magnetics, RFID, and now PCB manufacturing as its core operating platform.
“Syrma SGS Technology Limited is an Electronics System Design and Manufacturing (ESDM) company.”
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“17 Manufacturing units across India and Germany”
“Dependence on specialised manufacturing capabilities across SMT, box build and design”
Kaynes Technology IndIndustrial ProductsCore business₹26,077 CrP/E 71.3 vs 23.8ROCE 9.8%
Kaynes is fundamentally an EMS/ODM company — design-led contract manufacturing of electronics for global OEMs across 16 operational facilities, with PLI-aligned capacity additions.
“As a design-first electronics partner to global OEMs, we are entering a new phase, one where the future is defined by what we engineer today.”
PG ElectroplastConsumer ElectronicsCore business₹17,136 CrP/E 89.4 vs 26.2ROCE 7.5%
PGEL's principal business is diversified Electronics Manufacturing Services (EMS/ODM), including PCB assembly, plastic injection moulding and full product assembly of ACs, washing machines, air coolers and TVs, with PLI-scheme recognition.
“PG Electroplast Limited (PGEL) is India's leading, diversified Electronics Manufacturing Services provider, recognised as a trusted partner to 70+ premier Indian and global brands across the consumer durables, electronics and automotive sectors.”
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“PG Electroplast Limited (PGEL), the flagship entity of the PG Group, is a leading Electronic Manufacturing Service (EMS) provider in India.”
Avalon TechnologiesOther Electrical EquipmentCore business₹14,548 CrP/E 110.7 vs 25.2ROCE 20.0%
EMS is Avalon's principal business — end-to-end PCB design, assembly, box-build, cables, magnetics, plastics and system integration.
“Avalon Technologies is a well-established leader in the Electronics Manufacturing Services industry, recognised for its manufacturing excellence.”
V-guard IndHousehold AppliancesCore business₹14,484 CrP/E 49.9 vs 57.6ROCE 15.5%
V-Guard operates 16 manufacturing units in India producing its own branded consumer electricals, electronics and durables — in-house manufacturing is core to its model.
“Today, in-house manufacturing accounts for nearly 65% of our portfolio, reinforcing our commitment to quality, supply chain responsiveness and innovation.”
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“Enhancing manufacturing footprint to support scale, responsiveness and cost efficiency”
Sedemac's principal business is designing and manufacturing control-intensive ECUs/motor controllers for mobility and industrial segments, shipping 3.9M units in FY25-26 with substantial in-house manufacturing capex.
“In FY 2025-26, we supplied 3.9 Million control-intensive ECUs with close to 80% of them being motor controllers for 2&3-wheelers.”
Spectrum Electric IndIndustrial ProductsCore business₹3,317 CrP/E 45.2 vs 23.8ROCE 13.0%
The company is an OEM/ODM manufacturer of industrial electrical/electronics hardware (MCBs, MCCBs, distribution boards, control panels, wiring devices, EV chargers) across 16 Indian facilities — its principal business.
“Spectrum Electrical Industries Ltd. is a diversified Electrical engineering company that has evolved from a process-driven manufacturer into a product-led, solution-oriented OEM/ODM partner.”
Vinyas is an integrated EMS provider offering PCB assembly, cable harnesses, and system integration as its principal business, serving OEMs/ODMs globally.
“Incorporated in 2001, Vinyas Innovative Technologies is a leading provider of design, engineering, and electronics manufacturing services catering to global Original Equipment Manufacturers and Original Design Manufacturers in the electronics industry.”
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“The Company operates only in one business segment i.e. manufacture, sale and service of electronics PCBA for various sectors”
Valiant is an EHTP-registered indigenous manufacturer of communication, telecom transmission, synchronization, and data storage hardware, with installations in 110+ countries.
“The Company is an Export Oriented Unit registered under the Electronic Hardware Technology Park [EHTP] Scheme and engaged in the manufacturing of Communication and Telecom Transmission Solutions with installations in over 110 countries.”
Prostarm Info SystemsOther Electrical EquipmentCore business₹823 CrP/E 17.3 vs 25.2ROCE 14.9%
Core in-house manufacturing of industrial power electronics hardware across 3 operational facilities in India (Pune, Navi Mumbai) with 2 more units under development (Haryana, Gujarat).
“Our manufacturing footprint spans facilities in Pune, Navi Mumbai, Haryana and Gujarat, producing UPS systems, lithium-ion battery packs, Battery Energy Storage Systems (BESS), solar hybrid inverters, voltage stabilizers and other power conditioning solutions.”
AplabOther Electrical EquipmentCore business₹124 CrP/E 30.0 vs 25.2ROCE 12.0%
Aplab's stated industry is manufacturing professional electronic equipment, organized under four hardware segments: Power Control & Conversion, Test & Measurement, Banking Automation, and Service & Support.
“Nature of Industry – Manufacturing Professional Electronic Equipment”
Reliance IndustriesRefineries & MarketingGrowing₹17.81 L CrP/E 25.0 vs 5.2ROCE 7.5%
Neolync, a 40% JV (with Israel's Neolync Holdings) held via RIL's wholly-owned RSBVL, manufactures mobile phones, telecom and IT hardware, with RRL purchasing ~₹6,508 crore of devices from it in FY 2025-26.
“The joint venture company, Neolync, manufactures these customer premises equipment / devices and other electronic items like mobile phone, telecom and IT hardware, etc.”
Samvrdhna MTHRSN IntlAuto Components & EquipmentsGrowing₹1.79 L CrP/E 35.4 vs 26.9ROCE 8.2%
SAMIL operates a Consumer Electronics contract-manufacturing business with three planned plants in India, which grew 7.5x YoY in FY26, achieved EBITDA breakeven, and reached a 14–16 million unit annual production run-rate, but is still in scale-up mode rather than the group's main business.
“Consumer Electronics grew 7.5x in a single year and turned EBITDA positive in its first full year of operations.”
Lumax Auto TechAuto Components & EquipmentsGrowing₹13,543 CrP/E 42.3 vs 26.9ROCE 19.6%
Lumax manufactures automotive electronics (antennas, switches, sensors, telematics, oxygen sensors) through JVs and is commissioning a Mega Mechatronics Plant with captive PCB/SMT lines, making it an EMS-style electronics hardware producer in India.
“To support this scale, we are commissioning a Mega Mechatronics Plant in Manesar, consolidating four joint ventures; Lumax Yokowo, Lumax Alps Alpine, Lumax Ituran and Lumax FAE under one roof, complete with clean rooms and captive Printed Circuit Board and Surface Mount Technology (PCB SMT) lines.”
Suprajit EngineeringAuto Components & EquipmentsGrowing₹6,955 CrP/E 41.6 vs 26.9ROCE 15.8%
The SED division manufactures sensors, electronic throttle controls, actuators, digital clusters and rotary sensors as a real growing business segment with 21.2% sales growth and improving margins.
“SUPRAJIT ELECTRONICS DIVISION (SED): SED continued to have strong growth in both revenue and margins. SED sales grew by 21.2% and the EBITDA margins significantly improved to 10.6% from 7.3% of the previous year.”
Ifb IndustriesHousehold AppliancesGrowing₹5,721 CrP/E 42.1 vs 57.6ROCE 15.5%
IFB set up a dedicated Advanced Electronics Division plant in Bangalore with production having begun in September 2025 for a strategic customer, ramping to full capacity by H1 FY27.
“Reflecting the global shift of electronics manufacturing towards India, we set up a dedicated plant in Bangalore. Production began in September 2025, for a strategic customer, and the Division is now ramping up to full capacity by H1 FY 2026-27.”
+2 more quotes from the report
“With the global realignment of electronics manufacturing towards India, the Company commenced operations at the Advanced Electronics Division (AED) with a dedicated plant set up in Bangalore within four months.”
“start-up expenses incurred towards the Advanced Electronics Division.”
Wep SolutionsIT Enabled ServicesGrowing₹104 CrP/E 31.4 vs 19.6
Company manufactures its own retail electronics hardware (billing printers, POS terminals, barcode scanners, thermal printers, AIDC solutions) at its Himachal Pradesh facility as part of its Connected Commerce business.
“Through its portfolio of billing printers, POS terminals, barcode scanners, thermal printers and AIDC solutions, Wepsol continues to evolve this business through portfolio optimization and a greater focus on higher-value retail automation solutions”
Larsen & ToubroCivil ConstructionAnnounced₹5.63 L CrP/E 33.0 vs 15.4ROCE 11.9%
L&T has formed a new Electronics Products & Systems business segment under PES for IP-driven electronics product platforms across energy, mobility, industrial automation and strategic electronics.
“Formation of L&T Electronic Products & Systems, a dedicated business segment under the PES vertical, for creating IP-driven, design-led electronics product platforms to support future growth across energy, mobility, industrial automation, electronics manufacturing and strategic electronics”
+1 more quote from the report
“As part of Lakshya 31, L&T is establishing Electronics Products and Systems (EPS) as a strategic, deep tech, IP led vertical providing the intelligence layer across defence and industrial businesses.”
Ema IndiaIndustrial ProductsMention-only₹69 CrP/E 8.9 vs 23.8ROCE 157.0%
The objects clause was expanded to permit electronic components/devices and audio-visual equipment activities, but the company has zero revenue from operations and only 3 employees, with no actual EMS activity.
“the Company amended the Object Clause of its Memorandum of Association with a approval from Shareholders of the Company to incorporate additional business activities relating to electronic components and devices, audio-visual and electronic equipment”
+1 more quote from the report
“the Company amended the Object Clause of its Memorandum of Association to incorporate additional business activities relating to electronic components and devices, audio-visual and electronic equipment, as well as explosives, ammunition and other allied products.”
How this list is built
Definition used: Contract-manufactures electronics (EMS/ODM), or makes consumer/industrial electronics hardware in India, incl. PLI-scheme participants.Membership is extracted from each company’s newest annual report; every quote is validated against the report page before publishing, and core/growing tiers are confirmed by a second independent read (marked ). Companies whose reports our corpus hasn’t read yet simply aren’t listed — absence means unread, not “no exposure”.
MarketPing publishes facts, filings and measured history only — nothing on this page is investment advice, a recommendation or a rating.
