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₹1.16 L CrP/E 63.4 vs 41.6ROCE 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.”
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“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₹32,374 CrP/E 87.3 vs 28.5ROCE 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₹21,672 CrP/E 62.6 vs 28.5ROCE 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₹14,582 CrP/E 70.8 vs 31.1ROCE 7.5%
PGEL is principally an EMS/ODM/OEM contract manufacturer of consumer durables and electronics (RACs, washing machines, air coolers, LED TVs, plastic moulding, PCB assemblies) for 120+ brands.
“PG Electroplast Limited (PGEL) is a leading Electronic Manufacturing Services (EMS) and integrated manufacturing company serving the consumer durables and electronics industries.”
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“The Product business crossed H 4,000 crores which grew 14.3% and contributed 76.2% of the total revenues in FY 2025-26.”
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.”
V-guard IndHousehold AppliancesCore business₹12,736 CrP/E 35.0 vs 41.6ROCE 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”
Spectrum Electric IndIndustrial ProductsCore business₹6,050 CrP/E 105.2 vs 28.5ROCE 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.”
Valiant is an EHTP-registered Indian manufacturer designing and producing telecom, transmission, synchronization, data-storage and cybersecurity electronics hardware, with deployments 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.”
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”
MIC ElectronicsOther Industrial ProductsCore business₹812 CrROCE 7.3%
LED Products is one of MIC's three stated business segments, reflecting an established electronics-hardware business.
“The Company operates across three business segments, namely LED Products, Medical & Other Appliances, and Automobiles (EVs).”
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“engaged in the design, development and manufacture of LED video displays, LED lighting solutions and electronic/telecommunication equipment”
Prostarm Info SystemsOther Electrical EquipmentCore business₹751 CrP/E 19.0 vs 24.6ROCE 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₹108 CrP/E 41.6 vs 24.6ROCE 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”
Calcom VisionConsumer ElectronicsCore business₹87 CrP/E 69.7 vs 31.1ROCE 2.5%
Calcom is an ODM/EMS provider with SMT lines, electronics assembly, plastic moulding and finishing capabilities at Greater Noida — its principal business today.
“Now, we operate as a leading Original Design Manufacturer (ODM) and EMS provider for lighting solutions, integrating product development with a unified manufacturing platform at Greater Noida.”
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“Our talent acquisition strategy aims to consistently address emerging business requirements across Electronics Manufacturing Services (EMS) and solar lighting segments.”
“As an Electronic manufacturer, your Company holds special responsibility towards Energy Conservation and Sustainability.”
Maestros' principal business is the design, manufacture, supply and servicing of electronic components, equipment and communication systems, constituting Indian electronics hardware manufacturing.
“Nature of Industry: The Company operates in the electronics and telecommunications industry, engaged in the design, manufacture, supply and servicing of electronic components, equipment and communication systems, including wireless, satellite and other communication systems and related IT products and solutions.”
Company's principal business is manufacturing electronic components (Reed Switches, Proximity Sensors, Ball Switches) in India using specialist plating and sealing machinery.
“The company is into the manufacturing of electronic components Reed Switches, Proximity Sensors, Ball Switches, etc. In this regard the specialist machinery like automatic sealing machines called as Badalex and semi-automatic Sealing machines, Bihler Press, automatic and manual Plating line besides ancillary equipment’s are used in various process departments.”
Merritronix's principal business is contract manufacturing of PCB assemblies, electronic boxes, embedded systems, cable harnesses and box-build solutions — a classic Indian EMS/ODM profile.
“The Company is engaged in the business of Manufacturing PCB assemblies, Electrical or Electronic box, USBs (Mini/Micro, Storage Devices), embedded electronic systems, analog and mixed-signal board assembly, cable harnesses, and integrated box-build solutions for industrial, automotive, aerospace and defence applications.”
Reliance IndustriesRefineries & MarketingGrowing₹15.94 L CrP/E 21.3 vs 7.5ROCE 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₹1.62 L CrP/E 36.9 vs 26.7ROCE 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.”
Waaree EnergiesOther Electrical EquipmentGrowing₹66,649 CrP/E 17.4 vs 24.6ROCE 29.0%
Makes industrial electronics hardware in India — inverters (3.05 GW capacity at Sarodhi), transformers (9,530 MVA) and smart meters — as in-house product lines beyond solar modules.
“Manufactured at our ~3 GW inverter facility in Sarodhi, Gujarat”
Company lists electronics components manufacturing and assembly as one of its current business areas alongside its core MIM, investment casting and precision machining operations.
“At present, the Company has its presence in Metal Injection Molding (MIM), Ceramic Injection Molding (CIM), Investment Casting, Precision Machining, Powder Manufacturing, 3D printing, trading, Electronics components manufacturing and assembly etc.”
Shaily Eng PlasticsPlastic Products - ConsumerGrowing₹14,090 CrP/E 79.6 vs 15.4ROCE 28.3%
Began commercial EMS-style supply of precision internal plastic components to a consumer electronics customer in Q4 FY 25-26 after multi-quarter qualification.
“Shaily commenced commercial supply of precision internal components to its first consumer electronics customer in the fourth quarter of FY 25-26, following multi-quarter qualification.”
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“Commercial supplies commenced with a consumer electronics customer in the fourth quarter of FY 25-26, following several quarters of preparation and qualification.”
Fujiyama is a PLI-scheme participant with in-house EMS operations producing solar inverters, power electronics, PCB assemblies, and other industrial electronics in India across 4 manufacturing plants, backed by 60+ R&D engineers.
“We manufacture sheet metal cabinets, heat sinks fabrication, transformers, inductors, PCB assemblies through in-house EMS and wiring harnesses- reducing reliance on imported kits, improving reliability and protecting margins from external supply disruptions.”
Lumax Auto TechAuto Components & EquipmentsGrowing₹12,097 CrP/E 37.3 vs 26.7ROCE 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.”
Axiscades TechAerospace & DefenseGrowing₹8,853 CrP/E 243.3 vs 73.9ROCE 12.3%
An Electronics Manufacturing Services (EMS) facility became operational at DAL during FY2026, with shared infrastructure architected to serve Aerospace, Defence, and Space programs.
“The EMS facility became operational during the year, supported by dedicated testing and acoustic-laboratory capabilities.”
Morepen Lab.PharmaceuticalsGrowing₹7,605 CrP/E 54.2 vs 31.2ROCE 8.3%
Morepen manufactures consumer medical electronics hardware in India (glucometers, BP monitors, nebulizers, thermometers, pregnancy test kits) under its Dr. Morepen brand with in-house SMT/PCB assembly, injection moulding, automation and ISO 13485 certification; the Medical Devices segment generated Rs 59,698.01 Lakhs (35.61% of standalone revenue), making it a real but secondary electronics manufacturing line behind APIs.
“Established and operationalised in-house Surface Mount Technology processes for PCB assemblies used in Glucometers and Blood Pressure Monitors, strengthening backward integration and manufacturing self-reliance.”
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“Medical Devices Business BP Monitors, Glucometers etc 35.60%”
Suprajit EngineeringAuto Components & EquipmentsGrowing₹6,330 CrP/E 33.9 vs 26.7ROCE 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₹4,929 CrP/E 30.2 vs 41.6ROCE 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.”
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“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.”
Through wholly-owned subsidiary Raneal Advanced Systems, DCX operates a dedicated high-reliability PCBA facility (ISO 8, Class 100k clean room) as an EMS platform serving both captive and external customer programmes.
“Raneal Advanced Systems (100% Wholly Owned Subsidiary) Backward Integration into EMS / PCB”
UCAL manufactures automotive electronics hardware in India (sensors, motor controllers, DC-DC converters, TPMS, radar sensors, EV chargers) via a dedicated Electronics R&D and business unit that is a growing pillar alongside its core mechanical fuel-systems business.
“electronics and mechatronics was placed under a dedicated leadership structure with clear profit-and-loss ownership and a unified finance function across the two companies”
Beyond batteries, the company manufactures and sells consumer electronics including rechargeable torches, LED lighting products, and is expanding into BLDC ceiling fans.
“Your company had a volume growth in LED category in spite of Industry decline. However, the pricing challenges led to drop in the topline value and revenue degrowth. Your company will continue to leverage its traditional trade distribution, launch premium LED range, new category segments like BLDC ceiling fans and expand distribution into electrical channel to grow aggressively in the LED category.”
WEP SolutionsIT Enabled ServicesGrowing₹118 CrP/E 35.2 vs 18.5ROCE 2.5%
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₹4.99 L CrP/E 30.1 vs 14.6ROCE 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”
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“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.”
Concord acquired Fusion Electronics to bring flex PCB, EMS and box-build manufacturing in-house; contribution expected to begin in FY 2026-27 as utilisation progresses.
“The acquisition of Fusion Electronics added advanced electronics manufacturing capabilities across flex PCB, EMS and box-build solutions.”
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“manufacturers, suppliers, importers and exporters of, dealers both wholesale and retail in, service providers and advisers on electrical, electronics, mechanical and other control systems”
Company plans to scale up into manufacturing of electronic display systems for railways, but manufacturing has been closed since 2003-04 with only Rs. 7.70 lakhs in current revenue.
“Samtel India Limited is planning to tap the demands of Indian Railway and gradually scale up its e operations in Indian Railway display systems and other products.”
New Light IndustriesTrading & DistributorsAnnounced₹12 CrP/E 22.2 vs 15.8ROCE 3.8%
Electrical/electronic products and household appliances manufacturing/trading added to MOA objects; no operations or revenue commenced.
“to undertake the manufacturing, trading, import, export, distribution and servicing of electrical and electronic products and household appliances”
Jyoti CNC AutomationIndustrial ProductsMention-only₹23,149 CrP/E 72.0 vs 28.5ROCE 19.2%
The company has stated a forward-looking intent to design, develop and manufacture electronics components as part of becoming a 'mechatronics company,' but this is presented as an aspiration, not a current revenue-generating business line.
“Now, along with mechanical components, the company is building its expertise in electronics. The company intends to design, develop and manufacture electronics components. During the year, company continued its journey for the same.”
H.M. Electro MechCivil ConstructionMention-only₹64 CrP/E 3.5 vs 14.6ROCE 15.0%
Company has approved a main objects clause amendment to include electronic goods manufacturing, framed as a future expansion plan from its existing fabrication business with no current revenue indicated.
“The board in their meeting held on 06th March, 2026 approved addition in main object clause of the company relating to manufacturing of all type of manufacturing of Engineering goods and electronic goods used in any kind of fabrication work.”
EMA IndiaIndustrial ProductsMention-only₹60 CrP/E 9.9 vs 28.5ROCE 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”
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“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.
