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.”
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.
