Electronics Manufacturing (EMS)

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
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.”

Jyoti CNC Automation Ltd - 544081 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 26
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.”

H.M. Electro Mech Ltd - 544349 - Reg. 34 (1) Annual Report. · Sept 2026 · p. 27
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”

EMA India Ltd - 522027 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 20
+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.”

EMA India Ltd - 522027 - Reg. 34 (1) Annual Report. · Aug 2026 · p. 28
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”.

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