Amber, Bhagwati smartphone bets show why Indian electronics makers remain stuck in assembly mode
India currently has seven homegrown pureplay EMS firms, of which four are publicly listed. The biggest is privately held Tata Electronics, which recorded steep growth by capturing Apple’s assembly volume in India. Powered by the Centre’s production-linked incentive (PLI) scheme for smartphones, Tata Electronics earned ₹66,601 crore of revenue in FY25, all of it driven by low-margin mobile assembly. Tata Electronics reported an operating margin of 3.8% in FY25. Being privately held, it has not disclosed its FY26 financials yet.
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