5 Top Electronics Companies In India: Best Company Insights

Best 5 Top Electronics Companies in India

The electronics companies in India are the backbone of the modern Indian economy. Other industries, be it automobile, aerospace, or defense, depend on electronics companies for their products to be used as input in these industries.

The global electronics manufacturing market was valued at approximately $1.3 trillion in 2023, with a projected CAGR of 5-6% from 2023 to 2030. By 2026, the global electronics market is expected to reach $3.2 trillion, driven by advancements in IoT, AI, and 5G, and the increasing demand for consumer electronics, automotive electronics, and industrial automation.

Within this, the global Electronics System Design & Manufacturing (ESDM) market, estimated at $1.6 trillion in 2023, is expected to reach $2.2 trillion by 2028, growing at a CAGR of 6.5%.

Electronics manufacturing companies in India

In India, the electronics manufacturing market is witnessing rapid growth, valued at approximately $100 billion in FY2023 and expected to more than double to $220 billion by FY2026 at a CAGR of 16%. The Indian EMS segment, currently worth $36 billion, is projected to grow to $135 billion by FY2026, reflecting a CAGR of over 41%.

Government initiatives such as the Production Linked Incentive (PLI) schemes, Semiconductor Mission, and Atma Nirbhar Bharat are significantly bolstering India’s electronics manufacturing capabilities. India’s strategic focus on domestic production, coupled with global trends like the China+1 strategy, positions it as a key player in the global electronics landscape.

Electronic manufacturing companies

Electronics manufacturing companies can be broadly categorized by their primary areas of operation as below:

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Key Segments of the Electronics Manufacturing

1. Consumer Electronics and Appliances

Global Size: Estimated at $1 trillion by 2030.
Indian Market: Dominated by smartphones, TVs, washing machines, and air conditioners.
Trends: Smart and connected appliances, energy-efficient products, and premium offerings.
Key Players in India: Samsung, LG, Dixon Technologies, PG Electroplast.

2. Industrial Electronics and Automation

Global Size: Approx. $280 billion in 2023.
Indian Market: Rapid growth driven by industrial automation, robotics, and control systems.
Applications: Manufacturing automation, power systems, process controls.
Key Players: Siemens, Honeywell, Bharat Electronics.

3. Semiconductors and Electronic Components

Global Size: Estimated at $650 billion in 2023, expected to grow to $1 trillion by 2030.
Indian Market: Still nascent, with heavy reliance on imports. Domestic initiatives like ISMC’s Semiconductor Fab Plant aim to reduce dependency.
Applications: Chips for consumer electronics, automotive electronics, IoT devices.
Key Players: Intel, TSMC, Samsung, and in India, Wipro, Tata Elxsi (design services).

4. Defense Electronics

Global Size: Estimated at $100 billion.
Indian Market: Growing due to indigenization efforts by DRDO and private players.
Applications: Radar systems, electronic warfare, military communications, avionics.
Key Players: Bharat Electronics, Data Patterns, Centum Electronics.

5. Contract Manufacturing and EMS

Global Size: Approx. $525 billion, projected to grow at a CAGR of 7%.
Indian Market: Driven by government policies and demand from global companies.
Applications: End-to-end electronics assembly for OEMs.
Key Players: Dixon Technologies, Syrma SGS, Foxconn.

6. Automotive and Industrial Electronics

Global Size: Estimated at $400 billion by 2023, driven by the rise of EVs.
Indian Market: Fueled by EV adoption and government incentives.
Applications: Battery management systems, inverters, sensors, infotainment systems.
Key Players: Bosch, Continental, PG Electroplast.

7. Telecom and Networking Electronics

Global Size: Approx. $300 billion.
Indian Market: Bolstered by 5G rollout and fiber optic expansion.
Applications: Telecom towers, networking routers, 5G infrastructure.
Key Players: Nokia, Ericsson, HFCL.

Top electronics companies in India

Now let us discuss who are the top electronics companies in India where we can think about investing. The analysis is based on the major segments of this industry. I have taken the best electronic company from each category to analyze further for investment purposes. However, you can choose the best electronic company based on the strong segment of operation and strong financial growth. Let us dive deep into each company among the 5 top electronics companies in India.

Dixon Technologies

Dixon Technologies belongs to the “Electronic Manufacturing Services (EMS)” category. Specifically, it operates as a contract manufacturer, offering design-focused and end-to-end manufacturing solutions across various electronic product categories. Here are its primary areas of operation based on the shared documents:

Key trends in revenue, profit

Revenue: Dixon’s consolidated revenue has shown significant growth. For example, revenue increased by 45% YoY in FY 2023-24, and from FY 2021-22 to FY 2022-23, it grew from ₹10,701 crores to ₹12,198 crores, representing a 14% increase.
Profitability: PAT grew by 34% YoY in FY 2022-23, and in Q2 FY 24-25 alone, PAT grew by 265% YoY.
Cash Flow: Dixon has been increasing operational leverage and investing in backward integration, enhancing cash flow sustainability.

Segment revenue

Mobile and EMS division contributes significantly, with a revenue increase of 109% YoY in FY 2023-24.
The consumer electronics division achieved a revenue of ₹10,919 crores.
Other significant contributions are from Lighting, Appliances, IT Hardware, and Telecom.

Market share and Strategic priorities

Dixon is the largest EMS company in India with a strong position in lighting, TVs, and washing machines. It has significant market shares in LEDs (50%) and washing machines (30%).
Focus on product innovation, entering high-margin categories like electric vehicles and medical electronics.
Enhancing manufacturing scale and backward integration to improve cost efficiencies.
Expansion of ODM offerings and leveraging the PLI scheme to increase local production.
Dixon is expanding its manufacturing footprint with new facilities in Noida and Greater Noida, focusing on products like refrigerators and washing machines.

Valuation analysis

Dixon’s growth trajectory, strong order book, and market leadership in EMS justify its valuation. The company’s ROCE has remained high, indicating efficient capital usage.
Market Cap: ₹ 1,08,352 Cr., PE:152.2 Ind PE:120.8, EPS: 118.6 ROE: 25.47, ROCE: 34.65

Syrma SGS Technology Limited

Syrma SGS falls under the “Electronic System Design and Manufacturing (ESDM)” category, specializing in end-to-end solutions, including design, prototyping, and manufacturing for diverse verticals.

Key trends in revenue, profit

Revenue: Syrma SGS has seen a consistent rise in revenue, growing from ₹9,043 million in FY 2020-21 to ₹32,124 million in FY 2023-24, achieving a CAGR of ~58%.

Profit: PAT grew from ₹655 million in FY 2020-21 to ₹1,243 million in FY 2023-24.
Cash Flow: Increasing domestic and export revenue has bolstered operational cash flow.

Segment revenue

Syrma SGS operates across key verticals:
- Consumer electronics (40% of revenue in FY 2024).
- Industrial electronics (26%).
- Automotive (21%).
- Healthcare (8%).
Geography: Strong export growth (26% YoY in FY 2024), with 95% of exports going to the US and Europe.

Market share and Strategic priorities

Syrma SGS is among the leading EMS providers in India with a strong position in export-oriented markets, particularly in the US and Europe.
Competitive strengths include:
- Diversified verticals like consumer electronics, automotive, and industrials.
- Robust R&D capabilities with facilities in India and Germany.

Expansion into high-margin verticals such as medical devices and EV components.
Increasing the share of ODM products.
Expanding geographical presence with new facilities in Pune, Jodhpur, and Europe.
Strengthening R&D capabilities for innovation in design-led manufacturing.

Valuation analysis

The company’s valuation is supported by:
- Consistent revenue growth and profitability improvement.
- Strong export performance and strategic expansion plans.
- High CAGR in revenue and profitability.
Market Cap: ₹ 10,571 Cr. PE:100.2 Ind PE:168.5, EPS: 5.6 ROE: 7.9, ROCE: 10.2

Data Patterns (India) Limited

Data Patterns belong to the “Defense and Aerospace Electronics” category, specializing in radars, electronic warfare systems, communication systems, avionics, and satellite solutions

Key trends in revenue, profit

Revenue Growth: Revenue has increased significantly, growing at a CAGR of 32% from FY21 to FY24, reaching ₹566 crore in FY24.
Profitability: EBITDA grew at a CAGR of 34% during the same period, with a margin of 43% in FY24. PAT increased by 47% YoY in FY24.
Cash Flow: Data Patterns has maintained a net debt-free status with strong operating cash flows.

Segment revenue

The company derives revenue from various sectors:
- Radars: 40%
- Avionics: 18%
- Electronics Warfare and Communication Systems: Remaining share.

Geography: Focus on export markets, especially in Europe and East Asia.

Market share and Strategic priorities

Unique Positioning: Data Patterns is a leading defense electronics solutions provider with complete in-house design and manufacturing capabilities.
Moving up the value chain by focusing on complete systems using reusable building blocks.
Developing micro and LEO satellites for domestic and international markets.
Expanding geographical presence and enhancing export potential.
Investing ₹200 crore in product and technology development.

Valuation analysis

The company’s valuation is underpinned by consistent revenue growth, high EBITDA margins (43%), and a net debt-free status, indicating financial strength and stability.
Market Cap: ₹ 13,127 Cr., PE:71 Ind PE:39.4, EPS: 33 ROE: 14.6, ROCE: 20.2

PG Electroplast Limited

PG Electroplast belongs to the “Original Design Manufacturing (ODM)” and “Electronic Manufacturing Services (EMS)” categories, focusing on consumer durables, electronics, and plastic moulding.

Key trends in revenue, profit

Revenue Growth: Revenue grew at a CAGR of ~34% over the past eight years, reaching ₹2,747 crores in FY2024 from ₹639 crores in FY2020.
Profitability: PAT increased by 77.2% YoY in FY2024, reaching ₹137 crores, and EBITDA grew by 52.3% YoY to ₹275 crores.
Cash Flow: The company reduced its net debt by ₹325 crores in FY2024, despite significant capex.

Segment revenue

Product Business: Accounts for ~60.7% of total revenue. Room air conditioners (RAC) contributed ₹1,317 crores (26% YoY growth), and washing machines contributed ₹373 crores (20% YoY growth).
Electronics and Tool Manufacturing: Additional contributors include PCB assemblies and plastic moulding

Market share and Strategic priorities

Leadership in Consumer Durables: PG Electroplast is one of the largest contract manufacturers of RACs and washing machines in India.
Competitive Edge: Strong customer relationships, focus on ODM and backward integration support market share expansion.
Increasing ODM offerings for RACs, washing machines, and air coolers.
Expanding capacity with ₹350-380 crores in capex for new facilities, including a 1 million sq. ft. manufacturing space in Rajasthan.
Enhancing R&D investments to develop innovative products.

Valuation analysis

High revenue and profit growth, robust ROE (21.6%), and reduced debt levels highlight financial strength. These factors justify its valuation.
Market Cap: ₹ 28,207 Cr., PE:147.3 Ind PE:70.6, EPS: 6.77 ROE: 19.4, ROCE: 19.5

Centum Electronics Limited

Centum Electronics belongs to the “Electronics System Design and Manufacturing (ESDM)” category, focusing on defense, aerospace, space, and healthcare.

Key trends in revenue, profit

Revenue Growth: Centum’s total income grew from ₹7,880 million in FY22 to ₹10,976 million in FY24, achieving a CAGR of ~18%. However, EBITDA margins have declined from 11.0% in FY21 to 7.9% in FY24.
Profitability: Profit before tax (PBT) increased marginally, from ₹109 million in FY23 to ₹128 million in FY24, but PAT showed limited growth due to high operational costs.
Cash Flow: Reduced working capital days from 78 days in FY23 to 61 days in FY24, improving cash conversion

Segment revenue

Centum operates across three major segments:
- Engineering R&D Services (ER&D): 31-33% of revenue.
- Electronic Manufacturing Services (EMS): 39-49% of revenue.
- Build-To-Specification (BTS): 28-30% of revenue.

Products: Growth in high-complexity EMS, defense electronics, and BTS services.
Geography: 75% of revenue comes from advanced economies like Europe (57-60%) and North America (8-10%).

Market share and Strategic priorities

Strong global presence across India, Europe, and North America.
Expertise in high-reliability electronics for defense, space, and healthcare segments. Over 25 years of domain expertise.
Strengthen presence in defense, aerospace, and space segments, leveraging India’s indigenization policies.
Focus on advanced EMS and BTS solutions with increased R&D investments.
Enhance manufacturing capacity and expand into new markets like the Middle East and Asia.

Valuation analysis

Centum’s valuation is supported by its consistent revenue growth, global presence, and strong order book of ₹17,720 million as of H1-FY25. However, declining margins and limited profitability growth remain concerns.
Market Cap: ₹ 2,714 Cr., PE:- Ind PE:168, EPS: -3 ROE: 3.24, ROCE: 8.3

Final words on Top Electronics Companies in India

Based on the analysis presented above, Dixon Technologies, Syrma SGS Technology, and Centum Electronics are well-placed and well-equipped to capture the electronics manufacturing market. Dixon Technologies excels in consumer electronics and appliances, benefiting from its leadership in EMS and its diversified product portfolio. Syrma SGS stands out for its robust growth in industrial electronics and automotive solutions, backed by export-driven revenues and a strategic focus on ODM. Centum Electronics offers unique value in defense and aerospace electronics, leveraging its expertise in high-reliability systems and global partnerships.

Given the global and domestic electronics manufacturing trends, electronic manufacturing companies like Dixon Technologies, with significant exposure to the growing consumer appliances and EMS markets, and Syrma SGS, with its export-oriented growth in automotive and industrial electronics, offer excellent opportunities for diversification and robust returns. These electronic manufacturing companies align well with India’s PLI-driven growth and rising global demand for advanced electronics solutions.

Best 5 Top Electronics Companies in India

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Electronics manufacturing companies in India

Electronic manufacturing companies