Electronics & EMS Industry in India

India’s electronics and ems industry brings together manufacturers of devices, components, circuits, displays and related equipment.

Top electronics & ems companies in India (listed and private)

Frequently asked questions

How large is the electronics & ems industry in India?

684 electronics & ems companies with statutory filings (18 listed, 666 private) reported combined revenue of ₹2.04 lakh crore in FY2025, +21.2% on the same companies, and aggregate EBITDA of ₹20,204 crore. As filed each year, combined revenue was ₹43,382 crore in FY2018, reached ₹2.04 lakh crore in FY2025, the highest in the period; year-on-year changes are measured on the same companies. The 11 listed companies with an exchange price are worth ₹3.75 lakh crore in market capitalisation. Size here is measured in revenue, profit and market value, from statutory filings and exchange prices, not in physical volume of output.

Is profitability improving or deteriorating?

Mixed. The aggregate EBITDA margin of electronics & ems companies was 9.9% in FY2025, 0.1 pts below FY2024, against a peak of 10.8% in FY2018. The low since the peak was 9.8% in FY2020. Profit after tax margin was 6.2% (+0.1 pts on FY2024). Aggregate EBITDA of listed and private electronics & ems companies moved +93% from FY2022 to FY2025 on a same-company basis; FY2025 EBITDA was ₹20,204 crore (+15.5% on FY2024).

Which companies are leading the electronics & ems industry?

By FY2025 revenue the largest electronics & ems companies are Dixon Technologies (₹38,860 crore, 3.9% EBITDA margin); Bharat Electronics (₹23,769 crore, 31.9% EBITDA margin); Realme Mobile Telecommunications (india) (₹17,597 crore, 1.5% EBITDA margin, private); Rashi Peripherals (₹13,773 crore, 2.6% EBITDA margin); Supertron Electronics (₹7,021 crore, 2.5% EBITDA margin, private). Among the ten largest, Bharat Electronics (31.9%) and Visa Consolidated Support Services (india) (22.1%) earn the widest EBITDA margins and Realme Mobile Telecommunications (india) (1.5%) the thinnest. 20 of the 25 largest are private companies, which a listed-only view leaves out.

Where is demand or investment changing?

In the news: Supply chain carried 4.5% of electronics & ems stories in 2025-10 to 2026-09, up 1.1 pts (+34%) on the prior 12 months; net tone +69 vs +68 for all electronics & ems stories. In buyer searches: Search interest in mobile devices & accessories queries (mobile accessories, mobile phone shop, mobile phone price) was +20% in the 12 months to 2026-09 vs the prior 12, led by “mobile phone price” (+16%), followed by electronic security & access systems (+16%); electronics dealers & wholesale moved -9%.

What should I investigate next?

These are the findings that fired on the data, negative signals first, each with the topic that holds the evidence: Electronics & EMS EBITDA grew 93% since FY2022 (Industry financials). 31 private electronics & ems manufacturers pass an IPO-readiness screen (Top electronics & ems companies in India). Supply chain is gaining the most ground in electronics & ems news (Electronics & EMS in the news). Mobile devices & accessories searches rose most in the last year (Search & demand signals). Median EV/EBITDA is 35.1× and median P/E 35.6× across 11 priced electronics & ems companies. (Market capitalisation & valuation).

How are electronics & ems stocks valued?

The median trailing P/E is 35.6× and the median EV/EBITDA 35.1× across 11 priced companies.

What does electronics and ems cover?

It covers the manufacture and assembly of electronic devices, components, circuits, displays and related equipment.

How are companies selected for this page?

The company universe uses selected statutory activity classifications, with wider name-based matching held back until review.

Research information, not investment advice.