Micromax group's manufacturing arm, approved for display modules and enclosures
Strengths
ECMS approvals worth ~₹1,015 Cr reported in Aug 2026
Display project to run at TXD India's facility in Bawal, Haryana
Risks
Unlisted; small scale versus Samsung and Dixon
Background
Privately held
Investment figure as reported by Outlook Business (Aug 2026)
Compiled from public reporting — not exchange-listed.
Where it fits
Glass display panels (LCD or OLED, still imported) are laminated with touch sensors and cover glass, bonded to driver chips and flex cables, and tested into a module that drops straight into a phone, laptop, TV or car dashboard.
Why it matters
The display is usually the second most expensive part of a phone. ECMS pays 4% of extra sales in year 1 falling to 1% by year 6 (minimum investment ₹250 Cr) for display module sub-assembly - India's first step before any panel fab.
Where the value pool sits
Module assembly captures a modest slice of the display's value (the panel itself is most of it) but at very high volumes. Samsung's Noida display unit and Dixon's HKC joint venture are the largest approved projects.
Key drivers
Phone, laptop and TV volumes in India
Automotive digital clusters (Minda's Pune plant)
ECMS turnover incentive of 1-4% of extra sales
Potential bottlenecks
Panels (glass) are not made in India; only the module step is
Chinese partner technology (HKC) needs Press Note 3 approval
Large working capital for panel inventory
Investor metrics to watch
Module volumes (Dixon targets ~2 million units a month initially)