Capacitors, resistors, inductors and the film and ceramics they are made from - hundreds per phone, billions per year.
Indian arm of Japan's TDK, approved for capacitors (Jan and Mar 2026 tranches)
Compiled from public reporting — not exchange-listed.
Multi-layer ceramic capacitors (MLCCs) are printed, stacked and fired in kilns; film capacitors are wound from metallised polypropylene film; resistors and inductors are made on reel-to-reel lines. They are supplied on tape reels to SMT lines.
A smartphone uses hundreds to over a thousand passive parts and a modern car many more, almost all imported from Japan, China and Korea. ECMS pays 8% falling to 4% for non-SMD passives, and 5% falling to 3% plus a 25% capex subsidy for SMD passives (the March 2026 tranche approved India's first SMD passives, incl. tantalum polymer capacitors).
Dominated by Murata, Samsung Electro-Mechanics, TDK, Yageo and Vishay. Indian value today sits in film capacitors and materials (SRF's capacitor-grade film) and in the Indian plants of global majors.