Circuit-board assembly (PCBA), chargers, battery packs and casings made in India - what the MPMS 1.5% local-sourcing bonus rewards. Bare components (PCBs, camera and display modules) are covered by the separate ECMS scheme.
Hyderabad EMS company building circuit boards and boxes mainly for aerospace, defence, medical and industrial customers
Note: Indirect; moved with the EMS basket rather than on phone revenue
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Surface-mount (SMT) lines print solder, place chips and bake boards; other plants build chargers, battery packs, cover glass and casings. These sub-assemblies go to the final line. The adjacent Electronics Component Manufacturing Scheme (ECMS) funds the components themselves.
MPMS pays assemblers up to 1.5% more, pro rata, when key components and sub-assemblies are localised for at least 25% of the phones they make in a year. That turns local sourcing into money for the assembler - and into orders for Indian sub-assembly makers. JPMorgan estimates Dixon alone could capture ~0.6 percentage points of the 1.5% as its camera and display module plants ramp.
Sub-assemblies carry better margins than final assembly (high single to low double-digit operating margins for specialist EMS), but the phone-specific share of listed EMS companies' revenue is still small - most of Syrma's, Kaynes' and Cyient DLM's work is industrial, auto, medical and aerospace boards.