Note: Phones are the bulk of revenue; MPMS Track 1 claims run through its brand customers
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.
Where it fits
Electronics manufacturing services (EMS) companies and brands' own plants assemble circuit boards, screens, batteries and casings into phones, test them and pack them for sale or export. India now makes about 99% of the phones it sells.
Why it matters
This is MPMS's direct target. Track 1 (TS1) is open to makers with ₹10,000 Cr of FY26 turnover; each brand must then sell at least ₹5,000 Cr more than its FY26 sales in FY27, a growth hurdle that rises by ₹5,000 Cr a year (PIB, 21 Aug 2026); rates step down from 5% to 4% (and 2.75% to 2.25% on a first tranche), up to 6.5% with the sourcing bonus. Sales are counted brand by brand, so EMS firms qualify through their big customers.
Where the value pool sits
Assembly is high-volume, low-margin work (low single-digit operating margins). Under the old PLI most of the incentive was passed on to brands (Dixon reportedly passed on ~3.3-3.4% of a 4% incentive), and Kotak estimates MPMS adds only 0.14-0.22 percentage points to Dixon's margin - the bigger prize is the volume it keeps in India.
Key drivers
iPhone and Samsung export programmes
New anchor customers (Dixon-Vivo JV approved Jul 2026; Amber-Oppo deal Jun 2026)
The 1.5% sourcing bonus pulling in local sub-assemblies
Potential bottlenecks
The growth hurdle rises by ₹5,000 Cr a year, so domestic volume alone will not clear it - exports are needed
Brand-wise counting: an EMS firm cannot pool volumes across customers
Component imports: local value addition reached only ~18-19% under the old PLI, against a 35-40% target