The brands whose phones are made in India - Apple, Samsung, the Chinese-owned brands and the few Indian ones - plus the distributors who sell them.
Apple (India operations)Owner · HighUnlisted
Samsung India ElectronicsOwner · HighUnlisted
Lava InternationalOwner · MediumUnlisted
RedingtonIndirect supplier · LowListed
Lava International
India's main home-grown phone brand, the most likely candidate for MPMS Track 2 (Indian brands)
Strengths
Indian-owned with in-house design - the profile Track 2 rewards with 5% plus 3% for design and R&D
CLSA named it the domestic brand most likely to benefit (Aug 2026)
Risks
Small share of a market dominated by Chinese-linked brands, Samsung and Apple
IPO plans have been delayed repeatedly
Background
Unlisted; filed draft IPO papers in 2021, listing pushed to FY27 or later per reports
Track 2 needs ₹1,000 Cr FY26 turnover and passing a five-part Indian-brand test
Compiled from public reporting — not exchange-listed.
Where it fits
Brands design the phone, choose where it is assembled and which parts go in, and sell it through distributors and stores in India and abroad. Under MPMS sales and incentives are counted brand by brand, so a brand's India volume and exports decide whether its assemblers clear the scheme's growth hurdle.
Why it matters
Demand and sourcing decisions sit here. Apple alone exported about ₹2L Cr of iPhones from India in FY26 (Business Today, Apr 2026), roughly three-quarters of smartphone exports. MPMS also has a separate track (TS2) for Indian-owned brands: 5% on sales plus 3% for Indian design and R&D, aimed at Lava and any returning Indian names.
Where the value pool sits
Brands keep most of a phone's margin; assemblers earn low single-digit margins. In India the brands are mostly unlisted subsidiaries of global companies, so listed exposure here is through distributors such as Redington, which earn thin but steady margins on volume.
Key drivers
Export programmes by Apple and Samsung (Samsung plans Galaxy S26 production in Noida)
MPMS TS2 incentives of up to 9.5% for Indian-owned brands
Premiumisation: buyers trading up to higher-priced phones
Potential bottlenecks
Indian smartphone demand is soft - CLSA cited a 15-20% fall in May 2026 sales
A global memory-chip shortage is raising phone costs in 2026
Chinese-linked brands (Vivo, Oppo, Xiaomi) need government approval for Indian equity partners