The assembly, test and packing lines where phones are built - the sales MPMS pays 2.25-5% incentives on from FY27 to FY31.
Noida-based EMS company assembling smartphones (Ai+), wearables and IoT modules
Note: Partial exposure - mostly contract manufacturing (about 60% of FY26 revenue, rising with smartphone assembly from Mar 2026) plus handset distribution; antennas are a small part; Phone exposure via contract manufacturing for Ai+ and others
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.
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.
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.
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.