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.
EMS company making room ACs, washing machines and plastic mouldings; mobile handsets are a small legacy line
Note: PG Electroplast; FY26 profit fell as room-AC demand softened; Indirect MPMS exposure; moved with the EMS basket
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.