Note: Phone exposure is through distribution, not manufacturing
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
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