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.
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.
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.
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.