India's largest listed EMS player; telecom/networking gear (routers, set-top boxes) is one of several segments
Price
₹11,000
snapshot 30 Oct 2026
Strengths
India's largest listed EMS player, with the scale, OEM relationships and PLI-scheme participation to win a growing share of domestic telecom/networking-gear assembly just as it did in mobile phones
Risks
Mobile-phone EMS dominates recent revenue growth - telecom/networking gear is a smaller slice of a much larger EMS business
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
Contract manufacturers that assemble telecom PCBs, routers and RAN sub-assemblies on behalf of OEMs, turning component designs into finished hardware.
Why it matters
PLI-driven domestic manufacturing means more of the telecom equipment bill of materials is now assembled in India rather than imported - EMS players are the physical capacity behind that shift.
Where the value pool sits
EMS is a volume/scale business with thin per-unit margins; value capture depends on winning a growing share of a customer's manufacturing volume across many verticals, not deep IP ownership.
Key drivers
PLI scheme incentives for domestic telecom equipment manufacturing