Going beyond Dixon’s dominance, Kaynes, Syrma, and PG Electroplast are driving India’s electronics growth. As the ECMS portal closes, where do they stand at this moment?
India’s electronics manufacturing story is moving fast beyond a handful of known names. While Dixon Technologies has been the flagbearer of the country’s EMS success, a Financial Express report cited that a new set of ambitious players: Kaynes Technology, Syrma SGS, and PG Electroplast, are now making their mark.
Kaynes Technology is transitioning from an EMS player to a full-fledged Electronic System Design and Manufacturing (ESDM) company. It is investing ₹34 billion in an OSAT facility in Gujarat to produce 6.3 million chips per day, backed by both central and state incentives.
The firm has also expanded into defence and railways, and strengthened its global presence through the acquisition of Canada-based August Electronics. Kaynes reported a 34% year-on-year rise in revenue to ₹6.7 billion in Q1 FY26, with profit up 47%.
On the other hand, Syrma SGS Technology is sharpening its focus on high-value, low-volume verticals. Its strengths in RFID and critical communication systems are helping offset the slowdown in consumer electronics.
Though Q1 FY26 revenue dipped 18.5% to ₹9.5 billion, EBITDA margins rose to 10.7%. The company is building a new PCB manufacturing plant worth US$91 million, with operations planned by FY28.
PG Electroplast, among the first PLI beneficiaries for AC components, continues to expand its manufacturing footprint. Despite subdued demand, its Q1 FY26 revenue grew nearly 14% to ₹15 billion. It now aims to achieve ₹90 billion in annual turnover by FY28 through new facilities across India.
Meanwhile, India’s electronics production has surged from ₹1.9 trillion in FY15 to ₹11.3 trillion in FY25, while exports have jumped eightfold to ₹3.3 trillion. Value addition in electronics has climbed to 70%, with a target of 90% by FY27. Schemes such as the ₹229.2 billion Electronics Component Manufacturing Scheme (ECMS) have drawn record investments, as its application window closed last week.
