EMS Stocks in India 2026: Electronics Makers and Order Books

India now makes far more of its own electronics than it did a decade ago. Electronics production rose from ₹1.9 lakh Cr in 2014-15 to ₹11.32 lakh Cr in 2024-25, almost six times in 11 years. In Budget 2026-27, the government raised the allocation for its scheme to make electronic components in India from about ₹22,000 Cr to ₹40,000 Cr, after the scheme received 149 applications.

Much of that work is done by contract makers, the companies that build electronics for other brands. This page lists the listed electronics makers we have studied in depth, with each one's latest order book and how many years of revenue it covers. Each row links to our full research on that company.

Figures as of 13 November 2026. This page is research, not a recommendation to buy or sell any stock.

EMS Stocks in India at a Glance

The order book is the value of contracts a company has signed but not yet delivered. Dividing it by a year's revenue shows how many years of work are already in hand, if the company delivers on time.

About 75% of HBL's order book is Kavach and train-management systems; its electronics segment earned ₹1,626.25 Cr of its FY26 revenue of ₹3,251.80 Cr. Astra's figure is the order book after the ₹2,205.23 Cr Uttam radar order of July 2026. Apollo's ratio uses consolidated FY26 revenue of ₹904.32 Cr.

What EMS Means

Electronics manufacturing services, or EMS, simply means building electronic boards, cables and complete units for a company that owns the product and its brand. The global market for this work was about $649 Bn in 2025 and is expected to reach about $853 Bn by 2030 in a base case. Most of it makes phones and laptops in huge volumes. A smaller part, about $230 Bn by 2030 on one estimate, builds high-reliability electronics for aircraft, defence, medical and industrial use.

An EMS company can do three kinds of work:

• Printed circuit board assembly (PCBA): placing and soldering chips and parts on a bare board.
• Cable and wire harnesses: bundles of wires and connectors cut and tied to the exact path a machine needs.
• Box build: putting boards, cables, a casing and software together into a finished, tested unit.

Design or Build to Print: The Margin Gap

The biggest difference between these companies is who owns the design.

Build to print means the customer hands over the drawings and the EMS company builds them. Cyient DLM and Rossell Techsys do mostly this kind of work. Build to spec means the customer gives only the specification, and the supplier designs the electronics as well. Data Patterns, Astra Microwave, Apollo Micro Systems, Axiscades and Sedemac own the designs of what they sell.

That choice shows up in the margins. Centum Electronics, which does both, puts its EMS business at an EBITDA margin of about 9-10% and its build-to-spec business at about 18-20% or more. EMS orders take about 6-9 months to execute, against 2-2.5 years for build-to-spec work. In our coverage, Cyient DLM's EBITDA margin was 8.7% in Q2 FY27, while Data Patterns earned 40.1% in FY26.

Cyient DLM is trying to close that gap. Build-to-spec work was 6% of its FY26 revenue, and management says more of it can lift margins to roughly 13% to 18%. Build-to-spec contracts can run for 9-20 years, because a customer would have to redesign its product to change supplier.

Why EMS Stocks Are Growing

India makes more of its own electronics. Electronics production grew from ₹1.9 lakh Cr in 2014-15 to ₹11.32 lakh Cr in 2024-25, helped by production-linked incentive (PLI) schemes for phones, components and IT hardware. A PLI scheme pays makers a share of their extra sales made in India.

Components are next. The Electronics Components Manufacturing Scheme (ECMS), launched in 2025, supports printed circuit boards, camera modules and other parts. Against expected investment proposals of ₹59,350 Cr, it received proposals of ₹1.15 lakh Cr. Its allocation was raised from about ₹22,000 Cr to ₹40,000 Cr in Budget 2026-27.

Chips are coming to India. India had 12 approved semiconductor projects with about ₹1.64 lakh Cr of investment by June 2026, and Semicon India 2.0 was approved in July 2026 with an outlay of ₹1,27,500 Cr. Local chips and boards shorten the supply chain for every EMS company.

Defence buys Indian electronics. Roughly 75% of India's defence capital acquisition budget is reserved for Indian makers, and defence production reached a record ₹1.78 lakh Cr in FY26. Radars, missile computers and electronic warfare systems were long imported, so this rule matters most for electronics.

Global customers want a second supplier. Aircraft, industrial and medical companies are moving work out of single-country supply chains. In Q2 FY27, 93% of Cyient DLM's revenue came from customers outside India, and in FY26, 99% of Rossell Techsys's revenue came from exports.

Other Listed EMS Companies in India

These companies also build electronics in India but are not yet covered in our in-depth research. The details come from their own annual reports and websites.

How to Read an EMS Company's Numbers

1. Who owns the design? Build-to-spec work earns higher margins and keeps customers longer than build to print.
2. Which end market? Phones and appliances bring large volumes at thin margins. Aerospace, defence, medical and industrial work is smaller but steadier.
3. How fast does the order book turn into revenue? Cyient DLM expects to deliver its book over about 18-24 months; Rossell Techsys over about 2.5 years.
4. How much cash is tied up? EMS companies hold large stocks of parts. Cyient DLM's net working capital was 153 days in September 2026.
5. Are component costs passed on? Sedemac said chips and circuit boards became costlier in mid-2026. Check whether contracts let the company pass on price rises.

Key Risks for EMS Stocks

• Thin margins: build-to-print EMS work often earns EBITDA margins of about 9-10% or less, so small cost rises hurt profit.
• Component prices and shortages: Sedemac said semiconductor supplies tightened and circuit board prices rose sharply in the months before Q2 FY27.
• Working capital: large inventories and long payment cycles can use up cash even when profit grows.
• Customer concentration: a few large customers often make up most of revenue, and one lost programme can cut sales sharply.
• Lumpy defence orders: defence electronics revenue follows government orders, which can be delayed by months or years.

Explore our Products

Research Framework

Market Cap focus

No. of ideas in a year

Holding period

Pricing

Emerging Titans

Combination of quantitative analysis, industry tailwinds, and management assessment - SPRINT investment philosophy

Multi Cap

20-25

3+ Years

Rs. 23,999/year

Buy Now

Tiny Titans

Heavy emphasis on scuttlebutt research, plant visits, and early on-ground signals

Exclusively for SME's

15-20

3+ years

Rs. 31,999/year

Buy Now

Conclusion

India's electronics industry is growing fast, and government support is moving from final assembly to components and chips. The listed EMS companies differ widely: some build to the customer's design at thin margins, others own their designs and earn far more. Use the tables above to see where each company sits, then read our research on each one for its orders, margins and risks.

Shashank Mahajan

High growth stock specialist, Value Educator

Shashank Mahajan is an equity research professional with over 12 years of experience in identifying high-potential SME and micro-cap stocks at an early stage. He follows a rigorous scuttlebutt research–driven approach, combining on-ground insights with deep financial analysis. Shashank specializes in uncovering under-researched and under-owned companies with strong management quality and long-term growth potential. Through disciplined research and early identification, he focuses on spotting tomorrow’s market leaders before they enter the mainstream investor radar.