Posted on September 25, 2026September 25, 2026 | by rajeshkumar

Screen Glass, Batteries, Camera Modules, PCBs, Chargers, TWS & Wearables — Which Listed Indian Companies Are Building the Next Electronics Manufacturing Ecosystem?

India’s smartphone story is entering a new phase.

For years, India’s electronics opportunity was largely associated with assembling smartphones. The next opportunity could be much deeper: manufacturing the components and sub-assemblies that go inside and around those devices.

The opportunity now extends across display modules, cover glass, screen protectors, camera modules, batteries, PCBs, PCBA, connectors, chargers, cables, speakers, TWS earbuds and wearables.

This shift is being supported by government programs such as the Electronics Component Manufacturing Scheme (ECMS), which specifically targets display-module sub-assemblies, camera modules, multilayer PCBs, Li-ion cells for digital applications, mobile/IT enclosures, electro-mechanical components and other parts of the electronics supply chain.

At the same time, BIS has introduced a new compulsory-registration requirement for smartphone screen protectors under IS 19348:2025, with implementation scheduled for April 1, 2027.

Against this backdrop, six Indian-listed companies deserve attention when studying India’s mobile-accessories and electronics-component manufacturing theme:

Optiemus Infracom
Dixon Technologies
Palred Technologies
Syrma SGS Technology
Kaynes Technology
Cellecor Gadgets

But these companies are not identical businesses. Some are direct mobile manufacturers, some are component manufacturers, some are electronics-manufacturing platforms, and some are consumer-accessory brands.

1. Optiemus Infracom

The direct screen-protector and cover-glass story

Optiemus Infracom is perhaps the most directly connected listed Indian company to the new smartphone screen-protector opportunity.

The company has established an 80,000-square-foot screen-protector manufacturing facility in Noida. Its investor presentation disclosed initial capacity of approximately 1 million tempered-glass screen protectors per month, with the ability to increase capacity to approximately 4 million per month after the BIS mandate.

Optiemus launched its RhinoTech screen-protector brand using Corning-related technology, positioning the product as locally manufactured. The company subsequently announced plans for another screen-protector facility in Noida.

The bigger opportunity: cover glass

The screen protector is only one part of the story.

Optiemus has partnered with Corning through Bharat Innovative Glass Technologies (BIGTech) to establish a cover-glass manufacturing/finishing operation in Tamil Nadu.

The facility was inaugurated in December 2025, with trial production planned from April 2026. The company’s disclosures describe it as India’s first cover-glass finishing facility of this type for mobile consumer electronics.

This potentially moves Optiemus from:

Screen protector → cover glass → mobile electronics manufacturing

rather than simply being a consumer-accessories company.

Investment research angle

The key variables to monitor are:

Screen-protector capacity utilization
BIS certification/registration progress
Revenue contribution from screen protectors
Second screen-protector plant
Cover-glass customer onboarding
Corning relationship
Margin contribution from higher-value components
Growth of the company’s broader electronics-manufacturing business

The BIS screen-protector rule is particularly relevant because the official BIS framework now lists IS 19348:2025 — Glass Screen Protector – Specification under compulsory registration, with implementation from April 1, 2027.

2. Dixon Technologies

From smartphone assembly toward component integration

Dixon Technologies is much larger and broader than a mobile-accessories company.

Its significance comes from backward integration.

The company’s FY2024-25 annual report identifies opportunities in:

Camera modules
Batteries
Mechanical components
Display modules
Wearables
Hearables
Mobile electronics

Dixon says it is significantly entering electronics-component manufacturing as the next phase of its growth and backward-integration strategy.

Display manufacturing

Dixon’s display-module project with HKC is one of the major developments to watch.

The first phase is designed around approximately 24 million smartphone display units annually, with additional notebook/IT hardware capacity. A second phase is expected to expand smartphone-display capacity further.

Camera modules

Dixon’s Q Tech business gives it direct exposure to smartphone camera modules.

The company has been expanding camera-module capacity substantially, with management discussing expansion toward approximately 180–190 million units annually over the subsequent 15–18 months.

Dixon has also received ECMS approval related to camera modules and optical transceivers, while additional component projects are being developed.

Why Dixon is different

The story is not:

“Dixon will sell more mobile accessories.”

It is:

Phone assembly → display → camera → battery → mechanical components → deeper localization

That could potentially increase the amount of value captured within India.

3. Palred Technologies

The consumer-accessories manufacturing play

Palred Technologies is particularly interesting if the objective is to find a listed company that is closer to the actual mobile-accessories market.

Its pTron business includes:

TWS earbuds
Headphones
Smart wearables
Power banks
Bluetooth speakers
Cables
Chargers

The company’s FY2024-25 annual report states that more than 80% of its product volume was assembled in-house at its Nacharam facility in Hyderabad.

This represents a significant increase in manufacturing ownership compared with the previous year.

But there is an important risk

The accessories market is highly competitive.

During FY2024-25, pTron experienced significant weakness in TWS and smart wearables, while power banks and Bluetooth speakers performed relatively better. The company reported a net loss of approximately ₹111.8 crore for the year.

Therefore, Palred is an interesting manufacturing case, but its financial performance needs to be examined carefully rather than assuming that India’s electronics manufacturing growth automatically translates into higher profits.

4. Syrma SGS Technology

The PCBA and electronics-component infrastructure play

Syrma SGS is not primarily a consumer mobile-accessories brand.

Its importance comes from the electronics manufacturing infrastructure underneath the finished product.

The company operates as an Electronics Manufacturing Services provider, with capabilities around:

PCBA
Box build
SMT
Electromechanical assembly
Precision components
Magnetic components
Industrial electronics
Consumer electronics

Its FY2025-26 exchange filing identifies its business segment as Electronics Manufacturing Services.

Syrma’s PCBA capabilities include fine-pitch placement, through-hole assembly and dedicated product assembly lines.

Why this matters for mobile manufacturing

A smartphone accessory may look simple from the outside, but products such as:

TWS → charger → smartwatch → speaker → power bank

contain PCBs, ICs, connectors, batteries, passive components and other electronic assemblies.

Syrma therefore represents the manufacturing infrastructure layer of the ecosystem rather than a consumer-accessories brand.

5. Kaynes Technology

The deeper electronics-manufacturing bet

Kaynes Technology is another company that should be viewed as an electronics manufacturing and component-infrastructure company, rather than a mobile-accessories brand.

Its capabilities include:

PCBA
Box build
Electronics manufacturing
ODM
Industrial electronics
Automotive electronics
IoT electronics
Semiconductor-related manufacturing
PCB manufacturing

The company’s FY2025-26 NSE filing classifies it under Electronics Manufacturing Services.

Its expansion into PCB manufacturing is particularly relevant.

Research on the Indian EMS industry notes that Kaynes is pursuing OSAT and multilayer PCB manufacturing, with these projects approved under the ECMS framework.

Why PCBs matter

If India wants to move from:

“assembled in India”

toward:

“manufactured in India”

PCB and PCBA capability is an important part of the transition.

The broader ECMS specifically identifies multilayer PCBs, HDI/MSAP/flexible PCBs and electro-mechanical components among its target areas.

6. Cellecor Gadgets

The consumer-accessories brand moving toward greater localization

Cellecor is another interesting name, but it should be classified differently from Optiemus, Dixon, Syrma and Kaynes.

Its portfolio includes:

Chargers
Power banks
Data cables
TWS earbuds
Neckbands
Smartwatches
Mobile phones
Speakers
Soundbars

The company launched mobile accessories such as earphones and chargers in 2019 and TWS and watches in 2022.

It has subsequently expanded its portfolio across consumer electronics and accessories.

The key distinction

Cellecor historically operated largely through outsourced manufacturing/assembly partners, rather than owning the entire manufacturing chain itself.

Its own corporate material has described products as being outsourced to electronic assemblers and manufacturers.

Therefore:

Cellecor = consumer electronics brand + sourcing/manufacturing ecosystem

rather than:

Cellecor = vertically integrated component manufacturer

That distinction is important when evaluating the stock.

Comparing the Six Companies

Company	Screen / Cover Glass	Chargers / Cables	Batteries	PCB / PCBA	Connectors / Electro-mechanical	Camera Modules	Speakers / TWS	Wearables	India Manufacturing
Optiemus Infracom	🟢 Strong	🟡	🟡	🟢	🟡	🟡	🟡	🟡	🟢
Dixon Technologies	🟢 Display/cover-related	🟡	🟢 Developing	🟢	🟡	🟢 Strong	🟢	🟢	🟢
Palred Technologies	—	🟢	🟢	🟡	—	—	🟢 Strong	🟢	🟢 Assembly
Syrma SGS	—	🟡	🟡	🟢 Strong	🟢	🟡	🟡	🟡	🟢
Kaynes Technology	—	🟡	🟡	🟢 Strong	🟢	🟡	🟡	🟡	🟢
Cellecor Gadgets	—	🟢	🟢	🟡	—	—	🟢	🟢	🟡

Important: A 🟢 does not necessarily mean the company manufactures that component entirely in-house today. It means the company has a meaningful disclosed exposure, manufacturing capability, investment program, partnership or expansion strategy in that area.

The Bigger Picture: India’s Electronics Supply Chain

The more interesting investment story may not be the screen protector itself.

It could be the gradual creation of an Indian electronics supply chain.

Think about a smartphone:

Layer 1 — Finished product

Smartphone

↓

Layer 2 — Major sub-assemblies

Display module

Camera module

Battery

PCBA

↓

Layer 3 — Components

PCB

Connectors

Mechanical components

Cover glass

↓

Layer 4 — Accessories

Screen protector

Charger

Cable

Power bank

TWS

Speaker

Smartwatch

The government’s ECMS is explicitly designed to develop this type of domestic component ecosystem. Its target segments include display and camera sub-assemblies, multilayer PCBs, Li-ion cells for digital applications, mobile/IT enclosures, electro-mechanical components and HDI/MSAP/flexible PCBs.

This means India’s electronics opportunity could gradually move from assembly economics toward component economics.

The BIS Screen-Protector Catalyst

The latest development deserves separate attention.

BIS’s compulsory-registration list now includes:

IS 19348:2025 — Glass Screen Protector — Specification

for:

Screen Protectors for Smartphones

The government has scheduled implementation for April 1, 2027.

This is significant because screen protectors have historically been a heavily imported product category.

For Optiemus specifically, the timing is notable because its domestic screen-protector manufacturing operation was already being developed before the new requirement was announced. Its disclosed strategy includes increasing manufacturing capacity after the BIS mandate.

However, investors should distinguish between:

BIS requirement → market opportunity

and

market opportunity → company profits

The second does not automatically follow.

Domestic competition, pricing, capacity utilization, imported substitutes, certification costs, distribution and margins will determine the eventual financial impact.

Which Companies Have the Most Interesting Business Exposure?

Rather than ranking them, it is more useful to classify them by investment theme.

Theme 1: Screen Glass + Cover Glass

Optiemus Infracom

This is the most direct company to investigate for the new smartphone screen-protector BIS catalyst and domestic cover-glass manufacturing.

Theme 2: Smartphone Component Localization

Dixon Technologies

Its strategy extends into displays, camera modules, batteries, mechanical components and other electronics components.

Theme 3: Consumer Mobile Accessories

Palred Technologies

pTron provides the closest exposure among this group to the actual consumer-accessories market, with significant domestic assembly.

Theme 4: Electronics Manufacturing Infrastructure

Syrma SGS Technology

PCBA and electronics manufacturing capabilities make it a broader electronics ecosystem play.

Theme 5: PCB + Electronics Manufacturing

Kaynes Technology

The company provides exposure to PCBA and its expansion into PCB and semiconductor-related manufacturing.

Theme 6: Consumer Electronics Brand + Localization

Cellecor Gadgets

The company has a broad accessories portfolio, but investors should distinguish its brand/sourcing model from vertically integrated manufacturing.

What Investors Should Track

The most important question isn’t:

“Which company makes the most products?”

Instead, ask:

1. How much of the company’s revenue comes from mobile/electronics?

A company may have ₹10,000 crore of revenue but only a small portion may come from the mobile ecosystem.

2. How much manufacturing is actually performed in India?

There is a major difference between:

Designed in India

Branded in India

Assembled in India

and

Components manufactured in India.

3. How much value is being added?

Moving from final assembly into components generally represents deeper localization.

4. What is the margin?

Revenue growth alone doesn’t make a component business attractive.

Investors should watch:

Gross margin → EBITDA margin → ROCE → free cash flow

5. What is the capex requirement?

Component manufacturing can require enormous capital expenditure.

A company growing revenue while continually raising debt/equity to fund factories deserves a different analysis from a company generating strong free cash flow.

6. Who are the customers?

The quality and concentration of customers matter enormously.

An electronics manufacturer supplying Apple, Samsung, Xiaomi, Vivo, Motorola or major global OEMs has a different customer profile from a company primarily selling through its own brand.

7. Is the company receiving ECMS support?

The ECMS specifically targets several components relevant to the smartphone supply chain. Therefore, approvals, investment commitments and production milestones deserve close monitoring.

The Investment Thesis in One Picture

China/import dependency

↓

India smartphone assembly

↓

Display + camera + battery localization

↓

PCB + PCBA + mechanical components

↓

Cover glass + connectors + other components

↓

Chargers + cables + power banks

↓

TWS + speakers + wearables

↓

Indian electronics ecosystem

The six companies in this research occupy different points along this chain.

That is why simply comparing their share prices or P/E ratios would miss the bigger picture.

The more useful question is:

Which companies are moving furthest up the electronics value chain while maintaining healthy returns on capital and sustainable cash generation?

That is where the next phase of India’s electronics-manufacturing story could become particularly interesting.

Final Research Checklist

Before considering any of these stocks, investors should independently examine:

Market capitalization
FY2024–FY2026 revenue growth
EBITDA growth
PAT growth
EBITDA margin
ROE
ROCE
Free cash flow
Net debt
Promoter ownership
Promoter pledging
FII/DII ownership
Capex commitments
ECMS/PLI approvals
Manufacturing capacity
Capacity utilization
Customer concentration
Export contribution
Order book
Working-capital cycle
Current valuation
Expected earnings from new facilities
BIS certification status where applicable

Bottom line

India’s mobile-electronics opportunity is becoming broader than smartphone assembly.

Optiemus represents the emerging screen-protector and cover-glass opportunity. Dixon is moving deeper into smartphone components such as displays and camera modules. Palred provides direct exposure to consumer mobile accessories and domestic assembly. Syrma SGS and Kaynes represent the PCBA/component-manufacturing infrastructure, while Cellecor represents a consumer-electronics brand with a broad accessories portfolio and a more outsourced manufacturing model.

The crucial investment question is therefore not simply “Which company makes mobile accessories?”