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HDFC Securities Institutional Equities
According to HDFC Securities, India's EMS industry remains at an early stage of global penetration with ~4- 5% market share and is rapidly emerging as a key pillar of the electronics ecosystem, supported by strong growth momentum and multiple long‑term tailwinds.
The sector delivered a robust 24% revenue CAGR over FY19–24, with growth expected to accelerate further to 27% CAGR over FY24–29E.
Key drivers include PLI incentives, China+1-led supply‑chain diversification, rising domestic electronics demand, increasing labor costs in competing regions, and a growing preference among global OEMs for outsourced manufacturing.
While India's electronics manufacturing base has expanded steadily, dependence on imported components remains a key constraint. To address this, the government has introduced targeted initiatives such as the Electronics Component Manufacturing Scheme and the Semiconductor Mission to catalyse investments, deepen domestic value addition, and enhance global competitiveness.
As backward integration gains traction, India's EMS sector is positioned for faster growth, supported by improving cost efficiency and a structurally rising export contribution.
Syrma SGS tops HDFC Securities pick in the sector.
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