Dixon Technologies led homegrown manufacturers to a combined 28% production share in FY26, up from 9% a year earlier, as US imports of India-made devices surged 86% to $19.68 billion, per Counterpoint Research’s Make in India Tracker published April 24, 2026.
Indian-origin electronics manufacturing services (EMS) companies assembled one in four smartphones produced in India in FY26 (April 2025–March 2026), according to Counterpoint Research’s Make in India Tracker published on April 24, 2026. That compares with a combined share of just 9% in Q2 2024, when global giants Samsung, Foxconn, and Vivo dominated factory output, per Counterpoint data cited by Business Standard.
Dixon leads; Samsung falls to second for first time
Dixon Technologies claimed the single largest share among all smartphone manufacturers in India in calendar year 2025, with a 19% share of production volume, up sharply from 11% in 2024, driven by assembly orders from Motorola, Realme, and Xiaomi. It is the first time a homegrown EMS player has displaced Samsung from the top spot, according to Counterpoint Research. Samsung’s share slipped to 18% from 20% over the same period, while Foxconn Hon Hai held third at 16%, up from 12%.
Bhagwati Products Limited entered the top five for the first time with a 9% share, benefiting from Vivo’s decision to outsource a larger share of its production beyond its in-house facility, alongside orders from Oppo and Realme. Vivo itself fell to fourth at 10%, down from 14% in 2024.
The combined production share of Indian-origin EMS players reached approximately 28% in FY26, a near-fourfold jump from around 9% in the same period of the prior year, per Counterpoint Research data cited by Business Standard.
Exports drive the headline numbers
Smartphone exports climbed nearly 22% in FY26, per Counterpoint Research. The United States was the dominant buyer, importing $19.68 billion worth of India-made devices, an 86% jump over FY25, driven largely by iPhone shipments from Foxconn Hon Hai and Tata Electronics. Foxconn’s export volumes grew 48% year-on-year, with Apple accounting for the bulk of the surge. Samsung recorded 4% year-on-year growth in its own export contribution from Indian production.
Total electronics exports from India reached $47.96 billion in FY26, up from $38.56 billion in FY25, a 24% gain, according to data reported by The Economic Times. Smartphones were the single largest contributor within that figure. India now accounts for approximately 7% of global smartphone export value, behind China (47%), Hong Kong (9%), and Vietnam (8%), per global trade data compiled by TradeImeX.
PLI Phase 1 closes; what it built
The first phase of the smartphone Production Linked Incentive (PLI) scheme, launched in 2020, concluded on March 31, 2026. Counterpoint Research Senior Analyst Prachir Singh attributed the domestic EMS boom directly to the scheme, saying OEMs used the PLI window to diversify production away from in-house facilities and toward Indian contract manufacturers, a shift that created the order volumes Dixon and Bhagwati needed to scale. Under the broader PLI for Large Scale Electronics Manufacturing, incentives worth ₹15,554 crore have been disbursed to approximately 59 companies, which collectively reported incremental production of around ₹2.45 lakh crore between April and December 2025, per Ministry of Electronics data.
Budget 2026 increased the outlay of the Electronics Component Manufacturing Scheme (ECMS) from ₹22,919 crore to ₹40,000 crore, targeting deeper localisation in displays, camera modules, and passive components, with 46 applications approved across 11 states expected to attract ₹54,567 crore in investment and generate 50,794 direct jobs. A PLI Phase 2 specifically for smartphone assembly has not been announced as of April 2026; the government’s near-term incentive focus has shifted to the component layer via ECMS rather than finished-device assembly.
Headwinds ahead: memory prices and US-Iran logistics
Counterpoint Research Director Tarun Pathak flagged two near-term risks in the April 24 report. First, disruptions from the ongoing US-Iran conflict could affect logistics and shipping timelines for export-bound devices. Second, sustained increases in memory prices, as DRAM costs rose roughly 70% sequentially in Q1 2026, may compress margins and create demand-side pressure in the budget smartphone segment. Brokerage Jefferies separately projected a 31% decline in Dixon’s global smartphone shipment volumes for 2026, citing DRAM cost exposure as the primary driver.
Singh said the structural EMS expansion will nonetheless continue through FY27, with players beyond the current top five expected to win a larger share as OEMs broaden their outsourcing base. The government’s ECMS, once it delivers localised display and camera module supply chains, is projected to reduce India’s component import bill and widen margins for domestic assemblers, per Counterpoint Research.
The ₹61,671 crore ECMS pipeline, covering 75 approved and pending projects, is expected to meet 50% of India’s PCB demand and 61% of lithium-ion battery demand domestically once projects reach full production, per government data cited by CRNASIA.
Also Read: EV share in India car sales hits 5.1% in March, up from 3.7%
FAQs
Which company makes the most smartphones in India in 2025?
Dixon Technologies is the largest smartphone manufacturer in India by production volume in calendar year 2025, with a 19% share up from 11% in 2024, according to Counterpoint Research’s Make in India Tracker published April 24, 2026. It is the first time an Indian-origin EMS company has held the top spot, displacing Samsung, whose share fell to 18% from 20% over the same period.
How many smartphones does India export and to which country?
India exported smartphones worth approximately $19.68 billion to the United States alone in FY26 (April 2025–March 2026), an 86% jump over FY25, per Counterpoint Research. Total smartphone exports from India climbed nearly 22% in FY26. The US is the single largest destination, driven by iPhone shipments assembled by Foxconn Hon Hai and Tata Electronics.
What is India’s share in global smartphone exports?
India accounts for approximately 7% of global smartphone export value as of FY26, according to TradeImeX global trade data. China leads at 47%, followed by Hong Kong at 9% and Vietnam at 8%. India’s total electronics exports reached $47.96 billion in FY26, up from $38.56 billion in FY25, a 24% gain, per data reported by The Economic Times.
What is the PLI scheme for smartphones, and has it ended?
The first phase of India’s Smartphone Production Linked Incentive (PLI) scheme, launched in 2020, concluded on March 31, 2026. Under the broader PLI for Large Scale Electronics Manufacturing, the government disbursed incentives worth ₹15,554 crore to approximately 59 companies, which reported incremental production of ₹2.45 lakh crore between April and December 2025, per Ministry of Electronics data. A PLI Phase 2 specifically for smartphone assembly has not been announced as of April 2026.
What is the ECMS scheme, and how does it affect smartphone manufacturing in India?
The Electronics Component Manufacturing Scheme (ECMS) was launched in May 2025 with an initial outlay of ₹22,919 crore. Budget 2026 increased the outlay to ₹40,000 crore after investment commitments already exceeded the original target, Finance Minister Nirmala Sitharaman said on February 1, 2026. The scheme targets deep supply chain localisation covering printed circuit boards (PCBs), camera modules, display assemblies, Li-ion cells, and passive components to reduce India’s dependence on component imports. ECMS is expected to meet approximately 50% of India’s PCB demand and 61% of lithium-ion battery demand domestically once approved projects reach full production, per CRNASIA, citing government data.
Is Dixon Technologies a good stock? What are the risks in FY26?
Brokerage Jefferies projected a 31% decline in Dixon Technologies’ global smartphone shipment volumes for 2026, citing DRAM memory prices, which rose approximately 70% sequentially in Q1 2026, as the primary driver, per a March 2026 research note. DRAM components account for approximately 15% of Dixon’s total raw material expenditure, according to Trade Brains citing Dixon disclosures. Counterpoint Research Director Tarun Pathak separately flagged that US-Iran conflict-related logistics disruptions could also affect export timelines. This article does not constitute investment advice; consult a SEBI-registered financial advisor before making investment decisions.
