Dixon loses ground to Bhagwati in India smartphone EMS as PLI sunset triggers price war
Dixon Technologies' share of India's Android contract manufacturing slipped to 32% from 37%, while rival Bhagwati Products climbed to 17% from 14%, doubling Q4 revenue to ₹4,800 crore on Oppo, Vivo and Realme orders. PLI scheme wind-down is intensifying margin pressure across the sector.
As PLI scheme winds down, India's Android smartphone contract manufacturing sees fierce price competition. Dixon's share fell to 32% from 37%; Bhagwati rose to 17% from 14%, doubling Q4 revenue to ₹4,800 crore on Oppo, Vivo, Realme orders.
Why this matters
Dixon's share loss comes as smartphone brands rebadge budget models with 50-60% price hikes, signaling cost pressure across the value chain that EMS players must absorb as PLI incentives sunset.
Retail-company signals steady at 1,158 over the last 90 days, with EMS competition emerging as a key sub-trend.