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.
What happened
Dixon Technologies · As PLI scheme winds down, India's Android smartphone contract manufacturing sees fierce price competition. Dixon's share fell to 32% from
Key facts
- 4,800 crore
- 43%
- 32%
- 37%
- 17%
- 14%
- 60%
Why this matters
Bhagwati's doubling revenue and rising share make it a prime acquisition or strategic-stake target for global EMS players seeking India scale, while Dixon should explore bolt-on component or design-house deals to rebuild differentiation.