RAM cost spike crushes India mobile, laptop sales; refurbished market gains as ASPs jump 20%+
Indian smartphone sales fell 12-15% YoY and laptops 16-18% in June as RAM costs quadrupled since Dec 2025, now 45% of smartphone BOM. Sub-Rs10k shipments crashed 42%; Rs30k+ rose 10%. Refurbished demand lifts GNG Electronics while Dixon, Redington face festive-season pressure.
What happened
Indian Smartphone & Laptop Retail · Indian smartphone sales fell 12-15% and laptops 16-18% YoY in June as RAM costs quadrupled, lifting ASPs 20%+. Entry-level
Key facts
- 12-15% YoY mobile decline June
- 16-18% laptop decline
- ASP up 20%+ H1 2026
- laptop prices +15-25%
- sub-Rs10k shipments -42%
- Rs10-20k +6%
- Rs30k+ +10%
- RAM 4x since Dec 2025
- RAM 45% of smartphone cost
Why this matters
Scout bolt-on acquisitions in refurbished electronics and reverse-logistics platforms while valuations of pressured OEM-dependent distributors create entry points.
What to watch
- DRAMeXchange spot DDR4/DDR5 contract prices monthly
- IDC/Counterpoint India shipment data for July-August
- Xiaomi, Samsung India price-list revisions on sub-Rs15k SKUs
- Dixon, Amber, Kaynes management commentary on order book
- GNG Electronics, Cashify volume disclosures and refurb ASPs
- Samsung/SK Hynix capex and HBM allocation guidance
- Long GNG Electronics, Cashify-adjacent plays on refurbished structural shift
- Underweight Dixon Technologies into Q2 print; festive guidance cut risk
- Pair trade: long Apple India proxies (Foxconn vendors) vs short mass-market EMS
- Watch Redington working capital days expanding as inventory ages
- Telcos (Jio, Airtel) may extend device-bundling subsidies to defend ARPU