One Level Deeper

Electronics manufacturing ladder 3 of 4 · this quarter

What's going on in electronics manufacturing

Six findings from the latest earnings calls of the electronics manufacturing companies covered here. Quarter to June 2026 · five listed Indian electronics manufacturers. Each opens on its own page.

One layer down

All five are now spending to make the parts, not just put them together.

PG Electroplast0

“PCB” or “printed circuit”, times said by management · 34,850 words

Bigger bills, the same rupees

Sales rose at all five. Margins fell at three — mostly by arithmetic.

PG Electroplast−160

Operating margin, June quarter against a year earlier, basis points · as each company reported it

Everyone is stockpiling

Four called it “strategic inventory”. The fifth called stock “a strategic asset”.

PG Electroplast19

“Inventory”, times said by management · 34,850 words

China is the customer

“China+1” is never said. Two of the five have signed up to build phones for Chinese brands.

China, any use2

Oppo, OnePlus, Realme6

Times said by management · 34,850 words

The best business is the cheapest

The highest return on capital trades at the lowest multiple.

PG Electroplast69.8×

Price to FY26 earnings, 1 October 2026

Foreign money is leaving

Foreign investors cut their stakes in four of the five. At Kaynes, Indian funds left too.

PG Electroplast−3.1

Foreign investors’ holding, change in percentage points · June 2025 to June 2026

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Not advice. No target prices, no ratings. Every figure is from a filing or a call transcript, and each finding names the companies it is about.