“China+1” is never said. Two of the five have signed up to build phones for Chinese brands.
Across 34,850 words of management talk on the five calls, “China+1” is not said once. China comes up twice — as a lesson at Syrma, and at PG Electroplast as one of the countries whose companies are building compressor plants in India.
Yet the new phone business at two of the five is for Chinese brands. Dixon received government approval in July for its joint venture with Vivo — the approval India requires for investment from a country it shares a border with — and expects it in revenue from the December quarter. Amber has signed a manufacturing agreement with Oppo covering Oppo, OnePlus and Realme, with trial production due by March 2027 and about 8 million phones in the first year.
“what we have to learn from China is that while we are harvesting the sort of produce from manufacturing, we should not sacrifice the long-term vision of investing in technology, in engineering, in design.” J.S. Gujral, Managing Director · Syrma SGS Technology · 30 July 2026
In this sector China is not the competitor being replaced. Its brands are among the customers.
A sector, read end to end, and the companies as they are published. Roughly monthly. Nothing else, and one click to stop.
Not advice. Quotes are from the companies’ own earnings calls; figures from their filings.