5 Stocks to Watch as India’s PCB Exports to China Surge 3,900% in FY26 

Synopsis: India’s PCB exports to China surged over 40-fold to $1.5 billion in FY26, driven by rising Chinese demand and government incentives. The trend is expected to benefit EMS and electronics manufacturing companies with strong PCB production capabilities.

India’s electronics manufacturing sector has achieved a significant milestone, with exports of printed circuit boards (PCBs) witnessing unprecedented growth in FY26. The sharp rise reflects the country’s growing role in the global electronics supply chain and strengthening manufacturing capabilities.

The surge has been supported by increasing export demand, particularly from China, along with government incentives to boost domestic electronics production. As PCB manufacturing gains momentum, several listed EMS and electronics companies are expected to benefit from the expanding opportunity.

Export Surge

India’s exports of printed circuit boards (PCBs) to China experienced a massive, over 40-fold surge in FY26, reaching a total value of $1.5 billion. This marks an unusual shift in the bilateral trade relationship between the two nations, which has historically been defined by India’s heavy reliance on Chinese electronic components. 

Overall, India’s total global PCB exports grew more than 20-fold to $1.9 billion in FY26, meaning shipments to China accounted for nearly 80% of India’s total PCB exports, up from just $36 million in FY25.

According to officials from the Ministry of Electronics and Information Technology (MeitY), this trend indicates that China is increasingly sourcing simpler, lower-value electronic assemblies from India. 

As China’s domestic manufacturing moves up the value chain to focus on more complex technologies, its mass-market production units find it more cost-effective to import simpler designs from a maturing Indian domestic market. Industry experts note that these exports are likely dominated by assembled boards utilised in smartphones, IT hardware, consumer electronics, and telecom equipment.

Government Policy and Financial Incentives

The rapid growth in this sector is heavily supported by Indian government initiatives, specifically the ₹22,919 crore electronics component manufacturing scheme (ECMS). This program incentivises the production of multi-layer PCBs, high-density interconnect PCBs, and copper clad laminates. 

The first tranche of projects under this scheme, valued at ₹5,500 crore, was cleared in October 2025. It is projected to satisfy all of India’s domestic copper clad laminate needs, alongside 20% of domestic PCB demand and 15% of camera module demand through key beneficiaries like Kaynes Circuits India, Syrma Strategic Electronics, Ascent Circuits, and SRF Limited.

Context Within the Broader Trade Deficit

Despite the impressive milestone in PCB manufacturing, a significant trade deficit remains between the two countries. In FY26, India imported $46.4 billion worth of electronics from China, making up roughly 35% of its total global imports ($131.6 billion). 

While India’s total exports to China grew by approximately 37% to reach $19.5 billion, the bilateral trade deficit still stands at $112.1 billion. Notably, PCBs have now climbed the ranks to become India’s second-largest shipped item to China, trailing only light naphtha.

Stocks to watch 

Kaynes Technology India Ltd

Kaynes Technology India is one of the leading Electronics Manufacturing Services (EMS) company that provides end-to-end design and manufacturing solutions for sectors such as automotive, aerospace, defence, industrial, medical, and railways. Through its subsidiary Kaynes Circuits, the company is expanding PCB manufacturing capacity, making it a key beneficiary of India’s growing PCB exports.

With a market capitalisation of Rs. 21,147 cr, the shares of Kaynes Technology India Ltd were trading at Rs. 3154.75 per share, up from its previous close of Rs. 3,122.15 per share. 

Syrma SGS Technology Ltd

Syrma SGS Technology is one of India’s leading EMS providers, manufacturing printed circuit board assemblies (PCBAs), RFID products, magnetic components, and electronic systems for automotive, industrial, healthcare, and consumer sectors. The company’s expanding PCB capabilities position it to benefit from rising export demand and government incentives.

With a market capitalisation of Rs. 27,482 cr, the shares of Syrma SGS Technology Ltd were trading at Rs. 1425.20 per share, up from its previous close of Rs. 1,396.05 per share. 

Cyient DLM Ltd

Cyient DLM specialises in high-reliability electronics manufacturing for aerospace, defence, medical technology, industrial, and rail transportation sectors. The company offers design-led manufacturing services, including PCB assembly and electronic systems integration, and stands to benefit from India’s strengthening electronics manufacturing ecosystem. With a market capitalisation of Rs. 3,682 cr, the shares of Cyient DLM Ltd were trading at Rs. 464 per share, up from its previous close of Rs. 460.55 per share. 

Amber Enterprises India Ltd

Amber Enterprises is one of the leading manufacturer of air conditioners and a rapidly growing electronics manufacturer through its subsidiaries. The company has expanded into PCB assembly, consumer electronics, wearables, and industrial electronics, making it well-positioned to benefit from increasing domestic PCB production and exports.

With a market capitalisation of Rs. 26,232 cr, the shares of Amber Enterprises India Ltd were trading at Rs. 7438 per share, down from its previous close of Rs. 7,532 per share. 

SRF Ltd

SRF is a diversified chemicals and industrial materials company that has also entered the electronics supply chain through investments in copper clad laminates (CCLs), a critical raw material used in PCB manufacturing. As domestic PCB production expands under the government’s electronics manufacturing scheme, SRF could benefit from rising demand for CCLs. With a market capitalisation of Rs. 80,867 cr, the shares of SRF Ltd were trading at Rs. 2728.10 per share, down from its previous close of Rs. 2,738.50 per share. 

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