Ekkaa Electronics (India) Ltd.

Ekkaa Electronics Business Model Explained: How India's Fastest-Growing TV Manufacturer Makes Money What does Ekkaa Electronics do? Ekkaa Electronics (India) Limited is a Noida-based electronics contract manufacturer. It designs and manufactures LED TVs, washing machines, air coolers, induction cooktops and speakers for other consumer brands — it does not sell products under its own brand name. In simple terms, the logo on the TV belongs to the brand; the product inside is often built by Ekkaa. As per its DRHP, Ekkaa held about a 5.5% share of India's LED TV market by volume in FY26, making it one of the largest television manufacturers in India that most consumers have never heard of. Is Ekkaa Electronics an ODM or an OEM? Both, and the difference is central to its business model. As an OEM (Original Equipment Manufacturer), Ekkaa manufactures products based on designs the brand provides. Here, Ekkaa is essentially skilled manufacturing capacity for hire. As an ODM (Original Design Manufacturer), Ekkaa designs the product itself. It maintains a catalogue of ready TV and appliance designs, operating systems and specifications. A brand simply selects a model, customises the specs, adds its logo and places the order. The ODM model is where the real value lies. Design ownership means higher margins, faster turnaround and stickier customer relationships, since the brand depends on Ekkaa for the product itself, not just assembly. India's consumer durables ODM market is projected to grow about 20% annually, from ₹24,900 crore in FY26 to ₹51,380 crore by FY30, per the Frost & Sullivan report in Ekkaa's DRHP. Ekkaa Electronics products and revenue mix (FY26) Product segment FY26 revenue (₹ cr) Share of revenue LED televisions (24 to 98 inch, including smart TVs) 877.0 71.8% Semi-automatic washing machines 119.7 9.8% Air coolers 25.6 2.1% Induction and infrared cooktops 10.1 0.8% Multimedia speakers 4.5 0.4% Others (spares, components, smart displays) 184.9 15.1% Total 1,221.8 100% Ekkaa is, first and foremost, a TV manufacturing company: roughly 7 out of every 10 rupees of revenue come from LED televisions. The other categories are early-stage diversification bets running at low capacity utilisation, which means significant headroom for growth. How does Ekkaa Electronics make money? Ekkaa's revenue model is a per-unit manufacturing spread. It buys components — open cell display panels, PCB parts, motors, plastics — converts them into finished products at its factories, and sells them to brands at a markup. There is no subscription income, no royalty and no brand premium. The unit economics look like this: raw materials consume about 83% of revenue, leaving a gross margin of roughly 17%. After employee costs, power, freight and overheads, Ekkaa earns an EBITDA margin of 9 to 11% — which, notably, is higher than larger listed peers like Dixon Technologies, Amber Enterprises and PG Electroplast. This is a volume business where profitability depends on scale, component sourcing and operating efficiency. Ekkaa Electronics manufacturing facilities Ekkaa operates from Noida, Uttar Pradesh, with a total installed capacity of about 52 lakh units per year on a single shift. Noida plant (main facility): Makes TVs, washing machines, cooktops, speakers and smart displays. It houses 4 SMT (surface mount technology) lines for circuit board assembly, plus in-house plastic injection moulding and metal pressing. This backward integration — making its own TV cabinets and metal back covers — is a key margin driver. Ganaur, Haryana: Air cooler plant, operational since January 2026. Sonipat, Haryana: The legacy TV plant (from the EEIPL acquisition), scaled down in November 2025 with production shifted to Noida. Overall capacity utilisation was just 38% in FY26 on a single 8-hour shift, meaning Ekkaa can roughly double output without major new capital expenditure. The company has also filed its intent with the UP government for a greenfield refrigerator manufacturing plant at YEIDA. Who are Ekkaa Electronics' clients? Ekkaa serves over 450 B2B customers across 20 Indian states and union territories. The DRHP describes them as "known brands" across four buckets: established retail-facing consumer electronics brands, online and e-commerce-first brands, regional brands in Tier II and Tier III cities, and OEMs that buy semi-knocked-down (SKD) or completely-knocked-down (CKD) kits for their own assembly. Customer concentration is high but improving: the top 10 clients contributed 65.8% of FY26 revenue, down from 80.4% in FY25. Fifty-five customers have been with the group for over five years, and Ekkaa's playbook is to land a brand with one product (usually TVs) and expand into washing machines, cooktops and more. What is Ekkaa Electronics' competitive advantage? Speed: Product samples in about 7 days; finished goods delivered in 15 to 35 days. Design library: Ready ODM catalogue that lets brands launch without R&D of their own. Backward integration: In-house PCB assembly, cabinets and metal parts, supporting best-in-class margins. Flexibility: Fully-built units or SKD/CKD kits, in small customised batches that larger EMS players avoid. Structural tailwinds: The Make in India push and brands increasingly outsourcing manufacturing to focus on marketing and distribution. Ekkaa Electronics business model: quick summary Ekkaa Electronics runs a B2B ODM/OEM contract manufacturing model — the "central kitchen" of Indian consumer electronics. It designs and builds TVs and appliances that hundreds of brands sell under their own names, earns a thin per-unit spread, and compounds through volume, backward integration and customer expansion.