Industry Odisha Bureau, Oct 28: Tata Electronics is closing in on ₹1 lakh crore in annual export revenue. The milestone confirms its rising weight in the Apple supply chain. Yet the same filings reveal a sharply wider loss and heavy import reliance.
Three Tata entities reported combined exports of ₹99,128 crore in FY26. The figures come from Registrar of Companies filings, as reported by Economic Times. That compares with ₹76,953 crore in FY25, a reported rise of about 29%. The group includes Tata Electronics and Tata Electronics System Solutions, the former Wistron unit. The third is Tata Electronics Products and Solutions, formerly Pegatron Technology India. Tata owns 60% of that venture, while Pegatron holds 40%. The growth figures are not strictly like-for-like. Tata Electronics System Solutions reported a 15-month period in FY25.
Destination data shows how Apple is spreading production beyond China. Taiwan took ₹47,930 crore, the United States ₹38,508 crore and Ireland ₹11,980 crore. Ireland houses Apple’s European headquarters. Shipping destination, though, may differ from the final point of sale. Mohit Yadav, founder of business intelligence firm AltInfo, said combined US revenue rose nearly 40%. He called India an increasingly important base for the US market. He added that comparable 12-month growth would be even higher. Exports made up about 76% of the entities’ reported production revenue. India’s gains need not mean an equal drop in Chinese output.
The bottom line tells a tougher story. Consolidated operating revenue jumped 96% to ₹1,29,902 crore in FY26. Yet the consolidated net loss widened to ₹1,611 crore from ₹69 crore. Fast-scaling electronics plants often face ramp-up costs, depreciation and heavy capital spending. The filings do not specify what drove the loss. Bigger volumes alone do not guarantee lasting profits.
Foreign exchange flows raise a deeper question. The three entities’ combined forex outgo stood at ₹1,29,641 crore. That exceeded their export earnings by a wide margin. This suggests continued dependence on imported components. But the outgo may also cover licensing fees and other undisclosed charges. Assembly at home is not the same as a deep local supply base. That requires components, semiconductors, precision engineering and strong supplier networks.
At home, Tata Electronics’ domestic sales rose 46% to ₹30,182 crore. An industry executive said this includes supplies to Apple India. Apple India, the local sales and service arm, posted FY26 revenue of ₹1,03,853 crore. It earned a net profit of ₹5,311 crore. The two firms sit at different points in the value chain, so comparisons mislead.
Currency moves add another layer. The rupee slid nearly 10%, from about ₹85.60 to ₹94.80 per dollar during FY26. Analysts said this may have inflated the rupee value of exports. A weaker rupee also makes imported inputs costlier.
Tata Electronics is now a key pillar of Apple’s India strategy. The bigger test is turning scale into profit and local value. India must move beyond assembly toward a richer component ecosystem. Only then will the export boom become a lasting industrial gain.
