Tata Electronics’ exports reached ₹99,128 crore in FY26, bringing the Tata Group’s electronics manufacturing business close to the ₹1 lakh crore milestone. The exports were reported collectively by three Tata Electronics entities, reflecting the company’s growing role in Apple’s global iPhone supply chain as the technology company expands production beyond China. The United States, Taiwan and Ireland emerged as the largest export destinations.
The export growth, however, has not yet translated into profitability. Tata Electronics reported a consolidated net loss of ₹1,611 crore in FY26, compared with a loss of ₹69 crore in FY25. Consolidated operating revenue increased 96% to ₹1,29,902 crore during the year. The financial performance highlights the rapid expansion of Apple’s manufacturing operations in India, alongside the investment, component sourcing and operating costs involved in scaling production.
Key Takeaways
- Three Tata Electronics entities reported combined exports of ₹99,128 crore in FY26.
- Exports increased more than 29% from ₹76,953 crore in FY25.
- The United States, Taiwan and Ireland were the largest export destinations.
- Consolidated operating revenue increased 96% to ₹1,29,902 crore.
- Consolidated net loss widened to ₹1,611 crore from ₹69 crore in FY25.
- Combined foreign exchange outgo reached ₹1,29,641 crore.
- Exports accounted for approximately 76% of reported production revenue.
- Tata Electronics is expanding its role in Apple’s effort to diversify manufacturing beyond China.
Tata Electronics Exports Reach Nearly ₹1 Lakh Crore
Tata Electronics’ export performance reflects the rapid expansion of iPhone manufacturing operations in India.
According to company filings with the Registrar of Companies (RoC), three Tata Electronics entities collectively reported export revenue of ₹99,128 crore in FY26, compared with ₹76,953 crore in FY25.
The three entities are:
- Tata Electronics: The group’s electronics manufacturing business, involved in producing and assembling electronic devices and components.
- Tata Electronics System Solutions: The former Wistron India business acquired by Tata Electronics.
- Tata Electronics Products and Solutions: Formerly Pegatron Technology India, operating as a joint venture in which Tata Electronics holds 60% and Taiwan’s Pegatron owns the remaining 40%.
The combined export figures show how the acquisitions of Wistron’s and Pegatron’s Indian operations have expanded Tata Electronics’ manufacturing footprint.
| Export metric | FY26 | FY25 |
|---|---|---|
| Combined export revenue | ₹99,128 crore | ₹76,953 crore |
| Year-over-year growth | More than 29% | — |
| Share of reported production revenue | Approximately 76% | — |
The year-over-year comparison requires a qualification: Tata Electronics System Solutions reported a 15-month accounting period in FY25 following its acquisition. Therefore, the two years are not strictly comparable on a like-for-like basis.
US, Taiwan and Ireland Lead Tata Electronics Exports
The United States, Taiwan and Ireland accounted for the largest share of Tata Electronics’ exports in FY26.
Taiwan was the biggest destination, followed by the US and Ireland.
| Export destination | FY26 exports |
|---|---|
| Taiwan | ₹47,930 crore |
| United States | ₹38,508 crore |
| Ireland | ₹11,980 crore |
| Total | ₹98,418 crore |
The destination figures are rounded and do not fully add up to the reported combined export total of ₹99,128 crore. The difference reflects other destinations and reporting details.
The US market is particularly important because Apple has been expanding its supply chain outside China. The rise in shipments to the US indicates India’s growing importance as a manufacturing and export base for the company.
Ireland is also strategically relevant because Apple has its European headquarters there.
The growing export contribution demonstrates that Indian factories are increasingly integrated into Apple’s international manufacturing and distribution network.
Tata Electronics’ Revenue Nearly Doubles in FY26
The export expansion coincided with a sharp increase in Tata Electronics’ consolidated operating revenue.
The company reported operating revenue of ₹1,29,902 crore in FY26, compared with approximately ₹66,300 crore in FY25, representing growth of around 96%.
Domestic sales also increased, rising 46% to ₹30,182 crore.
| Financial metric | FY26 | FY25 |
|---|---|---|
| Consolidated operating revenue | ₹1,29,902 crore | Approximately ₹66,300 crore |
| Consolidated net loss | ₹1,611 crore | ₹69 crore |
| Domestic sales | ₹30,182 crore | Not specified in the cited report |
| Consolidated EBITDA | ₹2,703 crore | Not specified in the cited report |
The difference between operating revenue and profitability is important. Tata Electronics is scaling its manufacturing operations rapidly, but the costs associated with expansion, depreciation, financing and imported components continue to affect its bottom line.
Apple’s India business, meanwhile, reported FY26 sales of ₹1,03,853 crore and a net profit of ₹5,311 crore. These are Apple India’s figures and should not be confused with Tata Electronics’ manufacturing revenue or profit.
Why Did Tata Electronics’ Net Loss Increase to ₹1,611 Crore?
Despite its strong export growth, Tata Electronics’ consolidated net loss widened sharply in FY26.
The company reported a loss of ₹1,611 crore, compared with ₹69 crore in FY25.
One factor to consider is the scale of investment required to expand electronics manufacturing. The company is building production capacity, investing in subsidiaries and developing capabilities across the electronics and semiconductor value chain.
Its expansion includes:
- iPhone assembly and electronics manufacturing services.
- Semiconductor assembly and testing.
- Semiconductor fabrication projects.
- Manufacturing of precision electronic components.
- Investment in production facilities and supporting infrastructure.
The company’s earlier filings also showed substantial increases in debt and investments in subsidiaries, reflecting the capital-intensive nature of its expansion.
In FY26, consolidated EBITDA stood at ₹2,703 crore. However, EBITDA does not include certain costs such as depreciation, amortisation and interest, which can significantly affect net profit for a company investing heavily in manufacturing infrastructure.
The widening loss therefore needs to be viewed alongside the company’s expansion and financing requirements rather than as an isolated measure of operating performance.
Import Dependence Remains a Challenge
Another important finding from the FY26 filings is the difference between Tata Electronics’ foreign exchange earnings and its foreign exchange outgo.
The three entities collectively reported foreign exchange outgo of ₹1,29,641 crore, exceeding their export earnings.
This indicates that India’s iPhone manufacturing ecosystem still relies heavily on imported components, equipment and other overseas services.
However, foreign exchange outgo does not represent component imports alone. It may also include licensing fees and other foreign currency payments, whose detailed breakdown was not available in the cited filings.
The gap highlights a structural challenge for India’s electronics manufacturing ambitions: assembling and exporting finished devices does not automatically mean that the entire supply chain is domestic.
Greater local production of components, materials and manufacturing equipment could help increase domestic value addition over time.
Apple’s China Diversification Strategy Benefits India
Apple has been diversifying its manufacturing operations beyond China as it seeks a more geographically distributed supply chain.
India has emerged as an important part of that strategy, supported by manufacturing investments, government incentives and the expansion of local supplier networks.
Tata Electronics has become one of the central companies in this transition through its acquisition of established manufacturing operations and its expansion into new facilities.
The export figures demonstrate the scale of this shift. Nearly ₹1 lakh crore in combined exports from the three entities indicates that Indian manufacturing operations are now serving international markets rather than focusing only on domestic demand.
For India, the opportunity extends beyond iPhone assembly. A stronger electronics manufacturing ecosystem could create demand for component suppliers, logistics providers, industrial infrastructure and skilled workers.
The Bigger Picture
Tata Electronics’ FY26 performance illustrates both the opportunity and the challenges of building a large electronics manufacturing industry in India. Exports approaching ₹1 lakh crore show that the country is becoming a more important part of Apple’s global supply chain. The rapid increase in revenue also demonstrates the scale achieved through acquisitions and manufacturing expansion.
However, the widening net loss and substantial foreign exchange outgo highlight the distance between export-led growth and a fully developed domestic manufacturing ecosystem. India’s long-term gains will depend on increasing local component production, improving supply-chain depth and ensuring that manufacturers can convert higher production volumes into sustainable profitability.
Looking Ahead
Tata Electronics’ next phase will depend on how effectively it manages its expanding manufacturing operations while controlling debt, depreciation and other costs. Its semiconductor investments and growing iPhone manufacturing capacity could create additional opportunities, but these businesses require significant capital and time before their full financial contribution becomes visible.
For investors and the wider electronics industry, the key indicators will be export growth, operating margins, domestic value addition and the company’s ability to reduce its dependence on imported inputs. The FY26 results establish Tata Electronics as a major export-oriented manufacturer, but sustained profitability will be an important test of its expansion strategy.
Frequently Asked Questions
1. How much did Tata Electronics export in FY26?
Three Tata Electronics entities collectively reported exports of ₹99,128 crore in FY26, according to their filings with the Registrar of Companies.
2. Why are Tata Electronics’ exports increasing?
The growth is primarily linked to Apple’s expansion of iPhone manufacturing in India and the integration of manufacturing operations acquired from Wistron and Pegatron.
3. Which countries received the most Tata Electronics exports?
Taiwan received ₹47,930 crore, the United States ₹38,508 crore and Ireland ₹11,980 crore in FY26, according to the reported filings.
4. What was Tata Electronics’ net loss in FY26?
Tata Electronics reported a consolidated net loss of ₹1,611 crore in FY26, compared with ₹69 crore in FY25.
5. How much revenue did Tata Electronics generate in FY26?
The company reported consolidated operating revenue of ₹1,29,902 crore, an increase of approximately 96% year over year.
6. Why does Tata Electronics still depend on imports?
The company’s manufacturing operations require components, equipment and other inputs sourced internationally. Its three entities reported combined foreign exchange outgo of ₹1,29,641 crore in FY26, although this figure may include payments beyond component imports.
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