A fast-read primer on India's electronics system design & manufacturing (ESDM) sector — the backdrop against which we benchmark every company's cost structure in this category.
Both the ESDM segment and the broader electronics market have grown consistently, with more to come.
FY16 → FY19 → FY25
FY16 → FY19 → FY25
Robust demand, attractive new investment schemes, and strong policy support define the sector.
A sample of the industry-wide and policy moves shaping the sector through early 2026.
Listed Indian IT-Hardware companies in tDoBe's cost-benchmarking coverage.
The market facts above are public background. What follows is tDoBe's own work: every "Other Expenses" line from these companies' own financial records, read by hand and sorted into one clear set of categories — not a keyword search, not each company's own way of reporting it.
Each mark is one company's total Other Expenses as % of net revenue. No company is named here.
Ranked from biggest to smallest.
The one bucket that stands out most consistently is Miscellaneous & Others (1.4% of revenue) — no other single category clears even 1%, reflecting how lean the reported Other Expenses base is for this sector.
This sector mixes low-margin hardware distributors with higher-margin niche manufacturers, so the 55.9x gap between the highest and lowest company is largely a business-model difference, not an inconsistency in how the numbers were read.
Bharat Global Developers Ltd's filings show characteristics more consistent with a shell company than an operating hardware business, so we've left it out rather than let one outlier skew the picture.
This is the free, sector-wide view. It tells you where IT Hardware stands as a whole — not where your own company stands against it, category by category, in rupees.
A below-average number is a reason to call too — the benchmark keeps improving as we go.