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In July-September 2021 quarter last year, the company started manufacturing/assembling of LED TV for two of its clients at the Greater Noida facility. It has tied-up with a Chinese company for tech know how and designing of LED TVs. The facility has an annual installed capacity of 500,000 units of televisions with screen sizes up to 70 inches.

It receives consistent orders from popular brands including Voltas, LG India, Whirlpool, Reliance Digital, Onida, Godrej, and Acer.

Newhaven Display offers both glass and module type VFDs. The glass VFDs are available in standard sizes and come as either 7-segmented, alphanumeric or Dot Matrix displays.

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Display manufacturing is very complex and technology-intensive. The problems are huge capital investment, high risk, and rapid changes in technology.

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Plans for notifying the scheme in a few weeks, fast tracking approvals, and handholding companies are already in motion as they set up manufacturing units in India.

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When heat generated by a power supply is applied to the tungsten wires, the alkaline coating emits electrons. These electrons are controlled and diffused by the thin metal grids within the display. When these electrons come in contact with the phosphor coated plates they emit light.

In a recent interview, the company's MD said that Dixon has a capital expenditure (capex) of around Rs 4.5 bn for fiscal 2022.

PG Electroplast is among 52 companies that have applied for the PLI scheme for white goods including components for ACs and LEDs.

Just like Dixon, PG Electroplast is into manufacturing LED TVs, mobile components, washing machines, air conditioners, and other consumer electronic appliances.

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There's a growing demand for display screens in India for manufacturing LEDs, desktops, smart phones, etc. Students now need laptops to attend lectures from home in a post pandemic world.

Lately, Dixon's stock has come under pressure owing to the shortage in global supply chain of semiconductors, which is an important component of electronics products.

Its focus on new verticals has supported growth. Around two years back, it ventured into manufacturing of set-top boxes and medical electronics.

He also said that the company's revenues are expected to see a sharp rise from Rs 64 bn to Rs 110-115 bn in fiscal 2022.

VFDs (Vacuum Fluorescent Displays) are high contrast displays that can display 7-segment numerals, multi-segment alphanumeric characters or a dot matrix pattern. These display types are typically colored green, bright and perform well in both dark and full sunlight environments. VFDs use a self-emitting fluorescent light allowing them to operate in extreme cold and hot temperatures. VFDs are commonly used in consumer based electronics such as car radios, ovens and DVD/Blue-ray players.

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The Vedanta group has planned investments of US$15 bn over the next 5-10 years to make displays and semiconductor chips in India.

It produces TVs for global and domestic brands like Samsung, Panasonic, Xiaomi, TCL, OnePlus, and many more. The biggest part of the company's revenues (over 45%) is from the LED TV segment.

The benefits of PLI scheme for semiconductor and display industry companies isn't limited to them. It also spans various electronic segments such as smartphones, LED TVs, laptops, air conditioners, etc.

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This just shows the government's 'Atmanirbhar Bharat' and 'Make in India' initiatives are taking off. The PLI is like an added boost.

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The government's increased focus to be self-reliant has opened a huge opportunity for big as well as small players. Investments from companies seeking to benefit from the scheme may begin soon. The government is expecting investments worth Rs 1.7 tn.

Electrons- In the case of non-light emission, electrons from the cathode are either blocked by the grid with a negative potential, or passed through the grid and repelled by the negative potential anode. In the case of light emission, electrons from the cathode are accelerated by the positively charged grid toward the positively charged anode. The phosphor on the anode emits luminous radiation when excited by electrons.

VFDs are composed of a hot cathode filament, anode segments coated with phosphor and grids within a vacuum sealed glass encasement. The filament is made up of alkaline coated tungsten wires which enable the display to emit light.

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In December 2021, the Indian government gave a huge boost to semiconductor and display manufacturing. It allocated over Rs 760 bn to the sector in the PLI scheme. The aim here is to increase semiconductor and display manufacturing to meet domestic demand. This demand is now met by imports. Large corporates including Tata group and Vedanta group have already laid out plans to set up fab units. The Vedanta group has planned investments of US$15 bn over the next 5-10 years to make displays and semiconductor chips in India. Global companies too, have shown lot of interest. And why wouldn't they? After all, display fab units will be offered fiscal support of up to 50% of project cost. When the PLI scheme was announced, we were quick to identify the huge opportunity here. We wrote to you about the stocks in the semiconductor space. In this article, we will look at two display industry stocks which should be in your watchlist for 2022. #1 Dixon Technologies Dixon Technologies is one of the largest design-focused and solutions company in India. It's engaged in manufacturing consumer electronics. The company's product portfolio includes most consumer electronics we use daily. LED TVs, washing machines, LED bulbs, and tube lights, mobile phones, CCTV - Dixon has its footprint in all of them. It's the biggest manufacturer of LED TVs in India. It produces TVs for global and domestic brands like Samsung, Panasonic, Xiaomi, TCL, OnePlus, and many more. The biggest part of the company's revenues (over 45%) is from the LED TV segment. Dixon Technologies is a stock that should be on your watchlist. Display manufacturing is very complex and technology-intensive. The problems are huge capital investment, high risk, and rapid changes in technology. Despite being in a capital-intensive sector, Dixon has maintained a footprint, across verticals, with little debt on its books. Financial Snapshot (Rs m, Consolidated) FY17 FY18 FY19 FY20 FY21 Net sales 24,570.3 28,416.3 29,844.5 44,001.2 64,481.7 Sales growth (%) 77% 16% 5% 47% 47% Operating profit 926.4 1,168.7 1,417.8 2,327.3 2,934.5 Operating profit margin (%) 4% 4% 5% 5% 5% Net profit 475.7 609.0 633.6 1,205.0 1,597.9 Net profit margin (%) 2% 2% 2% 3% 2% Total Debt 467.3 446.3 1,412.4 866.7 1,560.9 Debt to Equity (x) 0.24 0.14 0.38 0.16 0.21 Data Source: Ace Equity Over the years, the company has augmented its manufacturing capacity. It has also acquired a good control over costs. Dixon is now among the largest and most cost-efficient electronics companies in India. Its focus on new verticals has supported growth. Around two years back, it ventured into manufacturing of set-top boxes and medical electronics. There's a growing demand for display screens in India for manufacturing LEDs, desktops, smart phones, etc. Students now need laptops to attend lectures from home in a post pandemic world. Due to the increased demand, global manufacturers are tying up with local manufacturers like Dixon who have a good execution track record. Taiwanese PC maker, Acer, has partnered Dixon to make laptops in India. For this, a manufacturing unit was augmented last year so as to produce up to 500,000 laptops annually. This just shows the government's 'Atmanirbhar Bharat' and 'Make in India' initiatives are taking off. The PLI is like an added boost. Dixon's subsidiary Padget Technologies has already received permission from the government under PLI scheme for manufacturing mobile phones. Domestic mobile phone production is set to grow in the next 5-6 years and Dixon will be one of the main beneficiaries. In a recent interview, the company's MD said that Dixon has a capital expenditure (capex) of around Rs 4.5 bn for fiscal 2022. He also said that the company's revenues are expected to see a sharp rise from Rs 64 bn to Rs 110-115 bn in fiscal 2022. Since listing in September 2017, the stock is up a massive 645%. Lately, Dixon's stock has come under pressure owing to the shortage in global supply chain of semiconductors, which is an important component of electronics products. The fall can also be attributed to a weak set of results. Last month, Dixon posted 9% sequential growth in revenue while net profit declined 25%. To know more, check out Dixon Technologies' latest quarterly results. #2 PG Electroplast Just like Dixon, PG Electroplast is into manufacturing LED TVs, mobile components, washing machines, air conditioners, and other consumer electronic appliances. It specialises in plastic moulding components and has an established a market position. The group is one of the leading contract manufacturers/vendors for ACs, washing machines and other plastic moulded components for white goods. It receives consistent orders from popular brands including Voltas, LG India, Whirlpool, Reliance Digital, Onida, Godrej, and Acer. PG Electronics' Esteemed Clientele While the company derives less than 10% of its revenues from the electronics segment, its sound financials make it worth putting on your watchlist. In 1995, PG Electroplast started manufacturing complete TV sets at its facility in Noida. However, soon after the company entered this space, it faced immense competition by South Korean and Japanese TV brands in India. Even large brands like Onida and Videocon could not survive. After a long halt, it has re-entered the television manufacturing business, backed by the government's support for domestic companies under 'Atmanirbhar Bharat'. PG Electroplast is among 52 companies that have applied for the PLI scheme for white goods including components for ACs and LEDs. In July-September 2021 quarter last year, the company started manufacturing/assembling of LED TV for two of its clients at the Greater Noida facility. It has tied-up with a Chinese company for tech know how and designing of LED TVs. The facility has an annual installed capacity of 500,000 units of televisions with screen sizes up to 70 inches. The company's management is of the view that production will ramp up from January-March 2022 quarter onwards. In 2021, the company saw a sharp spike in its net profit as all its verticals did well. 2021 was also the year in which PG recorded highest-ever revenue, operating profit, and net profit. This despite posting quarterly sales losses in the first two quarters due to the lockdown and its after effects. Financial Snapshot (Rs m, Standalone) FY17 FY18 FY19 FY20 FY21 Net sales 3,663.5 3,994.2 5,083.5 6,394.2 7,032.1 Sales growth (%) 41% 9% 27% 26% 10% Operating profit 238.4 298.7 338.7 423.8 523.9 Operating profit margin (%) 7% 7% 7% 7% 7% Net profit 33.6 74.9 99.4 26.2 116.2 Net profit margin (%) 1% 2% 2% 0.4% 2% Total Debt 1,117.0 1,285.4 1,299.2 1,882.3 1,860.5 Debt to Equity (x) 0.91 0.98 0.77 1.07 0.97 Data Source: Ace Equity The only big concern is the company's debt which has increased over the years. Those who had invested in the company a year ago would be sitting on heavy gains of 200%. To know more about the company, check out the financial factsheet of PG Electroplast and its latest quarterly results. In conclusion The government's increased focus to be self-reliant has opened a huge opportunity for big as well as small players. Investments from companies seeking to benefit from the scheme may begin soon. The government is expecting investments worth Rs 1.7 tn. Plans for notifying the scheme in a few weeks, fast tracking approvals, and handholding companies are already in motion as they set up manufacturing units in India. The benefits of PLI scheme for semiconductor and display industry companies isn't limited to them. It also spans various electronic segments such as smartphones, LED TVs, laptops, air conditioners, etc. All in all, it would be beneficial for the entire electronics space. Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...

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Despite being in a capital-intensive sector, Dixon has maintained a footprint, across verticals, with little debt on its books.

In 2021, the company saw a sharp spike in its net profit as all its verticals did well. 2021 was also the year in which PG recorded highest-ever revenue, operating profit, and net profit. This despite posting quarterly sales losses in the first two quarters due to the lockdown and its after effects.

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Color filters can be applied to any VFD to change the overall look of the display. These filters alter the color of the VFD and increase the contrast ratio, as well as act as a protective shield.

Dixon Technologies is one of the largest design-focused and solutions company in India. It's engaged in manufacturing consumer electronics.

After a long halt, it has re-entered the television manufacturing business, backed by the government's support for domestic companies under 'Atmanirbhar Bharat'.

Global companies too, have shown lot of interest. And why wouldn't they? After all, display fab units will be offered fiscal support of up to 50% of project cost.

The company's product portfolio includes most consumer electronics we use daily. LED TVs, washing machines, LED bulbs, and tube lights, mobile phones, CCTV - Dixon has its footprint in all of them.

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The fall can also be attributed to a weak set of results. Last month, Dixon posted 9% sequential growth in revenue while net profit declined 25%.

While the company derives less than 10% of its revenues from the electronics segment, its sound financials make it worth putting on your watchlist.

When the PLI scheme was announced, we were quick to identify the huge opportunity here. We wrote to you about the stocks in the semiconductor space.

Newhaven Display’s module VFDs are available in standard sizes and feature a PCB board with a built-in controller. These displays can be used as compatible replacements for LCD or OLED modules. Like the glass VFDs, they are available as alphanumeric or Dot Matrix displays. Newhaven Display offers custom design for both the glass and module type VFDs.

Yash Vora is a financial writer with the Microcap Millionaires team at Equitymaster. He has followed the stock markets right from his early college days. So, Yash has a keen eye for the big market movers. His clear and crisp writeups offer sharp insights on market moving stocks, fund flows, economic data and IPOs. When not looking at stocks, Yash loves a game of table tennis or chess.

The aim here is to increase semiconductor and display manufacturing to meet domestic demand. This demand is now met by imports.

In 1995, PG Electroplast started manufacturing complete TV sets at its facility in Noida. However, soon after the company entered this space, it faced immense competition by South Korean and Japanese TV brands in India. Even large brands like Onida and Videocon could not survive.

Disclaimer: This article is for information purposes only. It is not a stock recommendation and should not be treated as such. Learn more about our recommendation services here...

Cathode- The Cathode (Filament) is the barium oxide coated tungsten wire which is heated by the external power source to approximately 600°C and emits free thermal electrons.

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Dixon's subsidiary Padget Technologies has already received permission from the government under PLI scheme for manufacturing mobile phones.

It specialises in plastic moulding components and has an established a market position. The group is one of the leading contract manufacturers/vendors for ACs, washing machines and other plastic moulded components for white goods.

Due to the increased demand, global manufacturers are tying up with local manufacturers like Dixon who have a good execution track record. Taiwanese PC maker, Acer, has partnered Dixon to make laptops in India. For this, a manufacturing unit was augmented last year so as to produce up to 500,000 laptops annually.

In December 2021, the Indian government gave a huge boost to semiconductor and display manufacturing. It allocated over Rs 760 bn to the sector in the PLI scheme.