India’s screen-protector market could be heading for a major shift as the government prepares to introduce mandatory BIS certification. The change could be particularly important for Optiemus Infracom, which is attempting to build a domestic, branded screen-protector business at a time when the category remains heavily dependent on imports.
The company estimates the current market at around Rs 20,000 crore, with the potential to reach Rs 40,000 crore by 2030. With around 60 crore smartphone users and average usage of two protectors a year, Optiemus sees a large opportunity to create a domestic B2C category through manufacturing, branding and distribution.
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With a market cap of Rs 7,300 crore, the shares of Optiemus Infracom Ltd are trading at Rs 806 and are trading at a PE of 100 compared to their industry’s PE of 61. The shares have given a return of more than 150% in the last 5 years.
BIS Could Change the Market
Regulatory pressure appears to be the fundamental catalyst driving the opportunity in the form of the proposed BIS mandate. Optiemus anticipates that by January 2027, there may be mandatory certifications for screen protectors, which would mean that any grey market imports may be restricted. Being prepared with internal manufacturing and branding advantages, a regulatory environment could alter the dynamics of competition altogether.
This is significant for multiple reasons. Restriction of any import from overseas manufacturers failing to comply with the necessary standards could provide entry into organised Indian brands for retail reach and consumer penetration. Nonetheless, the real impact will depend on subsequent notification, execution, and enforcement processes.
Rs 20,000 Cr Opportunity
Optiemus believes India’s screen protector market stands at about Rs 20,000 crore today, calling it a pure-imports market. Its assessment sees the market doubling to Rs 40,000 crore by 2030. The estimate considers 60 crore smartphone users and two screen protectors being consumed annually.
For Optiemus, however, the appeal goes beyond just category size. It lies in developing a market that remains purely based on imports at present. But Rs 20,000 crore should be viewed as the total available market, rather than prospective revenue for Optiemus. Optiemus’ ability to earn significant revenues will hinge on pricing competitiveness, product quality, branding and distribution channels.
From EMS to B2C
Optiemus’ approach to screen protectors represents another evolution in its business model. Historically, the company has been linked to electronics manufacturing and distribution. But this initiative reflects a shift towards building its own branded consumer products, which would enable the firm to manage both manufacturing and branding under its own roof. This is evident from the list of key B2C growth areas outlined in its Q1 FY27 presentation.
The approach draws strength from existing competencies at Optiemus. According to its annual report, RhinoTech, Optiemus’ premium line-up of tempered glass screen protectors, was unveiled during FY26. These glasses have been developed by Corning and manufactured within India, and Optiemus has also set up a dedicated manufacturing plant for these products at Noida.
Two Brands, One Strategy
The firm does not define its positioning around any specific product line or pricing tier. Rather, Optiemus has positioned RhinoTech as the luxury brand range, while OptiGuard stands as the economy brand range. Such positioning provides the company with the framework to tap into various consumer segments beyond the luxury one alone.
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At a higher level, Optiemus’ strategy appears fairly straightforward: manufacture products internally, establish the proprietary brand range and leverage the firm’s own distribution infrastructure to get its products distributed. According to the firm, this is a repeatable B2C playbook. In addition, the launch of the screen protector range is likely to coincide with BIS notification.
Cover Glass Adds Another Layer
Optiemus’ screen protector opportunity also comes at a point when the company is moving further up into the electronics industry value chain. The Optiemus-Corning JV, 70:30, called Bharat Innovative Glass Technologies or BIGTECH, is setting up a manufacturing facility for cover glass components in Tamil Nadu. Commercial production is scheduled to commence during H2 FY27.
Cover glass differs significantly from the screen protector line-up. The screen protectors would represent a branded B2C play for the group, whereas the cover glass component represents a high-tech B2B play. According to ICRA, cover glass would be a more value-added business for the Optiemus group, given its high barrier to entry and absence of local competition, as much of this component is currently being sourced by imports.
Growth Guidance Leaves Room
Optiemus’ current guidance provides an interesting backdrop to assess its screen protector opportunity as well. Optiemus’ management forecasts revenue of Rs 6,000 crores for FY29 with FY27 revenues doubling. More importantly, Optiemus aims to grow at a compounded rate exceeding 30% during FY28 and FY29.
What’s even more significant is that the management does not factor any contribution from the screen protector business, cover glass, or the second B2C vertical, which was launched in Q3 FY27, towards these numbers.
It suggests that the screen protector opportunity will act as an incremental opportunity rather than the main catalyst driving the current guidance forecast. In case the category scales well, it will help diversify Optiemus’ revenue streams, beyond the smartphone EMS services segment and cover the glass category that the company plans to enter next year.
Execution Remains the Key Risk
Optiemus’ opportunity looks substantial, although simply having the right regulatory environment will not suffice for Optiemus to become a dominant force. Optiemus needs to create traction for RhinoTech and OptiGuard; create awareness among consumers; price competitively; and distribute widely enough.
Further, Optiemus also needs to prove that the indigenous manufacturing model will be able to compete successfully versus imports after the implementation of BIS norms. Capital intensity is another factor to watch out for. According to ICRA, Optiemus’ consolidated Total Debt/OPBDIT multiple rose to 3.8x in FY26 compared to 1.6x in FY25, with debt funding accounting for investments in BIGTECH.
Around 60-65% of the total cost associated with Phase I projects has been financed via debt. ICRA sees scope for earnings accretion from the high-margin cover glass vertical in future years.
Can Optiemus Become a Major Player?
Optiemus possesses many attributes necessary for creating a significant presence within India’s screen-protector space. These include an addressable market worth Rs 20,000 crores, local manufacturing capabilities, two planned brands, an electronics distribution channel, and a potential move away from grey imports under BIS certification.
Even more important would be the company’s manufacturing base at Noida and connection to Corning on technology. Creating a screen protector operation large enough to rank among India’s biggest players would hinge largely on what share of the post-BIS landscape Optiemus would manage to capture. While BIS might present an opportunity, there are no guarantees regarding market share gain.
But should the firm leverage its manufacturing strengths along with its distribution prowess to capture sufficient demand in this market, then this segment could emerge as yet another growth engine besides its EMS services and cover glass segments.