TeknoDome Backed Elista to Invest up to ₹300 Crore in Second Plant, Says CMD Saket Gaurav

Consumer electronics brand Elista plans to invest up to ₹300 crore in setting up a second plant in India, which is expected to push its revenue in the country to ₹1,500 crore by 2028, Chairman and Managing Director Saket Gaurav told Outlook Business. The company, owned by UAE-based electronics distributor TeknoDome Group, launched its first manufacturing plant in Kadapa, Andhra Pradesh on April 20. The facility received support under a state incentive scheme.

In an exclusive interview, Gaurav said the Kadapa facility is capable of producing 1 million sets of TVs and smart TVs, along with 1 million sets of other display products such as monitors, gaming monitors, and Interactive Flat-Panel Display (IFPD) panels.

"We will reach this capacity within three years. By 2028, we should be able to operate at 80–90% of this capacity," he said. Currently, TeknoDome Group generates around ₹3,000 crore in global revenue, with India contributing less than 10%, around ₹250 crore.

"But if these manufacturing projects are scaled financially, they will take us to around ₹1,500 crore. For instance, if we produce 10 lakh TVs annually with an ASP (average selling price) of ₹10,000, that alone accounts for ₹1,000 crore. Similarly, 10 lakh monitors at an ASP of ₹5,000 would bring in ₹500 crore," Gaurav explained.

Last year, Elista reported revenue of ₹300 crore with GST (₹250 crore without GST). This is expected to rise to ₹400 crore in FY25 and ₹500 crore in FY26. "By 2028, the manufacturing project alone will contribute about ₹1,000 crore, with the remaining coming from the trading business," Gaurav added.

Second Plant to Be Locally Funded

According to the CMD, the first plant required an investment of ₹60–65 crore, which was funded through equity from TeknoDome. However, the second project, scheduled to start in 2026, will be financed through local banks.

"We already have land allocated and everything is ready. Construction should begin in the first quarter of 2026," Gaurav said.

Founded in 2020, Elista today has a retail footprint of over 20,000 outlets, 650 distributors, and 600 service centres in India. Leveraging the Kadapa plant as a growth catalyst, the company aims to reach ₹5,000 crore in global revenue by 2028.

Elista recently dispatched its first export consignment from the Kadapa facility, 650 premium smart TVs (43” to 85”), valued at ₹2.55 crore ($300,000), to Dubai under the India–Dubai Free Trade Agreement.

Currently focused on TVs and display monitors, Elista plans to expand more into air conditioners, washing machines, and other appliances. It competes in a market dominated by South Korean majors Samsung and LG Electronics, Chinese brands such as Haier, and now India’s Reliance, which entered the segment by acquiring Kelvinator.

By 2033, Gaurav said, Elista aims to capture 2–3% of India’s TV market, up from less than 1% currently. Unlike many competitors relying on OEM/ODM models, Elista has invested in in-house R&D. Gaurav described Chinese rivals as short-term players dependent on imports, with limited commitment to local manufacturing.