The Indian semiconductor chain as the companies themselves describe it — design, fabrication, equipment and assembly-test — with the exact passage that justifies each entry.
Core — the theme IS a principal business todayGrowing — real operations, not yet the main businessAnnounced — committed plans or orders, little revenue yetMention-only — appears only as outlook language
Spel SemiconductorOther Electrical EquipmentCore business₹686 CrP/E 27.0 vs 25.2ROCE -59.8%
SPEL's principal business is IC (integrated circuit) assembly and testing, i.e. OSAT/ATMP services, which is explicitly stated as the company's identity throughout the report.
“SPEL Semiconductor Limited an IC Assembly & Test Company”
+1 more quote from the report
“expansion of existing OSAT/ATMP capacity and establishment of Advanced Packages Production, Semiconductor Design Centres and Research & Development infrastructure in India and for the purpose of modernization and expansion of its semiconductor manufacturing facilities, including investment in manufacturing infrastructure, advanced packaging, testing, automation, utilities, and related facilities”
Larsen & ToubroCivil ConstructionGrowing₹5.63 L CrP/E 33.0 vs 15.4ROCE 11.9%
LTSCT is an active chip design subsidiary that acquired SiC power module assets from Fujitsu and partnered with Foxconn's Hon Young Semiconductor for silicon carbide chips.
“L&T Semiconductor Technologies Limited (LTSCT) strengthened its technology positioning through the acquisition of power module design assets from Fujitsu General Electronics Limited, Japan, and by entering a long‑term partnership with Hon Young Semiconductor Company Limited”
CG Power And Ind SolHeavy Electrical EquipmentGrowing₹1.37 L CrP/E 105.0 vs 33.9ROCE 19.2%
Real semiconductor design revenue of ~Rs 500 Cr from subsidiary Axiro (RF chips in 600M+ devices) plus operational end-to-end OSAT facility CG Semi G1 at Sanand, Gujarat, with G2 planned to scale capacity to 14.5 million chips per day.
“Axiro, our semiconductor design subsidiary, generated approximately `500 Cr in revenue in FY26, anchored by the RF business acquired from Renesas Electronics.”
Gujarat FluorochemSpecialty ChemicalsGrowing₹50,754 CrP/E 120.1 vs 30.0ROCE 8.7%
GFL supplies fluoropolymer materials (PFA, FFKM, and planned semiconductor etching/cleaning gases) used in semiconductor fabrication as a real, growing end-market.
“FFKM Segment: Entered one of the most complex and premium product categories globally with the commercialisation of FFKM for chemicals, pharmaceuticals and semiconductor applications”
+1 more quote from the report
“This expansion supports our entry into high-value applications across EVs, semiconductors, solar panels, 5G cables, and advanced automotive technologies”
Acutaas ChemicalsPharmaceuticalsGrowing₹25,953 CrP/E 61.8 vs 28.5ROCE 27.5%
Acutaas manufactures ultra-pure semiconductor-grade photoresist chemicals at its Greater Noida (Baba Fine Chemicals) facility and is expanding into Korea, Japan and Taiwan; this sits within the specialty chemicals segment (K1,529 Mn revenue) but is not the main business.
“Acutaas is the only manufacturer of semiconductor-grade photoresist chemicals in India positioning us at the frontier of a rapidly growing and highly technical market. These chemicals demand ultra-high purity—down to parts-per-Billion levels—to meet the stringent specifications of semiconductor manufacturing.”
Sansera EngineeringAuto Components & EquipmentsGrowing₹24,201 CrP/E 73.0 vs 26.9ROCE 12.5%
Sansera entered semiconductor fab equipment and critical component manufacturing in 2024, has commenced product supply, and counts it within its growing ADS segment.
“Commenced supply of semiconductor products”
Carborundum UniversalAbrasives & BearingsGrowing₹22,231 CrP/E 188.8 vs 95.2ROCE 5.9%
CUMI manufactures engineered ceramic components used in semiconductor wafer fabrication equipment, with a newly commissioned dedicated facility at Hosur and an ongoing product qualification programme for power electronics substrates.
“Commissioned a facility to manufacture ceramic components used in semiconductor wafer fabrication equipment”
Astra MicrowaveAerospace & DefenseGrowing₹15,780 CrP/E 51.6 vs 60.3ROCE 17.2%
AMPL operates Aelius Semiconductors, a fabless MMIC design house in Singapore designing GaAs/GaN chips — a real semiconductor-design business line, though secondary to its defence/space RF systems.
“Aelius Semiconductors Pte. Ltd: This is a fabless MMIC design house in Singapore that specialises in designing GaAs and GaN MMIC products. The Company utilises leading foundries worldwide for fabrication and utilises cutting-edge facilities for testing and packaging products.”
Avalon TechnologiesOther Electrical EquipmentGrowing₹14,548 CrP/E 110.7 vs 25.2ROCE 20.0%
Newly entered semiconductor-equipment subsystem manufacturing via a partnership with a leading global player, with prototyping underway and production expected to ramp over the next 4–5 quarters.
“we also entered the semiconductor equipment manufacturing space through a partnership with a leading global player to produce highly complex, Industry 4.0-compliant box builds.”
Jubilant IngreviaSpecialty ChemicalsGrowing₹11,315 CrP/E 42.4 vs 30.0ROCE 9.5%
Jubilant Ingrevia has a growing Semiconductor Chemicals vertical supplying specialty intermediates (E-Pyridines, E Choline Hydroxide) via CDMO to 10+ active semicon customers, with a dedicated Semiconductor R&D Lab approved in Greater Noida.
“We are expanding into high-precision semiconductor chemicals through a focussed CDMO strategy aligned with global supply chain diversification.”
Rashi PeripheralsComputers Hardware & EquipmentsGrowing₹5,766 CrP/E 18.3 vs 23.1ROCE 18.0%
Operates a dedicated Embedded and Semiconductor BU distributing components from over 25 global brands, backed by an Embedded Lab in Bengaluru, with semiconductor revenue up 131% YoY.
“New semiconductor subsidiaries in India and Singapore have strengthened the business with dedicated operations. During the year, semiconductor revenue grew 131% year on year on a small base, driven by customers across automotive, robotics and IoT.”
+1 more quote from the report
“The Company enhanced its semiconductor footprint through new subsidiaries in India and Singapore.”
VedantaDiversified MetalsAnnounced₹1.09 L CrP/E 4.4ROCE 8.6%
Vedanta holds a 95.5% stake in a specifically named Vedanta Semiconductor Pvt Limited, reflecting committed corporate presence in the semiconductor sector.
“Vedanta Semiconductor Pvt Limited 95.5%”
Bharat ForgeAuto Components & EquipmentsAnnounced₹98,639 CrP/E 93.0 vs 26.9ROCE 13.2%
Bharat Forge is in early-stage engagement to supply forged and machined components into the semiconductor equipment supply chain, with no revenue yet.
“We also made modest progress towards entering the semiconductor equipment supply chain through the supply of forged and machined components. This is an early engagement”
Navin Fluorine Int.Specialty ChemicalsAnnounced₹41,943 CrP/E 52.7 vs 30.0ROCE 16.4%
Developing high-purity electronic-grade HF and an incubating Advanced Materials vertical targeting semiconductor manufacturing applications; revenue not yet realised.
“progress on our high-purity electronic grade HF remains encouraging.”
+1 more quote from the report
“Rise in demand for inorganic chemicals from emerging sectors, including niche chemistry applications in semiconductor manufacturing, renewables and defence”
Sumitomo Chem IndiaPesticides & AgrochemicalsAnnounced₹26,624 CrP/E 71.1 vs 25.0ROCE 20.8%
SCIL is jointly exploring with parent SCC the supply of high-purity chemicals for the semiconductor industry in India; no current revenue from this activity.
“The Company is also exploring high-purity chemicals for the semiconductor business in India.”
Kaynes Technology IndIndustrial ProductsAnnounced₹26,077 CrP/E 71.3 vs 23.8ROCE 9.8%
Kaynes is building an OSAT (semiconductor assembly and test) facility at Sanand under Kaynes Semicon with six divisions, but commercial production has not yet commenced - revenue expected from Q4 FY 2025-26.
“The establishment of our OSAT facility through Kaynes Semicon is a strategic forward integration. It complements our EMS and PCB businesses and positions us uniquely as the only Indian company offering all three under one roof.”
+1 more quote from the report
“FY 2025–26 will be an investment year, with commercial rollout expected by Q4”
Amber Enterprises (I)Household AppliancesAnnounced₹25,866 CrP/E 121.3 vs 57.6ROCE 5.3%
Material subsidiary ILJIN Electronics signed JV (15 Oct 2024) with Korea Circuit Co. to form Ascent-K Circuit (incorporated 7 April 2025) for HDI, Flex and Semiconductor Substrates PCBs.
“production, manufacturing, assembling and selling of HDI, Flex, and Semiconductor Substrates PCBs”
Jyoti CNC AutomationIndustrial ProductsAnnounced₹22,521 CrP/E 62.9 vs 23.8ROCE 19.2%
R&D is designing specialised high-precision machines including stages for semiconductor processes, with meaningful revenue contributions expected from FY26-27.
“The fourth is the Semiconductor Industry, an emerging yet highly promising segment. Our R&D team is already designing two to three specialised products to meet the unique requirements of this industry, and we anticipate meaningful revenue contributions beginning in 2026-27.”
+1 more quote from the report
“With a persistent demand-supply gap in semiconductors and heavy reliance on imports, India is prioritising the establishment of domestic manufacturing facilities. This presents a long-term growth opportunity for CNC machine suppliers to provide critical equipment for semiconductor fabrication.”
Aether IndustriesSpecialty ChemicalsAnnounced₹21,501 CrP/E 90.7 vs 30.0ROCE 11.4%
Aether is commissioning dedicated semiconductor-material capacity (~400 tonnes) at Site 5 (Panoli) and plans to launch electronic chemicals for the semiconductor segment targeting customers in Japan, Korea and Taiwan in FY2027; no revenue yet from this vertical.
“Manufacturing Facility 5 reached a key milestone in FY2025-26, with its first two production blocks readied for commercial operations from June 2026, incorporating dedicated semiconductor-material capacity of approximately 400 tonnes.”
+1 more quote from the report
“Continued build-out of Site 5 (Panoli), with the first two production blocks readied for commercial operations from June 2026 following solvent trials, and a dedicated semiconductor-materials line (targeted ~400 tonnes capacity) planned as part of this expansion.”
Kec Intl.Civil ConstructionAnnounced₹11,620 CrP/E 18.1 vs 15.4ROCE 11.0%
Semiconductor fab construction is a brand-new EPC line under the Civil business, secured via a maiden order in FY26.
“Forayed into semiconductor factory construction with a maiden EPC order”
+1 more quote from the report
“We forayed into semiconductor construction with a maiden EPC order from a marquee manufacturer”
Company is developing electronic/semiconductor-grade chemicals through CRAMS projects (pilot trials completed) for European and Japanese customers, positioning in the electronic chemicals supply chain.
“During the year it completed pilot trials for its CRAMS projects spanning agrochemicals, pharmaceuticals and electronic applications with customers in Europe and Japan”
Remi Edelstahl is building a UHP stainless-steel tube line (with WSG Co. Ltd of South Korea) targeting semiconductor fab customers; ~Rs. 2,775.58 lakhs of capex committed through FY26, but the imported technology is still under absorption and products are in trial production with no commercial revenue yet.
“The Company is also implementing a project of manufacturing ultra High Purity (UHP) stainless tubes with technology from WSG Co., Ltd, a south Korean entity and has increased capital expenditure of Rs. 2775.58 lakhs till 31st March, 2026 to cater to pharma, dairy, food & beverage, semiconductor, solar industries and data centers.”
Tata Consultancy Serv LTComputers - Software & ConsultingMention-only₹8.33 L CrP/E 17.7 vs 19.5ROCE 53.9%
Semiconductor engineering is referenced as part of TCS' AI infrastructure & hardware offerings (alongside chips, servers, devices), but appears as a capability within its services stack rather than a principal business.
“Semiconductor and hardware engineering solutions”
Semiconductors is referenced only aspirationally as a future industry Hindalco partners with; no specific operations, products or revenue cited.
“Today, Hindalco is a strategic partner to the industries defining the future – from electric mobility and semiconductors to aerospace and green energy.”
SiemensHeavy Electrical EquipmentMention-only₹1.40 L CrP/E 107.7 vs 33.9ROCE 20.6%
Semiconductors are mentioned only as an emerging high-growth area aligned with India's industrial priorities; no chip design, fab or OSAT activity is disclosed.
“emerging high growth areas such as renewables, batteries, data centers, semiconductors, aerospace and defense.”
Semiconductors is referenced as a government-PLI-backed industry tailwind for the Indian market, not as a business segment or capability of HAIL itself.
“boosted central Production linked Incentive (PLI) schemes in advance manufacturing sectors such as Semiconductors, energy transition to new energy (solar, electrification)”
Shaily Eng PlasticsPlastic Products - ConsumerMention-only₹15,269 CrP/E 98.5 vs 15.6ROCE 28.3%
Semiconductors flagged as an aspirational opportunity in the outlook, with no chip design, fabrication or OSAT activity disclosed.
“The present environment presents unprecedented opportunities in defence, semiconductors, rail, and aerospace. We are strategically positioned to capitalise on these developments.”
Balaji AminesSpecialty ChemicalsMention-only₹6,713 CrP/E 35.1 vs 30.0ROCE 9.9%
Semiconductor cleaning agents are mentioned as an emerging opportunity for the Indian aliphatic amines sector, but Balaji's current product line does not include any semiconductor-specific offerings.
“Emerging applications in automotive and electronics sectors, including EV battery chemicals, electronics-grade solvents, semiconductor cleaning agents, and lightweight material additives.”
Gopal SnacksPackaged FoodsMention-only₹3,520 CrP/E 40.7 vs 31.1ROCE 19.4%
Semiconductors is named only as a national emerging sector in the MD&A outlook — Gopal Snacks has no chip design, fab, OSAT or supply exposure.
“Looking ahead, India's next phase of economic evolution is expected to be driven by emerging sectors including artificial intelligence, digital public infrastructure, green hydrogen, semiconductors, and advanced manufacturing, supported by targeted policy frameworks and growing private sector engagement.”
How this list is built
Definition used: Designs or fabricates semiconductor chips, supplies fab equipment/materials, or does OSAT/ATMP assembly-test-marking-packaging.Membership is extracted from each company’s newest annual report; every quote is validated against the report page before publishing, and core/growing tiers are confirmed by a second independent read (marked ). Companies whose reports our corpus hasn’t read yet simply aren’t listed — absence means unread, not “no exposure”.
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