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
RIR Power ElectronicsOther Electrical EquipmentCore business₹1,391 CrP/E 26.8 vs 24.6ROCE 5.9%
Company is a vertically integrated power semiconductor manufacturer — silicon and SiC devices (thyristors, diodes, IGBTs, MOSFETs) are its principal business, with ~61% of segment revenue from Semiconductor Devices and Modules.
“RIR Power Electronics Limited is a global pioneer in high-power semiconductor solutions, delivering advanced devices, assemblies, and energy management systems that enhance energy efficiency and performance.”
+2 more quotes from the report
“Nature of industry : Manufacturer of Semiconductor Devices and High Power Equipments.”
“Dr. Harshad Mehta is a person of integrity and possesses appropriate skills, experience, knowledge in semiconductor and power electronics industry with demonstrated ability to succeed in variety of roles, proven leadership abilities and strong interpersonal and management skills which will be of great value to the Company.”
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”
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“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₹4.99 L CrP/E 30.1 vs 14.6ROCE 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₹1.36 L CrP/E 88.9 vs 36.5ROCE 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₹48,950 CrP/E 79.9 vs 24.3ROCE 8.7%
GFL is allocating ₹222 Crores of FY26-27 capex to high-purity electronic specialty chemicals for the semiconductor industry, deepening capabilities in technology-driven applications.
“₹222 Crores for high-purity electronic specialty chemicals serving the semiconductor sector”
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“GFCL SAM is a Wholly-owned Subsidiary of GFL for manufacturing of specialty chemicals and semiconductor devices, integrated circuits etc, for serving the semiconductor fabs, display fabs, osats etc.”
“high-purity electronic specialty chemicals for the semiconductor industry, expansion of refrigerant gas (R-32) production and related infrastructure”
Carborundum UniversalAbrasives & BearingsGrowing₹22,955 CrP/E 108.8 vs 88.4ROCE 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”
Jubilant IngreviaSpecialty ChemicalsGrowing₹9,871 CrP/E 31.7 vs 24.3ROCE 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₹5,944 CrP/E 18.6 vs 27.0ROCE 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.”
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“The Company enhanced its semiconductor footprint through new subsidiaries in India and Singapore.”
Rossell TechsysAerospace & DefenseGrowing₹5,884 CrP/E 228.9 vs 73.9ROCE 17.7%
Semiconductor manufacturing is an established revenue pillar; the company has qualified customers, ramping production volumes and onboarding another major international customer, with a new 210,000 sq. ft. facility dedicated partly to this segment.
“The semiconductor business emerged as a significant growth engine, supported by growing customer confidence and increasing market acceptance.”
Seshaasai TechnologiesFinancial Technology (Fintech)Growing₹5,752 CrP/E 18.6 vs 70.9ROCE 22.0%
The company operates OSAT/ATMP-style semiconductor-adjacent activities at Bengaluru including chip bonding, SIM/eSIM manufacturing and personalisation, supported by a dedicated Antenna Design & Simulation lab.
“Achieved GSMA SAS-UP certification at our Bengaluru facility for SIM/eSIM manufacturing, personalisation, data generation and PKI certificate handling, strengthening our integrated secure connectivity capabilities.”
Fabtech CleanroomsIndustrial ProductsGrowing₹594 CrP/E 25.6 vs 28.5ROCE 18.3%
Fabtech builds cleanroom environments for semiconductor manufacturers as a deliberate diversification from pharma, with investment in references and margins still at entry stage.
“We consciously expanded beyond our traditional strength in pharmaceutical cleanrooms into high-growth, contamination-controlled sectors such as renewable energy, data centres and semiconductors.”
National PeroxideCommodity ChemicalsGrowing₹322 CrP/E 19.2 vs 18.9ROCE 3.5%
NPL has launched a PV Grade high-purity hydrogen peroxide product targeting semiconductor wafer cleaning, representing an emerging end-use application alongside its core paper/textiles business.
“we introduced PV Grade Hydrogen Peroxide, a high-purity product designed specifically for solar and semiconductor applications.”
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₹85,615 CrP/E 121.2 vs 26.7ROCE 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₹43,105 CrP/E 54.5 vs 24.3ROCE 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.”
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“Rise in demand for inorganic chemicals from emerging sectors, including niche chemistry applications in semiconductor manufacturing, renewables and defence”
Acutaas ChemicalsPharmaceuticalsAnnounced₹24,971 CrP/E 64.7 vs 31.2ROCE 27.5%
Semiconductor Chemicals is one of six R&D verticals under development at the DSIR-approved centre, described as a young/nascent segment with no revenue or dedicated entity yet.
“Without a strong R&D engine, a young business segment like Battery Chemicals or Semiconductor Chemicals cannot be nurtured into a real vertical.”
Jyoti CNC AutomationIndustrial ProductsAnnounced₹23,149 CrP/E 72.0 vs 28.5ROCE 19.2%
R&D is designing specialised CNC machine products targeted at the semiconductor industry, but no semiconductor-segment revenue is reported yet.
“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.”
Amber Enterprises (I)Household AppliancesAnnounced₹23,118 CrP/E 240.2 vs 41.6ROCE 5.3%
Ascent-K Circuit JV with Korea Circuit plans HDI, Flex, and Semiconductor Substrate PCB manufacturing with an approved ₹3,215 Crore ECMS investment; ground-breaking held June 2026.
“To foray in the manufacturing of High-Density Interconnect (HDI), Flex and Semiconductor Substrate Printed Circuit Boards”
Aether IndustriesSpecialty ChemicalsAnnounced₹23,081 CrP/E 97.9 vs 24.3ROCE 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.”
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“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.”
Kaynes Technology IndIndustrial ProductsAnnounced₹21,672 CrP/E 62.6 vs 28.5ROCE 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.”
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“FY 2025–26 will be an investment year, with commercial rollout expected by Q4”
Sumitomo Chem IndiaPesticides & AgrochemicalsAnnounced₹20,510 CrP/E 35.4 vs 19.6ROCE 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.”
Aarti IndustriesSpecialty ChemicalsAnnounced₹17,338 CrP/E 32.6 vs 24.3ROCE 4.4%
Aarti lists 'Electronic Chemicals' as an upcoming value chain, planning to build fluorinated and high-purity materials for semiconductor and display applications, but this is not yet a revenue-generating business.
“Electronic Chemicals
Building fluorinated and high-purity
materials for semiconductors and
display technologies”
Shaily Eng PlasticsPlastic Products - ConsumerAnnounced₹14,090 CrP/E 79.6 vs 15.4ROCE 28.3%
Signed agreement with a Korean partner to manufacture conductive chip trays for semiconductor assembly and test, with commercial supply expected from Q4 FY 26-27; no revenue yet.
“The Company signed a supply agreement with a Korean technology partner for the manufacture of conductive chip trays, with commercial supply expected from the fourth quarter of FY 26-27.”
KEC Intl.Civil ConstructionAnnounced₹9,317 CrP/E 16.8 vs 14.6ROCE 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”
Tanfac IndustriesCommodity ChemicalsAnnounced₹6,342 CrP/E 51.9 vs 18.9ROCE 24.3%
The company is developing higher-purity electronic-grade DHF for semiconductor fabrication as a longer-term R&D direction, with no current semiconductor-specific revenue.
“Longer-term work towards electronic-grade DHF for semiconductors and next-generation low-GWP refrigerants.”
MidwestGranites & MarblesAnnounced₹3,616 CrP/E 31.4 vs 22.1ROCE 12.5%
Plans to produce ultra-high-purity quartz for Czochralski-process crucibles used in semiconductor/solar-wafer ingot growth; HPQ line is part of Phase II (under construction) and not yet qualified or revenue-generating.
“The HPQ processing line is planned within Phase II. Each phase of investment closes the distance between where Midwest Ltd. stands and where the semiconductor supply chain needs a domestic source.”
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”
MIC ElectronicsOther Industrial ProductsAnnounced₹812 CrROCE 7.3%
The pending Neo Semi acquisition would add exposure to a semiconductor intellectual-property business, with completion still subject to regulatory approvals.
“Neo Semi is a Singapore-incorporated deep-tech platform company with operational presence across Singapore, UAE and India, engaged in the businesses of semiconductor intellectual property, AI-driven energy logistics, IoT-based smart grid and climate resilience solutions, and circular electronics.”
+1 more quote from the report
“acquisition of 71,72,090 equity shares of USD 1 each, constituting 89.65% of the total paid-up equity share capital of M/s. Neo Semi SG Pte. Ltd. ('Neo'), a Singapore-incorporated deep-tech platform company focused on semiconductor IP, AI-driven energy logistics, IoT-based smart grid solutions, and circular electronics”
Semiconductors are stated as a main-object business area post change-of-objects, but MD&A confirms only opportunity evaluation with no revenue yet.
“the Company changed its main objects and business activities from the Media and Entertainment industry to the business of AI Data Centers, Semiconductors, and AI Technology Services.”
+1 more quote from the report
“Human capital is an important component of the Company's growth strategy, particularly given the specialized nature of AI, semiconductor and technology-related activities.”
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.”
Glittek GranitesOther Construction MaterialsAnnounced₹204 CrP/E 232.4 vs 29.1ROCE -3.6%
New business objects being added by special resolution explicitly cover semiconductor materials and technologies, indicating a planned entry into the semiconductor supply chain with no current revenue.
“semiconductor materials and all other minerals, compounds, alloys, intermediates, products, by-products and derivatives thereof”
GravityOther Textile ProductsAnnounced₹14 CrP/E 0.5 vs 16.4ROCE 100.5%
Board is proposing MOA alteration to add semiconductor design, fabrication, assembly, testing and packaging as a new main object; this is a committed plan with no current operations.
Tata Consultancy ServComputers - Software & ConsultingMention-only₹7.52 L CrP/E 15.1 vs 15.6ROCE 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₹1.30 L CrP/E 39.5 vs 36.5ROCE 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)”
Balaji AminesSpecialty ChemicalsMention-only₹6,762 CrP/E 33.0 vs 24.3ROCE 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.”
Semiconductor value chain listed by management as a potential future application area being evaluated under the Growth Strategy Plan; no current operations or revenue.
“We are evaluating new chemical molecules, new business chains and opportunities in ultra-pure and other specialised applications, with potential applications identified by management including food, pharmaceutical, semiconductor and electric-vehicle battery value chains.”
Gopal SnacksPackaged FoodsMention-only₹3,117 CrP/E 37.1 vs 30.2ROCE 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.”
Semiconductors is mentioned as one of several diverse customer industries the company supplies industrial gases to, but it is not a stated core or growing focus area.
“Your Company is engaged in the business of refrigerant and industrial gases, catering to diverse industries such as automobiles, air-conditioning & refrigeration, pharmaceuticals, defence, and semiconductors.”
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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