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
Larsen & ToubroCivil ConstructionGrowing₹5.08 L CrP/E 30.6 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₹1.41 L CrP/E 92.0 vs 37.7ROCE 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₹50,328 CrP/E 82.2 vs 25.2ROCE 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”
+2 more quotes from the report
“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₹24,020 CrP/E 113.9 vs 90.2ROCE 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”
Jubilant IngreviaSpecialty ChemicalsGrowing₹10,139 CrP/E 32.6 vs 25.2ROCE 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₹6,194 CrP/E 19.4 vs 26.9ROCE 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.”
Rossell TechsysAerospace & DefenseGrowing₹6,115 CrP/E 237.9 vs 76.4ROCE 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₹5,994 CrP/E 19.4 vs 73.5ROCE 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₹602 CrP/E 26.0 vs 28.8ROCE 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₹333 CrP/E 19.9 vs 19.2ROCE 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.”
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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