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₹5.63 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”
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.”
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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