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
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.”
Scoda TubesIron & Steel ProductsMention-only₹713 CrP/E 19.1 vs 17.0ROCE 12.0%
Semiconductor Manufacturing Lines is listed as a dedicated application for SS Instrumentation Tubes, but only as marketing/aspirational language with no evidence of actual semiconductor industry supply or revenue.
“Semiconductor Manufacturing Lines”
Qualitek LabsConsulting ServicesMention-only₹643 CrP/E 41.2 vs 8.9ROCE 8.5%
Semiconductors is listed only as an emerging sector the TIC platform is evaluating for future testing opportunities, with no current operations or revenue.
“We continue to evaluate opportunities in emerging sectors including Renewable Energy, Semiconductors, Advanced Materials, Defense, Electric Mobility and other technology-intensive industries, with the objective of keeping our service portfolio future-ready.”
Easun Capital MarketsNon Banking Financial Company (NBFC)Mention-only₹30 CrP/E 43.3 vs 18.9
Semiconductors are mentioned solely as an emerging sector in macro-economic outlook commentary; no company exposure.
“Emerging sectors like renewable energy and semi-conductors are expected to advance rapidly, supported by government initiatives and budget allocations.”
Semiconductor Mission 2.0 is referenced as a government capex opportunity; GCM has no chip design or fabrication activity.
“Infrastructure & Capex Push: Continued government focus on infrastructure scaling (public capex outlay of ₹12.2 lakh crore) and the Semiconductor Mission 2.0 offer significant long-term growth for core sectors.”
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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