Synopsis: India’s semiconductor theme witnessed a mixed FY26, with some companies delivering strong growth through manufacturing expansion and order wins, while others faced execution challenges despite benefiting from industry tailwinds.
India’s semiconductor industry is entering a transformative phase, backed by government incentives, rising electronics manufacturing, AI adoption, EV penetration and data-centre expansion. The domestic semiconductor market is projected to grow from about $52 billion currently to nearly $103 billion by 2030, while several industry estimates see the broader market reaching $100-120 billion by the end of the decade.
The government has also launched India Semiconductor Mission 2.0 with fresh support for domestic manufacturing, research and supply-chain development. Long-term projections indicate a potential semiconductor value chain of $120-150 billion by 2035, positioning India as an increasingly important player in the global chip ecosystem.
Kaynes Technology India Ltd
Kaynes Technology India is a leading integrated electronics manufacturing company offering design-led manufacturing solutions across industrial, automotive, aerospace, defence, medical, railways, IoT and EV sectors. The company provides end-to-end services including PCB assembly, product engineering, embedded systems and semiconductor packaging solutions. It has a growing presence in India’s semiconductor and electronics ecosystem.
With the market capitalization of Rs. 21,392 Crores, the shares of Kaynes Technology India Ltd were trading at around Rs. 3,191 per share which is 58 percent discount from its 52 week high of Rs. 7705 per share and is trading at a P/E of 58.4 where as industry P/E stands at 30.5
Revenue from operations has increased from Rs. 2722 Crores in FY25 to Rs. 3626 Crores in FY26, up 33 percent. Operating profit has increased from Rs. 416 Crores to Rs. 574 Crores, up 38 percent and net profit has increased from Rs. 293 Crores to Rs. 364 Crores, up 24 percent
Dixon Technologies (India) Ltd
Dixon Technologies (India) Limited is one of India’s largest electronics manufacturing services (EMS) companies, providing design-focused manufacturing solutions across mobile phones, consumer electronics, home appliances, lighting products, telecom equipment, wearables and IT hardware.
With the market capitalization of Rs. 70,127 Crores, the shares of Dixon Technologies (India) Ltd were trading at around Rs. 11,480 per share which is 37.8 percent discount from its 52 week high of Rs. 18,472 per share and is trading at a P/E of 48.7 whereas industry P/E stands at 40.8
Revenue from operations has increased from Rs. 38,860 Crores in FY25 to Rs. 48,873 Crores in FY 26, up 26 percent. Operating profit has increased from Rs. 1515 Crores to Rs. 1867 Crores, up 23 percent and net profit has increased from Rs. 1233 Crores to Rs. 1644 Crores, up 33 percent
CG Power & Industrial Solutions Ltd
CG Power and Industrial Solutions is a leading engineering company engaged in power systems, industrial equipment and automation solutions. It manufactures transformers, switchgear, motors and railway products while serving utilities, industries and infrastructure sectors. The company is also expanding into semiconductor manufacturing through a joint venture, strengthening its role in India’s growing semiconductor ecosystem.
With the market capitalization of Rs. 1,47,715 Crores, the shares of CG Power & Industrial Solutions Ltd were trading at around Rs. 938 per share which is 1.2 percent discount from its 52 week high of Rs. 950 per share and is trading at a P/E of 120 whereas industry P/E stands at 35.4
Revenue from operations has increased from Rs. 9909 Crores in FY25 to Rs. 12,418 Crores in FY26, up 25 percent. Operating profit has increased from Rs. 1319 Crores to Rs. 1625 Crores, up 23 percent and net profit has increased from Rs. 973 Crores to Rs. 1199 Crores, up 23 percent.
Moschip Technologies Ltd
MosChip Technologies is a semiconductor and system design company specializing in chip design, ASIC development, verification, embedded engineering and IoT solutions. The company serves clients across automotive, consumer electronics, industrial and communications sectors. With expertise in VLSI design and semiconductor engineering services, it is among India’s notable semiconductor-focused listed companies.
With the market capitalization of Rs. 4,345 Crores, the shares of Moschip Technologies Ltd were trading at around Rs. 224 per share which is 22.2 percent discount from its 52 week high of Rs. 288 per share and is trading at a P/E of 107 whereas industry P/E stands at 21.2
Revenue from operations has increased from Rs. 467 Crores in FY25 to Rs. 585 Crores in FY26, up 25 percent. Operating profit has increased from Rs. 56 Crores to Rs. 60 Crores, up 7 percent and net profit has increased from Rs. 33 Crores to Rs. 35 Crores, up 6 percent
Tata Elxsi Ltd
Tata Elxsi is a global design and technology services company providing engineering, research and development solutions across automotive, media, healthcare and communications industries. The company has strong capabilities in semiconductor design, embedded systems, AI, cloud and digital technologies, helping enterprises develop next-generation products and platforms worldwide.
With the market capitalization of Rs. 26,788 Crores, the shares of Tata Elxsi Ltd were trading at around Rs. 4300 per share which is 36 percent discount from its 52 week high of Rs. 6735 per share and is trading at a P/E 38.5 whereas industry P/E stands at 22.2
Revenue from operations has increased from Rs. 3,729 Crores in FY25 to Rs. 3,757 Crores in FY26, up 0.7 percent. Operating profit has decreased from Rs. 974 Crores to Rs. 847 Crores, down 13 percent and net profit has decreased from Rs. 785 Crores to Rs. 628 Crores, down 20 percent.
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