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Connected companies

Some listed companies sit in more than one supply chain we map. A shock in one industry can reach their numbers through another, so they are worth reading across themes, not inside one. Ranked by number of chains, then by how strongly they are exposed in each layer.

  1. 1Larsen & ToubroLT8 chainsexposure score 17
    Naval Shipbuilding & Defence Shipyards
    Warship & Submarine Construction (Shipyards) (Direct supplier, low exposure)
    Aerospace Component Manufacturing & MRO
    Systems Integration, Assembly EPC & Primes (Direct supplier, low exposure)
    5G/6G Telecom Buildout
    Telecom EPC, Installation & Infrastructure Services (Indirect supplier, low exposure)
    Energy Generation
    Thermal Equipment & EPC (Indirect supplier, low exposure)
    Real Estate
    Construction & EPC (Direct supplier, medium exposure)
    Semicon 2.0 + Mobile Phones (MPMS)
    Chip design & IP (Emerging entrant, medium exposure) · Compound semis & advanced packaging (Emerging entrant, low exposure)
    Rare-Earth Magnets (REPM)
    EV traction motors (Emerging entrant, low exposure) · Sintered magnet making (Emerging entrant, medium exposure)
    Defence Procurement (DAC approvals)
    Artillery & armoured systems (Operator, high exposure) · Warships & submarines (Operator, low exposure) · Military vehicles & bridging (Direct supplier, low exposure)
  2. 2Bharat ForgeBHARATFORG6 chainsexposure score 17
    Electric 4-Wheeler
    Electric motor & e-axle (Direct supplier, medium exposure)
    Railways / Vande Bharat & Metro Rolling Stock
    Bogies, Wheels, Axles & Bearings (Direct supplier, medium exposure)
    Naval Shipbuilding & Defence Shipyards
    Marine Propulsion Systems & Engines (Emerging entrant, low exposure)
    Aerospace Component Manufacturing & MRO
    Forgings, Castings & Special Alloys (Direct supplier, medium exposure) · Aero-Engine Components & Hot-Section Parts (Direct supplier, medium exposure)
    Rare-Earth Magnets (REPM)
    EV traction motors (Direct supplier, low exposure)
    Defence Procurement (DAC approvals)
    Artillery & armoured systems (Operator, high exposure) · Ammunition, rockets & explosives (Direct supplier, medium exposure) · Special alloys, forgings & castings (Direct supplier, medium exposure)
  3. 3Bharat ElectronicsBEL5 chainsexposure score 15
    Naval Shipbuilding & Defence Shipyards
    Naval Electronics, Sensors, Radar & Sonar (Direct supplier, high exposure)
    Aerospace Component Manufacturing & MRO
    Avionics, Electronics, RF/Microwave & Mission Systems (Direct supplier, medium exposure) · Systems Integration, Assembly EPC & Primes (Indirect supplier, medium exposure)
    5G/6G Telecom Buildout
    Antennas, RF & Microwave Components (Direct supplier, low exposure)
    Rare-Earth Magnets (REPM)
    Defence & aerospace (Indirect supplier, low exposure)
    Defence Procurement (DAC approvals)
    Missiles & air defence (Operator, high exposure) · Radars & electronic warfare (Operator, high exposure)
  4. 4CG Power and Industrial SolutionsCGPOWER5 chainsexposure score 8
    Semiconductors (Fab + ATMP)
    OSAT / ATMP (Operator, low exposure)
    Data Center / AI Infrastructure
    Transformers & Switchgear (Direct supplier, medium exposure)
    Railways / Vande Bharat & Metro Rolling Stock
    Traction Propulsion, Motors & Power Electronics (Direct supplier, medium exposure)
    Solar Module Manufacturing (ALMM)
    Power Conditioning & Inverters (Indirect supplier, low exposure)
    Semicon 2.0 + Mobile Phones (MPMS)
    Chip packaging & test (OSAT) (Operator, medium exposure)
  5. 5Kaynes Technology IndiaKAYNES4 chainsexposure score 20
    Semiconductors (Fab + ATMP)
    OSAT / ATMP (Operator, medium exposure)
    5G/6G Telecom Buildout
    Electronics Manufacturing Services (EMS) (Indirect supplier, medium exposure)
    Semicon 2.0 + Mobile Phones (MPMS)
    Chip packaging & test (OSAT) (Operator, medium exposure) · PCBA & sub-assemblies (Direct supplier, low exposure)
    Electronic Components (ECMS)
    Copper-clad laminate (Emerging entrant, medium exposure) · Multi-layer PCBs (Direct supplier, high exposure) · HDI & flex PCBs (Emerging entrant, high exposure) · EMS & SMT assembly (Operator, high exposure) · Camera modules (Emerging entrant, medium exposure)
  6. 6Syrma SGS TechnologySYRMA4 chainsexposure score 16
    Semiconductors (Fab + ATMP)
    Downstream EMS & System Integration (Indirect supplier, medium exposure)
    5G/6G Telecom Buildout
    Electronics Manufacturing Services (EMS) (Indirect supplier, medium exposure)
    Semicon 2.0 + Mobile Phones (MPMS)
    PCBA & sub-assemblies (Direct supplier, medium exposure)
    Electronic Components (ECMS)
    Copper-clad laminate (Emerging entrant, low exposure) · Multi-layer PCBs (Direct supplier, high exposure) · HDI & flex PCBs (Emerging entrant, low exposure) · EMS & SMT assembly (Operator, high exposure) · Camera modules (Emerging entrant, medium exposure)
  7. 7Dixon TechnologiesDIXON4 chainsexposure score 15
    Semiconductors (Fab + ATMP)
    Downstream EMS & System Integration (Emerging entrant, medium exposure)
    5G/6G Telecom Buildout
    Electronics Manufacturing Services (EMS) (Indirect supplier, low exposure)
    Semicon 2.0 + Mobile Phones (MPMS)
    Phone assembly (EMS) (Operator, high exposure)
    Electronic Components (ECMS)
    Display modules (Direct supplier, high exposure) · EMS & SMT assembly (Operator, high exposure) · Camera modules (Direct supplier, high exposure)
  8. 8Astra Microwave ProductsASTRAMICRO4 chainsexposure score 10
    Naval Shipbuilding & Defence Shipyards
    Naval Electronics, Sensors, Radar & Sonar (Direct supplier, medium exposure)
    Aerospace Component Manufacturing & MRO
    Avionics, Electronics, RF/Microwave & Mission Systems (Direct supplier, high exposure)
    5G/6G Telecom Buildout
    Antennas, RF & Microwave Components (Direct supplier, medium exposure)
    Defence Procurement (DAC approvals)
    Radars & electronic warfare (Direct supplier, high exposure)
  9. 9Bharat DynamicsBDL4 chainsexposure score 8
    Naval Shipbuilding & Defence Shipyards
    Combat Systems, Weapons, Explosives & Ammunition (Direct supplier, high exposure)
    Aerospace Component Manufacturing & MRO
    Systems Integration, Assembly EPC & Primes (Indirect supplier, low exposure)
    Rare-Earth Magnets (REPM)
    Defence & aerospace (Indirect supplier, low exposure)
    Defence Procurement (DAC approvals)
    Missiles & air defence (Operator, high exposure)
  10. 10Amara Raja Energy & MobilityARE&M4 chainsexposure score 7
    Electric 4-Wheeler
    Battery pack & cells (Direct supplier, medium exposure)
    Data Center / AI Infrastructure
    UPS & Diesel Backup Power (Direct supplier, medium exposure)
    5G/6G Telecom Buildout
    Power & Energy Systems for Towers (Direct supplier, low exposure)
    Energy Generation
    Battery Storage (BESS) Manufacturing (Direct supplier, medium exposure)
  11. 11Blue StarBLUESTARCO4 chainsexposure score 7
    Semiconductors (Fab + ATMP)
    Cleanroom, Utilities & Ultra-Pure Water (Direct supplier, low exposure)
    Data Center / AI Infrastructure
    Cooling: CRAC, Chillers & Towers (Direct supplier, medium exposure)
    Real Estate
    HVAC & lifts (Direct supplier, high exposure)
    Semicon 2.0 + Mobile Phones (MPMS)
    Plant build & utilities (Indirect supplier, low exposure)
  12. 12Exide IndustriesEXIDEIND4 chainsexposure score 7
    Electric 4-Wheeler
    Battery pack & cells (Direct supplier, medium exposure)
    Data Center / AI Infrastructure
    UPS & Diesel Backup Power (Direct supplier, medium exposure)
    5G/6G Telecom Buildout
    Power & Energy Systems for Towers (Direct supplier, low exposure)
    Energy Generation
    Battery Storage (BESS) Manufacturing (Direct supplier, medium exposure)
  13. 13HBL EngineeringHBLENGINE4 chainsexposure score 6
    Data Center / AI Infrastructure
    UPS & Diesel Backup Power (Direct supplier, low exposure)
    Railways / Vande Bharat & Metro Rolling Stock
    Signalling, Train Control (Kavach) & Onboard Electronics (Direct supplier, medium exposure) · Braking Systems & Auxiliary Coach Systems (Direct supplier, low exposure)
    Naval Shipbuilding & Defence Shipyards
    Specialty Marine Components (Direct supplier, low exposure)
    5G/6G Telecom Buildout
    Power & Energy Systems for Towers (Direct supplier, low exposure)
  14. 14Hindustan AeronauticsHAL3 chainsexposure score 11
    Aerospace Component Manufacturing & MRO
    MRO Services (Airframe / Engine / Component) (Direct supplier, medium exposure) · Systems Integration, Assembly EPC & Primes (Direct supplier, high exposure)
    Rare-Earth Magnets (REPM)
    Defence & aerospace (Indirect supplier, low exposure)
    Defence Procurement (DAC approvals)
    Fighters & helicopters (Operator, high exposure) · Engines, aerostructures & precision parts (Owner, medium exposure)
  15. 15Apollo Micro SystemsAPOLLO3 chainsexposure score 10
    Naval Shipbuilding & Defence Shipyards
    Naval Electronics, Sensors, Radar & Sonar (Direct supplier, medium exposure)
    Aerospace Component Manufacturing & MRO
    Avionics, Electronics, RF/Microwave & Mission Systems (Direct supplier, high exposure)
    Defence Procurement (DAC approvals)
    Missiles & air defence (Direct supplier, medium exposure) · Avionics, comms & electro-optics (Direct supplier, high exposure)
  16. 16Data Patterns (India)DATAPATTNS3 chainsexposure score 10
    Naval Shipbuilding & Defence Shipyards
    Naval Electronics, Sensors, Radar & Sonar (Direct supplier, medium exposure)
    Aerospace Component Manufacturing & MRO
    Avionics, Electronics, RF/Microwave & Mission Systems (Direct supplier, high exposure)
    Defence Procurement (DAC approvals)
    Radars & electronic warfare (Direct supplier, high exposure) · Avionics, comms & electro-optics (Direct supplier, medium exposure)
  17. 17Paras Defence and Space TechnologiesPARAS3 chainsexposure score 10
    Naval Shipbuilding & Defence Shipyards
    Naval Electronics, Sensors, Radar & Sonar (Direct supplier, medium exposure)
    Aerospace Component Manufacturing & MRO
    Avionics, Electronics, RF/Microwave & Mission Systems (Direct supplier, high exposure)
    Defence Procurement (DAC approvals)
    Drones & counter-drone (Direct supplier, medium exposure) · Avionics, comms & electro-optics (Direct supplier, high exposure)
  18. 18Azad EngineeringAZAD3 chainsexposure score 9
    Naval Shipbuilding & Defence Shipyards
    Specialty Marine Components (Direct supplier, low exposure)
    Aerospace Component Manufacturing & MRO
    Forgings, Castings & Special Alloys (Direct supplier, high exposure) · Aero-Engine Components & Hot-Section Parts (Direct supplier, high exposure)
    Defence Procurement (DAC approvals)
    Engines, aerostructures & precision parts (Indirect supplier, medium exposure)
  19. 19Mishra Dhatu Nigam (MIDHANI)MIDHANI3 chainsexposure score 9
    Naval Shipbuilding & Defence Shipyards
    Hull, Steel Plates & Structural Metallurgy (Direct supplier, high exposure)
    Aerospace Component Manufacturing & MRO
    Forgings, Castings & Special Alloys (Direct supplier, high exposure)
    Defence Procurement (DAC approvals)
    Special alloys, forgings & castings (Direct supplier, high exposure)
  20. 20Bharat Heavy ElectricalsBHEL3 chainsexposure score 8
    Railways / Vande Bharat & Metro Rolling Stock
    Traction Propulsion, Motors & Power Electronics (Direct supplier, medium exposure)
    Naval Shipbuilding & Defence Shipyards
    Marine Propulsion Systems & Engines (Direct supplier, low exposure)
    Energy Generation
    Thermal Equipment & EPC (Direct supplier, high exposure) · Hydro & Pumped-Storage EPC (Direct supplier, medium exposure)
  21. 21Sona BLW Precision ForgingsSONACOMS3 chainsexposure score 7
    Electric 4-Wheeler
    Electric motor & e-axle (Direct supplier, high exposure)
    Railways / Vande Bharat & Metro Rolling Stock
    Braking Systems & Auxiliary Coach Systems (Direct supplier, low exposure)
    Rare-Earth Magnets (REPM)
    EV traction motors (Direct supplier, high exposure)
  22. 22Tata PowerTATAPOWER3 chainsexposure score 7
    Electric 4-Wheeler
    Charging system (Operator, low exposure)
    Solar Module Manufacturing (ALMM)
    EPC & Project Developers (Operator, low exposure)
    Energy Generation
    Thermal Gencos & IPPs (Operator, medium exposure) · Solar & Renewable IPPs (Operator, low exposure) · Hydro & PSP Operators (Operator, low exposure) · Storage Integrators & PSP Developers (Operator, low exposure)
  23. 23ASM TechnologiesASMTEC3 chainsexposure score 6
    Semiconductors (Fab + ATMP)
    Chip Design & Engineering Services (Direct supplier, medium exposure)
    Semicon 2.0 + Mobile Phones (MPMS)
    Fab tools & equipment (Emerging entrant, medium exposure)
    Electronic Components (ECMS)
    Capital equipment (Emerging entrant, medium exposure)
  24. 24BEMLBEML3 chainsexposure score 6
    Railways / Vande Bharat & Metro Rolling Stock
    Rolling Stock Integration & Coach Fabrication (Direct supplier, medium exposure)
    Aerospace Component Manufacturing & MRO
    Systems Integration, Assembly EPC & Primes (Direct supplier, low exposure)
    Defence Procurement (DAC approvals)
    Military vehicles & bridging (Operator, high exposure)
  25. 25Zen TechnologiesZENTEC3 chainsexposure score 6
    Naval Shipbuilding & Defence Shipyards
    Combat Systems, Weapons, Explosives & Ammunition (Direct supplier, low exposure)
    Aerospace Component Manufacturing & MRO
    Avionics, Electronics, RF/Microwave & Mission Systems (Direct supplier, medium exposure)
    Defence Procurement (DAC approvals)
    Drones & counter-drone (Direct supplier, high exposure)
  26. 26Centum ElectronicsCENTUM3 chainsexposure score 5
    Naval Shipbuilding & Defence Shipyards
    Naval Electronics, Sensors, Radar & Sonar (Direct supplier, low exposure)
    Aerospace Component Manufacturing & MRO
    Avionics, Electronics, RF/Microwave & Mission Systems (Direct supplier, medium exposure)
    5G/6G Telecom Buildout
    Antennas, RF & Microwave Components (Direct supplier, medium exposure)
  27. 27Cyient DLMCYIENTDLM3 chainsexposure score 5
    Aerospace Component Manufacturing & MRO
    Avionics, Electronics, RF/Microwave & Mission Systems (Direct supplier, medium exposure)
    Semicon 2.0 + Mobile Phones (MPMS)
    PCBA & sub-assemblies (Indirect supplier, low exposure)
    Electronic Components (ECMS)
    EMS & SMT assembly (Operator, medium exposure)
  28. 28Finolex CablesFINCABLES3 chainsexposure score 5
    Data Center / AI Infrastructure
    Structured & Power Cabling (Direct supplier, low exposure)
    5G/6G Telecom Buildout
    Optical Fibre & Cable Manufacturing (Direct supplier, low exposure)
    Real Estate
    Wires, cables & switchgear (Direct supplier, high exposure)
  29. 29UNO MindaUNOMINDA3 chainsexposure score 5
    Electric 4-Wheeler
    Power electronics (Direct supplier, medium exposure)
    Rare-Earth Magnets (REPM)
    EV traction motors (Direct supplier, medium exposure)
    Electronic Components (ECMS)
    Camera modules (Emerging entrant, low exposure)
  30. 30ThermaxTHERMAX3 chainsexposure score 4
    Semiconductors (Fab + ATMP)
    Cleanroom, Utilities & Ultra-Pure Water (Direct supplier, low exposure)
    Energy Generation
    Thermal Equipment & EPC (Direct supplier, medium exposure)
    Semicon 2.0 + Mobile Phones (MPMS)
    Plant build & utilities (Indirect supplier, low exposure)
  31. 31Amber Enterprises IndiaAMBER2 chainsexposure score 9
    Semicon 2.0 + Mobile Phones (MPMS)
    Phone assembly (EMS) (Emerging entrant, medium exposure)
    Electronic Components (ECMS)
    Multi-layer PCBs (Direct supplier, high exposure) · HDI & flex PCBs (Emerging entrant, medium exposure) · EMS & SMT assembly (Operator, medium exposure)
  32. 32PTC IndustriesPTCIL2 chainsexposure score 8
    Aerospace Component Manufacturing & MRO
    Forgings, Castings & Special Alloys (Direct supplier, high exposure)
    Defence Procurement (DAC approvals)
    Engines, aerostructures & precision parts (Direct supplier, medium exposure) · Special alloys, forgings & castings (Direct supplier, high exposure)
  33. 33Waaree EnergiesWAAREEENER2 chainsexposure score 8
    Solar Module Manufacturing (ALMM)
    Solar Cell Manufacturing (Direct supplier, medium exposure) · Solar Module Assembly (Direct supplier, high exposure)
    Energy Generation
    Solar Equipment & EPC (Direct supplier, high exposure)
  34. 34Adani Green EnergyADANIGREEN2 chainsexposure score 7
    Solar Module Manufacturing (ALMM)
    EPC & Project Developers (Owner, medium exposure)
    Energy Generation
    Solar & Renewable IPPs (Owner, high exposure) · Wind & Hybrid IPPs (Owner, medium exposure)
  35. 35Solar Industries IndiaSOLARINDS2 chainsexposure score 7
    Naval Shipbuilding & Defence Shipyards
    Combat Systems, Weapons, Explosives & Ammunition (Direct supplier, medium exposure)
    Defence Procurement (DAC approvals)
    Drones & counter-drone (Emerging entrant, medium exposure) · Ammunition, rockets & explosives (Direct supplier, high exposure)
  36. 36AvantelAVANTEL2 chainsexposure score 6
    Aerospace Component Manufacturing & MRO
    Avionics, Electronics, RF/Microwave & Mission Systems (Direct supplier, high exposure)
    Defence Procurement (DAC approvals)
    Avionics, comms & electro-optics (Direct supplier, high exposure)
  37. 37Cochin ShipyardCOCHINSHIP2 chainsexposure score 6
    Naval Shipbuilding & Defence Shipyards
    Warship & Submarine Construction (Shipyards) (Direct supplier, high exposure)
    Defence Procurement (DAC approvals)
    Warships & submarines (Operator, high exposure)
  38. 38Garden Reach Shipbuilders & EngineersGRSE2 chainsexposure score 6
    Naval Shipbuilding & Defence Shipyards
    Warship & Submarine Construction (Shipyards) (Direct supplier, high exposure)
    Defence Procurement (DAC approvals)
    Warships & submarines (Operator, high exposure)
  39. 39ideaForge TechnologyIDEAFORGE2 chainsexposure score 6
    Aerospace Component Manufacturing & MRO
    Systems Integration, Assembly EPC & Primes (Direct supplier, high exposure)
    Defence Procurement (DAC approvals)
    Drones & counter-drone (Direct supplier, high exposure)
  40. 40Mazagon Dock ShipbuildersMAZDOCK2 chainsexposure score 6
    Naval Shipbuilding & Defence Shipyards
    Warship & Submarine Construction (Shipyards) (Direct supplier, high exposure)
    Defence Procurement (DAC approvals)
    Warships & submarines (Operator, high exposure)
  41. 41MosChip TechnologiesMOSCHIP2 chainsexposure score 6
    Semiconductors (Fab + ATMP)
    Chip Design & Engineering Services (Direct supplier, high exposure)
    Semicon 2.0 + Mobile Phones (MPMS)
    Chip design & IP (Direct supplier, high exposure)
  42. 42RailTel Corporation of IndiaRAILTEL2 chainsexposure score 6
    Railways / Vande Bharat & Metro Rolling Stock
    Railway PSU Ecosystem: Financing, Ticketing & Digital Infra (Enabler, high exposure)
    5G/6G Telecom Buildout
    Telecom EPC, Installation & Infrastructure Services (Direct supplier, high exposure)
  43. 43Sterling and Wilson Renewable EnergySWSOLAR2 chainsexposure score 6
    Solar Module Manufacturing (ALMM)
    EPC & Project Developers (Operator, high exposure)
    Energy Generation
    Solar Equipment & EPC (Direct supplier, high exposure)
  44. 44Premier ExplosivesPREMEXPLN2 chainsexposure score 5
    Naval Shipbuilding & Defence Shipyards
    Combat Systems, Weapons, Explosives & Ammunition (Direct supplier, medium exposure)
    Defence Procurement (DAC approvals)
    Ammunition, rockets & explosives (Direct supplier, high exposure)
  45. 45Sterlite TechnologiesSTLTECH2 chainsexposure score 5
    Data Center / AI Infrastructure
    Fibre Backbone & Network Interconnect (Indirect supplier, medium exposure)
    5G/6G Telecom Buildout
    Optical Fibre & Cable Manufacturing (Direct supplier, high exposure)
  46. 46ABB IndiaABB2 chainsexposure score 4
    Data Center / AI Infrastructure
    Transformers & Switchgear (Direct supplier, medium exposure)
    Railways / Vande Bharat & Metro Rolling Stock
    Traction Propulsion, Motors & Power Electronics (Direct supplier, medium exposure)
  47. 47Bharti AirtelBHARTIARTL2 chainsexposure score 4
    Data Center / AI Infrastructure
    DC Operators & REIT Layer (Owner, low exposure)
    5G/6G Telecom Buildout
    Telecom Operators (Demand Side) (Operator, high exposure)
  48. 48Cummins IndiaCUMMINSIND2 chainsexposure score 4
    Data Center / AI Infrastructure
    UPS & Diesel Backup Power (Direct supplier, medium exposure)
    5G/6G Telecom Buildout
    Power & Energy Systems for Towers (Indirect supplier, medium exposure)
  49. 49DCX SystemsDCXINDIA2 chainsexposure score 4
    Naval Shipbuilding & Defence Shipyards
    Naval Electronics, Sensors, Radar & Sonar (Indirect supplier, low exposure)
    Aerospace Component Manufacturing & MRO
    Avionics, Electronics, RF/Microwave & Mission Systems (Direct supplier, high exposure)
  50. 50HFCLHFCL2 chainsexposure score 4
    Data Center / AI Infrastructure
    Fibre Backbone & Network Interconnect (Indirect supplier, medium exposure)
    5G/6G Telecom Buildout
    Optical Fibre & Cable Manufacturing (Direct supplier, medium exposure)
  51. 51Inox WindINOXWIND2 chainsexposure score 4
    Energy Generation
    Wind Turbine Manufacturing (Direct supplier, high exposure)
    Rare-Earth Magnets (REPM)
    Wind turbines (Indirect supplier, low exposure)
  52. 52Kirloskar Oil EnginesKIRLOSENG2 chainsexposure score 4
    Data Center / AI Infrastructure
    UPS & Diesel Backup Power (Direct supplier, medium exposure)
    Naval Shipbuilding & Defence Shipyards
    Marine Propulsion Systems & Engines (Direct supplier, medium exposure)
  53. 53Linde IndiaLINDEINDIA2 chainsexposure score 4
    Semiconductors (Fab + ATMP)
    Specialty & Bulk Gases (Direct supplier, medium exposure)
    Semicon 2.0 + Mobile Phones (MPMS)
    Gases & chemicals (Direct supplier, medium exposure)
  54. 54MTAR TechnologiesMTARTECH2 chainsexposure score 4
    Naval Shipbuilding & Defence Shipyards
    Naval Electronics, Sensors, Radar & Sonar (Indirect supplier, low exposure)
    Aerospace Component Manufacturing & MRO
    Aero-Engine Components & Hot-Section Parts (Direct supplier, high exposure)
  55. 55Polycab IndiaPOLYCAB2 chainsexposure score 4
    Data Center / AI Infrastructure
    Structured & Power Cabling (Direct supplier, low exposure)
    Real Estate
    Wires, cables & switchgear (Direct supplier, high exposure)
  56. 56Ramkrishna ForgingsRKFORGE2 chainsexposure score 4
    Electric 4-Wheeler
    Forgings, castings & precision parts (Emerging entrant, low exposure)
    Railways / Vande Bharat & Metro Rolling Stock
    Bogies, Wheels, Axles & Bearings (Direct supplier, high exposure)
  57. 57Samvardhana Motherson InternationalMOTHERSON2 chainsexposure score 4
    Electric 4-Wheeler
    Wiring harness & connectors (Direct supplier, medium exposure)
    Electronic Components (ECMS)
    Enclosures & mechanicals (Emerging entrant, medium exposure)
  58. 58SPEL SemiconductorSPELS2 chainsexposure score 4
    Semiconductors (Fab + ATMP)
    OSAT / ATMP (Operator, high exposure)
    Semicon 2.0 + Mobile Phones (MPMS)
    Chip packaging & test (OSAT) (Operator, low exposure)
  59. 59Suzlon EnergySUZLON2 chainsexposure score 4
    Energy Generation
    Wind Turbine Manufacturing (Direct supplier, high exposure)
    Rare-Earth Magnets (REPM)
    Wind turbines (Indirect supplier, low exposure)
  60. 60Titagarh Rail SystemsTITAGARH2 chainsexposure score 4
    Railways / Vande Bharat & Metro Rolling Stock
    Rolling Stock Integration & Coach Fabrication (Direct supplier, high exposure)
    Naval Shipbuilding & Defence Shipyards
    Warship & Submarine Construction (Shipyards) (Owner, low exposure)
  61. 61VoltasVOLTAS2 chainsexposure score 4
    Data Center / AI Infrastructure
    Cooling: CRAC, Chillers & Towers (Direct supplier, medium exposure)
    Real Estate
    HVAC & lifts (Direct supplier, medium exposure)
  62. 62Avalon TechnologiesAVALON2 chainsexposure score 3
    5G/6G Telecom Buildout
    Electronics Manufacturing Services (EMS) (Indirect supplier, medium exposure)
    Electronic Components (ECMS)
    EMS & SMT assembly (Operator, low exposure)
  63. 63CyientCYIENT2 chainsexposure score 3
    Aerospace Component Manufacturing & MRO
    Avionics, Electronics, RF/Microwave & Mission Systems (Enabler, medium exposure)
    Semicon 2.0 + Mobile Phones (MPMS)
    Chip design & IP (Emerging entrant, low exposure)
  64. 64Ion Exchange (India)IONEXCHANG2 chainsexposure score 3
    Semiconductors (Fab + ATMP)
    Cleanroom, Utilities & Ultra-Pure Water (Direct supplier, medium exposure)
    Semicon 2.0 + Mobile Phones (MPMS)
    Plant build & utilities (Indirect supplier, low exposure)
  65. 65KEI IndustriesKEI2 chainsexposure score 3
    Data Center / AI Infrastructure
    Structured & Power Cabling (Direct supplier, low exposure)
    Real Estate
    Wires, cables & switchgear (Direct supplier, medium exposure)
  66. 66MIC ElectronicsMICEL2 chainsexposure score 3
    Railways / Vande Bharat & Metro Rolling Stock
    Signalling, Train Control (Kavach) & Onboard Electronics (Indirect supplier, medium exposure)
    5G/6G Telecom Buildout
    Electronics Manufacturing Services (EMS) (Indirect supplier, low exposure)
  67. 67Navin Fluorine InternationalNAVINFLUOR2 chainsexposure score 3
    Semiconductors (Fab + ATMP)
    Ultra-Pure & Specialty Chemicals (Direct supplier, medium exposure)
    Semicon 2.0 + Mobile Phones (MPMS)
    Gases & chemicals (Emerging entrant, low exposure)
  68. 68Optiemus InfracomOPTIEMUS2 chainsexposure score 3
    5G/6G Telecom Buildout
    Antennas, RF & Microwave Components (Indirect supplier, low exposure)
    Semicon 2.0 + Mobile Phones (MPMS)
    Phone assembly (EMS) (Operator, medium exposure)
  69. 69RedingtonREDINGTON2 chainsexposure score 3
    Data Center / AI Infrastructure
    Servers, GPUs & Compute (Indirect supplier, medium exposure)
    Semicon 2.0 + Mobile Phones (MPMS)
    Phone brands & demand (Indirect supplier, low exposure)
  70. 70Salasar Techno EngineeringSALASAR2 chainsexposure score 3
    Railways / Vande Bharat & Metro Rolling Stock
    Railway EPC, Track & Electrification Contractors (Direct supplier, low exposure)
    5G/6G Telecom Buildout
    Telecom Towers & Passive Infrastructure (Direct supplier, medium exposure)
  71. 71SRFSRF2 chainsexposure score 3
    Semiconductors (Fab + ATMP)
    Ultra-Pure & Specialty Chemicals (Direct supplier, low exposure)
    Electronic Components (ECMS)
    Passives & capacitor film (Indirect supplier, medium exposure)
  72. 72Apar IndustriesAPARINDS2 chainsexposure score 2
    Data Center / AI Infrastructure
    Structured & Power Cabling (Direct supplier, low exposure)
    Solar Module Manufacturing (ALMM)
    Mounting, Trackers & BOS Cabling (Indirect supplier, low exposure)
  73. 73Gujarat FluorochemicalsFLUOROCHEM2 chainsexposure score 2
    Semiconductors (Fab + ATMP)
    Ultra-Pure & Specialty Chemicals (Direct supplier, low exposure)
    Semicon 2.0 + Mobile Phones (MPMS)
    Gases & chemicals (Emerging entrant, low exposure)
  74. 74Minda CorporationMINDACORP2 chainsexposure score 2
    Electric 4-Wheeler
    Power electronics (Direct supplier, low exposure)
    Electronic Components (ECMS)
    Display modules (Emerging entrant, low exposure)

Information and research only — exposure labels are editorial classifications, not investment advice.