Room-AC contract manufacturer turning into an electronics group: IL JIN (EMS) and Ascent Circuits (PCBs), now building multi-layer and HDI board plants
Price
₹5,865
snapshot 30 Oct 2026
Strengths
Ascent Circuits got a ₹991 Cr multi-layer PCB approval (Oct 2025) for Hosur, with trial production guided for Q2 FY27 (Jul-Sep 2026)
Ascent-K Circuit (JV with Korea Circuit) got ECMS approval for a ₹3,200 Cr HDI/flex PCB plant near Jewar (Jan 2026); groundbreaking Jun 2026
Cooperation pact with Germany's Schweizer Electronic (Jun 2026) for auto/industrial boards
Risks
Earnings still dominated by seasonal room-AC business; FY26 profit fell to ₹226 Cr
₹4,200 Cr of PCB capex before meaningful PCB revenue
Market cap, ratios, CAGR and revenue: company table snapshot as of 30 Oct 2026 (the same figures on every page). Price: snapshot as of 30 Oct 2026. Not investment advice.
Where it fits
HDI boards use lasers to drill tiny holes and build layers up one at a time, fitting a phone's circuitry into a thumb-sized board. Flex boards bend to connect cameras and displays. Both are made in yellow-lit clean rooms.
Why it matters
Every phone mainboard is HDI, and none were made in India at scale. ECMS treats HDI/mSAP/flex as a priority 'hybrid' segment: a turnover incentive (8% falling to 4%) plus a 25% capex subsidy, with a minimum investment of ₹1,000 Cr.
Where the value pool sits
Capital-heavy and technology-intensive - globally led by Taiwanese, Korean, Japanese and Austrian makers (AT&S). Fewer players and longer customer qualifications mean better margins than standard boards once a plant is qualified.
Key drivers
Phone and wearable assembly in India needing local mainboards
Hybrid ECMS support (25% capex + 4-8% turnover)
Global brands' 'China+1' sourcing
Potential bottlenecks
Very high capex per unit of output
Phone-brand qualification takes 12-24 months
Few Indian engineers with HDI process experience
Investor metrics to watch
Commissioning and yield validation (Kaynes Chennai HDI is a watch item for Q3 FY27)