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
A multi-layer board stacks copper circuit layers separated by glass-resin laminate. The fab images each inner layer, presses the stack, drills holes, plates them with copper to connect the layers, then adds solder mask and finish.
Why it matters
Boards are the biggest import gap after chips and the largest ECMS category by number of approvals. Turnover incentive: 6% falling to 4% for boards up to 6 layers, and 10% falling to 5% for 8+ layers (minimum investment ₹50 Cr).
Where the value pool sits
Indian PCB output is small and fragmented (mostly single/double-sided). New ECMS fabs (Kaynes, Ascent/Amber, Syrma, AT&S, Shogini and others) add multi-layer capacity that earns structurally higher margins than assembly - if yields and utilisation come through.
Key drivers
EMS backward integration and 'Made in India' sourcing preferences
ECMS 4-10% turnover incentive
Auto, industrial, telecom and defence demand for local boards
Potential bottlenecks
Laminate, copper foil, chemicals and equipment are imported
Process know-how and yield (many fabs use Korean/European partners)
Effluent treatment and water - plating is a wet chemical process