Indian arm of Austria's AT&S, a global HDI and IC-substrate leader, running an HDI board plant in Nanjangud, Karnataka
Strengths
Among the few HDI makers already producing in India
ECMS approvals in the Nov 2025 and Jan 2026 tranches
Risks
Unlisted in India; strategy set by the Austrian parent
Background
Subsidiary of AT&S Austria Technologie & Systemtechnik (Vienna-listed)
Compiled from public reporting — not exchange-listed.
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)