High-mix EMS (industrial, auto, aerospace, meters) building India's broadest ECMS footprint: HDI and multi-layer PCBs, laminate and camera modules in Tamil Nadu
Price
₹3,131
snapshot 30 Oct 2026
Strengths
First-tranche approvals (Oct 2025) for four Kaynes Circuits projects worth ₹3,280 Cr: HDI PCB (₹1,684 Cr), copper-clad laminate (₹1,167 Cr), camera modules (₹325 Cr) and multi-layer PCB (₹104 Cr)
Chennai PCB plant described as close to going live in Aug 2026
Higher-margin industrial and aerospace book than phone-focused peers
Note: ECMS: HDI + multi-layer PCB, laminate, camera modules
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)