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
A treater tower soaks woven glass cloth in epoxy resin to make prepreg, which is pressed with copper foil into copper-clad laminate (CCL) sheets. PCB fabs etch circuits from these sheets.
Why it matters
India imported essentially all its laminate; a PCB industry without it stays a converter. ECMS supports it under Segment D (25% capex). Kaynes (₹1,167 Cr) and Wipro (₹500 Cr plant, plus a ₹1,033 Cr expansion approved Aug 2026) are the first movers.
Where the value pool sits
Laminate is a concentrated global business (Kingboard, Shengyi, Panasonic, Doosan) with steady margins. A local supplier gains a cost and lead-time edge with Indian fabs and can export.
Key drivers
New PCB fabs under ECMS needing local supply
25% capex subsidy
Export plans (Wipro targets up to 50% exports)
Potential bottlenecks
Copper foil and glass cloth are still imported
Resin formulation know-how
Qualification with PCB fabs and their customers
Investor metrics to watch
Plant start-up: Wipro's Doddaballapur plant was due to start around Oct-Nov 2026 (reported Aug 2026)
Sheets produced vs ~6 million a year planned (Wipro)