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 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