Pune-based printed circuit board maker expanding under ECMS
Strengths
Approved in the Jan 2026 PCB batch; established Indian PCB maker
Risks
Unlisted; limited public data
Background
Privately held
Compiled from public reporting — not exchange-listed.
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