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
Multi-layer ceramic capacitors (MLCCs) are printed, stacked and fired in kilns; film capacitors are wound from metallised polypropylene film; resistors and inductors are made on reel-to-reel lines. They are supplied on tape reels to SMT lines.
Why it matters
A smartphone uses hundreds to over a thousand passive parts and a modern car many more, almost all imported from Japan, China and Korea. ECMS pays 8% falling to 4% for non-SMD passives, and 5% falling to 3% plus a 25% capex subsidy for SMD passives (the March 2026 tranche approved India's first SMD passives, incl. tantalum polymer capacitors).
Where the value pool sits
Dominated by Murata, Samsung Electro-Mechanics, TDK, Yageo and Vishay. Indian value today sits in film capacitors and materials (SRF's capacitor-grade film) and in the Indian plants of global majors.
Key drivers
EV, solar inverter and grid demand for film capacitors
Phone and auto electronics localisation
ECMS 3-8% turnover and 25% capex support
Potential bottlenecks
Ceramic powders and electrode pastes are imported
Scale economics favour the global majors
Automotive-grade qualification takes years
Investor metrics to watch
Capacitor-grade film volumes (SRF's Indore line, commissioned May 2026)