Ultra-pure bulk gases (nitrogen, argon, oxygen, hydrogen), specialty gases and wet chemicals that fabs and OSATs consume every day.
Industrial-gas company building on-site gas supply for Tata's Dholera fab and a gas facility for Sanand's OSATs
Note: FY23 figure unavailable due to a reporting period change (Dec-end to Mar-end transition); Semiconductor gas contracts are new and still small
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.
Fabs run on huge volumes of nitrogen and other ultra-pure gases, usually from an on-site air-separation plant, plus small volumes of costly specialty gases (fluorine compounds, silane) and acids and solvents. Purity is measured in parts per billion.
This is a recurring revenue stream for as long as a plant runs. Linde is building an air-separation plant at Dholera to supply Tata's fab (due H2 2027) and has land in Sanand for an OSAT gas facility; INOX Air Products is investing ~₹500 Cr in a specialty-gas hub at Dholera and says India makes only ~10% of the gases chips need. Semicon 2.0 now pays 30% of capital cost for semiconductor-grade materials plants from ₹50 Cr.
On-site gas contracts are long (often 15+ years) with take-or-pay terms - utility-like returns. Specialty gases and electronic chemicals carry higher margins but need purity certification.