Silicon-carbide (SiC) and gallium-nitride (GaN) chips, micro-LED displays and glass-substrate packaging - the newer, more specialised projects under the mission.
Archean Chemical IndustriesEmerging entrant · MediumListed
3D Glass Solutions (HIPS)Emerging entrant · HighUnlisted
Crystal MatrixEmerging entrant · HighUnlisted
Larsen & ToubroEmerging entrant · LowListed
Larsen & Toubro (LT)
L&T's wholly owned fabless chip unit (LTSCT): power, analog and silicon-carbide chips for autos, industry and energy
Price
₹3,872
snapshot 30 Oct 2026
Strengths
Showed 40 products including its first 1,200V silicon-carbide MOSFET at SEMICON India (Sep 2026)
Agreed with Tata Electronics (18 Sep 2026) to explore making and packaging its chips in India
L&T invested ₹542 Cr in the unit in FY26 (₹859 Cr cumulative)
Risks
Tiny relative to L&T's ₹2.86L Cr revenue - no visible impact on the stock yet
Revenue target of US$500m by FY31 is ambitious and unproven
Note: Chip exposure via L&T Semiconductor Technologies, a small unit inside a large engineering group
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
Compound semiconductors such as SiC and GaN switch high power efficiently (EV inverters, chargers, solar, rail) and need their own smaller fabs. Advanced packaging stacks or links several chips on one substrate - glass substrates are an emerging way to do this for AI chips.
Why it matters
Semicon 2.0 gives compound, photonics, sensor and discrete fabs 35% of capital cost from just ₹500 Cr of investment, and advanced packaging 35%. Approved projects include SiCSem (Archean Chemical's subsidiary, Odisha, ~₹2,066 Cr, fiscal-support agreement 11 May 2026), 3D Glass Solutions' glass-substrate unit (Odisha, groundbreaking Apr 2026) and Crystal Matrix's GaN/micro-LED fab (Dholera, approved May 2026).
Where the value pool sits
Smaller plants, faster payback and fewer competitors than silicon fabs - SiC power chips sell at much higher prices per wafer. But each Indian project is first-of-a-kind and pre-revenue, so value is an option on execution.
Key drivers
EV, solar and rail power-electronics demand
Semicon 2.0's low ₹500 Cr entry bar for compound fabs
Strategic interest in defence-grade GaN
Potential bottlenecks
SiC substrates and epitaxy know-how come from a handful of global suppliers
Small teams and first-time operators
Customer qualification in autos and rail takes years