CG Power and Industrial SolutionsOperator · LowListed
HCL-Foxconn SemiconductorOperator · HighUnlisted
SPEL SemiconductorOperator · HighListed
SPEL Semiconductor (SPELS)
Semiconductor assembly, packaging and testing (OSAT) - India's only pure-play listed OSAT name
Price
₹102.00
snapshot 30 Oct 2026
Strengths
India's only pure-play listed OSAT name gives it a scarce, direct listed vehicle for back-end chip-packaging exposure that no other NSE/BSE stock offers
Risks
Persistently loss-making with a very small revenue base
BSE-only listing with a thin trading float, limiting liquidity
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
The back-end layer that takes finished wafers, dices them into individual die, and assembles, tests and packages them into usable chips.
Why it matters
OSAT/ATMP is the layer where India has the fastest path to scale, since it is less technologically demanding than front-end fabrication and several plants are already under construction.
Where the value pool sits
Packaging and test capture thinner margins than fabrication itself, but run at higher volumes with a lower capex bar, making this the more accessible entry point for new players.
Key drivers
Global OSAT capacity diversification away from Taiwan and China
Display-driver and power-chip packaging demand from consumer electronics
Government incentives specific to ATMP/OSAT investment
Potential bottlenecks
Dependence on wafers fabricated overseas for most current and planned plants
Equipment sourcing concentrated among a few global toolmakers
Skilled-technician availability at newly built sites
Investor metrics to watch
Plant utilisation and ramp-up pace
Order book from global fabless/IDM customers
Segment-level disclosure where packaging sits inside a diversified parent