Rising Stars in India’s Semiconductor Sphere: A Deep Dive into Top Listed Companies

Explore India’s top listed semiconductor and semiconductor-related companies—Bharat Electronics, Tata Elxsi, Dixon, Moschip, SPEL, RIR, ASM, Cyient, CG Power, Kaynes—covering their business journeys, promoters, shareholding, financial fundamentals, and technology.



Introduction

India’s semiconductor industry is at an inflection point. With global supply chains being reshaped and the government rolling out the Semicon India Mission, the country is building an ecosystem that stretches from chip design and R&D to OSAT (Outsourced Semiconductor Assembly and Testing) facilities. While India still awaits its first full-fledged fab, a network of listed companies is already contributing to different parts of this vast semiconductor value chain.

This blog explores ten major listed companies—Bharat Electronics, Tata Elxsi, Dixon Technologies, Moschip, SPEL, RIR Power, ASM Technologies, Cyient, CG Power, and Kaynes Technology. We’ll dive into their business journeys, promoters, shareholding patterns, fundamentals, and technological strengths.

1. Bharat Electronics Limited (BEL)

Business Journey

Founded in 1954 under the Ministry of Defence, BEL has grown into India’s flagship defense electronics company. Its portfolio includes radars, avionics, electronic warfare systems, and secure communications—all of which rely heavily on semiconductor technology. Recently, BEL has expanded its footprint into semiconductor packaging through a new OSAT subsidiary in Gujarat.

Promoters & Shareholding

The Government of India remains the primary promoter, holding a majority stake of over 51%. Large institutional investors like LIC and major banks also have significant holdings.

Fundamentals

  • FY2025 Revenue: ₹23,769 crore (up from ₹14,109 crore in FY2021)

  • FY2025 Net Profit: ₹2,121 crore

  • Strong balance sheet with minimal debt

Technology

BEL is strategically leveraging semiconductor technology in radars, secure communications, and avionics, and is now stepping into commercial OSAT services.

2. Tata Elxsi

Business Journey

Established in 1989, Tata Elxsi has grown into one of the world’s recognized leaders in design and technology services, catering to diverse industries. It operates in sectors like automotive, healthcare, and telecom while offering embedded systems, software, and semiconductor design services.

Promoters & Shareholding

Promoter holding stands at about 44%, led by Tata Group companies.

Fundamentals

  • Market Cap: ~₹33,700 crore (as of 2025)

  • ROCE: ~42%

  • ROE: ~34%

  • EPS: ~₹120

  • Debt-to-equity: negligible

Technology

Tata Elxsi’s semiconductor capabilities include AI frameworks, FPGA design, functional safety solutions, SDKs, and reference designs. Its position is further strengthened by the Tata Group’s larger semiconductor push through Tata Electronics.

3. Dixon Technologies (India) Ltd.

Business Journey

Established in 1993, Dixon is India’s leading Electronics Manufacturing Services (EMS) company. It manufactures consumer electronics, lighting products, and electronic components. Dixon is a critical part of India’s "Make in India" drive for electronics and semiconductors.

Promoters & Shareholding

Promoter holding is around 32%, with strong FII and DII participation.

Fundamentals

  • Market Cap: ~₹83,700 crore (2025)

  • ROCE: ~29%

  • ROE: ~25%

  • EPS: ~₹132

  • P/E: ~133

Technology

Dixon plays a crucial role in large-scale manufacturing and has begun moving deeper into component and semiconductor-related manufacturing.

4. Moschip Technologies Ltd.

Business Journey

Founded in 1999, Moschip is a pioneer in ASIC design, mixed-signal IP, and IoT solutions. It provides semiconductor design and product development services for clients worldwide.

Promoters & Shareholding

Promoter shareholding stands at about 45%.

Fundamentals

  • Market Cap: ~₹2,900 crore

  • EPS: ~₹1.35

  • P/E: ~106

  • ROE: ~5%

  • ROCE: ~6.6%

Technology

Moschip is a niche semiconductor design house with expertise in mixed-signal, connectivity solutions, and ASIC development.

5. SPEL Semiconductor Ltd.

Business Journey

Established in 1988, SPEL is India’s first IC assembly and testing company. It provides packaging solutions and serves global semiconductor companies.

Promoters & Shareholding

Promoters hold nearly 60% stake.

Fundamentals

  • Market Cap: ~₹520 crore

  • ROCE: negative (~–5%)

  • ROE: negative (~–16%)

  • Debt-to-equity: ~1.2

Technology

SPEL is a specialized player in semiconductor packaging and testing, a key link in the supply chain.

6. RIR Power Electronics Ltd.

Business Journey

RIR Power has a long legacy in power semiconductor devices and modules, originally tied to International Rectifier. Its products are widely used across defense, aerospace, and industrial systems.

Promoters & Shareholding

Promoter holding is close to 62%.

Fundamentals

  • Market Cap: ~₹1,300 crore

  • ROCE: ~19.5%

  • ROE: ~16.2%

  • EPS: ~₹12.2

  • Debt-to-equity: ~0.13

Technology

RIR focuses on power semiconductor devices critical for renewable energy, defense, and transport industries.

7. ASM Technologies Ltd.

Business Journey

Founded in 1992, ASM is a specialized engineering services firm. It has strong expertise in working with global semiconductor equipment manufacturers and recently expanded into local semiconductor equipment production through joint ventures.

Promoters & Shareholding

Promoters hold about 57% stake.

Fundamentals

  • Market Cap: ~₹3,900 crore

  • ROCE: negative (~–0.4%)

  • ROE: negative (~–8%)

  • Debt-to-equity: ~0.6

Technology

ASM provides engineering services to semiconductor equipment makers and is building its domestic manufacturing capacity.

8. Cyient Ltd.

Business Journey

Cyient, founded in 1991, began as Infotech Enterprises before rebranding. It is a global leader in engineering, R&D, and digital design services. Recently, it announced the creation of Cyient Semiconductors.

Promoters & Shareholding

Founded by B.V.R. Mohan Reddy, with institutional and public shareholding widely spread.

Fundamentals

  • Q1 FY2026 Revenue: ₹1,712 crore

  • Net Profit: ₹157 crore (up 7% YoY)

  • Strong cash reserves of nearly ₹1,900 crore

Technology

Cyient is now venturing into high-performance analog and mixed-signal ASIC design, marking its entry into direct semiconductor design.

9. CG Power & Industrial Solutions Ltd.

Business Journey

CG Power, part of the Murugappa Group, has a rich history in power and industrial equipment. Recently, it announced a major push into semiconductors through CG Semi, which will establish one of India’s first large-scale OSAT facilities.

Promoters & Shareholding

Promoter shareholding details are diversified within Murugappa Group companies.

Fundamentals

  • Stock surged ~12% after the OSAT facility announcement

  • Nomura projects ~26% upside in the medium term

Technology

The Gujarat-based OSAT project represents a critical step for India in establishing domestic assembly and testing capabilities.

10. Kaynes Technology

Business Journey

Kaynes Technology provides integrated electronics manufacturing, specializing in IoT, automotive, aerospace, and defense. Through Kaynes Semicon, the company is investing heavily in semiconductor assembly and testing.

Promoters & Shareholding

Part of the Keynes group, with family and institutional backing.

Fundamentals

  • Market Cap: ~₹37,400 crore (mid-2025)

  • 1-year stock return: ~50%

Technology

Kaynes is actively building OSAT facilities with multi-thousand-crore investments, boosting India’s OSAT ecosystem.

Conclusion

India’s semiconductor sector is diverse, spanning defense electronics, EMS, design houses, packaging specialists, and OSAT pioneers. BEL, Tata Elxsi, and Dixon drive scale and reliability. Moschip and Cyient bring innovation in design. SPEL, RIR, and ASM add specialized manufacturing expertise, while CG Power and Kaynes are spearheading large OSAT infrastructure projects.

Together, these companies showcase how India is moving from a chip design outsourcing hub to a broader semiconductor value chain leader. With global tailwinds and government backing, the next decade could see India rise as a significant semiconductor power.

Author’s Note

This article is written with the intent to provide informational and educational insights into India’s listed semiconductor-related companies. It offers a holistic view of each company’s business journey, promoters, fundamentals, and technological role in the semiconductor ecosystem. Readers should consider this as knowledge material and not as financial advice.

Sources

  • Economic Times (Markets & Business section)

  • Times of India (Business & Technology reports)

  • Wikipedia (Company profiles)

  • StockESta Market Data

Location: Mumbai, Maharashtra, India
Welcome to The Financial and Tech Literacy! I’m Awdhesh Kumar, a finance and tech enthusiast with 20+ years of experience in accounts, taxation, and the stock market. This blog simplifies finance and digital topics for all—students, professionals, retirees, and new investors. Learn about stock market strategies, personal finance, mutual funds, tech tools, digital banking, and government schemes. All content is original, practical, and based on real experience—no paid promotions or clickbait. We refer to trusted sources like SEBI, RBI, NSE, and Economic Times. Stay updated, make informed decisions, and grow financially with us. For contact: awdheshdube65@gmail.com.

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