Top Semiconductor Stocks in India Listed on NSE

1. HCL Technologies Ltd: HCL Technologies provides engineering, semiconductor design and digital services, supporting chipmakers across product development, embedded systems, cloud infrastructure and technology modernisation.
2. Bharat Electronics Ltd: Bharat Electronics manufactures defence electronics, radar systems, communication equipment and semiconductor-linked components, with demand driven by India’s defence modernisation and electronics localisation.
3. ABB India Ltd: ABB India supplies electrification, automation and industrial technology solutions, supporting semiconductor fabs through power management, robotics, process automation and energy-efficient manufacturing systems.
4. Hitachi Energy India Ltd: Hitachi Energy India provides power transmission, grid automation and electrification solutions, supporting energy-intensive semiconductor facilities with reliable power infrastructure and industrial energy management.
5. CG Power and Industrial Solutions Ltd: CG Power is expanding into semiconductor manufacturing through its OSAT facility, adding chip assembly and testing capabilities alongside its established industrial electrical equipment business.

• Launch of India Semiconductor Mission 2.0: The Budget proposes an upgraded mission focused on equipment, materials, design, and full-stack semiconductor IP development to reduce dependence on imports.
• Outlay increase for electronics manufacturing: The Electronics Components Manufacturing Scheme outlay was raised to ₹40,000 cr to fortify domestic electronics supply chains.
• Promotion of high-skill research and training centres: The budget encourages industry-led research facilities and workforce training to support the growth of the semiconductor ecosystem.
• Tax and investment incentives for global players: Tax holidays, easier contract manufacturing rules, and supportive TDS policies to attract semiconductor and electronics investors.

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• Policy support: India’s semiconductor industry is moving from chip design towards manufacturing, packaging, testing, and materials. The ₹76,000 cr India Semiconductor Mission supports fabs, display units, compound semiconductors, packaging, and design, while the Union Budget 2026-27 allocated ₹1,000 cr for ISM 2.0.
• Market growth: India’s semiconductor market was estimated at USD 45-50 bn in 2024-25 and is projected to reach USD 100-110 bn by 2030, driven by electronics, automobiles, telecom, AI, data centres, defence, and consumer devices.
• Manufacturing capacity: As of 2026, India had approved 10 semiconductor projects worth around ₹1.60 lakh cr across six states, including Tata Electronics’ ₹91,526 cr Gujarat fab with a capacity of around 50,000 wafer starts per month.

• Domestic Manufacturing: India had 12 approved semiconductor projects across six states by 2026, with investment commitments above ₹1.64 lakh cr. Expanding domestic production can support listed companies involved in fabrication, packaging, equipment and electronics manufacturing.
• Policy Support: Semicon 2.0 was approved with a ₹1.275 lakh cr outlay in July 2026. The programme supports chip design, fabrication, packaging, equipment, materials, research and talent, strengthening multiple parts of India’s semiconductor ecosystem.
• Production Ramp-Up: By September 2026, five semiconductor units had commenced commercial production. This marks a shift from project announcements to actual manufacturing, potentially expanding domestic supply for automotive, telecom, consumer electronics and power applications.
• Design Strength: India employs nearly 20% of the global semiconductor chip-design workforce. This established engineering base supports listed technology and design-services companies involved in embedded systems, chip development and semiconductor engineering without requiring full-scale fabrication facilities.
• Growing End Markets: Semiconductors are increasingly required across AI, electric vehicles, telecom, data centres, aerospace and industrial electronics. India now targets a $200 bn domestic semiconductor market by 2035, reflecting broadening demand across technology-intensive industries.

• High Capital Needs: Semiconductor manufacturing requires substantial upfront investment in fabs, cleanrooms and specialised equipment. Large capital commitments can increase financing costs and execution risk when plants take longer than expected to reach commercial production or utilisation targets.
• Import Dependence: India’s domestic ecosystem is expanding, but advanced manufacturing equipment, wafers and specialised materials remain heavily dependent on global suppliers. Supply disruptions, export restrictions or currency movements can increase costs and delay semiconductor project commissioning.
• Long Payback Periods: Fabs and packaging plants can take several years to reach stable utilisation. During this period, depreciation, interest expenses, and fixed costs may rise before revenue scales, pressuring profitability and cash flows.
• Technology Obsolescence: Semiconductor technology evolves rapidly across process nodes, packaging and chip architectures. Companies investing heavily in older technologies may face weaker demand if customers migrate towards newer nodes, specialised accelerators or more advanced packaging solutions.
• Cyclical Demand: Chip demand fluctuates with electronics, automotive and industrial cycles. Periods of excess global capacity can reduce semiconductor prices and utilisation, affecting manufacturers even when India’s long-term domestic demand outlook remains favourable.

• Value-Chain Exposure: Semiconductor companies operate across design, fabrication, packaging, testing, equipment and electronics manufacturing. Each segment has different margins, capital requirements and demand drivers, making value-chain exposure important when comparing listed semiconductor-related businesses.
• Project Stage: As of September 2026, five units had started commercial production while several others remained under development. Project commissioning, customer qualification and capacity ramp-up influence when announced investments begin contributing meaningfully to revenue.
• Technology Capability: Technology partnerships, process expertise and intellectual property influence semiconductor competitiveness. India has approved 24 chip-design projects, and more than 300 chip designs have been developed, showing growing domestic capability beyond manufacturing alone.
• Customer Mix: Demand can come from automobiles, telecom, consumer electronics, aerospace, power electronics or AI infrastructure. Customer concentration and end-market exposure influence revenue stability because semiconductor demand cycles vary significantly across these industries.
• Capex and Debt: Semiconductor projects can require large capital commitments before generating revenue. Debt levels, interest costs, funding arrangements and expected utilisation therefore influence financial performance, particularly for companies building new fabrication or packaging facilities.