India’s semiconductor journey is not just about chips; it’s about crafting a future where technology thrives, innovation is celebrated, and economic growth is shared. The global semiconductor industry is currently at $600 billion, and it is expected to hit $ 1 trillion by 2032. There is huge growth potential for India.
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Scope of Indian Semiconductor Industry
India’s semiconductor market is set to soar and is projected to reach $55 billion by 2026 and $100 billion by 2023. The Indian government is focusing on the semiconductor industry very aggressively and launched a $10 billion initiative in 2021, aiming to make India a global electronics hub.
The government has increased its budget by 130% in 2024 to $83.28 million. The Indian government is supporting the ecosystem to develop sustainable semiconductors. Over 20 companies have shown interest, with applications from 100 domestic entities under the design-linked incentive (DLI) scheme.
Top Multi-bagger Semiconductor Stocks
These stocks are not just numbers; they are stories of innovation, growth, and the future of technology in India. Are you ready to dive in?
SPEL Semiconductor Ltd
SPEL was incorporated in 1984 and is in the business of wafer sorting, assembly, testing, and drop-shipment services of IC chips. The company has a market cap of around 1000+ crore. FII has increased their position from last quarter.
| Current Market Price | 225.50 |
| Market Cap | 1,040 Cr |
| P/E Ratio | 0.00 |
| Debt to Equity | 87.44 |
| Return on Equity | 1.43% |
| Dividend Yield | 0.00% |
SPEL has given more than 300+% return in last 1 year and more than 4000+% in last 5 year to its investor.
Vedanta Limited (VEDL)
Vedanta Limited is a global natural resources company with a diversified portfolio in zinc, iron ore, steel, copper, aluminum, power, oil, and gas. Vedanta Group has planned joint ventures for making semiconductor hubs in Gujarat with $80 billion of opportunity for investors.
Vedanta Group Chairman Mr. Anil Agarwal recently said that the company will enter into chip manufacturing. The group is in talks with world-leader partners in chip manufacturing.
| Current Market Price | 449.95 |
| Market Cap | 1,76,007 Cr |
| P/E Ratio | 33.82 |
| Debt to Equity | 2.37 |
| Return on Equity | 10.42% |
| Dividend Yield | 6.23% |
Vedanta Limited has given more than 90+% return in last 1 year and more than 170+% in last 5 year to its investor. Vedanta is also one of the highest dividend paying company.
MIC Electronic Limited (MICEL)
MIC Electronic Limited specializes in the manufacturing of LED lighting solutions and various display technologies, including video walls. The company offers element and network management solutions for telecom, railway, and network domains.
| Current Market Price | 98.66 |
| Market Cap | 2,377 Cr |
| P/E Ratio | 37.93 |
| Debt to Equity | 0.10 |
| Return on Equity | 45.28% |
| Dividend Yield | 0.00% |
MIC Electronics has given more than 250+% return in last 1 year and more than 13000+% in last 5 year to its investor.
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Cyient Limited
Cyient Limited, founded in 1991, provides global technology services and solutions specializing in geospatial, engineering design, IT solutions, and data analytics.
| Current Market Price | 2055.70 |
| Market Cap | 22,816 Cr |
| P/E Ratio | 34.64 |
| Debt to Equity | 0.19 |
| Return on Equity | 16.04% |
| Dividend Yield | 1.46% |
Cyient has given more than 25+% return in last 1 year and more than 340+% in last 5 year to its investor.
MosChip
MosChip Semiconductor Technology provides full-service semiconductor design solutions, emphasizing customer-driven approach, technology, time to market, and ROI.
| Current Market Price | 255.00 |
| Market Cap | 4,825 Cr |
| P/E Ratio | 637.50 |
| Debt to Equity | 0.22 |
| Return on Equity | 2.27% |
| Dividend Yield | 0.00% |
MosChip has given more than 170+% return in last 1 year and more than 1600+% in last 5 year to its investor.
CG Power
CG Power and Industrial Solutions Limited offers a wide range of electrical energy solutions to utilities, industries, and consumers through products and services in power systems and industrial systems, contributing to advancements in industrial and personal life.
| Current Market Price | 746.50 |
| Market Cap | 1,14,186 Cr |
| P/E Ratio | 77.98 |
| Debt to Equity | 0.01 |
| Return on Equity | 28.31% |
| Dividend Yield | 0.17% |
CG Power has given more than 70+% return in last 1 year and more than 5200+% in last 5 year to its investor.
Kaynes
Kaynes Technology India Limited specializes in end-to-end integrated electronics manufacturing, with expertise in electronics system design and IoT solutions for various industries, including automotive, aerospace, and semiconductors.
| Current Market Price | 5,479.35 |
| Market Cap | 35,080 Cr |
| P/E Ratio | 167.44 |
| Debt to Equity | 0.13 |
| Return on Equity | 7.37% |
| Dividend Yield | 0.00% |
Kaynes has given more than 160+% return in last 1 year and more than 600+% in last 5 year to its investor.
Tata Elxsi
Tata Elxsi Limited is a global leader in design and technology services across various industries. The company offers technology consulting, product design, development, and testing focusing on digital technologies like IoT, cloud, mobility, VR, and AI.
| Current Market Price | 7,859.40 |
| Market Cap | 48,945 Cr |
| P/E Ratio | 62.14 |
| Debt to Equity | 0.09 |
| Return on Equity | 31.62% |
| Dividend Yield | 0.89% |
Tata Elxsi has given more than 7+% return in last 1 year and more than 1100+% in last 5 year to its investor.
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Conclusion
These are a few stocks that are engaged in semiconductor chip manufacturing in India. Semiconductor manufacturing is a trending sector in India due to the government of India focusing on being an exporter of chips by 2030.
The government is providing subsidies and helping companies in this sector in various manners because semiconductors are vital components in electrical devices, including cloud servers, mobile phones, automotive systems, industrial automation applications, and defense. In 2026, demand for semiconductors will surpass $80 billion (forecast).
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Disclaimer: I am not a SEBI-registered investment adviser or research analyst. The information shared is only for educational purposes. This is not investment advice.