Synopsis: India’s bare PCB manufacturing sector is expected to grow at a strong 45 percent CAGR through FY29, with schemes such as ECMS which has a target of $12 billion just in production.
The Indian bare printed circuit board (PCB) manufacturing sector is expected to grow at an exceptional 45 per cent CAGR reaching $4Billion FY29, due to rising electronics demand, supportive government incentives, and a strategic shift towards high-value and complex PCBs like multilayer (ML) and flexible boards.
This would reduce the heavy reliance on PCB imports (which is currently at 88 percent). The growth aligns well with the broader electronics industry, which is expanding at 25 per cent CAGR to Dollar 450 billion by FY30. This reflects India’s shift from just assembly to other deeper components manufacturing.
Another point to note is- Electronics Component Manufacturing Scheme (ECMS), which was notified in March this year with a budget of $2.6 billion, and had already approved $1.5 billion in investments across 24 projects, this scheme targets $12 billion in production and 17,000 jobs over the coming five years.
Investment activity in the PCB and electronics component manufacturing has seen a significant surge, with major firms planning for large scale facilities and also states like TamilNadu and AndhraPradesh offering multiple incentives and benefits thereby attracting players to set up their facilities in the states.
Some well-known investments include Amber Enterprises’ Rs 4,200 cr capex for ML and HDI (High-Density Interconnect )PCBs, other firms such as Kaynes will be investing Rs. 1400 Crores, also it has signed a Rs. 5,000 Crores MoU with the Govt of Tamilnadu focused on PCB’s and Syrma SGS have invested Rs. 1,800 Crores in high-tech PCB plants and many others still in stages of approval and multiple phases of development.
Government schemes such as the Electronics Component Manufacturing Scheme (ECMS) and Production Linked Incentives have been catalyzing investments, which aim to enhance local value addition, create jobs, and build a robust supply chain for the sectors such as- automotive, telecom, EVs, and consumer electronics.
Following are the list of stocks that are actively participating/progressing in driving India’s PCB Growth
Incorporated in 2011, the company offers end-to-end PCB design and assembly services, by supporting customers from initial concept and prototyping to full-scale volume production across multiple industries.
The Company is capable of advanced PCB design and analysis using sophisticated tools, rapid prototyping, complex layout development, and comprehensive PCB assembly (PCBA) supported by automated manufacturing processes. The company also provides extensive testing and inspection services to ensure quality and reliability.
For the company, PCB assembly is the core revenue driver as it contributes 64 percent of total revenue, while PCB assembly orders account for 24.5 percent of the current order book, highlighting strong demand for its PCBA solutions.
The company’s half yearly revenue saw a YoY growth of 112 percent, going from Rs 58 Cr in H1FY25 to Rs 123 Cr in H1FY26, and the half yearly Net Profits saw a YoY growth of 81 percent, going from Rs 11 Cr in Q2FY25 to Rs 20 Cr in Q2FY26.
Incorporated in 1963, BPL Ltd operates in the manufacturing of Printed Circuit Boards (PCBs). In the latest quarter, PCB manufacturing had contributed approximately 79 percent of the company’s total revenue, this highlights the segment’s dominant role in its business performance. For the last fiscal year, PCBs accounted for close to 40 percent of overall revenue, this reflected a significant and growing contribution from the company’s core business of PCB manufacturing.
In the latest quarter BPL saw its YoY revenue drop by 5 percent, from Rs 20.92 Cr in Q2FY25 to Rs 19.84 Cr in Q2FY26, while the QoQ went up by 1.8 percent from Rs 19.48 Cr in Q1FY26. The YoY Net Profits fell from Rs 4.07 Cr profit in Q2FY25 to a loss of Rs 0.19 Cr in Q2FY26, while the Q1FY26 also made a profit of Rs 2.73 Cr in Q1FY26.
Incorporated in 1956, Amber enterprises Ltd holds prominent share in the Indian room air conditioner market and is a prominent solution provider to the air conditioner OEM and ODM industry. Along with its core consumer durables presence, the company also operates an electronics business vertical which is focused on PCB assembly and bare PCB manufacturing.
Within the Electronics Division, the PCB assembly contributes about 85 percent of revenue, while bare PCBs account for the remaining 15 percent. The company’s current target end users’ market includes- consumer durables, automobiles, defence & aerospace, IT and telecom, smart watches, and industrial segments such as energy and power.
In the latest quarter Amber saw a YoY revenue fall by 2.2 percent, going from Rs 1,685 Cr in Q2FY25 to Rs 1,647 Cr in Q2FY26, while the QoQ fell by 52 percent from Rs 3,449 Cr in Q1FY26.
The company made a Net Profit of Rs 21 Cr in Q2FY25 and Rs 106 Cr in Q1FY26, but as of the latest quarter Q2FY26 it made a loss of Rs 32 Cr.
Incorporated in 2008, Kaynes Technology is positioned as a leading end-to-end, IoT-enabled integrated electronics manufacturing services (EMS) provider. The company derives a significant 48 percent of its H1FY26 revenue from turnkey PCB assembly. Its strategy of integrating core EMS capabilities with advanced OSAT and in-house PCB manufacturing has created a strong competitive moat.
Kaynes operates a dedicated PCB manufacturing facility in Chennai with 5 Million SQ MT of PCB Manufacturing Capacity, here the company manufactures Multi Layer PCB both Rigid and Rigid Flex along with HDI PCB and Flexible PCB.
Moreover has further strengthened its PCB assembly capabilities through the acquisition of Canada-based August Electronics Inc., reinforcing its position in high-value electronics manufacturing and global supply chains.
In the latest quarter Kaynes saw a YoY revenue growth of 58 percent, going from Rs 572 Cr in Q2FY25 to Rs 906 Cr in Q2FY26, while the QoQ went up by 34 percent from Rs 673 Cr in Q1FY26.
The YoY Net Profits growth is at 101 percent, going from Rs 60 Cr in Q2FY25 to Rs 121 Cr in Q2FY26, while the QoQ growth stood at 61 percent from Rs 75 Cr in Q1FY26. Additionally, the company has a 5 year Profit CAGR at 95 percent while the 3 year stands at 90 percent.
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