India’s printed circuit board market crossed USD 4.53 billion in value by 2023 and is scaling fast on the back of a 30% anti-dumping duty on imported PCBs with fewer than six layers, government ECMS funding, and a wave of fresh capital from companies that, until recently, only did final assembly rather than fabricating the boards themselves. This ranking of the top 10 PCB manufacturers in India 2026 covers the mix of legacy exporters, EMS giants pivoting upstream, and brand-new entrants building six- and eight-layer HDI lines from scratch.
1. AT&S India
AT&S India, the Indian arm of Austria’s AT&S Group, operates its flagship facility in Nanjangud, Karnataka, and remains the quality benchmark for high-end multilayer PCB manufacturing in the country, primarily serving export markets rather than domestic consumer electronics. The Ministry of Electronics and Information Technology cleared 17 ECMS-backed projects worth ₹7,172 crore in November 2025, with AT&S India among the named beneficiaries, reinforcing its position as one of the few Indian-based manufacturers already capable of producing genuinely advanced boards at export-grade specification.
That export orientation distinguishes AT&S from most domestic players still building toward multilayer and HDI capability, since it entered India already possessing the parent company’s decades of European high-density interconnect expertise rather than developing it from a standing start under India’s newer PLI-linked incentive structure.
2. Kaynes Technology (Kaynes Circuits India)
Kaynes Technology is committing approximately ₹1,400 crore to PCB manufacturing, part of a broader four-application approval under the government’s electronics component scheme covering HDI boards, high-layer-count PCBs, camera module assembly, and India’s first domestic copper-clad laminate production. Kaynes’ four Tamil Nadu manufacturing proposals total ₹3,280 crore in committed investment and roughly 2,480 jobs, with CEO Kumar Subramanium confirming the PCB plant’s construction was on track for completion by the end of FY26, with multilayer and HDI board production beginning first, followed by flexible PCBs by September 2026.
That copper-clad laminate capability is genuinely significant, since laminate has historically been one of India’s most import-dependent raw material inputs into PCB fabrication, and Kaynes becoming the first domestic producer removes a supply-chain bottleneck that every other fabricator on this list currently depends on foreign suppliers to fill. Kaynes has also secured ECMS funding specifically to build six-layer and eight-layer lines with stacked microvias aligned to Ericsson and Nokia antenna platforms, positioning it directly into telecom infrastructure demand.
3. Ascent Circuits (Amber Group)
Ascent Circuits, a subsidiary of Amber Group, received government approval for a ₹991 crore project in Tamil Nadu as part of the same electronics component scheme round that backed Kaynes, and has separately secured ECMS funding to build six-layer and eight-layer lines with stacked microvias for telecom antenna applications. The company sends more than half of its PCB output to the U.S. market, operating a fully automated facility that uses reverse pulse plating for precision copper trace work, serving aerospace, telecommunications, and defence customers where consistency and certification matter as much as price.
That export intensity, over 50% of volume leaving India, makes Ascent Circuits genuinely distinct from the domestic-demand-focused capacity being built by Kaynes and Syrma SGS, positioning it instead as one of India’s clearest examples of a PCB fabricator competing directly against established Southeast Asian and Chinese exporters on quality rather than simply import-substituting for Indian OEMs.
4. Syrma SGS Technology
Syrma SGS reported FY26 revenue of ₹4,819 crore, up 27.26% year-on-year, with earnings climbing 87.07% to ₹318 crore, and Q1 FY27 consolidated revenue of ₹1,588.62 crore against a restated ₹943.98 crore a year earlier, alongside a market capitalisation of roughly ₹13,690-27,900 crore depending on the trading window. The company is investing ₹360-400 crore in the first phase of a dedicated PCB plant under its Syrma Strategic Electronics subsidiary, which also received government approval in the same October 2025 electronics manufacturing round that backed Kaynes and Ascent Circuits, while separately partnering with Kaga Electronics India and forming a joint venture with Elemaster that inaugurated a 20,000 sq ft high-reliability electronics facility in Bengaluru in September 2026.
Beyond PCB fabrication, Syrma SGS operates as a broader electronics system design and manufacturing company spanning PCB assembly, box build, RFID tags, and magnetic components across automotive, telecom, industrial, healthcare, and defence sectors, giving it a genuinely diversified revenue base that pure PCB fabricators lack. Its Q3 FY26 results showed 45% revenue growth with EBITDA doubling and exports up 66%, prompting the company to raise its full-year EBITDA guidance, a signal that its PCB and broader EMS investments are converting into margin expansion rather than just topline growth.
5. Tata Electronics
Tata Electronics has committed USD 1.6 billion in Tamil Nadu, including an internal rigid-flex PCB production line specifically designed to cut India’s import reliance on Vietnamese and Thai-manufactured boards. That rigid-flex capability matters because it targets a genuinely underserved segment of the domestic market, boards used in compact consumer electronics and wearables where flexibility combined with structural rigidity is essential, an area where India had almost no meaningful domestic capacity before this investment.
Tata Electronics’ broader strategy mirrors its parallel push into semiconductor assembly and testing, treating PCB fabrication as one layer within a vertically integrated electronics manufacturing stack rather than a standalone business line, giving it genuine cost and quality control advantages over PCB-only specialists dependent on external component and substrate suppliers.
6. Dixon Technologies
Dixon Technologies’ Noida PCB-adjacent complex, operational since 2024, has boosted domestic sourcing ratios for its broader electronics manufacturing business by offsetting the cost premium of Indian-made boards against PLI scheme rebates, and Dixon carries a market capitalisation of roughly ₹55,000 crore, making it India’s largest overall EMS company by revenue. While Dixon is best known for smartphone, LED TV, LED light, and home appliance assembly for customers including Samsung, Motorola, and Reliance, its backward integration into PCB sourcing directly supports revenue growing at 40-50% annually from new customer additions.
Dixon’s scale advantage lets it absorb PCB cost premiums that smaller assemblers cannot, since its EBITDA margin sits in the standard 4-5% EMS range, meaning even modest per-unit board cost increases require considerable volume to offset, an advantage that has effectively made Dixon a genuine anchor customer pulling domestic PCB capacity into existence alongside its own assembly lines.
7. Genus Electrotech
Genus Electrotech, established in 2003, has built a fully backward-integrated PCB manufacturing operation with a modern plant capacity of 15,000 sqm for double-sided PCBs and 3,000 sqm for single-sided and metal-core PCBs, alongside AOI inspection systems, standalone pick-and-place operations, and a 22-machine injection molding shop for plastic components. Certified under ISO 9001:2015 and ISO 14001:2015, the company manages the entire process from bare PCB fabrication through to finished product assembly for consumer electronics, automotive, and industrial automation clients.
That complete backward integration, controlling everything from raw laminate processing through final component assembly under one roof, differentiates Genus from fabricators that outsource specific process steps, giving it tighter quality control and shorter lead times for customers needing finished, assembled boards rather than bare PCBs alone.
8. Circuit Systems India
Circuit Systems India, established in 1995, operates a Gujarat-based facility producing boards ranging from standard FR-4 substrates to aluminium-based boards, serving telecommunications, defence, and automotive industries through integrated design, prototyping, and assembly services under one roof. Nearly three decades of continuous operation give the company genuine institutional depth in defence and telecom certification requirements, sectors where new entrants typically need years to build the compliance track record that established buyers demand.
That certification depth positions Circuit Systems India as a preferred supplier specifically for programmes where switching costs are high and qualification cycles are long, a genuinely different competitive position from newer capacity being built by Kaynes and Ascent Circuits, which is targeting fresh telecom infrastructure demand rather than displacing incumbents in already-qualified defence supply chains.
9. SRF Limited
SRF Limited was among the large proposals approved in the government’s ₹5,532 crore electronics manufacturing round in October 2025, alongside Kaynes Circuits, Syrma Strategic Electronics, and Ascent Circuits, with the combined approvals expected to yield ₹44,406 crore in total production value as the second tranche of India’s Make in India and Atmanirbhar Bharat missions. SRF’s entry into PCB manufacturing represents genuine diversification for a company historically known for chemicals, packaging films, and technical textiles rather than electronics.
That diversification reflects a broader pattern across this government approval round, established Indian industrial conglomerates with strong balance sheets and manufacturing execution track records moving into PCB fabrication specifically because the anti-dumping duty and ECMS incentive structure have made the economics attractive enough to justify entering an entirely new category.
10. Global HDI
Global HDI unveiled a ₹1,500 crore (approximately USD 180 million) facility in Karnataka in November 2025, specifically targeting HDI and multilayer board production, with pilot runs planned for Q3 2026. As a purpose-built greenfield entrant focused exclusively on high-density interconnect technology from day one, Global HDI represents the newest wave of capacity specifically targeting the advanced board segment that India has historically imported almost entirely from Taiwan, China, and South Korea.
Its Q3 2026 pilot timeline places it roughly in step with Kaynes’ own HDI production ramp-up, meaning India will likely see multiple genuinely new sources of advanced multilayer board capacity coming online within the same window, a concentration of new supply that could meaningfully shift pricing and lead times for OEMs currently dependent on imported HDI boards.
Frequently Asked Questions
Q1. Which company is building India’s first domestic copper-clad laminate production?
A: Kaynes Technology, through its Kaynes Circuits India subsidiary, is establishing India’s first copper-clad laminate manufacturing line as part of its broader ₹1,400 crore PCB investment in Tamil Nadu, addressing a raw material that Indian PCB fabricators have historically had to import entirely.
Q2. How has the 2024 anti-dumping duty affected India’s PCB manufacturing sector?
A: The 30% anti-dumping duty imposed on imported PCBs with fewer than six layers has created favourable conditions for domestic manufacturers including Amber Enterprises, Kaynes Technology, and Syrma SGS to expand market share, directly incentivising the wave of capacity investment and government-approved projects seen across 2025 and 2026.
Q3. Which Indian PCB manufacturer has the strongest export focus?
A: Ascent Circuits, a subsidiary of Amber Group, sends more than half of its PCB output to the U.S. market specifically, using automated reverse pulse plating techniques for aerospace, telecommunications, and defence clients, making it more export-weighted than most domestic-demand-focused peers like Kaynes or Tata Electronics.
Q4. What government support is available for PCB manufacturers in India?
A: The Electronics Component Manufacturing Scheme (ECMS) has funded multiple fabricators including Kaynes Technology and Ascent Circuits for six-layer and eight-layer HDI lines, while the National Telecom Policy 2025 earmarks ₹1,200 crore specifically for PCB R&D and stacked-via research, and a separate October 2025 approval round cleared ₹5,532 crore in new electronics manufacturing projects expected to yield ₹44,406 crore in total production.
Q5. Why are established companies like SRF and Tata Electronics entering PCB manufacturing now?
A: The combination of anti-dumping protection, ECMS capital support, and India’s push to reduce import reliance on Vietnamese, Thai, Chinese, and Taiwanese boards has made PCB fabrication economically attractive for diversified industrial groups with strong balance sheets, evidenced by SRF’s chemicals-to-electronics diversification and Tata Electronics’ USD 1.6 billion rigid-flex investment in Tamil Nadu specifically targeting import substitution.