Bare PCBs (Printed Circuit Boards): Strong growth for domestic players expected!

Industrial Update – Newsletter – February 2025

IMAP’s Industrials group brings you this monthly update with a focus on latest news, transactions and interesting snippets from the Industrials domain in India

A bare PCB, also known as a blank PCB or unpopulated PCB, is a printed circuit board (PCB) that doesn’t have any electronic components attached to it. It has essentially the circuitry on which the electronic components are mounted. Bare PCBs are classified basis:

1) Number of Layers of circuitry: single side, double side and multilayer,

2) Type of Board: Rigid PCB/Flexible PCB,

3) Material composition: fiberglass-epoxy to high-frequency materials and

4) Others (Thickness, Surface finish, Application)

The bare PCB Market In India:

Rapid expansion of electronics manufacturing is set to significantly accelerate bare PCB demand, with India set to account for ~35% of incremental global demand till 2030. Currently however, ~90% of India’s demand is met by imports. There are about ~15 organised manufacturers catering to the domestic market. However, they cater to lower end segments (<6 layers) and have limited expertise in the fast-growing multi-layer segments where imports are ~100%

Government push to localise PCB manufacturing

Breakup of $3 bn. municipal waste market: Considering this rising demand, high-capex nature of industry and need for import substitution, GOI has undertaken multiple measures to incentivise local manufacturing – PLI for Large Scale Manufacturing (3-5% incentive on incremental sales), SPECS Scheme (25% financial support to CAPEX) & Duties (30% anti-dumping on <6 layer bare PCBs). An additional PLI of ~₹25,000 Cr is also in the offing in 2025 for PCB manufacturing.

AT&S an Austrian MNC, is the largest player in India, making high-end PCBs for exports. The low range segment has several smaller firms catering primarily to the lighting and white goods segment. Given the high demand, significant investment in the sector is anticipated. In Jan’24, Amber Enterprises acquired Ascent Circuits; it also tied up with Korea Circuits for a greenfield PCB project. Kaynes announced plans for a multi-layer PCB facility and many existing players undertaking capacity expansion.

Some recent transactions

Feb’25	Rapido Bikes	The ride-hailing platform raised ~₹ 250 Cr. in a fundraise led by Prosus Private Equity
Feb’25	Srichakra Polyplast	The plastic recycling company raised ~₹80 Cr. in a fundraise led by GreenGen Capital
Feb’25	Ample Foods  (Prasuma Momos)	ITC acquired 100% of the ready to eat food manufacturer for ~₹187 Cr.
Feb’25	Mega Fine Pharma	Motilal Oswal PE invested ~₹ 460 Cr. in the API manufacturer for a 60% stake in the company
Feb’25	Roop Auto	The Carlyle Group acquired a ~67% stake in the auto comps company for an undisclosed sum
Feb’25	Senn Chemicals	Granules India acquired 100% of the Swiss chemicals CDMO company for ~190 Cr.

Recent News

• Ultratech, announced its foray into the manufacturing of cables and wires with a planned investment of ~₹ 1,800 Cr.; this comes after the Aditya Birla Group company had made a similar foray into decorative paints with an announcement of 10,000 Crore investment in Feb’24
• Govt. of India launched a PLI for specialty steel with a total outlay of ~₹6,322 Cr.; the revised PLI is aimed at boosting domestic production and reducing imports
• India’s manufacturing PMI fell to 57.1 in Feb’25 from 57.7 in Jan’25 (a PMI value above 50 indicates growth) indicated a slight slowdown compared to Jan’25, mainly due to competitive pressures
• In February, gold prices surged to a record high of ~₹8900/gram, growing ~45% in a year, amidst global concerns regarding US tariffs and fears of inflation; meanwhile bitcoin price settled at $85,000 per bitcoin after having reached all-time high of ~$110,000 in Jan’25

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