On July 15, the Union Cabinet cleared India Semiconductor Mission 2.0 with a ₹1.27 lakh crore outlay — the single largest government commitment to building a domestic chip ecosystem. While the headline figure is staggering, the smart question for investors is: which companies have already started spending real money on semiconductor capabilities, rather than waiting for government cheques?

We dug through company filings on the NSE to find stocks that aren't just talking about semiconductors — they're already building factories, hiring engineers, and shipping silicon.

CG Power (CGPOWER): ₹7,584 Crore OSAT Project, Government Backing in Hand

CG Power is arguably the most direct play on India's semiconductor ambitions. Its subsidiary CG Semi Private Limited received India Semiconductor Mission approval in March 2024 to build an Outsourced Semiconductor Assembly and Test (OSAT) facility — the back-end of chip manufacturing where silicon wafers are cut, packaged, and tested.

The numbers are significant: per their quarterly results through March 2026, the total project cost is ₹7,584 crores over FY2025 to FY2029. CGSEMI has already recognized ₹668 crores in government grant receivables, of which ₹601 crores has been received. CG Power has created a separate "Semiconductors" operating segment and outlined a vision to build a semiconductor product company through multiple acquisitions under the AXIRO brand.

Kaynes Technology (KAYNES): ₹3,300 Crore OSAT Capex, Order Book at ₹5,038 Crore

Kaynes is building India's other major OSAT facility in Sanand, Gujarat — complementing its established electronics manufacturing business. Per their earnings calls, the total semiconductor capex is ₹3,300 crores, funded partly through a QIP that has already deployed ₹313 crores toward OSAT and ₹114 crores for a PCB (printed circuit board) plant.

The company's existing EMS business provides a revenue base while semiconductor operations ramp. Their Q1 FY25 order book stood at ₹5,038 crores, with revenue growing 59% year-on-year and PAT margins at 10.1%. Management has guided for positive operating cash flow across all three businesses — EMS, OSAT, and PCB — by FY28.

Cyient (CYIENT): India's Largest Custom Chip Company, $100M ASIC Pipeline

While CG Power and Kaynes are building the manufacturing side, Cyient is attacking semiconductor design. The company carved out Cyient Semiconductors Private Limited as a wholly owned subsidiary focused on turnkey ASIC design and chip sales through a fabless model.

Per their Q4 results, Cyient Semiconductors posted revenue of $7.2 million — their fourth consecutive quarter of sequential growth. Management describes the company as India's largest custom chip company and has built an ASIC pipeline of over $100 million. A key milestone: the launch of ARKA GKT-1, described as India's first indigenous silicon platform for smart utilities, co-developed with Azimuth AI.

Dixon Technologies (DIXON): PLI Beneficiary Moving Up the Value Chain

Dixon is India's largest electronics manufacturing services company, and while it's not a pure semiconductor play, it sits squarely in the ecosystem that benefits from domestic chip availability. Per their annual reports and earnings calls, Dixon has achieved both capex and revenue thresholds under the PLI scheme for telecom and networking products.

The company has commenced manufacturing of complex telecom and backhaul microwave radios and plans to initiate exports. Their strategy, per management commentary, is explicitly to move up the value chain from pure manufacturing to engineering and design — exactly the kind of capability that benefits from a stronger domestic semiconductor supply chain.

Syrma SGS Technology (SYRMA): ₹1,600 Crore Capex Including PCB Substrates

Syrma SGS represents the EMS tier that feeds into the semiconductor supply chain. Their FY26 results show revenue of ₹4,857 crores (up 27% YoY) and EBITDA of ₹582 crores (up 56% YoY) — demonstrating strong operational leverage. What makes them relevant to the semiconductor story is their ₹1,600 crore phased capex plan, which includes ₹600-700 crores specifically for HDI Flex and CCL — the advanced printed circuit board substrates that semiconductors mount onto.

This backward integration into PCB substrates positions Syrma to capture more of the value chain as domestic chip production scales up.

Tatva Chintan Pharma Chem (TATVA): The Semiconductor Materials Play

The least obvious name on this list, Tatva Chintan is developing ultra-high purity chemicals for the semiconductor industry. Per their annual report, management has described this as the company's "growth engine after three years" and noted "significant headway in coming close to the ultra-high purity quality requirements."

In their most recent earnings call, management reported that the semiconductor chemicals segment "continues to move steadily in the right direction" with years of R&D "now generating strong interest from leading companies within the industry." The company has guided for topline growth of over 25% in FY26 as new products enter their commercial phase.

What Retail Investors Should Do

The Semiconductor Mission 2.0 outlay is transformational, but the investment timeline is long — these are 3-5 year bets, not quarterly trades. CG Power and Kaynes carry execution risk on their OSAT factories (semiconductor manufacturing is notoriously difficult to ramp). Cyient's fabless model is lower-risk but depends on winning design mandates. Dixon and Syrma benefit indirectly as the ecosystem grows. Tatva Chintan is the earliest-stage bet with the widest range of outcomes.

The key number to watch across all these companies is capex execution — are they hitting construction milestones, qualifying production lines, and signing customer contracts? Those details will appear in quarterly filings before they show up in revenue numbers, and that's where patient investors find their edge.

Data sourced from company filings on NSE via Xaro.