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Semiconductors &
Electronics
Manufacturing.

Strategic intelligence across chip design, semiconductor manufacturing, PCB and EMS, consumer electronics, and defence electronics — for fabless companies, ODMs, EMS providers, government bodies, and investors navigating the most geopolitically charged supply chain of the 21st century.

65+
Semiconductor & EMS engagements
11yr
Sector experience
10
Markets covered
$1.2B
Decisions supported
Coverage Areas

Every layer of the
electronics value chain.

01 · Chip Design & Fabless

Fabless Semiconductor Design

Market opportunity mapping for fabless semiconductor companies, IP licensing intelligence, design centre ecosystem research, and competitive positioning for chip design companies evaluating India as an engineering and talent hub.

IP landscapeDesign ecosystemTalent hub research
02 · Semiconductor Fab

Wafer Fabrication & Foundries

Fab economics benchmarking, government incentive landscape mapping, ecosystem readiness assessment, and investment intelligence for semiconductor fabrication investors and government bodies building domestic chip manufacturing capacity.

Fab economicsIncentive landscapeEcosystem readiness
03 · PCB & EMS

PCB Manufacturing & Electronic Manufacturing Services

EMS market sizing, customer outsourcing intent research, quality and delivery benchmarking, and M&A due diligence for EMS providers and PCB manufacturers targeting India's PLI-driven electronics manufacturing growth.

EMS market sizingOutsourcing intentQuality benchmarks
04 · Consumer Electronics

Consumer Electronics & Devices

Consumer electronics demand forecasting, brand preference research, channel economics, and competitive benchmarking for consumer electronics brands and ODMs competing for market share in India's aspirational mass market.

Demand forecastingBrand preferenceChannel economics
05 · Industrial Electronics

Industrial & Automotive Electronics

Electronic content per vehicle research, industrial electronics demand by sector, import substitution opportunity sizing, and competitive intelligence for industrial electronics manufacturers and automotive Tier 1 electronics suppliers.

Electronics per vehicleImport substitutionIndustrial demand
06 · Defence Electronics

Defence & Strategic Electronics

Defence electronics programme landscape mapping, indigenisation requirement analysis, IP and technology transfer intelligence, and competitive positioning for defence electronics companies pursuing India's increasingly ambitious domestic defence electronics agenda.

Programme mappingIndigenisation intelTechnology transfer

Questions we've answered for
semiconductors clients.

These are the actual questions clients bring to us. We've answered some version of each of them, multiple times, across multiple geographies.

India is offering $2B in semiconductor fab incentives. Tell us whether the ecosystem is genuinely ready to support a viable fab — or whether the supply chain, talent, and power infrastructure gaps make the economics unworkable.
We're a global EMS company evaluating India manufacturing entry. Which customer segments have the most genuine localisation intent, and what does our India cost structure look like versus our existing Southeast Asian operations?
Our PCB manufacturing business relies on Chinese laminate that is now subject to tariff risk. Tell us what the alternatives are, who the credible alternative suppliers are, and what the quality and cost trade-off actually looks like.
We're acquiring an Indian EMS company. How real is the order book beyond the top 3 customers, what PLI benefit assumptions are built into the valuation, and what happens to the business if one major OEM reshores to its captive?
Who will own India's consumer electronics EMS market in 2028 — the Foxconn and Pegatron scale global players, Indian EMS champions, or the OEM captives — and what position is still available for a mid-size player?
Our fabless chip design company is expanding to India. Tell us which cities have the right talent pipeline, which design centres are the reference employers we need to benchmark, and what the realistic ramp timeline is.
Semiconductors Case Studies

Evidence of
decisions made better.

SEMI.01 · EMS · India

$180M EMS India Market Entry

Global EMS company evaluating India manufacturing entry. NEO ran OEM customer localisation intent research across 30 global electronics brands, India vs Vietnam cost structure benchmarking, and PLI eligibility assessment. India entry approved.

India entry approved · 5 OEM customers committed
Read Case Study
SEMI.02 · Chip Design · India

Design Centre Ecosystem: India Talent Research

US fabless semiconductor company evaluating India chip design centre. Talent pipeline research across 8 cities, design centre ecosystem benchmarking, and university-industry linkage mapping. Hyderabad and Pune recommended.

Design centre launched · Hyderabad prioritised
Read Case Study
SEMI.03 · EMS · M&A DD

$110M Indian EMS Acquisition DD

PE fund acquiring a PLI-registered Indian EMS company. Customer concentration verified, PLI benefit qualification confirmed, and supply chain localisation depth assessed. Two customer relationships flagged as at-risk.

2 at-risk customers identified · Earnout structured
Read Case Study
Semiconductors Intelligence

Latest semiconductors
thinking.

Market Report

India's Semiconductor Ecosystem: What the Fab Incentives Are Attracting, What the Supply Chain Can't Yet Support, and When the Gap Closes

March 2026
Strategy Brief

India EMS vs Vietnam: A Primary Cost Structure Comparison Across 5 Product Categories and What the PLI Actually Changes

February 2026
Due Diligence Note

EMS M&A DD: PLI Qualification Risk, Customer Concentration, and the Supply Chain Localisation That Isn't as Deep as It Looks

December 2025
Semiconductors Practice Leadership

The team behind
the intelligence.

VG
Partner & Semiconductors Practice Lead
Vaibhav Gupta

16 years in semiconductor and electronics manufacturing strategy. Led 40+ market entry, supply chain intelligence, and M&A mandates across EMS, PCB, chip design, and consumer electronics in Asia. Former Booz Allen Electronics Practice.

RA
Director — EMS & PCB Manufacturing
Ruchi Agarwal

Specialist in EMS market intelligence and electronics manufacturing M&A due diligence. 12 years of OEM outsourcing intent research, manufacturing cost benchmarking, and PLI landscape analysis across India and Southeast Asian EMS markets.

SB
Director — Chip Design & Emerging Tech
Souvik Bose

10 years in semiconductor market intelligence and chip design ecosystem research. Specialist in fabless competitive landscape, IP licensing dynamics, and talent ecosystem mapping for semiconductor companies building India design centres.

A semiconductor decision
you need to get right.
Brief the Semiconductors Practice →

Licensing Options

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