ASM Technologies is a company that designs products and then makes them - a rare combination in an industry where most firms do one or the other. It started in 1992 as an engineering services provider and has spent the last decade deliberately transforming into a full-stack “system design house” that can take a product from a concept sketch all the way to precision manufacturing under one roof. That integrated approach, which the company calls Design-Led Manufacturing, is the recurring logic behind everything it does: use the deep engineering knowledge gained from designing products for clients to win the higher-value work of actually building them. # Business segments Three engines, one integrated logic - a precision-manufacturing engine that now generates more than half of revenue, an engineering-services engine that feeds it with design work and customer relationships, and a ventures-and-partnerships layer that places bets on the technologies those engines will need next. ## 1. Design-Led Manufacturing: where the company makes what it designs **This is custom, high-precision manufacturing for industries where getting it wrong is not an option - semiconductor equipment, solar machinery, and electronics - and the company now runs seven factories across two countries to do it.** - **Designers and builders sit together** - unlike a traditional contract manufacturer that simply builds to a client’s blueprint, ASM’s manufacturing engineers work alongside its product designers from the start, so the company takes end-to-end ownership of the finished part or subsystem. - **Complex, not mass** - the factories are set up for low-to-mid volume production of intricate mechanical and electronic components, the kind of work where tolerances are tight and volumes are too small for a Foxconn-style mega-factory. - **Seven factories, three new in the last year** - the company operates three plants in Bangalore, three in Chennai, and one in Vietnam, having commissioned three of those seven in FY26 alone; it has also secured government approval and land for further expansion in Karnataka and Tamil Nadu. - **A 53-year-old precision legacy** - subsidiary RV Forms & Gears builds complex fixtures for automotive, machine-tool, and electronics customers, including a three-tonne indexing fixture with over 500 elements held to tolerances of less than ten microns, and has recently broken into aerospace and defence work. - **Semiconductors and solar are the growth bets** - a 50:50 joint venture with Hind High Vacuum builds advanced tools for semiconductor manufacturing and photovoltaic applications, operating out of clean rooms and lithography labs, and the company expected to begin solar-equipment deliveries in 2025. ## 2. Engineering R&D services: the design brain that feeds the factory **This is the original business - a global team of engineers who design products, embedded systems, and software for vehicle makers, industrial equipment companies, and semiconductor firms, operating from nine development centres.** - **The full product lifecycle, on a time-and-materials or fixed-price basis** - the company earns revenue either by billing for the hours its engineers work or by delivering a defined project for a fixed fee, with progress measured by effort or cost incurred. - **Vehicles are the anchor vertical** - the ER&D practice focuses on industrial vehicles, large off-highway equipment, and next-generation mobility, working directly with global OEMs on everything from concept development to manufacturing engineering. - **A digital layer that makes factories smarter** - the company has built proprietary AI frameworks and an in-house Industry 4.0 product called SmartFix 4.0 that monitors legacy machines in real time, tracking missed operations, screw alignment, and torque; it won a CII innovation award in 2020 for RV Forms & Gears, one of the group companies. - **Deep ties to Indian research** - ASM runs an affiliate programme with the Centre for Nano Science and Engineering at the Indian Institute of Science, giving its engineers access to semiconductor-process labs and faculty expertise in micro-electromechanical systems. - **Mostly offshore, mostly exported** - the company delivers the bulk of its services from Indian development centres to overseas clients, with software exports accounting for roughly 58% of revenue in recent years. ## 3. Onsite support and value engineering: the embedded teams that keep global equipment running **ASM places its own engineers inside customer factories across four countries to install, maintain, and upgrade complex manufacturing equipment - a sticky service that deepens client relationships and feeds design insights back to the mothership.** - **150 engineers stationed at customer sites** - the Onsite Service Support team operates in India, Thailand, Vietnam, and Brazil, servicing over twenty special-equipment manufacturers from China, the US, Japan, Germany, Taiwan, Malaysia, and Singapore. - **Everything from lasers to packing lines** - the equipment covered includes vision systems, laser tools, glue-dispensing machines, and assembly, testing, packing, and wrapping lines. - **Upgrades, not just fixes** - the Value Engineering practice works with more than 25 global equipment makers to enhance and upgrade existing machines, backed by robust field support, turning a maintenance relationship into a continuous improvement partnership. # Group structure and partners **ASM is the listed Indian parent at the centre of a web of wholly owned subsidiaries, a precision-engineering LLP, a semiconductor joint venture, and a venture-investment arm that takes minority stakes in deep-tech startups whose technology can be pulled into the group’s manufacturing and services engines.** - **Global subsidiaries for local delivery** - wholly owned units in Singapore, the US, Japan, the UK, and Vietnam give ASM on-the-ground presence to serve clients and manage talent in key markets. - **Two strategic acquisitions in the last year** - the company agreed to buy a 51% stake in Asmaitha Wireless, which designs embedded and wireless products including medical wearables for the US market, and a 20% stake in Myelin Foundry, a deep-tech AI company whose edge-computing stack will be integrated into ASM’s manufacturing portfolio for predictive maintenance and AI-augmented operations. - **A Scandinavian bridgehead** - a Global Cooperation Agreement with Sweden’s Semcon AB, an 1,800-employee technology consultancy, gives ASM reciprocal access to Scandinavian clients and a combined talent pool spanning product design, embedded electronics, and digital engineering.