B C C Fuba India Ltd is a pure-play manufacturer of Printed Circuit Boards - the rigid green or blue boards inside every electronic gadget that connect and hold all the components together - built on German technology absorbed decades ago and now operated entirely with Indian know-how. The company was founded in 1985 as a joint venture with Fuba Hans Kolbe & Co., then Europe’s largest PCB maker, and has since shed every non-core activity - a transformer division, a trading business - to concentrate on a single factory in Himachal Pradesh that sells professional-grade boards under the ‘FUBA’ brand to customers across India. The recurring approach is simple: make one thing, make it to international standards that most domestic rivals cannot match, and let the ‘Make in India’ shift in electronics sourcing pull demand toward you. # Business segments Two engines at different stages - a PCB manufacturing core that carries the business today, and a fledgling electronics assembly unit stitched on to capture more of the value chain - each built with the cash flows of the one before. ## 1. Printed Circuit Boards: the factory that feeds India’s electronics **Every rupee of operating revenue comes from selling professional-grade PCBs made in a single Himachal Pradesh plant, where German-origin technology and international certifications create a quality gap that most domestic competitors cannot close.** - **The base layer of every electronic device** - PCBs are the raw material on which chips, resistors and connectors are mounted; without them, no gadget works, which is why the company calls them the foundational building block of the entire electronics industry. - **German DNA, now fully Indian** - the original machinery came from Germany, Italy, France, the UK, the USA and China, and the technical know-how was absorbed completely from the German collaborator Fuba Printed Circuits GMBH, so the company today manufactures without any foreign technical assistance. - **Certified to standards most rivals cannot touch** - the plant holds IATF 16949:2016 certification (the quality benchmark for automotive supply chains) and is certified by Underwriters Laboratories in the USA, while adhering to German DIN standards, US military specifications and IPC specifications, which is how it qualifies as a supplier to demanding sectors like automotive and e-mobility. - **Raw materials come from abroad, customers are all at home** - key inputs like copper clad laminates and chemicals are substantially imported, creating a foreign-supply dependency, but every finished board is sold inside India, with no export revenue at all, so the business rides entirely on domestic electronics manufacturing demand. - **Rebuilt from a fire and now expanding** - a blaze in May 2022 destroyed the Hot Air Leveling Department and knocked out 100 square meters per day of production, but the company restored full capacity within five months using insurance cover of Rs. 1,200.10 lakh, and is now renovating the plant to double operational space and eventually double production capacity. ## 2. Iogems Technologies: a small bet on assembling the boards it already makes **A 51% stake in a newly incorporated electronics manufacturing services company lets BCC Fuba extend beyond bare boards into populating them with components - forward integration funded by a rights issue and structured through convertible debt.** - **Bought, not built** - the company acquired a 51% equity stake in Iogems Technologies Private Limited, an Electronic Manufacturing Services (EMS) company incorporated in October 2025, for a cash consideration of INR 5,10,000, so it entered the assembly business by purchasing a ready-made vehicle rather than starting from scratch. - **A rights issue feeds the new venture** - a subsequent rights issue allocated Rs. 1,300.00 lakh toward investment in Iogems through 7% Optionally Convertible Debentures aggregating INR 8 crores, which can be converted into equity shares at any time over seven years at a price set by a registered valuer, giving BCC Fuba a path to deepen its stake while protecting downside. - **Still a seedling** - Iogems was only incorporated in late 2025 and has no operating history in the dossiers, so this segment is a forward-integration bet that has yet to prove it can win assembly contracts on the back of BCC Fuba’s PCB relationships. # Group structure and partners **The company is a standalone listed entity with no legacy subsidiaries - its only structural addition is the recent 51% stake in Iogems Technologies, held alongside a small unquoted investment in a waste-management firm.** - The equity shares have been listed on the Bombay Stock Exchange since 1990, and the company has no subsidiaries, joint ventures or associates. - The company has been sanctioned working capital and cash credit limits in excess of Rs. Five crores in aggregate from bank on the basis for security of current assets. - A legacy investment of 10,000 unquoted equity shares sits in Shivalik Solid Waste Management Limited, and the Transformer Division - once part of the business - was sold off entirely in 2020 after shareholder approval, completing the retreat from everything that was not PCBs.