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Unlisted shares are illiquid and carry higher risk than listed securities. Prices are indicative, not live. Read the risk disclosure.

Credit Rating (CRISIL)
CARE D
Rates the company's debt-servicing ability — not the quality or value of its shares.
Rated: 11 Sept 2025
This rating is over a year old.
View Full Report52-Week Range
Valuation
Financials (FY2025)
Source: CRISILInvestment Thesis
Arcotech Limited is a long-established Haryana-based copper clad laminate manufacturer with roots in India's early electronics materials industry. While the macro trend of India's electronics manufacturing growth is positive, the very low share price of ₹2 warrants careful due diligence on the company's current financial health. Investors should review MCA filings and audited accounts before considering investment.
Pros
Cons
Business Segments
Copper Clad Laminate (CCL) Manufacturing
Production of copper clad laminate used as base material for PCB fabrication in electronics manufacturing
Non-Ferrous Semi-Finished Products
Manufacturing of other non-ferrous semi-finished metal products for industrial applications
Revenue Model
Arcotech Limited generates revenue primarily through the sale of copper clad laminate and non-ferrous semi-finished products to PCB manufacturers and industrial customers. Revenue is dependent on copper input prices, manufacturing volumes, and demand from the electronics and industrial sectors.
Detailed Analysis
Growth Plans
Government PLI scheme for electronics driving domestic PCB and CCL demand
China+1 strategy of global electronics brands creating India manufacturing opportunities
India's growing consumer electronics and automotive electronics market
Potential value unlocking if company undertakes modernisation or strategic partnership
Industry Tailwinds
Recent Developments
India's domestic PCB manufacturing sector is expected to benefit from government PLI schemes for electronics, potentially supporting CCL demand from manufacturers like Arcotech.
2024-01Comparable Companies
APARINDS · ~20,000 Cr
Frequently Asked Questions
About Arcotech
Arcotech Limited is a Gurugram, Haryana-based precision materials company incorporated in 1985. The company specialises in the manufacture of copper clad laminates (CCL) and related precision metal products used in the electronics, electrical, and telecom industries. Copper clad laminates are foundational materials in printed circuit board (PCB) manufacturing — the backbone of all electronic devices. Arcotech's copper clad laminate products are used in PCBs for consumer electronics, industrial controls, telecommunications equipment, and automotive electronics. India's PCB market is growing rapidly as the country's electronics manufacturing sector expands under the PLI scheme, with major global electronics companies setting up manufacturing in India. The push for domestic PCB manufacturing is reducing India's dependence on Chinese imports. The company has been operating since 1985 — 39+ years in precision materials manufacturing — building technical expertise in copper rolling, foil production, and laminate fabrication. Haryana has emerged as a significant electronics manufacturing hub, with companies like Samsung, Maruti Suzuki (for auto electronics), and various tier-1 suppliers operating in the region. Arcotech's ISIN INE282D01015 indicates the company has a formal securities issuance history. The Gurugram location provides access to the Delhi-NCR's large electronics and automotive manufacturing demand base, as well as proximity to Manesar's auto components cluster where copper-based electrical components are in demand.
Key Milestones
Incorporated in 1985 in Haryana as a public limited company (CIN: L36100HR1985PLC021257)
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Unlisted shares are illiquid and carry higher risk. Pricing is indicative, not live, and these are private off-market transactions with no exchange settlement guarantee. Read the full risk disclosure.
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Government PLI scheme for electronics driving domestic PCB and CCL demand
China+1 strategy of global electronics brands creating India manufacturing opportunities
India's growing consumer electronics and automotive electronics market
Potential value unlocking if company undertakes modernisation or strategic partnership
Industry Headwinds
Continued import pressure from Chinese CCL manufacturers
Rising copper prices compressing margins
Potential operational or financial distress given very low share price
Copper price volatility creates significant raw material cost risk for CCL manufacturers
Source: AlphaHub Research
Competition from large global CCL manufacturers with economies of scale
Source: AlphaHub Research
Company reported a net loss of ₹87.49 Cr (FY2025) — may signal structural profitability challenges
Source: Financial data
CRISIL rating of CARE D — sub-investment grade; indicates elevated credit risk
Source: CRISIL
Copper is a globally traded commodity with significant price volatility; input cost fluctuations can severely impact manufacturing margins for CCL producers.
Faces competition from large established Indian and Chinese CCL manufacturers; global players may offer lower prices due to scale advantages.
PCB technology evolves rapidly; older CCL formulations may lose relevance as electronics miniaturisation and high-frequency applications require advanced materials.
Limited public financial disclosures make it difficult to assess current financial health and operational performance.
Very low share price of ₹2 and unlisted status means the secondary market is highly illiquid with limited price discovery.
HINDALCO · ~1,20,000 Cr
SY
Established as an early manufacturer of copper clad laminate for India's growing electronics industry
Operations based in Gurugram, Haryana, a major North India industrial and technology hub
Continues as an unlisted company with shares traded in the unlisted market at approximately ₹2 per share