Fine-Line Circuits

Printed Circuit Board (PCB) Manufacturingfinelineindia.com

Fine-Line Circuits Limited is a publicly listed Indian manufacturer of complex high-count multilayer printed circuit boards (up to 24 layers) for aerospace, defense, industrial, medical, automotive, and telecom customers, with ISRO SAC space-grade certification and a US sales office in Dublin, California.

Company typePublic
Founded1989
HeadquartersMumbai, India
Headcount51–100
GTM typeB2B
OfferingHardware or Manufacturing

What Fine-Line Circuits does

Fine-Line Circuits Limited is a publicly listed (BSE: 517264) Mumbai-headquartered manufacturer of complex, high-count multilayer printed circuit boards, founded in 1989 and operating from a SEEPZ-SEZ Export-Oriented Unit with a US sales office in Dublin, California. The company produces nine distinct PCB product lines spanning high-frequency microwave hybrid PCBs (using Rogers, Panasonic Megtron, Taconic, Arlon, and Isola materials), up to 24-layer impedance-controlled blind/buried via multilayers, flex and rigid-flex polyamide boards, oversized backplane PCBs to 5.5mm thickness, high-copper (up to 6 Oz) boards, multilayer cavity PCBs for embedded component assembly, and space-grade on-board PCBs built on PTFE/Rogers TMM substrates for satellite communications, antenna systems, and airborne radar.

The company's competitive positioning rests on a layered set of regulatory qualifications — ISRO Space Applications Centre certification for space applications (since 2016, renewed 2021 and 2024), ISO 9001:2015, ISO 13485:2016 for medical devices, AS9100 aerospace compliance, IATF/TS 16949 automotive, MIL P 55110D military specification, and IPC A 600H/6018B/6102 conformance — combined with manufacturing capabilities including sequential lamination, +/- 5% impedance tolerance, BGA via-in-pad, embedded passive components, and final yields of 98% (single-sided), 96% (double-sided), and 94% (multilayer). Operational performance is supported by a 99% on-time delivery rate (by value and area), short cycle times of 4-7 days for standard configurations, and a 25-day inventory level.

Commercially, Fine-Line operates an enterprise field-sales GTM targeting aerospace, defense, high-end industrial, medical electronics, automotive, and telecom customers. Its Q3 FY2025 sales were Rs 7.87 crore (approximately $0.94M) with a 19.45% YoY decline but a 20% net profit increase to Rs 0.12 crore, indicating a small-scale but margin-disciplined business. Customer concentration is low (top 4 customers = 25% of sales, no single customer > 8%), and the company is funded entirely by internal accruals with no external funding rounds disclosed. Leadership is promoter-led by the Doshi family (Managing Director Abhay Doshi, UC Berkeley MBA, prior Maxtor Corp; Director Gautam Doshi, IIT Mumbai + UC Berkeley, 15 Intel patents) and supplemented by technical and academic board members including IIT Bombay professor Maryam Shojaei Baghini.

Fine-Line Circuits firmographics

Firmographics

Name: Fine-Line Circuits
Legal name: Fine-Line Circuits Limited
Website: https://finelineindia.com
Company type: Public
Founded year: 1989
Operating status: Operating
Headcount range: 51–100 employees
Short description: Fine-Line Circuits Limited is a publicly listed Indian manufacturer of complex high-count multilayer printed circuit boards (up to 24 layers) for aerospace, defense, industrial, medical, automotive, and telecom customers, with ISRO SAC space-grade certification and a US sales office in Dublin, California.
Ownership category
akta.pro rank

Fine-Line Circuits industry classification

Industry

Product category: Printed Circuit Board (PCB) Manufacturing
NAICS: Bare Printed Circuit Board Manufacturing (334412), Printed Circuit Assembly (Electronic Assembly) Manufacturing (334418), Semiconductor and Other Electronic Component Manufacturing (3344)
SIC: Printed Circuit Boards (3672), Electronic Components, Nec (3679)
akta.pro primary industry: PCB Fabrication (Rigid PCBs) (HDAHAOAG)
akta.pro secondary industries: PCB Fabrication (Flex & Rigid-Flex PCBs) (HDAHAOAH), Printed Electronics & Advanced Substrates (HDI, IC Substrates, Embedded Components) (HDAHAOAK), PCB Assembly (PCBA/EMS) (HDAHAOAI)

Keywords

Multilayer PCB manufacturing
Space-grade printed circuits
Rigid-flex circuit boards
High-frequency microwave PCBs
Aerospace PCB assembly

Where Fine-Line Circuits is headquartered

Location

Headquarters

HQ city: Mumbai
HQ country: India
HQ region: Asia

Offices3 records

Markets served

Fine-Line Circuits business model

Business model

GTM type: B2B
Offering type: Hardware or Manufacturing
Cost components: Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

PCB Manufacturing and Sales: Manufacture and sale of complex high-count multilayer printed circuit boards, high-frequency microwave PCBs, flex/rigid-flex PCBs, and specialized PCBs for aerospace, defense, and industrial applications. Export-oriented unit serving global markets.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels6 records

Fine-Line Circuits product offering

Product offering

Core offering

Fine-Line Circuits Limited manufactures complex, high-count multilayer printed circuit boards (PCBs) including rigid, flex, rigid-flex, cavity, backplane, and high-frequency microwave hybrid variants. The company is an ISRO SAC certified space-grade PCB producer exporting to aerospace, defense, medical, automotive, and high-end industrial customers worldwide, with advanced capabilities up to 24 layers, impedance control to +/-5%, and a broad range of materials including Rogers, Panasonic Megtron, Taconic, Arlon, and Isola.

Product overview

Fine-Line Circuits Limited is a space-grade PCB manufacturer specializing in complex high-count multilayer rigid and rigid-flex printed circuit boards. The product portfolio comprises nine distinct PCB product lines: On-Board PCBs for space applications with ISRO certification; High Frequency Microwave Hybrid PCBs for RF applications; Multilayer Cavity PCBs for embedded component assembly; Flex & Rigid Flex PCBs for 3D interconnect applications; Oversized/Backplane PCBs for antenna applications; High Copper PCBs for thermal management; Multilayer Impedance Controlled Blind/Buried Via PCBs with up to 24 layers; Embedded Passive Component PCBs; and general Multilayer PCBs. The company offers various surface finishes including HAL, ENIG, Immersion Tin, Immersion Silver, and electrolytic gold. Fine-Line Circuits operates as an export-oriented unit serving aerospace, defense, medical, automotive, and industrial markets.

Differentiator

Problem solved

Functional benefit

Products and services

On-Board PCBs (Space-Grade) Space-grade PCBs using PTFE materials including Rogers TMM 5000 and 6000 Series, designed for satellite communication, antenna systems, and airborne radar applications. ISRO SAC certified since 2016.
High Frequency Microwave Hybrid PCBs RF and microwave PCBs using low-loss DK materials from Rogers, Panasonic Megtron, Taconic, Arlon, and Isola, featuring hybrid multilayer stack-ups with embedded Cu and AL cores for aerospace, naval, medical, and industrial RF applications.
Multilayer Cavity PCBs PCBs with precision cavities varying in depth, shape, and size that allow inner layer pads visibility and enable embedded component assembly to the PCB height for advanced electronic packaging.
Flex & Rigid-Flex PCBs Flexible and rigid-flex PCBs using polyamide materials including Dupont AP Series, offering 3D interconnect capability and uniform thickness with higher heat dissipation for military, space, automotive, medical, and computer applications.
Oversized / Backplane PCBs Large-format PCBs for antenna and backplane applications up to 5.5mm thickness with tight PHT tolerance of +/-2 mil for press-fit connectors.
High Copper PCBs Multilayer PCBs with up to 6 Oz outer layer and 4 Oz inner layer copper finish, featuring strengthened lamination and PTH copper wall up to 45 microns for thermal integrity compliance.
Multilayer Impedance Controlled Blind / Buried Via PCBs High-layer-count multilayer PCBs up to 24 layers with sequential lamination for blind and buried vias, impedance control of +/-5% and BGA with via-in-pad technology and cap plating.
Embedded Passive Component PCBs PCBs with embedded passive components using Omega Ply and Ticer materials, featuring embedded resistance, capacitor, and inductance integrated into the PCB stack-up.
Multilayer PCBs Complex multilayer PCBs with high layer counts up to 24 layers, supporting hybrid circuits with FR4 and PTFE materials, BGA via-in-pads, and various RF materials including polyimide and ceramic-filled substrates.

Quantifiable outcome

98% final yield on single-sided PCBs, 96% on double-sided, 94% on multilayer boards
+2 more outcomes

Companies that use Fine-Line Circuits

Customer profile

Named customers2 records

Segments5 records

Ideal customer profiles5 records

Fine-Line Circuits technology and API

Technology

Technology focussed No

API detail

Has API: No
API docs
API detail

Core technology

AI maturity

App detail

Feature6 records

Fine-Line Circuits partnerships and signals

Strategic signal

Partnerships

One partnership is on record.

ISRO Space Applications CentrecoreStrategic or Co-development Partner · 1 January 2021ISRO SAC certification for space-grade PCB manufacturing including Antenna PCBs, RFPCBs, and Rogers Duroid materials. Ongoing certification renewal with latest SRSA certification in 2024.

Scale indicators12 records

Recent moves6 records

Expansion highlights6 records

Fine-Line Circuits competitors and assessment

Company assessment

Broad incumbents

Ibiden: Japan-based broad electronics manufacturer with significant IC substrate and high-end PCB operations. Overlaps with Fine-Line in advanced packaging and high-density PCB technology but at much larger scale and broader portfolio.
Unimicron Technology: Large Taiwan-headquartered PCB and IC substrate manufacturer with global scale across HDI, multilayer, substrate-like PCBs, and rigid-flex. Overlaps with Fine-Line on multilayer, HDI, and rigid-flex technology but operates at much greater scale and broader product breadth.

Direct peers

Shennan Circuits: China-based manufacturer of multilayer, HDI, and high-frequency PCBs serving communications, automotive, and aerospace customers. Comparable to Fine-Line in advanced multilayer PCB capability and presence in telecom/aerospace end-markets, though at substantially larger scale.
AT&S (Austria Technologie & Systemtechnik): European-headquartered PCB manufacturer with leading positions in HDI, multilayer, substrate-like PCBs, and IC substrates serving automotive, industrial, and aerospace. Comparable to Fine-Line in advanced multilayer and high-reliability PCB technology stack and end-market overlap (automotive, industrial, aerospace).
Meiko Electronics: Japan-based PCB manufacturer specializing in multilayer, HDI, and high-frequency boards for automotive, industrial, and communications. Directly comparable in multilayer PCB technology and high-reliability end-market orientation to Fine-Line.
Tripod Technology: Taiwan-based PCB manufacturer focused on multilayer PCBs for networking/communications, automotive, and high-end consumer. Overlaps with Fine-Line in complex multilayer PCB production and high-frequency/HDI capability, with broader communications end-market exposure.
TTM Technologies: US-based PCB manufacturer with strong aerospace/defense and high-end industrial exposure, offering complex multilayers, RF/microwave, and flex/rigid-flex boards. Closely comparable in target end-markets (aerospace, defense, industrial) and product mix to Fine-Line's space-grade and high-frequency portfolio.
Dynamic Electronics (DPCB): Taiwan-based manufacturer of multilayer, HDI, rigid-flex, and high-frequency PCBs serving networking, communications, and industrial customers. Comparable to Fine-Line in advanced multilayer/HDI capabilities and target end-markets.

Regional players

Anand Electronics (PCB business): India-based PCB manufacturer serving domestic automotive, industrial, and consumer electronics markets. Comparable as an Indian peer in PCB fabrication, though less focused on aerospace/space-grade high-frequency multilayers than Fine-Line.
Epitome Components: India-based PCB manufacturer producing single/double-sided and multilayer PCBs for industrial, automotive, and power electronics. Comparable as an Indian regional peer in PCB manufacturing with overlapping end-market focus on industrial and automotive segments.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Fine-Line Circuits compliance and trust

Trust signal

Compliance6 records

Fine-Line Circuits financial estimates

Financial estimate

Revenue estimate

Valuation estimate

Fine-Line Circuits leadership team

Management profile

Number of profiles

Profiles10 records

Fine-Line Circuits funding detail

Funding detail

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

Fine-Line Circuits M&A and investment

M&A and investment

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fine-Line Circuits

What does Fine-Line Circuits do?

Is Fine-Line Circuits a public or private company?

Fine-Line Circuits is a public company. It is classified as public and is currently operating.

When was Fine-Line Circuits founded?

Fine-Line Circuits was founded in 1989. It employs 51 to 100 people.

Where is Fine-Line Circuits based?

Fine-Line Circuits is headquartered in Mumbai, India, in the Asia region.

How does Fine-Line Circuits make money?

One revenue line is on record: PCB Manufacturing and Sales.

Who are Fine-Line Circuits's main competitors?

Broad incumbents on record are Ibiden and Unimicron Technology. Direct peers are Shennan Circuits, AT&S (Austria Technologie & Systemtechnik), Meiko Electronics, Tripod Technology, TTM Technologies and Dynamic Electronics (DPCB). Regional players are Anand Electronics (PCB business) and Epitome Components.

Does Fine-Line Circuits have an API?

No public API is recorded for Fine-Line Circuits.

What industry is Fine-Line Circuits in?

Fine-Line Circuits's product category is Printed Circuit Board (PCB) Manufacturing. Its primary akta.pro industry code is HDAHAOAG, PCB Fabrication (Rigid PCBs), with a secondary code of HDAHAOAH, PCB Fabrication (Flex & Rigid-Flex PCBs). Its NAICS code is 334412 and its SIC code is 3672.