| Project Outlay | ₹99.94 Cr5-Year Period |
|---|---|
| Market Cap | ₹1,294.75 CrSmall Cap |
| P/E TTM | 24.09xSector: 21.76x |
| Promoter Holding | 34.79%Zero Pledged |
| Execution period | 5 years |
| Deal value | ₹99.94 Cr |
| Share of market cap | 7.7% |
| Share of annual revenue | 34.0% |
Key highlights
- Total project outlay of ₹99.94 Crore including a ₹97.54 Crore contribution from MeitY
- Partnership targets development of 1.6 Tbps optical engines and co-packaged optics
- izmo Microsystems to lead the development of a volume photonics packaging ecosystem
- Five-year roadmap includes a silicon photonics Process Design Kit with over 100 IP blocks
- Deal value represents approximately 34 percent of IZMO Ltd's TTM revenue of ₹293.75 Crore
Advancing Silicon Photonics for AI Infrastructure
The Phase II program, titled SPECTRA, aims to transition silicon photonics from research to commercially deployable products. The initiative targets four major application areas: high-speed optical transceivers for data centers, microwave photonics for wireless communications, quantum photonics, and photonic computing for AI workloads. A primary technical goal is the development of a 1.6 Tbps silicon photonics transceiver engine operating at 1550 nm.
This comes at a time when global demand for optical transceivers is projected to reach approximately 40 billion dollars by 2026, with silicon-photonics-based solutions expected to capture over half the market share.
Industrialization and Volume Packaging Roles
- izmo Microsystems will drive the packaging and industrialization of photonic chips into manufacturable systems
- Role includes PIC-EIC co-integration, fiber alignment, and production-grade packaging validation
- Development of a silicon photonics Process Design Kit for 200 mm wafer platforms
- Targeting certified co-packaged optics design rules and service capabilities within five years
- Integration of microwave photonic engines operating beyond 50 GHz and QRNG/QKD systems
Scaling the Semiconductor Subsidiary
The collaboration builds on Phase I of the CPPICS program, which achieved over 95 percent of its milestones. As of June 2026, izmo Microsystems reported an order book of ₹40 Crore with a nine-month execution timeframe and a bidding pipeline of approximately ₹100 Crore across defense, space, and AI sectors. Management has previously guided for subsidiary revenues between ₹45 Crore and ₹50 Crore for FY27.
This new project significantly expands the company's footprint in the global silicon photonics market, which is expected to see the market for optical chips grow to 15 billion dollars by 2031.
Strategic Alignment for Next-Gen Data Centers
Silicon photonics is becoming a critical technology for the next generation of AI and data center infrastructure as network speeds move from 400G and 800G towards 1.6T and beyond. Our role is to help move these technologies from research prototypes towards production-ready modules and co-packaged optical systems.
| Date | Announcement | Amount |
|---|---|---|
| 27 Apr 2026 | izmo Microsystems designated as Photonic IC Packaging Partner in India's National Silicon Photonics Mission with CPPICS at IIT MadrasSource: scanx.trade | – |
| 16 Mar 2026 | izmo Microsystems signed strategic partnership MoU with CCRAFT SA and Alcyon Photonics SL to develop and commercialise silicon photonics solutionsSource: hdfcsky.com | – |
| 20 Jan 2026 | Division FrogData partnered with FordDirect to join The Shop e-commerce marketplace for Ford and Lincoln dealersSource: marketsmithindia.com | – |
| 25 Mar 2025 | izmo Microsystems partnered with IIT Madras (CPPICS) as industry partner for silicon photonic chip packaging solutionsSource: izmoltd.com | – |
What to watch next
- Declaration of Q2 FY27 financial results following the trading window closure on October 1, 2026
- Progress toward the FY27 revenue guidance of ₹45-50 Crore for the izmoMicro division
- Validation of the 1.6 Tbps silicon photonics transceiver engine prototypes
“CPPICS Phase II brings together IIT Madras' silicon photonics research capabilities with izmo Microsystems' advanced packaging and manufacturing expertise.”
| Share price | ₹864.3 |
|---|---|
| Market capitalisation | ₹1,294.75 Cr |
| Revenue (annual) | ₹284.88 Cr |
| Net profit (annual) | ₹47.56 Cr |
| Revenue (latest quarter) | ₹65.38 Cr-40.11% vs previous quarter |
| Net profit (latest quarter) | ₹12.20 Cr-29.50% vs previous quarter |
| P/E (TTM) | 24.09×Sector 21.76× |
| Promoter holding | 34.79%0.00% QoQ |
| FII holding | 3.35%Current quarter |
Reference market data from a third-party provider, as of the story. Not a valuation or a recommendation.
Exchange filing by IZMO Ltd announcing a Memorandum of Understanding with IIT Madras for a MeitY-sanctioned Silicon Photonics program. Market figures from a third-party data provider.
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