European Technology Hardware: India opportunity gains momentum

Research evidence excerpt

European Technology Hardware: India opportunity gains momentum

Equity Research

European Technology Hardware

19 May 2026

India opportunity gains

momentum

ASML’s partnership with Tata Electronics is an important ASML.AS/ASML NA OVERWEIGHT

NEUTRALmilestone in India’s semiconductor trajectory, moving the EuropeanHardware Technology

narrative from policy ambition to early execution. Our field Price Target EUR 1575.00

trip 2 years ago highlighted the ambitions India has to enter Price (18-May-26) EUR 1264.40 Potential Upside/Downside +24.6%

Source: Bloomberg, Barclays Researchsemiconductor manufacturing.

The following companies are privately held and are not under coverage by Barclays Research: Tata European Technology Hardware

Electronics. Information about these companies is being provided for information purposes only Simon Coles, CFA

+44 (0)20 3555 4519and is not an investment recommendation by Barclays Research.

simon.coles@barclays.com

ASML anchors India’s first commercial fab Barclays, UK

ASML and Tata Electronics (private, not covered) announced a Memorandum of Thomas Wu

Understanding to support the establishment and ramp-up of Tata’s 300mm semiconductor fab +44 (0)20 7773 4104

thomas.wu@barclays.comin Dholera, Gujarat. This is positioned as India’s first commercial front-end fabrication facility

Barclays, UK

and represents a ~$11bn investment targeting applications across automotive, mobile and AI

markets. ASML will deploy its full lithography offering for the fab, alongside broader support

spanning talent development, research infrastructure and supply-chain build-out. This goes

beyond a conventional equipment transaction and instead reflects a deeper role in enabling

process capability and yield ramp at a greenfield site.