MiPhi Semiconductors, the Micromax Informatics and Phison Electronics joint venture focused on NAND controllers and flash storage solutions, has crossed INR 250 crore in revenue in the first quarter of FY27, marking a sharp acceleration in its growth trajectory.
The milestone underscores the rising commercial adoption of its memory and storage products at a time when India is pushing to build deeper capabilities across the semiconductor value chain.
The company’s growth has been rapid since launch. MiPhi grew from less than INR 10 crore in FY25 to around ?100 crore in FY26, before crossing INR 250 crore in just the first quarter of FY27. Backed by demand from enterprise storage, AI infrastructure, automotive electronics and industrial applications, the company is now targeting INR 1,000 crore in revenue this financial year.
MiPhi is also stepping up investments in manufacturing and technology as it enters its next phase of expansion. The company says this will help it meet rising domestic demand more efficiently while also opening up greater export opportunities and increasing domestic value addition across the semiconductor ecosystem.
The milestone also reflects MiPhi’s evolution from a memory product manufacturer into a full-fledged memory technology company. It is expanding its capabilities in product engineering, firmware development, validation and advanced storage technologies to serve a broader set of use cases, including enterprise SSDs, embedded memory products and industrial storage solutions.
Looking ahead, MiPhi expects enterprise storage, AI infrastructure, automotive electronics and industrial computing to remain the main growth drivers.
With a strong order pipeline, expanding manufacturing capacity and continued investment in innovation, the company is positioning itself as a technology-led player building India’s capabilities in advanced memory solutions and semiconductor innovation.
Leadership Comment
Commenting on the milestone, Rahul Sharma, Co-Founder, MiPhi Semiconductors. “Our ambition is to build India’s leading memory technology company. We believe that India’s semiconductor ambitions is on an upwards trajectory. This is about building deep capabilities in product engineering, firmware, validation and advanced memory technologies that deliver long term value and strengthen the country’s technology ecosystem. With the demand for AI infrastructure, cloud computing, enterprise storage and connected devices accelerating globally, MiPhi is committed to build world class memory technologies from India for customers across the global markets.”
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