April 2026HFCL engaged Feedback Advisory to develop an industry report as part of its fund-raising exercise through a Qualified Institutional Placement (QIP). The objective was to provide a comprehensive assessment of HFCL’s product portfolio—including telecom equipment, fiber-optic solutions, and related technologies—and evaluate growth opportunities across each segment to strengthen investor confidence.
Feedback Advisory conducted a detailed market and industry assessment covering product-wise opportunity sizing, demand outlook, competitive benchmarking, and emerging technology trends. The engagement involved evaluating growth drivers across telecom infrastructure, defense, and digital connectivity segments, and aligning these insights with HFCL’s strategic positioning to support its DRHP and investor communication.
The study provided a robust industry narrative and growth outlook, strengthening HFCL’s positioning among institutional investors. This contributed to the successful ₹550 crore capital raise through QIP, enabling the company to secure participation from multiple institutional investors and support its next phase of growth in telecom and technology solutions (as reported in public domain).

April 2026Feedback Advisory has been associated with the Foundation for Science Innovation and Development (FSID), IISc, since its early stages, supporting its vision to build India’s deep-tech and capital goods innovation ecosystem. The mandate spanned identifying high-potential capital goods for domestic manufacturing, shaping industry participation, and strengthening program visibility to drive adoption across stakeholders.
Feedback Advisory supported FSID across multiple initiatives, including identification of priority capital goods for localization, creation of industry cohorts, and strategic inputs for flagship programs such as Samriddhi and Pravridhi. The engagement also focused on ecosystem development—bringing together industry, academia, and policymakers to accelerate product innovation and commercialization in India.
The collaboration contributed to FSID’s evolution as a key platform bridging academia and industry, enabling development of commercially viable deep-tech products in partnership with Indian companies. Today, FSID plays a pivotal role in advancing India’s deep-tech and product ecosystem, supporting innovation, incubation, and product development aligned with national manufacturing priorities (as reported in public domain).

April 2026An industry body engaged Feedback Advisory to support the establishment of a state-of-the-art Common Utility Centre (CUC) in Bhiwadi, Rajasthan, aimed at strengthening the electronics manufacturing ecosystem. The objective was to assess market demand, define the project scope, and evaluate the technical and commercial viability of shared infrastructure for electronics manufacturing units.
Feedback Advisory developed a comprehensive Detailed Project Report (DPR), covering market assessment, demand aggregation from potential users, infrastructure planning, and service portfolio definition. The engagement also included financial modelling, operating model design, policy and incentive alignment, and evaluation of ecosystem requirements to ensure long-term sustainability of the facility.
The DPR provided a clear roadmap for project implementation, enabling stakeholder alignment and investment approval. The project has since been formalized with plans to establish a state-of-the-art Common Utility Centre in Bhiwadi, enhancing shared manufacturing infrastructure and supporting MSMEs in the electronics sector (as reported in public domain).

April 2026Blue Star engaged Feedback Advisory to conduct a detailed market and competitive assessment for its air conditioning business at a time when the company was evaluating future investments and capacity expansion. The objective was to understand competitive positioning, and long-term growth outlook across air conditioning business in India.Feedback Advisory undertook a comprehensive market study covering product-level opportunity sizing, and competitive benchmarking. The engagement also included an evaluation of China + 1 strategy of major players
The insights enabled Blue Star to validate its growth strategy and investment priorities across key segments. This strategic direction has culminated in the company announcing ~₹400 crore investment towards capacity expansion across room air conditioners, commercial refrigeration, and air conditioning systems, targeting accelerated growth and market share gains (as reported in public domain)

Voltas engaged Feedback Advisory across multiple assignments since 2015 to assess market opportunities in its commercial refrigeration portfolio, including visi coolers, freezers, and water coolers. The mandate also extended to evaluating adjacent high-growth segments such as biomedical refrigeration and cold chain solutions, driven by increasing demand from healthcare, pharmaceuticals, and vaccine storage.Feedback Advisory conducted market assessments covering market size estimation, product benchmarking, and competitive analysis. The studies also evaluated emerging applications in healthcare cold chain, regulatory requirements, and technology trends, enabling Voltas to identify white spaces and potential technology partnerships for portfolio expansion.
The engagement enabled Voltas to strategically expand into biomedical refrigeration and cold chain solutions by technology tie-ups to strengthen its capabilities. This diversification positioned the company to tap into high-growth healthcare and pharma segments, aligning with India’s increasing focus on cold chain infrastructure (as reported in public domain).

A leading global diesel engine manufacturer, Yanmar, engaged Feedback Advisory across multiple studies between 2013 and 2016 to evaluate the India market for industrial diesel engines and their applications across agriculture, construction equipment, and allied sectors. The objective was to assess market potential, demand drivers, and long-term growth opportunities in India’s rapidly mechanizing economy.
Feedback Advisory conducted a series of market assessments covering end-use segmentation, demand forecasting, application-wise opportunity sizing, and competitive benchmarking. The studies also evaluated key growth drivers such as farm mechanization, infrastructure development, and OEM demand, enabling a comprehensive India market entry and localization strategy.
The insights from these engagements played a key role in shaping Yanmar’s India strategy, providing the confidence to invest in local manufacturing. This culminated in the establishment of Yanmar’s diesel engine manufacturing facility in Chennai, with an initial capacity of ~80,000 units annually to cater to agriculture and construction equipment sectors (as reported in public domain).

Borosil engaged Feedback Advisory to assess growth opportunities across its Scientific & Industrial Products (SIP) portfolio, including laboratory products, lab glassware, and adjacent segments such as lab equipment and washers. The objective was to evaluate market potential, identify expansion adjacencies, and define a strategic roadmap to strengthen its position in India’s rapidly evolving laboratory and research ecosystem.
Feedback Advisory conducted multiple market opportunity assessments covering demand analysis, segment attractiveness, competitive benchmarking, and product adjacencies. The studies evaluated key end-use sectors such as pharmaceuticals, chemicals, and research institutions, while also identifying white spaces for portfolio expansion and inorganic growth opportunities aligned with Borosil’s long-term strategy.
The insights enabled Borosil to validate its expansion strategy and identify high-potential adjacencies within the scientific glassware and process systems market. This strategic direction culminated in the acquisition of a 90.17% stake in Goel Scientific Glass Works, strengthening its capabilities in industrial glass process systems and enhancing market penetration through complementary product offerings (as reported in public domain).

A global semiconductor technology company engaged Feedback Advisory to support its India entry and investment strategy for setting up an advanced packaging and embedded glass substrate manufacturing facility. The objective was to evaluate market potential, investment feasibility, and alignment with India’s semiconductor policy push under the India Semiconductor Mission (ISM), particularly for high-growth applications such as AI, defence, high-performance computing, and automotive electronics.
Feedback Advisory developed a comprehensive Detailed Project Report (DPR) covering market assessment, demand forecasting, technology landscape, and competitive benchmarking. The engagement also included financial modelling, business plan development, policy and incentive evaluation, and ecosystem readiness analysis—covering supply chain, infrastructure, and talent availability for advanced semiconductor packaging in India.
The engagement provided a robust investment blueprint, enabling confident decision-making and stakeholder alignment. The project has since been approved under the India Semiconductor Mission, with planned annual production of 69,600 glass panel substrates, 50 million assembled units, and 13,200 advanced integration modules—strengthening India’s position in next-generation semiconductor packaging (as reported in public domain).

A semiconductor player engaged Feedback Advisory to support its India investment strategy for setting up a memory chip modules manufacturing facility under India Semiconductor Mission (ISM). The mandate involved developing a comprehensive understanding of market opportunity, investment viability, and ecosystem readiness in India, particularly in the context of emerging policy support and state-level incentives for semiconductor manufacturing.
Feedback Advisory delivered a detailed project report (DPR) encompassing market assessment, demand forecasting, competitive benchmarking, and a full-scale business plan. This included site evaluation, policy and incentive analysis under central and state semiconductor schemes, financial modelling, and identification of ecosystem enablers such as supply chain, talent, and infrastructure to support long-term scalability.
The engagement provided the client with a clear investment blueprint, enabling informed decision-making and stakeholder alignment. The project has since culminated in a ~₹4,600+ crore semiconductor manufacturing investment in Odisha, contributing to India’s growing semiconductor ecosystem and reinforcing the country’s push towards self-reliance in electronics manufacturing (as reported in public domain).