Fault analysis is an important step in establishing detailed fault models for subsequent diagnostics and debugging of a semiconductor memory product. We have performed defect injection in the memory cell array of an industrial SRAM circuit and analyzed the faulty behavior with respect to each defect injected. We found that although some of the defects can be mapped to existing fault models, there are many defects that result in unmodeled faults. Moreover, a defect may exhibit a different faulty behavior at a different location in the cell array. The voltage and temperature parameters can also change the faulty behavior. The simulation results show that almost all open and short defects lead to stuck-at faults, transition faults, and data retention faults.