diff --git a/packages/ngtools/webpack/src/ivy/host.ts b/packages/ngtools/webpack/src/ivy/host.ts
index 01f8aa541449..d832e0adde09 100644
--- a/packages/ngtools/webpack/src/ivy/host.ts
+++ b/packages/ngtools/webpack/src/ivy/host.ts
@@ -90,6 +90,78 @@ function augmentResolveModuleNames(
   }
 }
 
+/**
+ * Augments a TypeScript Compiler Host's resolveModuleNames function to collect dependencies
+ * of the containing file passed to the resolveModuleNames function. This process assumes
+ * that consumers of the Compiler Host will only call resolveModuleNames with modules that are
+ * actually present in a containing file.
+ * This process is a workaround for gathering a TypeScript SourceFile's dependencies as there
+ * is no currently exposed public method to do so. A BuilderProgram does have a `getAllDependencies`
+ * function. However, that function returns all transitive dependencies as well which can cause
+ * excessive Webpack rebuilds.
+ *
+ * @param host The CompilerHost to augment.
+ * @param dependencies A Map which will be used to store file dependencies.
+ * @param moduleResolutionCache An optional resolution cache to use when the host resolves a module.
+ */
+export function augmentHostWithDependencyCollection(
+  host: ts.CompilerHost,
+  dependencies: Map<string, Set<string>>,
+  moduleResolutionCache?: ts.ModuleResolutionCache,
+): void {
+  if (host.resolveModuleNames) {
+    const baseResolveModuleNames = host.resolveModuleNames;
+    host.resolveModuleNames = function (moduleNames: string[], containingFile: string, ...parameters) {
+      const results = baseResolveModuleNames.call(host, moduleNames, containingFile, ...parameters);
+
+      const containingFilePath = normalizePath(containingFile);
+      for (const result of results) {
+        if (result) {
+          const containingFileDependencies = dependencies.get(containingFilePath);
+          if (containingFileDependencies) {
+            containingFileDependencies.add(result.resolvedFileName);
+          } else {
+            dependencies.set(containingFilePath, new Set([result.resolvedFileName]));
+          }
+        }
+      }
+
+      return results;
+    };
+  } else {
+    host.resolveModuleNames = function (
+      moduleNames: string[],
+      containingFile: string,
+      _reusedNames: string[] | undefined,
+      redirectedReference: ts.ResolvedProjectReference | undefined,
+      options: ts.CompilerOptions,
+    ) {
+      return moduleNames.map((name) => {
+        const result = ts.resolveModuleName(
+          name,
+          containingFile,
+          options,
+          host,
+          moduleResolutionCache,
+          redirectedReference,
+        ).resolvedModule;
+
+        if (result) {
+          const containingFilePath = normalizePath(containingFile);
+          const containingFileDependencies = dependencies.get(containingFilePath);
+          if (containingFileDependencies) {
+            containingFileDependencies.add(result.resolvedFileName);
+          } else {
+            dependencies.set(containingFilePath, new Set([result.resolvedFileName]));
+          }
+        }
+
+        return result;
+      });
+    };
+  }
+}
+
 export function augmentHostWithNgcc(
   host: ts.CompilerHost,
   ngcc: NgccProcessor,
diff --git a/packages/ngtools/webpack/src/ivy/plugin.ts b/packages/ngtools/webpack/src/ivy/plugin.ts
index 0c5685cf6e33..1216a0ef3e87 100644
--- a/packages/ngtools/webpack/src/ivy/plugin.ts
+++ b/packages/ngtools/webpack/src/ivy/plugin.ts
@@ -24,6 +24,7 @@ import { SourceFileCache } from './cache';
 import { DiagnosticsReporter, createDiagnosticsReporter } from './diagnostics';
 import {
   augmentHostWithCaching,
+  augmentHostWithDependencyCollection,
   augmentHostWithNgcc,
   augmentHostWithReplacements,
   augmentHostWithResources,
@@ -90,6 +91,7 @@ export class AngularWebpackPlugin {
   private builder?: ts.EmitAndSemanticDiagnosticsBuilderProgram;
   private sourceFileCache?: SourceFileCache;
   private buildTimestamp!: number;
+  private readonly fileDependencies = new Map<string, Set<string>>();
   private readonly requiredFilesToEmit = new Set<string>();
   private readonly requiredFilesToEmitCache = new Map<string, EmitFileResult | undefined>();
   private readonly fileEmitHistory = new Map<string, { length: number; hash: Uint8Array }>();
@@ -195,6 +197,11 @@ export class AngularWebpackPlugin {
       if (cache) {
         // Invalidate existing cache based on compiler file timestamps
         changedFiles = cache.invalidate(compiler.fileTimestamps, this.buildTimestamp);
+
+        // Invalidate file dependencies of changed files
+        for (const changedFile of changedFiles) {
+          this.fileDependencies.delete(normalizePath(changedFile));
+        }
       } else {
         // Initialize a new cache
         cache = new SourceFileCache();
@@ -212,6 +219,9 @@ export class AngularWebpackPlugin {
         compilerOptions,
       );
 
+      // Setup source file dependency collection
+      augmentHostWithDependencyCollection(host, this.fileDependencies, moduleResolutionCache);
+
       // Setup on demand ngcc
       augmentHostWithNgcc(host, ngccProcessor, moduleResolutionCache);
 
@@ -589,7 +599,7 @@ export class AngularWebpackPlugin {
       }
 
       const dependencies = [
-        ...program.getAllDependencies(sourceFile),
+        ...this.fileDependencies.get(filePath) || [],
         ...getExtraDependencies(sourceFile),
       ].map(externalizePath);