Beyond Kaynes and CG Power: Three More Indian Semiconductor Stocks Actually Moving on SEMICON India 2026

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By S. JHA

Kaynes and CG Power are hardly moving — but Syrma SGS, Avalon Technologies, and ASM Technologies are the real story of last week’s SEMICON India rally. Each has a distinct, verifiable catalyst behind it. Here’s the breakdown.

Mumbai, September 21, 2026 — While some of the sector’s bigger names have traded sideways, Syrma SGS, Avalon Technologies, and ASM Technologies have posted the sharpest gains of this week’s SEMICON India rally — each for a distinctly different reason.

As SEMICON India 2026 held stage at Yashobhoomi in New Delhi, under the theme “Silicon to Systems: Building the Ecosystem,” not every semiconductor-linked stock has moved the same amount.

Three names in particular have stood out for the size and consistency of their gains across the event’s multiple sessions — each backed by a distinct business case rather than pure sentiment.

Syrma SGS Technology: The Session’s Biggest Mover, Backed by Real Earnings Momentum

Syrma SGS Technology (NSE: SYRMA) was the standout gainer as the event opened, rising 10% to ₹1,658 against a previous close of ₹1,510.60 — making it the single largest mover among all semiconductor-linked names that day, with the company’s market capitalization reaching ₹31,522 crore. The rally continued into subsequent sessions.

This isn’t a stock moving purely on sector sentiment — Syrma has a genuine, recent earnings track record to point to. Business Standard reported the company’s net profit rose 76.77% year-on-year to ₹64.06 crore in its September 2025 quarter, with revenue climbing 37.60% to ₹1,145.89 crore, and noted the stock had already risen 44.2% for the year at that point, well ahead of the Nifty 50’s 7.7% gain over the same period.

Whalesbook tied the move directly to policy tailwinds, noting the August 2026 launch of the Mobile Phone Manufacturing Scheme and Electronics Components Manufacturing Scheme has directly benefited EMS (Electronics Manufacturing Services) players like Syrma, with trading volume on the rally day reaching 91.82 lakh shares.

The company has also been actively expanding beyond its core business — Business Standard separately reported Syrma signed an agreement to acquire a 60% majority stake in Elcome Integrated Systems, marking its entry into the defence sector, and is separately anchoring an ₹1,800 crore PCB and Copper Clad Laminate manufacturing push in Andhra Pradesh alongside partner Shinhyup Electronics.

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Avalon Technologies: A Brokerage-Backed Semiconductor Equipment Story

Avalon Technologies (NSE: AVALON) posted the strongest single-day gain of Day 2, rising 8.34% in early trade — and the move came with a specific, well-documented catalyst behind it. Motilal Oswal Financial Services (MOFSL), in a note covered by Business Today, said Avalon is “well placed to sustain strong growth,” projecting a 40% revenue CAGR, 47% EBITDA CAGR, and 56% adjusted profit-after-tax CAGR between FY26 and FY29, with a target price of ₹2,740 implying roughly 27% upside from its then-current price of ₹2,161.

The semiconductor angle specifically is new territory for the company. MOFSL’s note described Avalon’s “foray into semiconductor equipment” as “a strategic shift towards a higher-value and more complex business segment,” noting the company has, after nearly two years of development work, “commenced commercial production of electronic power boxes for a leading global wafer fabrication equipment manufacturer.”

The brokerage said Avalon plans to establish semiconductor equipment as a standalone business vertical over the next 18-24 months. Supporting data points to real order momentum: DSIJ’s coverage of the MOFSL report noted Avalon’s order book rose 25% year-on-year to ₹2,200 crore in FY26.

That said, the company’s own earnings call commentary, as summarized by Yahoo Finance/Alpha Spread’s coverage of the Q1 FY27 results, included a note of caution worth flagging directly: “Order book growth (23.4% YoY) lagged revenue growth (50% YoY), raising concerns about future revenue sustainability.” The same call disclosed Avalon’s US manufacturing operations continue to run at a loss — a PAT loss of roughly ₹4 crore in Q1 FY27, though management said that gap is narrowing.

ASM Technologies: The Smallest, Priciest, and Most Direct Play on Chip Tooling

ASM Technologies (NSE: ASMTECH) offers the most specialized exposure of the three — the Bengaluru-based engineering firm designs and builds systems and sub-systems specifically for deposition, etch, CMP (chemical mechanical planarization), and related semiconductor process tools, along with inspection and metrology equipment, according to Value Research Online’s company profile.

Shares rose 2.38% to ₹7,070 on the opening day of SEMICON India 2026, pushing the company’s market capitalization to ₹10,082 crore.

The stock’s longer-run performance has been extraordinary: Value Research’s data shows a 140.99% return over three years, while ICICIdirect separately noted the stock was up 104.32% over just the prior six months as of early September.

That momentum has come with a valuation to match — Value Research’s data shows ASM Technologies trading at a P/E ratio of 141.91 times, a premium of more than 400% to its peer group’s median of 26.71 times, and a price-to-book ratio of 30.59 times against a peer median of 5.26 times.

The underlying earnings growth has been genuinely strong even if the multiple looks stretched: Groww and Screener’s tracking show net profit rising 72.25% year-on-year to ₹26.82 crore in the June 2026 quarter, following a 79.38% jump to ₹9.31 crore in the December 2025 quarter.

Two structural details are worth flagging for anyone tracking the stock. First, Screener’s data shows promoter holding has declined by 5.14 percentage points over the past three years, now standing at 57.6%.

Second, the company’s board approved a fresh preferential issue of up to 10,78,974 shares at ₹4,875 each, raising ₹525.99 crore, with an EGM scheduled for October 4, 2026 to approve the raise — a dilutive event, though one that Groww’s tracking noted has attracted participation from notable investors including Radhakishan Damani and SBI Mutual Fund, lending some credibility to the capital-raising exercise even as it dilutes existing shareholders by an estimated 11%.

What Separates These Three From the Earlier Wave

Unlike broader semiconductor-linked names that moved primarily on sector-wide sentiment during SEMICON India’s opening days, all three of these stocks carry specific, recently disclosed catalysts: Syrma’s genuinely strong and recently reported earnings growth, Avalon’s brokerage-initiated coverage with explicit financial projections tied to a new commercial production milestone, and ASM Technologies’ sustained multi-quarter profit growth alongside a fresh capital raise backed by recognizable institutional names.

That’s a meaningfully different setup than a stock moving purely because it shares a sector label with the week’s headline event.