Semiconductor Stocks: How Did Kaynes and 4 Other Companies Perform in Q3?

SYNOPSIS: Following ISM 2.0’s Rs. 1,000 crore push, semiconductor stocks delivered mixed Q3 FY26 results, with strong year-on-year revenue growth across players like Kaynes, ASM and MIC, but profitability remained volatile.

The Union Budget 2026-27 marked a significant step forward in India’s technology roadmap with the launch of the India Semiconductor Mission (ISM) 2.0. This next phase reflects a stronger policy commitment to building robust domestic semiconductor capabilities, especially at a time when semiconductors form the backbone of critical digital infrastructure and industrial ecosystems.

ISM 2.0 is aimed at strengthening the entire semiconductor value chain within India. The initiative will prioritise domestic manufacturing of semiconductor equipment and materials, development of end-to-end indigenous semiconductor intellectual property, and the reinforcement of both local and global supply chains to enhance resilience and competitiveness.

An allocation of Rs. 1,000 crore has been earmarked for ISM 2.0 in FY26-27. The program places particular emphasis on industry-driven research initiatives and the establishment of advanced training centres to accelerate technological innovation and develop a highly skilled, future-ready workforce. Listed below are some notable semiconductor stocks that have reported their financial results for the third quarter of FY26:

MIC Electronics Limited

With a market cap of Rs. 970 crores, the stock is currently trading in the red at Rs. 40.24 on BSE, down by over 1 percent on Tuesday. For the quarter, the company posted a revenue from operations of Rs. 90.23 crores, reflecting a sequential growth of around 138 percent QoQ compared to Rs. 37.89 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue grew nearly 668 percent from Rs. 11.75 crores recorded in Q3 FY25.

Meanwhile, net profit for the quarter stood at Rs. 1.88 crore, indicating a decline of over 13 percent for both QoQ and YoY from Rs. 2.17 crores. MIC Electronics Limited is a pioneer in the design, development, and manufacturing of Light-Emitting Diode (LED) based street lights and video displays. Its main products include indoor/outdoor and mobile displays and LED lighting systems. The integrated passenger information system displays, and emergency lighting units are typically used in indian railways and regular displays at sports stadiums, transportation hubs, public information displays, etc.

The company has diversified into medical device manufacturing (like oxygen concentrators) and semiconductor packaging and testing solutions. It has a presence in various international markets, such as Australia, Korea, and the USA.

ASM Technologies Limited

With a market cap of Rs. 3,634.6 crores, the stock is currently trading in the red at Rs. 2,491.7 on BSE, down by over 3 percent on Tuesday. For the quarter, the company posted a revenue from operations of Rs. 116 crores, reflecting a sequential decline of around 25 percent QoQ compared to Rs. 154.46 crores in Q2 FY26. However, on a year-on-year basis, revenue grew nearly 79 percent from Rs. 64.74 crores recorded in Q3 FY25.

Net profit for the quarter stood at Rs. 9.3 crore, indicating a decrease of around 51 percent QoQ from Rs. 19.12 crores in Q2 FY26, but a rise on a year-on-year basis by over 79 percent from Rs. 5.2 crores reported in Q3 FY25.

ASM Technologies Limited is a pioneer in providing world-class consulting services in areas of engineering services and product engineering services with successful offshore development & support centres in India and overseas for its global clientele.

The company serves reputable semiconductor equipment manufacturers and possesses deep expertise in the design and development of systems and subsystems across key semiconductor processes, including PVD, CVD, RTP, Etch, CMP, and inspection tools.

Kaynes Technology India Limited

With a market cap of Rs. 25,243 crores, the stock is currently trading in the red at Rs. 3,765.65 on BSE, down by around 1 percent on Tuesday. For the quarter, the company posted a revenue from operations of Rs. 804 crores, reflecting a sequential decline of around 11 percent QoQ compared to Rs. 906 crores in Q2 FY26. However, on a year-on-year basis, revenue grew nearly 22 percent from Rs. 661 crores recorded in Q3 FY25.

Net profit for the quarter stood at Rs. 77 crore, indicating a decrease of around 36 percent QoQ from Rs. 121 crores in Q2 FY26, but a rise on a year-on-year basis by nearly 17 percent from Rs. 66 crores reported in Q3 FY25.

Kaynes Technology India Limited is a leading end-to-end and IoT solutions provider enabling electronics manufacturing players, with capabilities across the entire spectrum of Electronics System and Design Manufacturing (ESDM) companies.

The company provides conceptual design, process engineering, integrated manufacturing, and life-cycle support for major players in the automotive, industrial, aerospace and defence, nuclear, medical, railways, IoT, IT and other segments.

Through its wholly-owned subsidiary, Kaynes Semicon, the company is pursuing ambitious plans to establish a fab facility, compound fab, design lab, and indigenous GPU development capabilities.

Moschip Technologies Limited

With a market cap of Rs. 3,822.6 crores, the stock is currently trading in the red at Rs. 197.9 on BSE, down by over 1 percent on Tuesday. For the quarter, the company posted a revenue from operations of Rs. 149.4 crores, reflecting a marginal growth of around 2 percent QoQ compared to Rs. 145 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue grew over 18 percent from Rs. 126.16 crores recorded in Q3 FY25.

Net profit for the quarter stood at Rs. 4.34 crore, indicating a decrease of around 64 percent QoQ from Rs. 12.15 crores in Q2 FY26, as well as a decline on a year-on-year basis by nearly 61 percent from Rs. 11.06 crores reported in Q3 FY25.

MosChip Technologies Limited is engaged in the business of engineering solutions comprising systems and product design, IoT solution design, artificial intelligence and machine learning, FPGA design, mixed signal IP design, semiconductor Application-Specific Integrated Circuits (ASICs), verification, and validation. It is India’s first publicly listed fabless semiconductor company and one of the leading providers of silicon and product engineering services.

HCL Technologies Limited

With a market cap of Rs. 3.65 lakh crores, the stock is currently trading in the red at Rs. 1,347.3 on BSE, down by around 6 percent on Tuesday. For the quarter, the company posted a revenue from operations of Rs. 33,872 crores, reflecting a sequential growth of around 6 percent QoQ compared to Rs. 31,942 crores in Q2 FY26. Likewise, on a year-on-year basis, revenue grew nearly 13 percent from Rs. 29,890 crores recorded in Q3 FY25.

Net profit for the quarter stood at Rs. 4,082 crore, indicating a decrease of around 4 percent QoQ from Rs. 4,236 crores in Q2 FY26, as well as a fall on a year-on-year basis by nearly 11 percent from Rs. 4,594 crores reported in Q3 FY25.

HCL Technologies Limited, a leading global IT services company, is engaged in providing an integrated portfolio of services, including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO.

In the financial year 2001-02, the company diversified its capabilities and expanded its footprint to medical devices, aerospace and defence, semiconductor, manufacturing, financial services and retail industries. It strengthened its position in the semiconductor industry via the Samsung Foundry alliance and Virtual Design Partner (VDP) qualification.

The company’s strategic partnerships with leading OEMs, fabs and chip companies help address industry challenges with a comprehensive suite of solutions spanning mechanical and electrical engineering, software development and semiconductor design. Further, HCLTech offers end-to-end semiconductor manufacturing services tailored to diverse client needs, with quality assurance and testing at every step.

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