Semiconductor and EMS Stocks in India

Here are all 16 semiconductor companies on this list, with price, P/E (P/B for lenders), 52-week high and low and returns against the Nifty 500. The biggest by market value are Dixon Technologies, Syrma SGS Technology and Amber Enterprises India. 6 of the 16 are worth less than ₹2,000 crore.

Download all 16 (CSV). "Earnings growth" is earnings per share over the last 12 months against the 12 months before. "vs Nifty 500" is the stock's return minus the Nifty 500's, in percentage points.

Prices as of 16 October 2026. Market value, earnings growth and returns from the weekly scan to 9 October 2026. Updated every weekend

Only 4 listed Indian companies have chips as their main business: Moschip Technologies, RIR Power Electronics, Sahasra Electronic Solutions and Spel Semiconductor. All 4 are worth less than ₹4,000 crore. Tata's chip plants belong to Tata Electronics, which is not listed.

• Moschip Technologies: it designs chips and chip parts for other companies.
• RIR Power Electronics: it makes power chips such as diodes and thyristors.
• Sahasra Electronic Solutions: its May 2026 call names electronics manufacturing and chip packaging as its main lines.
• Spel Semiconductor: it assembles and tests chips for other companies.

Big names that some lists add, such as HCL Technologies, Bharat Electronics and Vedanta, are left out because chips are not their main business.

Chips = designing, making, packaging or testing chips. Prices as of 16 October 2026, updated every weekend

12 listed companies build electronics for other brands (EMS). The biggest are Dixon Technologies, Syrma SGS Technology and Amber Enterprises India. 7 of the 12 have earnings per share up over the last 12 months, and 7 beat the Nifty 500 by 5 points or more over 3 months.

EMS = electronics manufacturing services: building phones, TVs, ACs or circuit boards that another brand sells. Prices as of 16 October 2026, updated every weekend

Semiconductor stocks are shares of companies that design, make or test chips, or build electronics for other brands (EMS). The 16 on this page fall into 2 groups. The biggest group is electronics made for other brands (EMS), with 12 companies.

The rule in one line: a company is here when its main business is chips or building electronics for other brands. That means chip design, making or testing, and electronics manufacturing services (EMS). India has only a few listed chip companies, so most of this list is EMS. NSE's industry label is the starting point, and every change to it is named below with its reason.

Added from other industries

• B C C Fuba India: NSE files it under other electronics, but it makes printed circuit boards, the boards every electronic device is built on.
• Moschip Technologies: NSE files it as a software company, but it designs chips and chip parts for other companies.
• RIR Power Electronics: NSE files it with electronic equipment, but it makes power chips such as diodes and thyristors.
• Sahasra Electronic Solutions: NSE files it under other electronics, but its May 2026 call names electronics manufacturing and chip packaging as its main lines.
• Spel Semiconductor: NSE files it with electronic equipment, but it assembles and tests chips for other companies.

Left out on purpose

• Virtuoso Optoelectronics: has more than one listing on the exchanges and is counted once.
• Honeywell Automation India: makes automation and control systems for buildings and factories, not chips or electronics for other brands.
• Genus Power Infrastructures: makes smart electricity meters under its own name, and its latest call (September 2026) mentions meters 125 times and chips once.
• Elpro International: makes surge arresters and is also in real estate and investments.
• MIC Electronics: makes LED products, medical appliances and electric vehicles under its own name.
• CWD: describes its business as information and communication technology, and no call on record shows chip or EMS work.
• OSEL Devices: makes LED display systems and hearing aids under its own name.
• Digilogic Systems: designs and builds automated test equipment, not chips or electronics for other brands.
• Hirect: makes power converters and railway equipment, not chips.
• Tata Elxsi: sells design services to car and media companies, and does not make chips.
• CG Power & Industrial Solutions: mostly makes motors and transformers, and its new chip packaging plant in Sanand is one part of the group.
• ASM Technologies: NSE files it as a software services company, and no call on record shows how much of its sales come from chip-making equipment.
• Sedemac Mechatronics: designs its own control electronics rather than making chips or building to other brands' designs.
• Big names that some lists add, such as HCL Technologies, Bharat Electronics and Vedanta, are left out because chips are not their main business.
• Tata's chip plants belong to Tata Electronics, which is not listed on the stock exchange.

Membership checked every month. Industries follow NSE industry groups

4 of the 16 semiconductor companies gave an order book figure in rupees on a recent results call. The biggest are Kaynes Technology India (₹9,000 crore, August 2026 call), Cyient DLM (₹2,598 crore, July 2026 call) and Centum Electronics (₹1,800 crore, August 2026 call).

In their own words

• Kaynes Technology India August 2026 call

  "We have a robust order book of around INR9,000 crores."Ramesh Kunhikannan

• Cyient DLM July 2026 call

  "We recorded our highest ever order book at INR2,598 crores."Rajendra Velagapudi

• Centum Electronics August 2026 call

  "During the quarter, stand-alone revenue grew 11% year-on-year to INR205 crores, while we closed the quarter with a stand-alone order book of approximately INR1,800 crores, representing a robust 31% year-on-year growth and providing strong visibility for future growth."Nikhil Mallavarapu

• Syrma SGS Technology May 2026 call

  "On the order book visibility, as on March end, we have about INR600 crores of total order book visibility together, of which auto is about 29%, consumer is about 30%, industrial vertical is about 24%, health care is about 5%, and IT and railways together is about 11% of Order book."Bijay Agrawal

• Dixon Technologies July 2026 call

  "Our market position, customer engagements, and manufacturing capabilities remain intact, and we expect to deliver 20-25% quarter-on-quarter volume growth as consumer demand strengthens and we benefit from a strong order book."Management

• Amber Enterprises India May 2026 call

  "But as given the guidance, we are very hopeful looking into the order book right now for the whole electronic division, we are positive, very confident to deliver about 40% of growth this year."Jasbir Singh

• Virtuoso Optoelectronics February 2026 call

  "And we have a good order book for the entire calendar year where almost 60% plus capacity is already booked."Sukrit Bharati

An order book is the value of orders a company has won but not yet delivered. Figures are the company's own and are not checked against its filings here. Where a company's newest call does not mention it, the sentence comes from an earlier call, and the date shows which. 9 companies have no order book sentence here, either because none is on record or because the one on record did not pass the word-for-word check. Among them are Avalon Technologies, PG Electroplast and Aimtron Electronics.

From each company's most recent call on record that mentions its order book, copied word for word. Checked every month

9 of the 14 semiconductor stocks with a P/E history traded above their own usual P/E at the 17 October 2026 valuation. Among the 10 biggest, earnings per share fell over 12 months at Amber Enterprises India (-66%) and Moschip Technologies (-34%). 5 of the 16 are behind the Nifty 500 over the last 3 months. The furthest behind are Epack Durable (-20.7 points) and Spel Semiconductor (-18.6 points).

What the industry research says is going wrong

• The main risks are weaker final profits, further overseas losses at Centum, softer management promises, added capacity and limited evidence from the other companies.

The 5 furthest behind the Nifty 500

• Epack Durable -20.7 points against the Nifty 500 in 3 months. Earnings per share turned to a loss in the last 12 months. Next to check, from the August 2026 call: Underlying margin bridge.
• Spel Semiconductor -18.6 points against the Nifty 500 in 3 months.
• Moschip Technologies -13.7 points against the Nifty 500 in 3 months. Earnings per share fell 34% in the last 12 months.
• Amber Enterprises India -10.9 points against the Nifty 500 in 3 months. Earnings per share fell 66% in the last 12 months. Next to check, from the August 2026 call: PCB price pass-through and margin recovery.
• PG Electroplast -5.9 points against the Nifty 500 in 3 months. Earnings per share fell 25% in the last 12 months.

This page does not track prices during the day. For today's moves, see the exchange.

Weekly data to 9 October 2026. Reasons from company calls and the industry research, refreshed every month

9 of the 14 semiconductor stocks with a P/E history trade above their own usual P/E (P/B for lenders), 1 sits exactly at it, and 4 below.

"Usual" = each company's own long-run median. Valuation as of 17 October 2026, no price targets

NSE has no semiconductor or EMS stock index. Of the 16 semiconductor and EMS stocks here, none is in the Nifty 50 and 5 are in the Nifty 500. This page does not track which mutual funds hold these shares.

NSE's own member files, read on 17 October 2026. Checked every week

None of the 16 semiconductor stocks trades under ₹100 a share. The lowest share prices are Spel Semiconductor (₹113), Epack Durable (₹173) and RIR Power Electronics (₹177). By size, 1 is mid cap and 15 are small cap.

The 5 lowest share prices among semiconductor stocks

A low share price says nothing about how big the company is. Market cap shows the size.

Size = rank by market value across every company we score: the top 100 are large cap, the next 150 mid cap, the rest small cap. Updated every weekend

The highest dividend yields among semiconductor stocks are Sahasra Electronic Solutions (0.2%), Centum Electronics (0.1%) and Syrma SGS Technology (0.1%). 6 of the 16 paid a dividend in the last year.

Yield = last year's dividend divided by today's price. It moves with the price. Updated every weekend

From the industry research of 10 October 2026: Centum supports that direction, but the other members do not provide recent calls to establish a shared change. Consumer electronics made for other brands was not in that run, so it has no research here yet.

Electronics manufacturing services (EMS)

What is changing: Centum supports that direction, but the other members do not provide recent calls to establish a shared change.

Where big money is moving: Combined foreign and domestic institutional ownership rose 0.4 percentage points over two quarters and 3.1 points over four quarters.

Risks: The main risks are weaker final profits, further overseas losses at Centum, softer management promises, added capacity and limited evidence from the other companies.

What to watch next:

• Centum converting customer programme ramps into reported growth.
• Centum delivering its approximately 25% revenue-growth outlook and operating-profit margin above approximately 13%.
• Semiconductor-equipment customer qualification producing recurring sales.

Industry research of 10 October 2026, refreshed every two weeks

The top 10 semiconductor stocks for October 2026 are: 1. Avalon Technologies, 2. Syrma SGS Technology, 3. Aimtron Electronics, 4. Cyient DLM, 5. Dixon Technologies, 6. Centum Electronics, 7. Kaynes Technology India, 8. Moschip Technologies, 9. PG Electroplast, 10. Amber Enterprises India. Companies worth ₹2,000 crore or more are scored every month.

Why each one made the top 10

• Avalon Technologies: Score 70 of 100. Earnings per share up 65% in the last 12 months. 36.4 points ahead of the Nifty 500 over 3 months. Existing customers ordered whole units, and growing orders turned into revenue with overheads spread wider. Watch: Cash was ₹57 crore against ₹113 crore of profit, stock at 161 days.
• Syrma SGS Technology: Score 68 of 100. Earnings per share up 70% in the last 12 months. 24.8 points ahead of the Nifty 500 over 3 months. Order book ₹600 crore on the May 2026 call. Operating profit grew faster than revenue in all four quarters as exports rose 40% to 66%. Watch: Margin forecast fell to 10.5% to 11% and working capital stretched to 71 days.
• Aimtron Electronics: Score 65 of 100. Earnings per share up 78% in the last 12 months. 32.1 points ahead of the Nifty 500 over 3 months.
• Cyient DLM: Score 57 of 100. Earnings per share up 26% in the last 12 months. 80.8 points ahead of the Nifty 500 over 3 months. Order book ₹2,598 crore on the July 2026 call.
• Dixon Technologies: Score 57 of 100. Earnings per share up 56% in the last 12 months. 1.5 points ahead of the Nifty 500 over 3 months.
• Centum Electronics: Score 52 of 100. Earnings per share grew 4 times or more in the last 12 months. 18.1 points ahead of the Nifty 500 over 3 months. Order book ₹1,800 crore on the August 2026 call.
• Kaynes Technology India: Score 42 of 100. Earnings per share up 5% in the last 12 months. 4.1 points ahead of the Nifty 500 over 3 months. Order book ₹9,000 crore on the August 2026 call. Next to check, from the August 2026 call: OSAT and PCB build-up: verify commercial readiness and first revenue booking after the logistics-related timing slippage.
• Moschip Technologies: Score 32 of 100. Watch: earnings per share fell 34% in the last 12 months.
• PG Electroplast: Score 32 of 100. Watch: earnings per share fell 25% in the last 12 months.
• Amber Enterprises India: Score 29 of 100. Next to check, from the August 2026 call: PCB price pass-through and margin recovery. Watch: earnings per share fell 66% in the last 12 months.

See the September 2026 top 10.

Ranked on October 2026 data, refreshed every month

This page uses weekly closes, not live prices. In the week to 9 October, 5 of the 12 semiconductor stocks with a clean price record closed higher and 7 closed lower. The biggest weekly gains were Cyient DLM (+6.5%), PG Electroplast (+6.4%) and Avalon Technologies (+0.9%).

"Passes weekly test" below means a 3-month return at least 5 points above the Nifty 500, checked at each weekly scan.

Semiconductor stocks beating the Nifty 500, week by week

Weekly closes, week to 9 October 2026 against the week to 1 October 2026. Updated every weekend

The table at the top works as a free semiconductor stock screener for all 16 companies. It has price, P/E, 52-week range and returns against the Nifty 500. Download the CSV to sort and filter the rows in a spreadsheet.

Download all 16 semiconductor stocks (CSV) · How the numbers are worked out

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