Synopsis: India’s semiconductor ecosystem is expanding rapidly, driven by AI, data centres and electronics demand. Four stocks, IZMO, CG Power, ASM Technologies and Moschip Technologies, showed strong quarterly performance with revenue and profit growth.
The semiconductor sector has shown strong momentum over the past quarter, driven by accelerating demand in artificial intelligence, data centres, and rising chip demand. Several semiconductor players have performed well, supported by improving supply chains and increased capital expenditure across the tech ecosystem.
India’s semiconductor market is estimated at $45-50 billion in FY2024-25 and has been growing at a CAGR of 20 per cent over the past three years. The market is predicted to reach $120 billion by 2030 and $300 billion by 2035, driven by AI, automotives, data centres, and electronics manufacturing.
The India Semiconductor Mission is expected to drive major investment in chip fabs and OSAT facilities, with over $50 billion likely to come in the next five years and another $75–80 billion between 2030 and 2035. The sector may also create around 2 million jobs by 2035 across manufacturing, design, and related areas. However, the report notes that success will depend on strong execution, stable policy support, and better coordination between the central and state governments for faster infrastructure development.
IZMO Ltd
IZMO Ltd is a Bengaluru-based Indian IT company, mainly known for providing automotive digital solutions such as online car retail platforms, dealer management software, and marketing tools for the global auto industry. In recent years, the company has also expanded into the semiconductor space through its subsidiary Izmo Microsystems, where it focuses on advanced chip packaging, silicon photonics, and high-speed communication technologies used in AI data centres, telecom systems, and defence electronics
Its Revenue from operations increased by 81.7 percent YoY from Rs. 60 Crores in Q4FY25 to Rs. 109 Crores in Q4FY26. On a QoQ basis, it rose by 84.7 percent from Rs. 59 Crores in Q3FY26 to Rs. 109 Crores in Q4FY26.
Its Net Profit increased by 142.9 percent YoY from Rs. 7 Crores in Q4FY25 to Rs. 17 Crores in Q4FY26. On a QoQ basis, it grew by 41.7 percent from Rs. 12 Crores in Q3FY26 to Rs. 17 Crores in Q4FY26.
The company has a ROCE of 12.6% and ROE of 12.4%, indicating it is generating moderate returns on its capital employed and shareholders’ equity. It has a very low debt-to-equity ratio of 0.01, meaning it is almost debt-free and operates with minimal financial leverage, reflecting a strong and low-risk balance sheet.
CG Power & Industrial Solutions Ltd
CG Power & Industrial Solutions Ltd is an Indian engineering company based in Mumbai, part of the Murugappa Group, and is primarily engaged in electrical equipment and industrial systems such as transformers, switchgear, motors, and automation solutions for power generation, transmission, railways, and industry.
In recent years, it has also entered the semiconductor space through its joint venture, CG Semi Private Limited, with Renesas Electronics and Stars Microelectronics, focusing on semiconductor assembly and testing (OSAT – Outsourced Semiconductor Assembly and Test), including chip packaging and testing services in India to support global electronics and chip supply chains.
Its Revenue from operations increased by 25.0 percent YoY from Rs. 2,753 Crores in Q4FY25 to Rs. 3,442 Crores in Q4FY26. On a QoQ basis, it increased by 8.4 percent from Rs. 3,175 Crores in Q3FY26 to Rs. 3,442 Crores in Q4FY26.
Its Net Profit increased by 32.5 percent YoY from Rs. 274 Crores in Q4FY25 to Rs. 363 Crores in Q4FY26. On a QoQ basis, it increased by 27.8 percent from Rs. 284 Crores in Q3FY26 to Rs. 363 Crores in Q4FY26.
The company has a ROCE of 27.0% and ROE of 20.8%, indicating it is generating good returns on its capital employed and shareholders’ equity. It has a very low debt-to-equity ratio of 0.01, meaning it is almost debt-free and operates with minimal financial leverage, reflecting a strong and low-risk balance sheet.
ASM Technologies Ltd
ASM Technologies Ltd is an Indian engineering and IT services company that provides product engineering, digital transformation, and offshore development services, with a strong focus on design-led innovation for global clients in industries like automotive, industrial, aerospace, and manufacturing.
Along with its core engineering services, the company also works in the semiconductor ecosystem through VLSI design support, embedded systems, and chip design-related engineering services, helping semiconductor and electronics companies with design, verification, and product development rather than chip manufacturing or fabrication.
Its Revenue from operations increased by 17.4 percent YoY from Rs. 115 Crores in Q4FY25 to Rs. 135 Crores in Q4FY26. On a QoQ basis, it increased by 16.4 percent from Rs. 116 Crores in Q3FY26 to Rs. 135 Crores in Q4FY26.
Its Net Profit increased by 13.3 percent YoY from Rs. 15 Crores in Q4FY25 to Rs. 17 Crores in Q4FY26. On a QoQ basis, it increased by 88.9 percent from Rs. 9 Crores in Q3FY26 to Rs. 17 Crores in Q4FY26.
The company has a ROCE of 27.6% and ROE of 26.2%, indicating it is generating good returns on its capital employed and shareholders’ equity. It has a very low debt-to-equity ratio of 0.42, meaning it is almost debt-free and operates with minimal financial leverage, reflecting a strong and low-risk balance sheet.
Moschip Technologies Ltd
Moschip Technologies Ltd is an Indian semiconductor and embedded engineering company based in Hyderabad. It primarily focuses on semiconductor design services such as ASIC/SoC design, VLSI development, embedded systems, and IoT solutions for global clients in industries like automotive, consumer electronics, telecom, and industrial automation. The company does not manufacture chips but works on the design and development side of semiconductors, including chip architecture, verification, firmware, and system integration, making it part of India’s semiconductor design services ecosystem.
Its Revenue from operations increased by 13.7 percent YoY from Rs. 134.71 Crores in Q4FY25 to Rs. 153.23 Crores in Q4FY26. On a QoQ basis, it increased by 2.6 percent from Rs. 149.39 Crores in Q3FY26 to Rs. 153.23 Crores in Q4FY26.
Its Net Profit decreased by 8.7 percent YoY from Rs. 8.71 Crores in Q4FY25 to Rs. 7.95 Crores in Q4FY26. On a QoQ basis, it increased by 85.0 percent from Rs. 4.30 Crores in Q3FY26 to Rs. 7.95 Crores in Q4FY26.
The company has a ROCE of 11.0% and ROE of 11.0%, indicating it is generating moderate returns on its capital employed and shareholders’ equity. It has a very low debt-to-equity ratio of 0.22, meaning it is almost debt-free and operates with minimal financial leverage, reflecting a strong and low-risk balance sheet.
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