In the present paper we investigate the behaviour and subsequent modulational instability or stability of coupled non-linear helicon-acoustic waves in a piezoelectric semiconductor plasma. We use the Krylov-Bogoluibov-Mitropolski technique of multiplescale analysis to arrive at the non-linear Schrödinger equation, which governs the behaviour of the above-mentioned waves. Physical parameters of InSb are used to investigate numerically whether the wave is modulationally stable or unstable.