Kaynes Technology India Ltd logo

Kaynes Technology India Ltd

KAYNES NSE

Incorporated in 2008, Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company. The company provides conceptual design, process engineering, integrated manufacturing, and life-cycle support for major players in the automotive, industrial, aerospace and defense, outer-space, nuclear, medical, railways, Internet of Things ("IoT"), Information Technology ("IT") and other segments.[1]

AI Verdict: HOLD Confidence: 5%

Kaynes Technology delivers exceptional revenue growth at 48% CAGR over 3 years and 108% profit CAGR over 5 years, but trades at a steep PE of 60.5x with deteriorating working capital (133 days) and declining promoter holding (-10.1%). The stock's -43% correction in 1 year reflects market repricing of these risks.

Key Fundamentals

SmallcapIndustrial ProductsCapital Goods
Market Cap
₹21,635 Cr
Volatility
Moderate
P/E Ratio
60.13
EBITDA
₹571 Cr
Return on Equity
9.91%
Debt to Equity
0.23
Book Value
₹708.34
EPS
₹32.73
52W High
₹7,705
52W Low
₹2,995

Technical Indicators

Key Insights

Strengths

2
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 108% CAGR over last 5 years

Weaknesses

6
  • Stock is trading at 4.52 times its book value
  • Though the company is reporting repeated profits, it is not paying out dividend
  • Company has a low return on equity of 10.2% over last 3 years.
  • Company has high debtors of 154 days.
  • Promoter holding has decreased over last 3 years: -10.1%
  • Working capital days have increased from 63.8 days to 133 days

Growth Rate

Revenue Growth
28.20% ↘
Net Income Growth
23.62% ↗
Cash Flow Change
-217.37% ↘
ROE
40.03% ↗
ROCE
41.79% ↗
EBITDA Margin (Avg.)
-17.43% ↘

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 1d ago
HOLD
Risk high

Kaynes Technology delivers exceptional revenue growth at 48% CAGR over 3 years and 108% profit CAGR over 5 years, but trades at a steep PE of 60.5x with deteriorating working capital (133 days) and declining promoter holding (-10.1%). The stock's -43% correction in 1 year reflects market repricing of these risks.

Bull Case 7
  • Outstanding 5-year compounded profit growth of 108% CAGR demonstrates strong earnings scalability in the electronics manufacturing space
  • Revenue growth remains robust at 48% CAGR over 3 years and 33% TTM, indicating sustained order book execution
  • Market cap of Rs 21,840 Cr positions Kaynes as a mid-cap EMS player with runway for institutional re-rating as sector tailwinds persist
  • 3-year stock CAGR of 30% despite recent correction shows long-term wealth creation track record for patient investors
  • Company is expected to deliver a good upcoming quarter, suggesting near-term earnings momentum remains intact
  • 5-year compounded sales growth of 54% CAGR reflects consistent market share gains in Indian EMS ecosystem
  • TTM profit growth of 28% still outpaces most industrial peers, confirming continued operational leverage
Bear Case 8
  • PE ratio of 60.5x is extremely rich for a company delivering only 10% ROE over 3 years, implying stretched valuations relative to capital efficiency
  • Stock has corrected -43% in 1 year, signaling significant institutional selling and potential further downside risk
  • Working capital days have surged from 63.8 to 133 days, indicating severe cash conversion cycle deterioration and capital lock-up
  • Promoter holding has declined by 10.1% over 3 years, raising governance and alignment concerns
  • High debtor days of 154 indicate poor receivables management and customer payment dependency risk
  • Zero dividend yield despite repeated profitability suggests cash is being consumed by working capital rather than returned to shareholders
  • Price-to-book ratio of 4.64x is elevated for an industrial company with sub-par ROE of 10.2%
  • Only 22.7% analysts rate it a Buy while 31.8% recommend Sell, reflecting divided Street conviction on current valuations

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 14h ago
Headwinds 1
  • Independent director resigns May 29

    Independent Director Heinz Franz Moitzi resigned effective May 31, 2026, citing personal reasons. While not operationally disruptive, board-level departures warrant monitoring.

Positives 2
  • FY27 expected to outperform FY26 Jun 17

    Management stated FY27 is expected to outperform FY26 and committed to fulfilling all orders in FY27, signaling confidence in execution and order pipeline.

  • Chip division partners with Aoi Electronics Jun 16

    Kaynes' semiconductor division partnered with Japan's Aoi Electronics as reported by Nikkei, strengthening its chip packaging and assembly capabilities.

TL;DR: Kaynes Technology is projecting strong momentum with management guiding FY27 to outperform FY26 and securing a strategic semiconductor partnership with Aoi Electronics. The only minor concern is a board-level resignation for personal reasons. No specific financial headwinds are visible in recent news flow. The trend appears constructive with growth visibility improving heading into FY27.

Quarterly Results

  Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales
365
297
361
509
637
504
572
661
984
673
906
804
1,243
Expenses
305
257
312
439
542
437
490
567
817
560
758
685
1,049
Operating Profit
59
40
49
70
95
67
82
94
168
113
148
119
194
OPM %
16%
14%
14%
14%
15%
13%
14%
14%
17%
17%
16%
15%
16%
Other Income
7
8
9
9
29
28
34
25
20
27
43
42
42
Interest
8
11
12
15
15
23
22
27
29
28
23
25
41
Depreciation
5
5
7
6
7
8
9
11
17
16
17
20
54
PBT
54
32
39
58
102
64
85
81
142
96
152
116
140
Tax %
23%
23%
18%
23%
20%
21%
29%
18%
18%
22%
20%
34%
35%
Net Profit
41
25
32
45
81
51
60
66
116
75
121
77
91
EPS in Rs
7.1
4.24
5.56
7.07
12.71
7.94
9.41
10.38
18.15
11.14
18.11
11.43
13.61
Figures in ₹ Crores

Profit & Loss

  Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Sales
364
368
420
706
1,126
1,805
2,722
3,626
Expenses
328
325
378
611
956
1,548
2,305
3,052
Operating Profit
36
43
42
95
170
257
416
574
OPM %
10%
12%
10%
13%
15%
14%
15%
16%
Other Income
2
1
4
4
11
56
106
154
Interest
20
25
25
27
36
56
106
117
Depreciation
5
8
10
13
19
25
45
107
PBT
14
11
11
59
126
232
372
504
Tax %
28%
17%
10%
29%
24%
21%
21%
28%
Net Profit
10
9
10
42
95
183
293
364
EPS in Rs
14.26
13.94
13.79
9.03
16.37
28.68
45.84
54.28
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
Figures in ₹ Crores

Balance Sheet

  Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
7
7
7
46
58
64
64
67
Reserves
86
96
132
156
901
2,423
2,776
4,681
Borrowings
156
153
148
189
155
323
903
913
Other Liabilities
115
122
132
231
304
456
898
1,233
Total Liabilities
363
378
419
622
1,418
3,265
4,641
6,894
Fixed Assets
53
66
80
113
132
319
845
1,732
CWIP
2
12
13
8
29
105
391
372
Investments
2
2
2
2
3
132
132
257
Other Assets
306
299
325
499
1,254
2,709
3,273
4,532
Total Assets
363
378
419
622
1,418
3,265
4,641
6,894
Figures in ₹ Crores

Cash Flow

  Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
-8
45
28
21
-42
70
-82
-600
Investing
-41
-10
-24
-45
-494
-1,505
-355
-917
Financing
49
-35
-1
27
554
1,429
465
1,580
Net Cash Flow
0
0
2
4
19
-7
28
62
Free Cash Flow
-18
14
3
-21
-100
-312
-1,031
-1,841
CFO/OP
-3
109
73
24
5
46
-4
-80
Figures in ₹ Crores

Ratios

  Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
123
93
106
102
74
72
77
154
Inventory Days
184
228
209
167
191
150
156
170
Days Payable
136
139
122
121
103
99
131
131
Cash Conversion Cycle
171
182
193
148
162
123
102
193
Working Capital Days
38
32
50
53
107
66
-7
133
ROCE %
—
14%
13%
25%
22%
15%
14%
13%

Shareholding Pattern

As of Mar 2026
Promoters 53.46%
Public 18.69%
DIIs 15.14%
FIIs 7.28%
Others 5.43%
Total 100.00%
  Apr 2022Nov 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters
88.39%
63.57%
63.57%
63.57%
63.57%
63.57%
57.83%
57.83%
57.83%
57.75%
57.75%
57.75%
53.52%
53.46%
53.46%
53.46%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.30%
0.00%
14.20%
14.27%
14.91%
14.84%
11.17%
10.71%
10.71%
8.88%
7.28%
DIIs
0.00%
6.44%
6.35%
12.96%
9.17%
12.20%
17.00%
18.36%
17.87%
16.08%
15.04%
16.97%
22.40%
23.66%
16.73%
15.14%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
0.00%
12.63%
6.48%
5.59%
6.94%
6.28%
6.28%
6.26%
6.88%
8.10%
8.88%
10.39%
9.94%
8.89%
16.91%
18.69%
Others
11.61%
17.36%
23.59%
17.87%
20.32%
17.64%
18.89%
3.35%
3.16%
3.16%
3.49%
3.72%
3.43%
3.28%
4.02%
5.43%
No. of Shareholders
30
2,10,893
62,502
45,643
60,583
67,588
79,906
97,423
1,12,176
1,56,829
1,92,214
2,30,533
2,28,254
2,19,405
3,66,333
3,78,546

Documents

Frequently Asked Questions about Kaynes Technology India Ltd

What does Kaynes Technology India Ltd do?
Incorporated in 2008, Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company. The company provides conceptual design, process engineering, integrated manufacturing, and life-cycle support for major players in the automotive, industrial, ae...
Where is Kaynes Technology India Ltd (KAYNES) listed?
Kaynes Technology India Ltd is listed on the Indian stock exchanges. It is listed on NSE: KAYNES and BSE: 543664. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Kaynes Technology India Ltd belong to?
Kaynes Technology India Ltd operates in the Industrials sector within the Industrial Manufacturing industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Kaynes Technology India Ltd?
Kaynes Technology India Ltd has a market capitalisation of approximately ₹21634.76 Cr. Based on this, it is classified as a Large Cap stock.
What is the PE ratio of Kaynes Technology India Ltd?
The Price-to-Earnings (PE) ratio of Kaynes Technology India Ltd is 60.13. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Kaynes Technology India Ltd?
Over the past 52 weeks, Kaynes Technology India Ltd has traded between a low of ₹2,995 and a high of ₹7,705. This range helps investors understand the stock's price volatility and recent trading levels.
What is the Return on Equity (ROE) of Kaynes Technology India Ltd?
Kaynes Technology India Ltd has a Return on Equity (ROE) of 9.91%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Kaynes Technology India Ltd on Tapetide?
On Tapetide, you can view Kaynes Technology India Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Incorporated in 2008, Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company. The company provides conceptual design, process engineering, integrated manufacturing, and life-cycle support for major players in the automotive, industrial, aerospace and defense, outer-space, nuclear, medical, railways, Internet of Things ("IoT"), Information Technology ("IT") and other segments.[1]

Website kaynestechnology.co.in
Listed 2022-11-22
Face Value ₹ 10
Issued Size 6,70,34,654

Explore More

More in Industrials → FII DII Data Stock Screener Nifty 50 Heatmap F&O Ban List