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Kaynes Technology India Ltd

KAYNES NSE

Key Fundamentals

SmallcapIndustrial ProductsCapital Goods
Market Cap
₹24,919 Cr
Volatility
Moderate
P/E Ratio
70.98
EBITDA
₹571 Cr
Return on Equity
10.32%
Debt to Equity
0.19
Book Value
₹706.39
EPS
₹32.73
52W High
₹7,705
52W Low
₹2,995

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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44 extracted metrics + investor summaries across FY19–FY26.

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Tapetide Score

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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 5.17 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
-193.85% ↘
ROE
40.03% ↗
ROCE
41.79% ↗
EBITDA Margin (Avg.)
-17.43% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 5d ago
AI opinion · based on fundamentals
Risk high

Kaynes Technology India Ltd is a capital goods company with a market cap of ₹25,729 Cr trading at a PE of 70.9x. The company has demonstrated exceptional 5-year profit CAGR of 108% and 5-year sales CAGR of 54%, but faces concerns around stretched valuations, deteriorating working capital cycle (133 days vs 64 days earlier), and a 10.1% decline in promoter holding over three years.

Bull Case 7
  • Exceptional 5-year compounded profit growth of 108% CAGR indicates strong earnings momentum and scalability
  • Robust 5-year compounded sales growth of 54% CAGR reflects sustained demand and order book execution
  • TTM sales growth remains healthy at 35%, showing continued top-line traction even on a larger base
  • 3-year compounded profit growth of 57% CAGR demonstrates consistent earnings expansion beyond short-term spikes
  • 3-year stock CAGR of 31% shows market recognition of the company's growth trajectory despite recent correction
  • Company is expected to deliver a good upcoming quarter, suggesting near-term operational momentum remains intact
  • Operating in the capital goods and electronics manufacturing services space which benefits from India's PLI schemes and China+1 tailwinds
Bear Case 8
  • PE ratio of 70.9x is significantly elevated, pricing in substantial future growth and leaving little margin of safety
  • Working capital days have more than doubled from 63.8 days to 133 days, indicating deteriorating cash conversion efficiency
  • High debtor days of 154 days signal collection challenges and potential cash flow stress
  • Return on equity of just 10.2% over 3 years is modest given the premium valuation of 5.44x price-to-book
  • Promoter holding has declined by 10.1% over three years, raising questions about insider confidence or dilution
  • Zero dividend yield despite repeated profitability suggests all capital is being retained without shareholder returns
  • Stock has corrected 34% over the last 1 year, reflecting potential de-rating or earnings disappointment risk
  • TTM profit growth has decelerated sharply to 9% compared to 3-year CAGR of 57%, indicating possible margin compression or one-off impacts

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Headwinds 2
  • PAT drops 24% despite revenue growth Aug 7

    Net profit fell to ₹564 Mn from ₹746 Mn YoY, missing the ₹690 Mn estimate. Margin compression and higher costs offset strong topline growth.

  • EBITDA margin contracts YoY Aug 7

    EBITDA margin declined to 15.6% from 16.78% YoY, indicating cost pressures even as absolute EBITDA grew 30% to ₹1.47B.

Positives 4
  • Revenue surges 40% YoY Aug 7

    Q1FY27 revenue jumped 40% to ₹9,460 Mn (₹9.5B), beating both the year-ago ₹6.73B and the Street estimate of ₹8.66B.

  • EBITDA beats estimates Aug 7

    EBITDA grew to ₹1.47B from ₹1.13B YoY, surpassing the consensus estimate of ₹1.30B. EBITDA margin of 15.6% also topped the 15% estimate.

  • Active investor engagement roadshow Jul 29

    Kaynes announced analyst and institutional meetings across Mumbai, Mysore, Ahmedabad, Paris, and Singapore from August to September 2026, signalling strong institutional interest.

  • Institutional block trade activity Jul 29

    A ₹17.88 Cr block trade of ~50,404 shares executed on NSE at ₹3,547.20/share, indicating large-scale institutional participation.

Neutral 3
  • Q1FY27 earnings call held Aug 8

    Management hosted the Q1FY27 earnings conference call on August 8, 2026 at 9:00 AM IST. Audio recording made available per SEBI LODR Regulation 30.

  • FY26 balance sheet corrigendum Aug 7

    Kaynes issued a corrigendum correcting classification errors in provisions and other comprehensive income for FY26 audited results. Total liabilities remain unchanged.

  • Singapore analyst meet scheduled Aug 6

    Group meeting with Axis Capital analysts scheduled in Singapore on August 19, 2026 under SEBI LODR regulations.

TL;DR: Kaynes delivered exceptional 40% revenue growth and beat EBITDA estimates in Q1FY27, demonstrating strong order execution in the EMS/capital goods space. However, profitability is under pressure with PAT declining 24% YoY due to margin compression and rising costs. The company is actively engaging institutional investors through roadshows across multiple geographies. The key question going forward is whether Kaynes can convert its robust topline momentum into improved margins as it scales, or if cost pressures will persist.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
297
361
509
637
504
572
661
984
673
906
804
1,243
946
Expenses
257
312
439
542
437
490
567
817
560
758
685
1,049
798
Operating Profit
40
49
70
95
67
82
94
168
113
148
119
194
148
OPM %
14%
14%
14%
15%
13%
14%
14%
17%
17%
16%
15%
16%
16%
Other Income
8
9
9
29
28
34
25
20
27
43
42
42
14
Interest
11
12
15
15
23
22
27
29
28
23
25
41
37
Depreciation
5
7
6
7
8
9
11
17
16
17
20
54
37
PBT
32
39
58
102
64
85
81
142
96
152
116
140
88
Tax %
23%
18%
23%
20%
21%
29%
18%
18%
22%
20%
34%
35%
36%
Net Profit
25
32
45
81
51
60
66
116
75
121
77
91
56
EPS in Rs
4.24
5.56
7.07
12.71
7.94
9.41
10.38
18.15
11.14
18.11
11.43
13.61
8.42
Figures in ₹ Crores

Profit & Loss

  Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
364
368
420
706
1,126
1,805
2,722
3,626
3,899
Expenses
328
325
378
611
956
1,548
2,305
3,052
3,290
Operating Profit
36
43
42
95
170
257
416
574
609
OPM %
10%
12%
10%
13%
15%
14%
15%
16%
16%
Other Income
2
1
4
4
11
56
106
154
142
Interest
20
25
25
27
36
56
106
117
126
Depreciation
5
8
10
13
19
25
45
107
128
PBT
14
11
11
59
126
232
372
504
496
Tax %
28%
17%
10%
29%
24%
21%
21%
28%
—
Net Profit
10
9
10
42
95
183
293
364
346
EPS in Rs
14.26
13.94
13.79
9.03
16.37
28.68
45.84
54.28
51.57
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
305
456
898
1,233
Total Liabilities
363
378
419
622
1,419
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
1,419
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
88
-82
-600
Investing
-41
-10
-24
-45
-494
-1,523
-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
-295
-1,031
-1,841
CFO/OP
-3
109
73
24
5
53
-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 Jun 2026
Promoters 53.46%
Public 23.70%
DIIs 11.78%
FIIs 5.82%
Others 5.23%
Total 99.99%
  Apr 2022Nov 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 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%
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%
5.82%
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%
11.78%
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%
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%
23.70%
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%
5.23%
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
4,49,428

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 Capital Goods sector within the Industrial Products 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 ₹24919.46 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 70.98. 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 10.32%. 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

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