Kaynes Technology India logo

Kaynes Technology India

KAYNES NSE

Key Fundamentals

SmallcapIndustrial ProductsCapital Goods
Market Cap
₹23,496 Cr
Volatility
Moderate
P/E Ratio
65.91
EBITDA
₹731 Cr
Return on Equity
7.64%
Debt to Equity
0.19
Book Value
₹706.39
EPS
₹32.73
52W High
₹7,705
52W Low
₹2,995

Tapetide Score

Data-driven rating, 0–100. How it works →

Key Insights

Strengths

2
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 104% CAGR over last 5 years

Weaknesses

6
  • Stock is trading at 4.80 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 9.70% 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 63.6 days to 133 days

Growth Rate

Revenue Growth
33.74% lower than 3Y
Net Income Growth
24.03% lower than 3Y
Cash Flow Change
-629% higher than 3Y
ROE
-25.97% lower than 3Y
ROCE
-24.72% lower than 3Y
EBITDA Margin (Avg.)
5.57% lower than 3Y

AI Analysis — Bull vs Bear

6d ago
AI opinion · based on fundamentals
Risk high

Kaynes Technology is a ₹24,226 crore electronics manufacturing company. It has grown quickly: sales rose at a 54% CAGR over 5 years and 48% over 3 years, and profit rose at a 104% CAGR over 5 years. Recent figures are weaker. TTM profit growth has slowed to 9% while sales grew 35%, and return on equity is about 9-10%. Working capital days have risen from 63.6 to 133, and debtor days stand at 154. The stock trades at 68.2x earnings and about 5x book value after falling 50% over the past year.

Bull Case 7
  • Sales have grown at a 54% CAGR over 5 years and a 48% CAGR over 3 years. That is fast growth for the capital goods and electronics manufacturing space.
  • Profit has compounded at 104% over 5 years and 51% over 3 years. The company has grown earnings substantially as it has scaled.
  • TTM sales growth of 35% shows demand is still strong despite the recent slowdown in profit growth.
  • The company is expected to report a good quarter. That could help ease concerns after TTM profit growth slowed to 9%.
  • A 50% fall in the stock over one year has brought the P/E down to 68.2. The valuation is lower than when the stock was near its peak, though this remains a relative argument.
  • Even after the one-year drawdown, the stock has returned an 18% CAGR over 3 years. Shareholders who held over that period have still seen gains.
  • The dividend yield is 0%, so all earnings stay in the business for expansion. This matters for a company growing sales at 35-54% a year.
Bear Case 9
  • A P/E of 68.2 compares with TTM profit growth of only 9%. The valuation assumes growth will speed up again, which has not yet shown in trailing earnings.
  • TTM profit grew 9% while sales grew 35%. That gap suggests margins are shrinking or costs are rising faster than revenue.
  • Working capital days have risen from 63.6 to 133, roughly doubling. More cash is tied up in running the business, which weighs on cash flow.
  • Debtor days are high at 154. Customers take about five months to pay, which raises questions about collections and cash conversion.
  • Return on equity is low: 9.70% over 3 years, 10% over 5 years and 9% last year. Rapid growth has not produced strong returns on shareholder capital.
  • The stock trades at about 5x book value (4.96-5.15x). That is a high multiple for a business earning about 9-10% on equity.
  • Promoter holding has fallen by 10.1% over the last 3 years. Some investors watch promoter stake reductions as a signal.
  • The stock fell 50% over the past year, which points to large volatility and a reset in market expectations.
  • The dividend yield is 0% even though the company reports consistent profits, so shareholders get no income return.

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

AI News Digest

30m ago
Positives 2
  • Strong inquiries, 90% utilisation ahead Sep 21

    Kaynes says it is getting significant inquiries from customers and expects to reach 90% capacity utilisation soon. This points to strong demand and better operating leverage in the near term.

  • $1B OSAT expansion under Semicon 2.0 Sep 18

    Kaynes is targeting ₹250-300 crore in semiconductor revenue under its Semicon 2.0 initiative and plans a $1-billion OSAT expansion. A newspaper source reported the plan, which would deepen the company's move into semiconductor assembly and testing.

Neutral 2
  • Investor meet in Sanand, Gujarat Sep 18

    Kaynes will host a group meeting for analysts and institutional investors on September 23-24, 2026, in Sanand, Gujarat, under SEBI LODR regulations. The Sanand location suggests a likely focus on its semiconductor/OSAT facility.

  • 18th AGM approves FY26 accounts Sep 17

    Kaynes held its 18th Annual General Meeting on September 17, 2026. Shareholders approved the FY26 financial statements and reappointed key directors.

TL;DR: Recent news on Kaynes Technology is constructive. Strong customer inquiries and expected 90% capacity utilisation point to healthy demand in its core electronics manufacturing business, and the $1-billion OSAT expansion targeting ₹250-300 crore in semiconductor revenue extends its long-term growth path. None of the articles report direct headwinds, but the large semiconductor capex brings execution, funding and ramp-up risk, and the OSAT plan is based on a newspaper report rather than a formal company filing. The trend looks positive, and the September 23-24 investor meet in Sanand is the next event to watch for detail on semiconductor timelines and capex funding.

Quarterly Results

Particulars 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

Particulars 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
3,048
3,290
Operating Profit
36
43
42
95
170
257
416
578
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
121
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
45.8
54.28
51.57
Div. Payout %
0%
0%
0%
0%
0%
0%
0%
0%
—
Figures in ₹ Crores

Balance Sheet

Particulars 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
1,594
CWIP
2
12
13
8
29
105
391
511
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

Particulars 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

Particulars 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
169
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%

Insights

Beta

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

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Shareholding Pattern

Others5.23%Promot.53.46%FIIs5.82%DIIs11.78%Public23.70%As ofJun 2026

Documents

Frequently Asked Questions about Kaynes Technology India

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 trades as KAYNES on the NSE and under code 543664 on the BSE.
Which sector does Kaynes Technology India Ltd belong to?
Kaynes Technology India Ltd is classified under the Capital Goods sector, in the Industrial Products industry.
What is the market capitalisation of Kaynes Technology India Ltd?
Kaynes Technology India Ltd has a market capitalisation of ₹23,496 Cr, which places it in the Large Cap band.
What is the PE ratio of Kaynes Technology India Ltd?
Kaynes Technology India Ltd trades at a PE ratio of 65.91, on earnings per share of ₹32.73, against a book value of ₹706.39 per share.
What is the 52-week high and low of Kaynes Technology India Ltd?
Over the last 52 weeks Kaynes Technology India Ltd has traded between ₹2,995 and ₹7,705.
What is the Return on Equity (ROE) of Kaynes Technology India Ltd?
Kaynes Technology India Ltd reported a return on equity of 7.64%. Its debt-to-equity ratio is 0.19.

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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