Overview

Detailed Summary

Kaynes Technology India Limited is an integrated electronics design, engineering and manufacturing company providing turnkey EMS, PCBA, box‑build, OSAT packaging and ODM product engineering across automotive, industrial (including EV), aerospace, railways, medical and IoT verticals from a network of 22+ global manufacturing facilities and R&D centers.
The company reported strong 9M FY26 performance with consolidated revenue of ₹23,837 million (up 37% YoY), EBITDA of ₹3,778 million (up 55% YoY) and an order book of ₹90,722 million, signaling meaningful scale and backlog while net debt remains modest at ~₹6,656 million after recent balance sheet moves.
Kaynes is executing a material backward‑integration strategy with commissioned OSAT pilot lines at Sanand, imminent HDI PCB capacity in Chennai and multi‑hundred‑crore capex programs; management cites FSA approval and government subsidy visibility that materially de‑risk capital deployment and accelerate strategic manufacturing capabilities.
The revenue mix shows concentrated domestic sales (India 91% of FY25) but diversified vertical exposure: Industrial incl. EV at 54% and Automotive at 27%, while acquisitions (August, Sensonic, Tranzmeo) broaden international footprint and add AI and sensing capabilities supporting higher‑value, differentiated products.
Operational risks include elevated net working capital days (139 days in 9M FY26) and receivable concentration timing, but management highlights supply chain finance, receivable discounting and inventory consumption in Q4 as active levers to restore target working capital to 70–85 days and improve OCF.

Sector: Consumer Durables
Industry: Electronics - Others
Market Cap: 24,779 Cr
Volatility: High Risk
P/E Ratio: 63.3
Industry P/E: 54.7
PEG Ratio: 2.3
P/B Ratio: 5.3
52W High: 7,705.00
52W Low: 3,295.65

Sales CAGR

1Y: 50.82%
3Y: 41.83%
5Y: 39.67%
10Y: —

Profit CAGR

1Y: 60.09%
3Y: 72.37%
5Y: 79.24%
10Y: —

ROE

TTM: 8.09%
3Y: 7.14%
5Y: 7.53%
10Y: —

ROCE

TTM: 10.39%
3Y: 11.98%
5Y: 12.94%
10Y: —

Technicals

Oscillators

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Bullish

Bearish

Neutral

Bullish

Overall

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Bearish

Neutral

Bullish

Moving Averages

BearishNeutralBullish

Bearish

Neutral

Bullish

Overall

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Bearish

Neutral

Bullish

Forecasts

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Analyst Target, Price, EPS and Revenue Projections

Peers

Symbol	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
AMBER	7660.00	26,929 Cr	169.66	7.38	0.00	6.11	8.65	2.00
KAYNES	3696.45	24,779 Cr	63.31	5.29	0.00	8.09	10.39	5.78
DATAPATTNS	3123.00	17,484 Cr	119.47	11.37	0.25	15.18	20.88	14.10
PGEL	592.60	16,909 Cr	60.89	5.83	0.04	8.77	12.23	5.91
SYRMA	738.70	14,244 Cr	50.18	5.07	0.19	8.12	11.73	5.72
ZENTEC	1410.00	12,690 Cr	48.21	7.06	0.14	13.80	21.19	13.88
GENUSPOWER	249.95	7,604 Cr	16.56	3.99	0.98	24.17	19.15	9.46

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales	361	509	637	504	572	661	984	673	906	804
Expenses	312	439	542	437	490	567	817	560	758	685
Operating Profit	49	70	95	67	82	94	168	113	148	119
OPM %	13.52	13.72	14.94	13.28	14.36	14.22	17.05	16.78	16.33	14.84
Other Income	8.96	9.42	29	28	34	25	20	27	43	42
Interest	12	15	15	23	22	27	29	28	23	25
Depreciation	6.53	5.96	7.38	8.37	8.59	11	17	16	17	20
Profit Before Tax	39	58	102	64	85	81	142	96	152	116
Tax %	18.02	22.74	20.28	20.80	29.13	17.80	18.13	22.35	19.95	34.11
Net Profit	32	45	81	51	60	66	116	75	121	77
EPS in Rs	4.75	7.14	12.37	7.48	8.87	9.82	17.18	11.51	18.50	11.20

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	368	421	706	1,126	1,805	2,722	2,891
Expenses	327	380	613	958	1,550	2,311	2,434
Operating Profit	41	41	94	168	254	411	457
OPM %	11.22	9.72	13.26	14.95	14.08	15.09	15.81
Other Income	1.93	4.04	4.11	11	56	107	106
Interest	24	24	26	35	53	101	107
Depreciation	8.38	10	13	19	25	45	52
Profit Before Tax	11	11	59	126	232	372	404
Tax %	17.07	10.48	29.40	24.47	20.85	21.04	21.38
Net Profit	9.36	9.73	42	95	183	293	317
EPS in Rs	—	—	—	18.04	27.93	43.34	58.39
Dividend Payout %	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	6.80	6.80	46	58	64	64
Reserves	96	131	156	901	2,423	2,776
Borrowings	153	141	189	155	323	903
Other Liabilities	122	141	231	304	456	898
Total Liabilities	378	419	622	1,418	3,265	4,641
Fixed Assets	66	72	113	132	319	845
CWIP	12	13	8.33	29	105	391
Investments	1.60	1.69	1.52	3.28	132	132
Other Assets	299	333	499	1,254	2,709	3,273
Total Assets	378	419	622	1,418	3,265	4,641

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	45	26	21	-42	70	-82
Cash from Investing Activity	-9.93	-24	-45	-494	-1,505	-355
Cash from Financing Activity	-35	0.80	27	554	1,429	465
Net Cash Flow	-0.09	2.31	3.82	19	-6.52	28

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Promoters	63.57%	63.57%	63.57%	57.83%	57.83%	57.83%	57.75%	57.75%	57.75%	53.52%	53.46%	53.46%
FIIs	8.16%	7.96%	9.90%	12.71%	14.20%	14.27%	14.91%	14.84%	11.17%	10.67%	10.71%	8.88%
DIIs	12.96%	13.12%	15.59%	19.05%	18.36%	17.87%	16.08%	15.04%	16.97%	21.93%	23.66%	16.73%
Public	15.31%	15.34%	10.94%	10.41%	9.61%	10.04%	11.26%	12.38%	14.11%	13.87%	12.17%	20.93%
Total Shareholders	45,643	60,583	67,588	86,158	97,423	1,12,176	1,56,829	1,92,214	2,30,533	2,28,254	2,19,405	3,66,333

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Investor Presentation

Q1 FY26

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