Announcement
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 18 Sep
Source: Bse
Kaynes Technology India Limited (KAYNES)
Small CapIndustrials stocks · Small cap · NSE
Kaynes Technology is an Indian electronics manufacturing services (EMS) provider, expanding into semiconductor packaging (OSAT), PCB manufacturing, and space technology. It serves diverse sectors including automotive, aerospace, defense, and railways, with a focus on product-led solutions and operational excellence.
Data qualityFresh enough for analysisQuote updated 21 Oct, 04:45 am ISTDetails
Quote21 Oct, 04:45 am IST
Base fundamentals20 Oct 2026 · screener
Latest result16 Aug, 12:39 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags15 Aug 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Industrials P/E 26.2 (n=537)
Technical timing lens
Trend score and candlestick chart
31Bearishfull bear SMA stack · SMA20 -7.1% / mo · MACD − · near 52W low
Stock trend: 18
Sector RS: 50
Sector 3M: -6.3% vs Nifty 500 -5.6%
Industrials FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
KAYNESD candles · FIT view-23.8%Latest close ₹3250.00 on 2026-10-19
Bar
-1.0%
RSI
38
MACD hist
-7.84
52W pos
6%
2026-10-19O ₹3281.20H ₹3290.90L ₹3236.80C ₹3250.00Vol 2.7L sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
KAYNESNifty India ManufacturingNifty 500
- KAYNES
- -2.4%
- Nifty 500
- -5.6%
- Nifty India Manufacturing
- -5.8%
- Vs Nifty 500
- +3.2 pp
Chart stats
19 Oct 2026- From 52W high
- -54.8%
- 52W range position
- 6%
- ATR (14)
- 3.5%
- Volume vs 20D
- 0.28x
- Avg traded value
- ₹319 Cr
- 20D price channel
- ₹3,200.1 - ₹3,707.2
₹7,183
₹2,995 - ₹7,183
₹115.1
Latest completed session
20-session average
38.3% annualized volatility
Research snapshot
What the evidence says now
Weak fundamentals, management trust is acceptable, price trend argues for patience, and recent execution is mixed.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · WATCHLIST35
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Bad0
Revenue +40.6% · PAT -25.3% YoY
Technical
Bearish31
Price trend and sector-relative-strength timing.
Valuation
Legacy model-60.4%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Healthy Trust70
medium confidence · 6/16 claims checked
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Bad · 0/100PAT -25% YoY · margin compression · Rev +41% YoY
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹946 Cr | +40.6% | -23.9% |
| EBITDA | ₹148 Cr | +31.0% | -23.7% |
| Operating margin | 16.0% | -100 bps | +0 bps |
| PAT | ₹56 Cr | -25.3% | -38.5% |
| PAT margin | 5.9% | -522 bps | -140 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 62.90
- P/B
- 4.59
- EV/EBITDA
- 30.88
- Market Cap
- 21847.00Cr
Profitability
- ROE
- 8.69%
- ROCE
- 12.70%
- ROA
- 5.02%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 54.00%
- EPS 5Y
- 104.00%
- Revenue 3Y
- 48.00%
- EPS 3Y
- 51.00%
Balance Sheet
- Debt/Equity
- 0.19
- Interest Coverage
- 4.83×
- Altman Z
- 8.06
- Book Value
- 708.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 2/5
- OCF
- -600.00 Cr
- EPS TTM
- 51.57
Shareholding
- Promoter Hold
- 53.31%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 6%
Financial History
Updated 19/10/2026
Revenue
₹ CrLatest: 3,626+33.2% vs prev
Net Profit
₹ CrLatest: 364+24.2% vs prev
Return on Equity
%Latest: 7.7-25.7% vs prev
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Mixed signalsSignals are conflicting — long-term trend down. RSI 38. Wait for confirmation.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~7.7% over last month) — short-term momentum negative.
- RSI(14) at 38 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 54% off 52W high · 9% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
3
RS percentile
Stage 1 Base / Transition
1M return
-7.5%
3M return
-2.4%
6M return
-27.1%
1Y return
-52.5%
RS 1D
0
RS 20D
-2
Sector rank
#5
Industry rank
#8
Stage evidence
- Price is 8.7% below the 30-week proxy without full trend alignment.
- The 30-week proxy changed -1.3% over 20 sessions.
- The moving-average structure does not confirm Stage 2 or Stage 4.
50-DMA
price below
200-DMA
price below
Sector
neutral
Industry
weakening
Relative-strength line vs Nifty 500 (base 100)
262 observations
19 Oct 2026Value 45.62+0.09%
RS vs Nifty 50046
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
Valuation & peers
U-Score 35 · legacy U-Score band WATCHLIST · valuation evidence and comparable companies
WATCHLIST
Fundamental score breakdown
U band · WATCHLISTValuation0/30
Growth21/25
Quality1/20
Balance Sheet8/15
Cash Flow1/10
Piotroski
6/9 (+3)
Penalties
1
Raw sum
35
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
35/100 · legacy band WATCHLIST
Positive drivers
- Growth contributes 21/25 to the score.
- Balance sheet contributes 8/15 to the score.
- Cash flow contributes 1/10 to the score.
Main drags
- Fair-value margin of safety is negative at -60.4%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 1/20; verify the latest quarterly trend.
Sector valuation model
IT valuation: PE and EV/EBITDA against growth and margins
Asset-light IT companies deserve valuation support only when growth, margins, and cash conversion hold up.
Primary lens
PE and EV/EBITDA relative to revenue growth, margins, and cash conversion.
Secondary checks
Deal pipeline, attrition, dollar revenue growth, FCF yield.
Main risk check
Low PE can reflect weak growth or margin pressure.
PE
62.9
PB
4.6
EV/EBITDA
30.9
ROE
8.7%
ROCE
12.7%
FCF Yield
—
Debt/Equity
0.2
MoS
-60.4%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
35
Previous: 35
Legacy U-Score band
WATCHLIST
Previous: WATCHLIST
Margin of safety
-60.4%
Previous: -60.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
34
34
35
35
35
35
35
35
35
35
35
35
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹906.37
-258.6% MoS
Growth-justified P/E
39.3
Growth-justified Value
₹2,026.7
-60.4% MoS
PEG
0.76
Comparable companies
Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
TRITURBINE
Small
Triveni Turbine Limited
Capital Goods
match 128
54
45.4
25.2%
-16%
FAIR VALUE
SYRMA
Large
Syrma SGS Technology Limited
Capital Goods
match 126
40
80.4
14.0%
-106%
WATCHLIST
OMNI
Small
Omnitech Engineering Limited
Capital Goods
match 125
40
75.2
18.0%
-70%
WATCHLIST
SUPRAJIT
Small
Suprajit Engineering Limited
Capital Goods
match 125
33
33.7
13.1%
-178%
WATCHLIST
KMEW
Small
Knowledge Marine & Engineering Works Limited
Capital Goods
match 125
45
58.6
20.0%
-58%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-10-14T07:49:12.363Z
Management commentary snapshot
Q1 FY27 revenue grew 40% YoY to INR 946 crores, driven by EMS. EBITDA grew 31% YoY to INR 147.6 crores, with margins at 15.6%. Order book robust at INR 9,000 crores, but working capital remains a concern.
While core EMS showed strong growth, overall profitability was impacted by smart metering's working capital drain and global supply chain cost escalation. New ventures (OSAT, PCB) face minor timing slippages but are on track for Q3 FY27 commercialization. Management is focused on balance sheet clean-up, but challenges persist.
Current business mix
Revenue by Business (Q1 FY27, without GST)
Latest issuer-disclosed distribution across 2 reported categories.
EMS Business78.4%
Metering Business21.6%
Growth engines
Kaynes Semicon (OSAT)
Partnership between Mitsui and Kaynes Semicon provides access to the significant market opportunity in Japan.
Kaynes Circuit (PCB)
Strong traction and interest from global players, with a recent engagement with a large global EV manufacturer.
August Electronics (Overseas Expansion)
Acquisition has given good inroads into the North American market, shaping up nicely with good EBITDA margins.
Space Technology
Entry into satellite electronics domain with a 3U satellite prototype and titanium gas bottle manufacturing for ISRO and DRDO.
Capacity and execution
OSAT & PCB Facilities
Kaynes Semicon Unit 2 and Kaynes Circuit Chennai remain on track to be operational by Q3 FY27.
PCB Commercial Production
Commercial production for PCB is set to start from the next quarter, with last-minute finishing of capital in progress.
Space Satellite Launch
First 3U satellite prototype expected to be ready to launch in middle of next year, awaiting ISRO confirmation.
Solar Energy Capacity
Plan to increase consumption of renewable energy to 3 gigawatts in solar, with installation in progress.
Tailwinds
New Customer Wins
Added India's second largest two-wheeler EV manufacturer, global brands from Germany and France, and India's leading wireless communication company.
Government Subsidies
Received government subsidy to the tune of INR 170 crores in OSAT business till July 26.
Strong Market Demand
Customer off-take is pretty good, and demand has not softened across domestic and global markets despite inflation.
Headwinds
West Asia Escalation
Disruption from escalation in West Asia affecting equipment imports and component logistics globally, causing minor timing slippage.
Cost Escalation
Impact on margins due to cost escalation driven by global supply chain issues, rise in energy, crude prices, commodity prices, and forex movement.
Global Supply Chain Issues
Sharp increase in supply chain lead times to more than 6 to 8 months in some categories, and PCB is facing a global shortage.
Smart Metering Business Impact
Growth in smart metering was flat to negative due to impact on installation from flood situation and conscious decision to reduce supplies due to collection issues.
Risk radar
Working Capital Normalization
Smart metering business collections are significantly lower than sales (INR 88 crores collected vs INR 240 crores sales), impacting overall balance sheet.
Profitability Normalization
Expects a couple of quarters for profitability to normalize and return to earlier committed levels due to cost escalation.
Execution Risk for New Ventures
New domains like semiconductor packaging, PCB manufacturing, and space technology come with a learning curve.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is primary for revenue and EBITDA as stated by management. QoQ is also relevant for sequential momentum in working capital normalization, project execution, and the ramp-up of new businesses like OSAT and PCB.
Sector KPIs management disclosed
Order Book
Robust order book of around INR 9,000 crores.
Revenue Growth (Overall)
Total revenue stood at INR 946 crores, reflecting an year-on-year growth of 40%.
Revenue Growth (EMS Standalone)
Standalone EMS business grew 53% YoY, from INR 480 crores last year to INR 639 crores this year.
EBITDA Margin
EBITDA for the quarter was INR 147.6 crores, translating into an EBITDA margin of 15.6%.
Management forward view
Balance Sheet Priority
Balance sheet remains a priority; management is committed to making it clean and improving cash flow by year-end.
Strategic Inventory Build-up
Took a strategic decision in February to build inventory (INR 150 crores increase) to manage global market volatility and ensure business commitments.
De-risking Metering Business
Management is seriously looking at options and opportunities to de-risk the receivables portion of the metering business by February.
Commitment to Growth
Committed to achieving twice the market growth, leveraging strategic initiatives like inventory and manufacturing flexibility.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| OSAT & PCB Commercial Revenue | On track for Q3 FY27 revenue booking. | Actual revenue generation and ramp-up from new businesses in Q3 and Q4 FY27. |
| Smart Metering Receivables | INR 1,311 crores (Q1 FY27). | Significant reduction in receivables and improved cash flow from the metering business by year-end. |
| Overall EBITDA Margins | 15.6% (Q1 FY27). | Normalization of margins to earlier committed levels, overcoming cost escalation pressures. |
| Cash Flow from Operations | Negative INR 259 crores (Q1 FY27). | Improvement towards positive cash flow from operations by the end of the financial year. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
capex timelinenot yet verifiablequantified
The balance capex requirement for OSAT of INR 10.3 billion will be spread over five years.
Timeframe: spread over five yearsDirection: neutralConfidence: high
"capex spread over five years"
cash flow improvementnot yet verifiablequantified
The company will endeavor to ensure that smart meter receivables do not cross collection periods of 90 days.
Timeframe: going forwardDirection: improvementConfidence: medium
"do not cross collection periods of 90 days"
cash flow improvementnot yet verifiablequantified
Management plans to discount approximately INR 240 crores of smart meter receivables to reduce the outstanding amount before the fiscal year ends.
Timeframe: before this year is overDirection: reductionConfidence: high
"approximately INR240 crores of such receivables will anyway get discounted"
revenue outlookdeliveredquantified
Smart metering business execution in the second half is planned to be of the nature of about INR 300-odd crores.
Timeframe: second halfDirection: positiveConfidence: medium
"execution, which will be of the nature of about INR300-odd crores"
Outcome check: Revenue YoY averaged 26.3% across 1 later quarter(s).
cash flow improvementnot yet verifiable
Working capital normalization measures are expected to show visible improvement going forward.
Timeframe: going forwardDirection: improvementConfidence: medium
"expected to show visible improvement going forward"
cash flow improvementdelivered
The company does not expect free cash flow from the EMS business in the near term as cash will be reinvested for growth.
Timeframe: near-termDirection: neutralConfidence: medium
"FCF, I'm not sure in the near-term that will happen"
Outcome check: Revenue YoY averaged 26.3% across 1 later quarter(s).
project executionnot yet verifiable
Kaynes plans to transition away from being an AMISP company to solely being a device company to various AMISPs.
Timeframe: going forwardDirection: transitionConfidence: high
"We will no longer be an AMISP company"
revenue outlookdelivered
Approval from three OSAT customers is expected to help the company generate good revenues starting from FY 2027 onwards.
Timeframe: starting from FY '27 onwardsDirection: increaseConfidence: high
"help us to do good revenues, starting from FY '27 onwards"
Outcome check: Revenue YoY averaged 26.3% across 1 later quarter(s).
Trust Score
70Healthy Trust · medium confidenceClaim-tested Trust
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 83% delivered/partly-delivered outcomes on 6 checked claims, with 1 adverse claim outcome. It ranks around the 63rd percentile of the scored universe and 60th percentile within Industrials. Main check: cash conversion is weak at 40/100.
Healthy Trust: 6/16 extracted management claims have outcome checks; 83% were fully delivered and 0 were partially delivered. 1 claim(s) were contradicted or failed. Key concern: Operating cash flow is negative at ₹-600 Cr.
Computed 21 Oct 2026
management-trust-v1
38 extracted concalls · 6/16 claims matched
Score band
Healthy Trust
Generally investable credibility. Look for weak sub-scores before increasing position size.
Relative rank
63rd percentile
overall median 67 · Industrials: 60th pctile, median 68 · Small: 65th pctile, median 66
Evidence depth
Medium sample
6/16 claims have outcome checks.
Claim delivery
83% delivered or partly delivered
6/16 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · medium confidenceWhat it measures
Reliability of management and financial delivery, using management claims matched with later outcomes.
Confidence
Useful directional evidence exists, but still verify the latest filings.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
40
weak · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
68
acceptable · capital discipline
Results
68
acceptable · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸4/4 latest quarters had positive YoY revenue growth.
- ▸OPM spread across recent quarters is 3%.
- ▸5/6 matched management claims were delivered.
Trust risks
- ▸Operating cash flow is negative at ₹-600 Cr.
- ▸1 of the latest 4 quarters had PAT decline worse than 25% YoY.
Continue researching Kaynes Technology India Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Concall transcriptAug 2026
Aug 2026 · Transcript
Source: Bse
Investor presentationAug 2026
Aug 2026 · PPT
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Press Release / Media Release 22 Aug - Kaynes and BOSGAME sign strategic MoU to expand BOSGAME’s India computing presence.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 21 Aug
Source: Bse
AnnouncementJul 2026
Jul 2026 · Announcement under Regulation 30 (LODR)-Change in Management 2 Jul - Kaynes Technology appointed Brahmayya & Co. as internal auditor for FY2026-27 on July 2, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Jul
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Monitoring Agency Report 12 Aug - Monitoring agency reports for QIP proceeds for quarter ended June 30, 2026; no material deviation.
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Newspaper Publication 8 Aug - Newspaper publication of Financial results of Quarter ended June 30, 2026
Source: Bse
AnnouncementJun 2026
Jun 2026 · Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 19 May - Kaynes scheduled investor meetings with Axis, Nuvama and Ambit on 26-27 May, 8-9 June and 11 June 2026.
Source: Bse
Investor presentationMay 2026
May 2026 · PPT
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.