Kaynes Technology India logo

Kaynes Technology India

KAYNES NSE

Key Fundamentals

SmallcapIndustrial ProductsCapital Goods
Market Cap
₹23,107 Cr
Volatility
Moderate
P/E Ratio
67.97
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 4.95 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

Anthropic anthropic claude-opus-4.6 2d ago
AI opinion · based on fundamentals
Risk high

Kaynes Technology India Ltd is a capital goods company with a market cap of ₹23,107 Cr trading at a PE of 68.4x. The company has delivered exceptional 5-year profit CAGR of 104% and 5-year sales CAGR of 54%, but faces working capital deterioration with debtor days at 154 and working capital days expanding from 63.6 to 133 days.

Bull Case 7
  • Outstanding 5-year compounded profit growth of 104% CAGR demonstrates strong earnings scalability in the electronics manufacturing services space
  • Robust 5-year compounded sales growth of 54% CAGR indicates sustained demand traction and order book momentum
  • TTM sales growth remains healthy at 35%, showing continued top-line expansion even on a larger base
  • 3-year compounded profit growth of 51% CAGR confirms the earnings trajectory is not a one-off spike but a sustained trend
  • 3-year compounded sales growth of 48% CAGR reflects consistent execution and expanding client wallet share
  • Company is expected to deliver a good quarter, suggesting near-term operational momentum remains intact
  • 3-year stock CAGR of 18% despite a sharp 51% correction over 1 year suggests the market previously recognized the business quality and a re-rating cycle could follow if execution continues
Bear Case 8
  • PE ratio of 68.4x is significantly elevated for a capital goods company, leaving little margin of safety if growth decelerates
  • Stock has corrected 51% over the last 1 year, reflecting significant de-rating and possible concerns around stretched valuations or execution risks
  • Working capital days have ballooned from 63.6 to 133 days, indicating deteriorating capital efficiency and higher cash conversion cycle
  • High debtor days of 154 days signal delayed collections from customers, tying up significant capital and raising counterparty risk
  • Return on equity of 9.70% over the last 3 years is modest for a company trading at 4.98x book value, suggesting the market is pricing in future ROE expansion that may or may not materialize
  • Promoter holding has declined by 10.1% over the last 3 years, which may signal reduced promoter conviction or dilution events
  • Zero dividend yield despite reporting repeated profits indicates shareholders are not receiving any cash return on their investment
  • TTM profit growth has slowed to 9% compared to the 3-year CAGR of 51%, raising questions about whether the high-growth phase is tapering off

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

AI News Digest

Anthropic anthropic claude-opus-4.6 2h ago
Positives 2
  • MoU with BOSGAME for expansion Aug 22

    Kaynes signed a strategic MoU with Chinese computing firm BOSGAME on Aug 22 to expand its presence in India, leveraging Kaynes' manufacturing capabilities and BOSGAME's design expertise.

  • Billion-dollar EMS revenue target Aug 24

    Kaynes expressed optimism about its EMS business and is targeting billion-dollar revenue from its electronics manufacturing services segment, signaling aggressive scaling ambitions.

Neutral 1
  • AGM seeks ₹7,000 crore loan limit Aug 20

    Kaynes scheduled its 18th AGM for Sep 17, 2026, where shareholders will vote on a ₹7,000 crore borrowing limit under Section 186, along with auditor appointment and director reappointments.

TL;DR: Kaynes Technology is on an aggressive growth path, targeting billion-dollar EMS revenue and signing a strategic partnership with BOSGAME to deepen India manufacturing. The ₹7,000 crore borrowing limit request at the upcoming AGM suggests capital-intensive expansion ahead. No material headwinds are visible in recent news, though execution risk on scaling and leverage bear watching as the company ramps up.

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 ₹23,107 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 67.97, 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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