KAYNES TECHNOLOGY IND LTD

Assembles and manufactures electronics for other companies across automotive, EV, railway, aerospace and defence customers through Electronics Manufacturing Services (EMS), with newer bets on semiconductor packaging (OSAT), printed circuit boards, smart meters and the Indian Railway Kavach signalling product. Core EMS is the largest revenue contributor, while the smart metering subsidiary brought in about INR 971 crore in FY26 — roughly a quarter of the INR 3,626 crore in total revenue — but its receivables have ballooned to INR 1,365 crore and dragged group operating cash flow to negative INR 600 crore. The Mysore facility crossed INR 10,000 million of revenue in FY26, and the order book stood above INR 9,000 crore, described by management as healthy and non-cancellable. A new OSAT unit in Sanand (inaugurated by PM Modi) has Unit 1 fully operational and Unit 2 set to commercialise by Q2 FY27, with guided first-year revenue of INR 250-300 crore; the new PCB line is targeted at INR 300-400 crore. The Railway Kavach product is in execution with management guiding 20-25% YoY growth at margins above 30%, and three EV products are already in production. Materials are the biggest input at 70.1% of revenue, with employees at 8.6% and other opex at 10.1%, and the company is working on an EMS-to-product shift with new-product-development revenue targeted at about 30% of the total.