NSE: KAYNES · BSE: 543664
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. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Electronics Manufacturing Services (core EMS), Smart metering (INX subsidiary) (25%), OSAT (semiconductor assembly and test), PCB (printed circuit board), Railway Kavach and other rail products, EV products. EMS-led industrial manufacturer transitioning toward higher-margin product (NPD) work, with a working-capital-heavy smart metering subsidiary and new OSAT/PCB capital programmes
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 1,126 | 1,805 | 2,722 | 3,626 |
| EBITDA (ex other income) | 168 | 254 | 411 | 571 |
| margin % | 14.9 | 14.1 | 15.1 | 15.8 |
| Owners' profit | 58,14,250 | 183 | 294 | 0 |
| EPS, as reported (₹) | 19.84 | 30.63 | 45.82 | 54.85 |
| ROE % · ROCE % | 9.9 · 16.0 | 7.4 · 11.3 | 10.3 · 16.0 | 7.6 · 12.0 |
| Debt / equity (x) | 0.14 | 0.12 | 0.31 | 0.18 |
| Cash from operations | (43) | 70 | (82) | (600) |
| Capex | 0 | (383) | (949) | (1,240) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 572 | 661 | 984 | 673 | 906 | 804 | 1,243 | 946 |
| Profit before tax | 85 | 81 | 142 | 96 | 152 | 116 | 140 | 88 |
| Net profit | 60 | 66 | 116 | 75 | 121 | 77 | 91 | 56 |
| EPS (₹) | 9.38 | 10.39 | 18.12 | 11.63 | 18.56 | 11.34 | 13.32 | 8.42 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,786 | 97.2 | 24.93 | 80.7 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 29,194 | 78.7 | 9.52 | 50.8 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 27,680 | 50.5 | 6.20 | — | 11.8 | 15.5 | — | 18.2 |
| KAYNES TECHNOLOGY IND LTD ◆ | 22,459 | 64.9 | 4.72 | 31.9 | 7.6 | 9.8 | — | 17.1 |
| JYOTI CNC AUTOMATION LTD | 21,078 | 65.5 | 10.53 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| LMW LIMITED | 17,356 | 99.3 | 6.05 | 56.2 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,374 | 469.7 | 3.93 | 40.0 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED | 12,314 | 48.4 | 7.32 | 50.2 | 11.7 | 11.5 | — | 15.0 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 64.9 | 26.5 | 97 of 130 | 26% |
| P/B | 4.7 | 3.1 | 72 of 112 | 36% |
| ROCE | 9.8 | 11.3 | 81 of 142 | 43% |
| ROE | 7.6 | 9.8 | 70 of 113 | 38% |
| Debt / Equity | 0.2 | 0.2 | 66 of 113 | 42% |
| EBITDA margin | 17.1 | 12.4 | 35 of 110 | 69% |
| Revenue growth | 40.5 | 20.6 | 30 of 114 | 74% |
| Profit growth | (24.4) | 17.1 | 77 of 109 | 30% |
| Market cap | 22459 | 279 | 4 of 141 | 98% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 7 Oct 2026 · Routine filing: RTA certificate on share dematerialisation for Q2 FY27 | compliance | minimal | — | — |
| 23 Sept 2026 · Trading window closure for Q2 FY26-27 results | compliance | minimal | — | — |
| 21 Sept 2026 · All 8 resolutions passed at Kaynes Technology 18th AGM | board shareholder meetings | medium | — | — |
| 18 Sept 2026 · Kaynes Tech to meet investors at Dolat event in Sanand on Sep 23-24 | board shareholder meetings | low | — | — |
| 17 Sept 2026 · Kaynes Tech 18th AGM held on Sept 17, 2026 via video conferencing | board shareholder meetings | medium | — | — |
| 22 Aug 2026 · Kaynes signs strategic MoU with BOSGAME for India computing entry | strategic transactions | high | — | — |
| 21 Aug 2026 · Newspaper publication of 18th AGM notice and e-voting information | compliance | minimal | — | — |
| 20 Aug 2026 · 18th AGM on Sept 17, 2026 with FY26 Annual Report via Video Conferencing | board shareholder meetings | low | — | — |
| 12 Aug 2026 · Monitoring Agency Report for Q1 FY27 - QIP proceeds utilization update | compliance | low | — | — |
| 12 Aug 2026 · Kaynes Technology Q1 FY27 earnings call transcript filed | investor communications | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.