NSE:KAYNES · Risk Score Report

NSE:KAYNESNSETechnology

Kaynes Technology India Limited

📊 Electronic Components

Day ₹4,113

₹4,191 Neutral

52W ₹3,295

₹7,705 Oversold

₹4,154.00

▲ ₹57.10 (+1.39%)

Vol: 430,044 · Avg: 1,656,527

As of April 29, 2026 · 06:29 IST

COMPOSITE RISK SCORE

VAL:11/25 · FIN:12/25 · GRO:14/25 · TECH:14/25

📈 P/E RATIO

69.9x

Trailing

📖 P/B RATIO

5.8x

Price to Book

💰 EPS

₹59.41

TTM

🏛 MARKET CAP

₹27,846Cr

Large Cap

📊 ROE

10.3%

Return on Equity

📈 REV GROWTH

21.6%

YoY

🏢 Company Analysis · Kaynes Technology India Limited

💼 BUSINESS MODEL

Kaynes Technology India Limited operates as an end-to-end and IoT solutions-enabled integrated electronics manufacturer in India and internationally..
It provides conceptual design, process engineering, integrated manufacturing, and life cycle support for various industries including automotive, industrial, aerospace and defence, outer-space, nuclear, medical, railways, internet of things, information technology, and other industries..
Kaynes Technology India Limited was founded in 1988 and is based in Mysore, India..
Operates in Electronic Components within the Technology sector.

🏰 MOAT & COMPETITION

Large-cap (₹27,846 Cr) — established player with meaningful market presence.
Profit margin of 11.5% — moderate pricing power.
Key competitors: Honeywell Auto, Jyoti CNC Auto., Shanthi Gears, Aditya Infotech.

🚀 CATALYSTS

Company has delivered good profit growth of 95.2% CAGR over last 5 years
Mitsui partners with Kaynes for new OSAT facility in India (Verdict)
Revenue growing at 22% — strong top-line momentum.

⚖️ ASYMMETRY CHECK

Analyst target range: ₹3,578 — ₹6,000 (mean ₹4,514, 21 analysts).
Favorable asymmetry — upside potential of +44% vs downside floor of -14% (3.2x reward-to-risk).
P/E of 69.9x — premium valuation, growth must sustain to avoid de-rating risk.

🔭 FUTURE OUTLOOK

Analyst consensus: Buy (21 analysts).
Latest quarter earnings grew 15% YoY — positive trajectory.

✅ PROS

Company is expected to give good quarter
Company has delivered good profit growth of 95.2% CAGR over last 5 years

❌ CONS

Though the company is reporting repeated profits, it is not paying out dividend
Company has a low return on equity of 11.3% over last 3 years.
Promoter holding has decreased over last 3 years: -10.1%

VALUATION

11/25

25% WEIGHT

P/E at 70x
P/B at 5.8x
Analyst target: ₹4514 (+8.7%)
1Y return: -29.8%

FINANCIAL HEALTH

12/25

25% WEIGHT

ROE: 10.3%
Profit margin: 11.5%
Revenue growth: 21.6%
Debt/Equity: 19%

GROWTH

14/25

25% WEIGHT

Revenue growth: 21.6%
Earnings growth: 8.9%
Beta: -0.05
Sector: Technology

TECHNICAL

14/25

25% WEIGHT

RSI, MACD, MA crossovers
200 DMA & 50 EMA position
Volume trend analysis
Price momentum signals

📈 Price Movement

🕯 Candlestick Chart

🎯 Price Prediction · Analyst Target Cone Source: Yahoo Finance Analyst Targets ↗

📉 Valuation Trends (at current CMP)

P/E Ratio at current CMP

💎 Valuation & Financial Metrics

P/E RATIO

69.9x

Trailing twelve months

P/B RATIO

5.8x

Price to Book value

ROE

10.3%

Return on Equity

PROFIT MARGIN

11.5%

Net profit margin

OPM

12.3%

Operating profit margin

ANALYST TARGET

₹4,514

Range: ₹3,578 - ₹6,000

Yahoo Finance ↗

PEG RATIO

0.79

Price/Earnings to Growth

EV/EBITDA

52.1x

Enterprise value ratio

CURRENT RATIO

N/A

Liquidity measure

DIVIDEND YIELD

N/A

Annual yield

ROA

5.8%

Return on Assets

GROSS MARGIN

34.6%

Gross profit margin

INDUSTRY AVERAGES — INDUSTRIAL PRODUCTS

P/E 54.3x (above avg)

P/B 8.0x (sector fair)

ROCE 18.9% (below avg)

ROE 25% (sector good)

OPM 25% (sector good)

Div Yield 0.36%

D/E <20 (sector comfort)

📋 Quarterly Performance Trend

Quarter	Revenue	QoQ %	Net Profit	QoQ %	Op. Cash Flow	EBITDA Margin
Q2 FY25	₹572 Cr	—	₹60 Cr	—	N/A	20.2%
Q3 FY25	₹661 Cr	+15.6%	₹66 Cr	+10.4%	N/A	17.9%
Q4 FY25	₹984 Cr	+48.9%	₹116 Cr	+74.5%	N/A	18.9%
Q1 FY26	₹673 Cr	-31.6%	₹75 Cr	-35.7%	N/A	20.8%
Q3 FY26	₹804 Cr	+19.4%	₹77 Cr	+2.7%	N/A	20.1%

📊 Year-on-Year Trend

FY	Revenue	YoY %	Net Profit	YoY %	Op. Cash Flow	YoY %
FY22	₹706 Cr	—	₹41 Cr	—	₹21 Cr	—
FY23	₹1,126 Cr	+59.4%	₹95 Cr	+129.7%	₹-42 Cr	-297.1%
FY24	₹1,805 Cr	+60.3%	₹183 Cr	+92.5%	₹88 Cr	+310.8%
FY25	₹2,722 Cr	+50.8%	₹293 Cr	+60.1%	₹-82 Cr	-193.9%

📈 Revenue vs Earnings

🎯 EPS: Estimate vs Actual

💰 How Kaynes Technology India Limited Makes Its Money

🏦 Snapshot of Kaynes Technology India Limited's Balance Sheet

💸 Looking into Kaynes Technology India Limited's Cash Flow

📅 Quarterly Results Source: Screener ↗

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025
Sales +	297	361	509	637	504	572	661	984	673	906	804
YOY Sales Growth %	49.13%	32.10%	76.17%	74.80%	69.59%	58.55%	29.82%	54.48%	33.63%	58.40%	21.61%
Expenses +	257	312	439	542	437	490	567	817	560	758	685
Material Cost %	69%	72%	76%	75%	73%	71%	69%	68%	59%	66%	65%
Employee Cost %	8%	6%	5%	5%	7%	7%	9%	5%	9%	9%	11%
Operating Profit	40	49	70	95	67	82	94	168	113	148	119
OPM %	14%	14%	14%	15%	13%	14%	14%	17%	17%	16%	15%
Other Income +	8	9	9	29	28	34	25	20	27	43	42
Exceptional items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-2.54
Other income normal	8.12	8.96	9.42	29.41	28.31	33.55	24.64	20.47	27.10	43.07	44.80
Interest	11	12	15	15	23	22	27	29	28	23	25
Depreciation	5	7	6	7	8	9	11	17	16	17	20
Profit before tax	32	39	58	102	64	85	81	142	96	152	116
Tax %	23%	18%	23%	20%	21%	29%	18%	18%	22%	20%	34%
Net Profit +	25	32	45	81	51	60	66	116	75	121	77
Exceptional items AT	0	0	0	0	0	0	0	0	0	0	-2
Profit excl Excep	25	32	45	81	51	60	66	116	75	121	78
Profit for PE	25	32	45	81	51	60	66	116	75	121	78
Profit for EPS	25	32	45	81	51	60	66	116	75	121	77
YOY Profit Growth %	145%	54%	98%	97%	106%	86%	47%	43%	47%	102%	18%
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
Raw PDF

📊 Profit & Loss Statement Source: Screener ↗

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales +	364	368	420	706	1,126	1,805	2,722	3,368
Sales Growth %		1%	14%	68%	59%	60%	51%
Expenses +	328	325	378	611	956	1,548	2,305	2,820
Manufacturing Cost %	6%	6%	6%	5%	5%	3%	4%
Employee Cost %	12%	13%	12%	9%	7%	6%	7%
Other Cost %	6%	4%	3%	3%	3%	3%	4%
Operating Profit	36	43	42	95	170	257	416	548
OPM %	10%	12%	10%	13%	15%	14%	15%	16%
Other Income +	2	1	4	4	11	56	106	133
Exceptional items	0	-1	0	0	0	2	9
Other income normal	2	2	4	4	11	54	97
Interest	20	25	25	27	36	56	106	106
Depreciation	5	8	10	13	19	25	45	70
Profit before tax	14	11	11	59	126	232	372	506
Tax %	28%	17%	10%	29%	24%	21%	21%
Net Profit +	10	9	10	42	95	183	293	389
Minority share	-0	0	-0	0	0	0	0
Exceptional items AT	0	-1	0	0	0	2	7
Profit excl Excep	10	10	10	42	95	181	286
Profit for PE	10	10	9	42	95	181	286
Profit for EPS	10	9	9	42	95	183	293
Profit Growth %		5%	-8%	347%	128%	91%	58%
EPS in Rs	14.26	13.94	13.79	9.03	16.37	28.68	45.84	58.83
Dividend Payout %	0%	0%	0%	0%	0%	0%	0%

🏦 Balance Sheet Source: Screener ↗

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	7	7	7	46	58	64	64	67
Reserves	86	96	132	156	901	2,423	2,776	4,613
Borrowings +	156	153	148	189	155	323	903	885
Long term Borrowings	30	10	17	29	15	11	67	310
Short term Borrowings	126	134	122	140	121	295	808	538
Lease Liabilities	0	9	9	20	19	16	28	38
Preference Capital	0	0	0	0	0	0	0	0
Other Borrowings	0	0	0	-0	-0	0	0
Other Liabilities +	115	122	132	231	304	456	898	1,167
Non controlling int	1	1	1	1	1	2	4	4
Trade Payables	90	92	95	164	223	361	683	837
Advance from Customers	3	2	9	14	20	8	9
Other liability items	21	28	27	52	60	85	202	326
Total Liabilities	363	378	419	622	1,418	3,265	4,641	6,733
Fixed Assets +	53	66	80	113	132	319	845	1,655
Land	2	2	2	3	9	9	53
Building	10	12	19	19	19	75	77
Plant Machinery	48	53	58	68	93	201	427
Equipments	1	2	2	2	2	3	6
Computers	3	3	3	3	4	6	12
Furniture n fittings	6	7	8	9	9	23	36
Vehicles	5	6	6	7	8	11	15
Intangible Assets	6	7	17	35	35	51	160	779
Other fixed assets	2	12	12	25	25	35	218
Gross Block	83	104	127	171	205	414	1,004
Accumulated Depreciation	30	39	47	58	73	94	159
CWIP	2	12	13	8	29	105	391	402
Investments	2	2	2	2	3	132	132	425
Other Assets +	306	299	325	499	1,254	2,709	3,273	4,251
Inventories	122	151	164	226	413	548	814	982
Trade receivables	123	94	122	198	227	356	575	1,122
Cash Equivalents	32	12	14	22	486	1,526	1,056	1,053
Loans n Advances	21	27	12	35	82	86	102	26
Other asset items	9	14	13	19	46	194	725	1,068
Total Assets	363	378	419	622	1,418	3,265	4,641	6,733

💰 Cash Flow Statement Source: Screener ↗

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity +	-8	45	28	21	-42	70	-82
Profit from operations	37	43	44	98	171	272	434
Receivables	13	29	-28	-76	-29	-142	-219
Inventory	-36	-29	-13	-63	-187	-135	-266
Payables	-8	16	10	92	87	145	439
Loans Advances	-8	-12	16	-29	-34	-23	-411
Other WC items	1	-0	1	1	1	1	5
Working capital changes	-38	4	-14	-74	-163	-153	-452
Direct taxes	-6	-2	-3	-2	-50	-48	-64
Cash from Investing Activity +	-41	-10	-24	-45	-494	-1,505	-355
Fixed assets purchased	-11	-31	-25	-42	-58	-383	-949
Investments purchased	-31	0	0	0	0	-103	-1
Investments sold	0	21	0	0	0	0	0
Interest received	1	1	1	1	10	52	96
Invest in subsidiaries	0	0	0	0	0	-26	0
Redemp n Canc of Shares	0	0	0	0	0	0	1
Other investing items	0	0	0	-3	-445	-1,046	499
Cash from Financing Activity +	49	-35	-1	27	554	1,429	465
Proceeds from shares	0	0	0	0	660	1,344	3
Proceeds from borrowings	67	8	7	30	0	174	569
Repayment of borrowings	0	-20	-12	0	-34	-4	0
Interest paid fin	-19	-24	-24	-26	-35	-53	-101
Other financing items	0	0	27	23	-37	-32	-6
Net Cash Flow	0	-0	2	4	19	-7	28
Free Cash Flow	-18	14	3	-21	-100	-312	-1,031
CFO/OP	-3%	109%	73%	24%	5%	46%	-4%

📈 Key Financial Ratios

	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	123	93	106	102	74	72	77
Inventory Days	184	228	209	167	191	150	156
Days Payable	136	139	122	121	103	99	131
Cash Conversion Cycle	171	182	193	148	162	123	102
Working Capital Days	38	32	50	53	107	66	-7
ROCE %		14%	13%	25%	22%	15%	14%

🏭 Industry Peers — Industrial Products

#	Company	CMP	P/E	Mkt Cap	ROCE	Qtr Profit	Score
1	Honeywell Auto ★	₹31,500	54.3	₹27,846	18.4%	-2.5%	61
2	Jyoti CNC Auto.	₹774	49.6	₹17,595	24.4%	+10.3%	60
3	Shanthi Gears	₹479	43.7	₹3,674	34.9%	-34.0%	59
4	Aditya Infotech	₹2,308	107.2	₹27,193	19.5%	+138.8%	56
5	Kaynes Tech	₹4,149	71.3	₹27,815	14.3%	+17.7%	54
6	Kilburn Engg.	₹507	29.5	₹2,711	21.7%	+52.7%	52
7	Lloyds Engineeri	₹59	51.0	₹8,223	—	+70.9%	50
8	Syrma SGS Tech.	₹975	66.1	₹18,800	11.7%	+108.8%	49
9	Centum Electron	₹2,909	77.1	₹4,288	12.0%	+423.6%	48

★ Honeywell Auto ranks higher on combined P/E, ROCE, and growth metrics in Industrial Products

🏛 Shareholding Pattern

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	57.75%	57.75%	53.52%	53.46%	53.46%	53.46%
FIIs	14.84%	11.17%	10.71%	10.71%	8.87%	7.28%
DIIs	15.04%	16.98%	22.39%	23.66%	16.73%	15.13%
Public	12.37%	14.10%	13.36%	12.17%	20.93%	24.12%
No. of Shareholders	1,92,214	2,30,533	2,24,620	2,19,405	3,66,333	3,78,546

🟢 CATALYSTS

🏆Positive Revenue Growth: Revenue growing at 21.6% YoY.

💹Low Beta (-0.05): Less volatile than market — defensive play.

🔀Sector Opportunity: Technology / Electronic Components — positioned in growth sector.

🔴 RISKS

📜Elevated P/E (69.9x): Above sector expensive threshold of 60x.

💰Market Risk: Broader market correction or sentiment shift could impact stock.

🔓Sector Risk: Regulatory or competitive changes in Technology space.

🕸 Factor Analysis · Radar

Momentum 5/10
1M +21.1%, 6M -40.0%, RSI 56, MACD bullish, Below 200DMA

Sentiment 7/10
Analyst upside +8.7%, Rec: buy

Value 3/10
P/E 69.9, P/B 5.8, PEG 0.79, EV/EBITDA 52.1

Quality 6/10
Margin 11.5%, D/E 19

Low Volatility 7/10
Beta -0.05, Ann. vol 46%

🎯 Decision Matrix

Action	If Stock Rises	If Stock Falls
BUY	Capture 8.7% analyst upside	OPM of 12% provides margin buffer; P/E 70x vs sector median 54x is a risk
HOLD	Retain existing position; wait for better entry; FII stake falling (-1.59%)	Miss further upside if momentum continues; 1M return of +21.1% shows momentum
SELL	Lock in -29.8% 1Y return; redeploy into Honeywell Auto at lower P/E	Avoid further drawdown

REASONS TO BUY

Analyst upside of 8.7% with mean target of ₹4,514
Revenue growing at 21.6% YoY (sector norm: 12%)

REASONS TO SELL / AVOID

P/E of 69.9x is 1.3x the sector median of 54x
FII stake falling (-1.59%) — institutional exit signal
Honeywell Auto offers lower P/E (54.3) with ROCE of 18.4% in the same sector

📰 Latest News

Mitsui (TSE:8031) Is Up 7.3% After India OSAT Entry Is Announced Has The Bull Case Changed?

Simply Wall St. · 2026-03-11T23:16

Mitsui partners with Kaynes for new OSAT facility in India

Verdict · 2026-03-09T12:22

RECOMMENDATION

HOLD

COMPOSITE SCORE

51/100

Kaynes Technology India Limited trades at ₹4,154.00 with a composite risk score of 51/100. The stock scores 11/25 on valuation, 12/25 on financial health, 14/25 on growth, and 14/25 on technicals. The company is currently profitable with moderate return on equity.

Analyst consensus suggests upside of 8.7% with a mean target of ₹4514. Revenue growth is at 21.6% — a strong positive signal.

Within Industrial Products, Honeywell Auto (P/E 54.3, ROCE 18.4%) ranks higher on techno-fundamental metrics and may be worth considering.

Bottom Line: Neutral for Technology — wait for better entry or catalyst. The current recommendation is HOLD.

PROFITABLE STRONG GROWTH EXPENSIVE