Kaynes Technology India Ltd. (KAYNES) AI Stock Analysis

• Market Cap: ₹233.03B
• Dividend Yield: N/A
• Average Volume (3M): 28.25K
• Price to Earnings (P/E): 59.7
• Beta (1Y): 1.52
• Revenue Growth: 45.11%
• EPS Growth: 54.19%
• Country: IN
• Employees: 1,567
• Sector: Technology
• Sector Strength: 88
• Industry: Industrial - Machinery
• EPS (TTM): 18.10
• Shares Outstanding: 67,034,650
• 10 Day Avg. Volume: 31,169
• 30 Day Avg. Volume: 28,251
• PEG Ratio: 2.13
• Price to Book (P/B): 10.91
• Price to Sales (P/S): 11.39
• P/FCF Ratio: -30.06
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 57 Neutral
• Price Target: ₹3,598.00 ▼(-9.58% Downside)

Kaynes Technology India Ltd. has a strong financial performance with robust revenue growth and profitability, but faces challenges in cash flow management. The technical analysis indicates bearish momentum, and the high P/E ratio suggests overvaluation. These factors combined result in a moderate overall stock score.

Positive Factors

High Revenue Growth

Sustained ~45% reported revenue growth indicates the company is consistently winning programs and scaling production. Over 2-6 months this supports higher capacity utilization, stronger supplier leverage, and structural momentum in order book that can sustain margins and reinvestment.

Diversified End-Markets

Serving industrial, automotive, aerospace/defense, rail, medical and IoT spreads demand cyclicality and creates cross-selling opportunities. This multi-sector exposure reduces reliance on any single vertical and supports steadier revenue and program pipeline over medium-term industry cycles.

Strong Operational Margins

Improving gross and net margins plus strong EBITDA/EBIT suggest durable operational efficiency and pricing power in EMS and engineering services. These margin gains provide buffer against cost inflation, fund capex and R&D, and support sustainable profitability over the coming months.

Negative Factors

Negative Free Cash Flow

Negative free cash flow driven by heavy capex pressures liquidity and increases dependence on external financing or working-capital management. Over 2-6 months, persistent negative FCF can constrain reinvestment flexibility and heighten funding risk if revenue or margins soften.

Suboptimal ROE

A positive but modest ROE signals the company may not be fully converting equity into attractive returns versus peers. Structurally, improving capital allocation or program mix is needed; without this, shareholder return potential may lag despite revenue growth over the medium term.

Program & Supply Risks

Revenue and margins depend on winning multi-year customer programs, maintaining high utilization, and managing component sourcing and quality. These structural execution risks can produce volatility in cash generation and profitability if program wins slow or supply disruptions persist.

Kaynes Technology India Ltd. Business Overview & Revenue Model

Company Description

Kaynes Technology India Limited operates as an end-to-end and Internet of Things solutions (IoT) enabled integrated electronics manufacturing company that provides electronics system design and manufacturing services in India, North America, Europe, Southeast Asia, and internationally. The company offers box build, printed circuit board assembly, product engineering, and IoT solutions, as well as original design manufacturing services. It serves automotive, industrial, aerospace, defense, outer-space, nuclear, medical, railways, IoT/information technology, and other industries. The company was founded in 1988 and is based in Mysore, India.

How the Company Makes Money

Kaynes Technology generates revenue primarily through its electronic manufacturing services, which include the production of PCBA, system assembly, and related engineering services. The company's revenue model is centered around contract manufacturing, where it partners with clients in various industries to provide customized electronic solutions. Key revenue streams include long-term contracts with major players in the automotive and aerospace sectors, which often involve high-volume production runs. Additionally, KAYNES benefits from strategic partnerships with technology firms and component suppliers, allowing it to leverage economies of scale and enhance its service offerings. The company also invests in research and development to innovate its product lines and maintain competitiveness, which further contributes to its earnings.

Kaynes Technology India Ltd. Financial Statement Overview

Summary

Kaynes Technology India Ltd. shows strong revenue growth and profitability margins, indicating effective management and market position. The balance sheet is solid with manageable leverage, though cash flow management needs attention due to negative free cash flow.

Income Statement

Kaynes Technology India Ltd. has demonstrated impressive growth in its revenue over the years, especially with a substantial increase from the prior period. The gross profit margin and net profit margin have improved, reflecting efficient cost management and profitability. EBITDA and EBIT margins are strong, indicating robust operational efficiency.

Balance Sheet

The company's balance sheet is solid with a healthy equity ratio suggesting a strong capital structure. The debt-to-equity ratio is reasonable, indicating manageable leverage. However, the return on equity, while positive, indicates room for improvement in generating returns on shareholders' equity.

Cash Flow

There is a concern with negative free cash flow, primarily due to significant capital expenditures. While the operating cash flow to net income ratio is concerning, indicating cash flow challenges, the company has been able to maintain investing and financing activities to support growth.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	28.91B	27.22B	18.05B	11.26B	7.06B	4.21B
Gross Profit	8.50B	8.22B	4.69B	3.46B	2.03B	1.25B
EBITDA	5.37B	4.11B	3.12B	1.81B	969.15M	461.12M
Net Income	3.17B	2.93B	1.83B	951.96M	414.48M	97.33M
Balance Sheet
Total Assets	0.00	46.41B	32.65B	14.19B	6.22B	4.19B
Cash, Cash Equivalents and Short-Term Investments	10.47B	10.47B	15.19B	4.82B	164.01M	118.31M
Total Debt	0.00	9.03B	3.23B	1.55B	1.89B	1.48B
Total Liabilities	-28.44B	17.97B	7.77B	4.58B	4.19B	2.80B
Stockholders Equity	28.44B	28.40B	24.87B	9.59B	2.03B	1.39B
Cash Flow
Free Cash Flow	0.00	-10.31B	-3.12B	-1.00B	-211.35M	27.35M
Operating Cash Flow	0.00	-823.16M	701.41M	-419.42M	211.09M	277.30M
Investing Cash Flow	0.00	-3.55B	-15.05B	-4.93B	-445.27M	-240.84M
Financing Cash Flow	0.00	4.65B	14.29B	5.54B	272.42M	-13.39M

Kaynes Technology India Ltd. Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3979.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:KAYNES, the sentiment is Negative. The current price of 3979.1 is above the 20-day moving average (MA) of 3596.31, below the 50-day MA of 4181.75, and below the 200-day MA of 5751.94, indicating a bearish trend. The MACD of -230.09 indicates Negative momentum. The RSI at 36.15 is Neutral, neither overbought nor oversold. The STOCH value of 43.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:KAYNES.

Kaynes Technology India Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TATAELXSI	74 Outperform	₹331.48B	57.10	―	1.38%	-1.19%	-17.92%
TATATECH	70 Outperform	₹262.08B	49.32	―	1.26%	0.29%	7.17%
KPITTECH	69 Neutral	₹285.79B	39.42	―	0.69%	13.34%	5.98%
LTTS	62 Neutral	₹394.35B	31.33	―	1.19%	14.88%	-2.60%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
KAYNES	57 Neutral	₹233.03B	59.67	―	―	45.11%	54.19%
ITI	49 Neutral	₹277.70B	-162.18	―	―	30.27%	65.87%

Kaynes Technology India Ltd. Corporate Events

Kaynes Semicon Partners with AOI Electronics and Mitsui & Co. to Boost India’s Semiconductor Industry

Kaynes Semicon, a subsidiary of Kaynes Technology India Limited, has announced strategic partnerships with AOI Electronics and Mitsui & Co. to bolster India’s semiconductor ecosystem. The collaboration with AOI Electronics will enhance Kaynes Semicon’s advanced packaging capabilities, positioning it to provide comprehensive semiconductor solutions globally. Meanwhile, the alliance with Mitsui & Co. ensures a steady supply of critical raw materials, strengthening the supply chain and supporting India’s goal of becoming a self-reliant semiconductor hub.

Kaynes Technology Announces Key Leadership Appointments

Kaynes Technology India Limited has announced the results of a postal ballot, revealing the approval of two key resolutions. The company’s shareholders have passed resolutions for the appointment of Dr. Muthukumar Narayanaswamy as a Director and Managing Director, and the change in designation of Mr. Ramesh Kunhikannan to Executive Vice Chairman. These decisions, made through remote e-voting, are expected to strengthen the company’s leadership structure and potentially enhance its strategic direction.

Kaynes Technology Receives ‘CRISIL A/Watch Developing’ Credit Rating

Kaynes Technology India Limited has received a ‘CRISIL A/Watch developing’ credit rating from CRISIL Rating Limited for its long-term bank facilities. This rating indicates an adequate degree of safety regarding timely servicing of debt obligations, with low credit risk. The rating is placed on ‘Rating Watch with Developing Implications,’ suggesting an emerging situation that could impact the company’s credit profile. This development is crucial for stakeholders as it reflects the company’s current financial stability and potential future changes in its creditworthiness.

Kaynes Technology Refutes Auditor Change Rumors

Kaynes Technology India Ltd. has clarified recent media reports suggesting a change in its statutory auditors due to a reporting lapse. The company stated that these reports are based on a misinterpretation of general remarks made during a media interaction, and confirmed that no negotiations or decisions regarding auditor changes are currently underway. The company emphasized that there is no material impact on its operations or financial performance from these reports, and no regulatory or legal proceedings have been initiated.

Kaynes Technology Schedules Business Update Call for Investors

Kaynes Technology India Limited has announced a business update call scheduled for December 8, 2025, aimed at providing analysts and investors with insights into recent developments. The call will feature key management figures and include a Q&A session, highlighting the company’s commitment to transparency and stakeholder engagement.

Kaynes Technology Releases Investor Presentation for September 2025 Quarter

Kaynes Technology India Ltd. has released its Investor Presentation for the quarter and half-year ending September 30, 2025, in compliance with SEBI regulations. This presentation, available on the company’s website, will be used in meetings with analysts and institutional investors until the end of December 2025, potentially impacting investor relations and market perception.

Kaynes Technology Reports Robust Q2 FY26 Financial Growth

Kaynes Technology India Limited reported a significant financial performance for the second quarter of fiscal year 2026, with a revenue of Rs 9,062 million, marking a 58% year-over-year increase. The company also achieved an 80% growth in EBITDA and a 102% rise in PAT compared to the previous year, highlighting its strong operational efficiency and market positioning.

Kaynes Technology Reports Strong Half-Year Financial Results

Kaynes Technology India Ltd. announced the approval of its unaudited financial results for the quarter and half-year ending September 30, 2025, during its board meeting on November 4, 2025. The company reported a total income of Rs. 10,060.38 million for the half-year, with a profit before tax of Rs. 1,591.84 million. This financial performance indicates a stable growth trajectory, reflecting positively on the company’s operational efficiency and market positioning.

Kaynes Technology Reports Strong Financial Performance for September 2025

Kaynes Technology India Ltd. announced its un-audited financial results for the quarter and half-year ending September 30, 2025, showing a robust performance with a total income of Rs. 10,060.38 million, an increase from the previous period. The company reported a profit before tax of Rs. 1,591.84 million, indicating strong operational efficiency and market positioning. This financial outcome reflects positively on Kaynes Technology’s strategic initiatives and could have favorable implications for stakeholders, reinforcing its competitive edge in the technology sector.