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Kaynes Technology India Ltd.
(KAYNES)
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Rating:55Neutral
Price Target:
₹4,115.00
▲(29.56% Upside)
Action:Reiterated
Date:07/30/26
The score is primarily held back by weak cash conversion (negative operating and free cash flow) despite strong revenue growth and solid reported profitability. Technicals are mixed (above shorter-term averages but below the 200-day), and a high P/E with no dividend yield provided further pressures the overall rating.
Positive Factors
Strong Revenue Scaling
Sustained multi-year revenue expansion indicates growing customer demand and increasing manufacturing scale. Continued growth can improve factory utilization, strengthen procurement leverage, and support broader adoption of Kaynes’ EMS and system-integration capabilities.
Negative Factors
Weak Cash Conversion
Negative operating and free cash flow despite reported earnings signals weak earnings quality, likely due to working-capital absorption and investment needs. Persistent cash deficits could increase reliance on external funding and constrain flexibility during expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Scaling
Sustained multi-year revenue expansion indicates growing customer demand and increasing manufacturing scale. Continued growth can improve factory utilization, strengthen procurement leverage, and support broader adoption of Kaynes’ EMS and system-integration capabilities.
Read all positive factors
Kaynes Technology India Ltd. (KAYNES) vs. iShares MSCI India ETF (INDA)
Market Cap
₹240.65B
Dividend YieldN/A
Average Volume (3M)124.89K
Price to Earnings (P/E)70.2
Beta (1Y)1.81
Revenue Growth34.85%
EPS Growth4.08%
CountryIN
Employees1,567
SectorGeneral
Sector StrengthN/A
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)54.49
Shares Outstanding67,034,650
10 Day Avg. Volume96,711
30 Day Avg. Volume124,887
Financial Highlights & Ratios
PEG Ratio3.17
Price to Book (P/B)4.79
Price to Sales (P/S)6.27
P/FCF Ratio-13.08
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
₹4,480.00Price Target Upside41.05% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)60.06
Revenue Forecast (FY)₹50.90B
Kaynes Technology India Ltd. Business Overview & Revenue Model
Company Description
Kaynes Technology India Limited operates as an integrated electronics manufacturer, providing end-to-end and Internet of Things (IoT)-enabled solutions. The company delivers electronics system design and manufacturing (ESDM) services globally, rea...
How the Company Makes Money
KAYNES primarily makes money by earning revenue from contract manufacturing and related engineering services delivered to original equipment manufacturers (OEMs) and other customers that outsource electronics production. Key revenue streams typica...
Kaynes Technology India Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
24
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 36.26B | 27.22B | 18.05B | 11.26B | 7.06B |
| Gross Profit | 8.34B | 7.82B | 4.56B | 3.10B | 2.03B |
| EBITDA | 7.28B | 5.15B | 3.08B | 1.78B | 969.15M |
| Net Income | 3.64B | 2.93B | 1.83B | 951.96M | 414.48M |
Balance Sheet | |||||
| Total Assets | 68.94B | 46.41B | 32.65B | 14.19B | 6.22B |
| Cash, Cash Equivalents and Short-Term Investments | 7.99B | 10.47B | 15.19B | 4.82B | 164.01M |
| Total Debt | 9.13B | 9.03B | 3.23B | 1.55B | 1.89B |
| Total Liabilities | 21.32B | 17.97B | 7.77B | 4.58B | 4.19B |
| Stockholders Equity | 47.48B | 28.40B | 24.87B | 9.59B | 2.03B |
Cash Flow | |||||
| Free Cash Flow | -17.40B | -10.31B | -3.12B | -1.00B | -211.35M |
| Operating Cash Flow | -4.99B | -823.16M | 701.41M | -419.42M | 211.09M |
| Investing Cash Flow | -10.18B | -3.55B | -15.05B | -4.93B | -445.27M |
| Financing Cash Flow | 15.80B | 4.65B | 14.29B | 5.54B | 272.42M |
Kaynes Technology India Ltd. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹153.14B | 57.00 | ― | 1.58% | 8.28% | 1.08% | |
71 Outperform | ₹147.74B | 39.71 | ― | 0.38% | 5.04% | -10.39% | |
62 Neutral | ₹219.91B | 165.04 | ― | 0.33% | 53.39% | 125.14% | |
59 Neutral | ₹47.18B | 21.68 | ― | 0.63% | -14.32% | -2.83% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹240.65B | 70.16 | ― | ― | 34.85% | 4.08% | |
54 Neutral | ₹57.86B | 29.49 | ― | 0.64% | 19.79% | -16.99% |
* General Sector Average
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Kaynes Technology India Ltd.
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Kaynes Technology India Ltd. Corporate Events
Kaynes Technology, BOSGAME Sign Strategic MoU to Build Computing Presence in India
Aug 22, 2026
Kaynes Technology India Ltd. and BOSGAME have signed a strategic Memorandum of Understanding to support BOSGAME’s entry into India and build a strong computing presence in the country. The partnership combines BOSGAME’s award-winning i...
Kaynes Technology Reschedules Analyst Meet With Axis Capital in Mysore
Aug 6, 2026
Kaynes Technology India Ltd. has revised the schedule for its upcoming analyst and institutional investor engagement in Mysore, moving the meeting originally planned for 14 August 2026 to 11 August 2026. The rescheduled group meeting will be with ...
Kaynes Technology Closes Trading Window Ahead of Q1 FY27 Results
Jun 24, 2026
Kaynes Technology India Limited has announced that its trading window for dealing in the company’s securities will be closed from July 1, 2026, until 48 hours after the announcement of its financial results for the first quarter ended June 3...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.