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Kaynes Technology India Ltd.
(KAYNES)
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Rating:55Neutral
Price Target:
₹3,223.00
▲(1.48% 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
Revenue Scaling
Revenue has scaled strongly from 2021 to 2026, with solid growth in 2026 versus 2025. This expanding base indicates increasing business scale and can support broader customer reach, reinvestment capacity, and stronger competitive positioning if growth persists.
Negative Factors
Weak Cash Conversion
Negative operating cash flow despite reported revenue growth and profitability indicates weak earnings-to-cash conversion. Deeply negative free cash flow can absorb liquidity, increase reliance on external funding, and constrain Kaynes's ability to finance growth internally over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Scaling
Revenue has scaled strongly from 2021 to 2026, with solid growth in 2026 versus 2025. This expanding base indicates increasing business scale and can support broader customer reach, reinvestment capacity, and stronger competitive positioning if growth persists.
Read all positive factors
Kaynes Technology India Ltd. (KAYNES) vs. iShares MSCI India ETF (INDA)
Market Cap
₹213.80B
Dividend YieldN/A
Average Volume (3M)59.92K
Price to Earnings (P/E)62.2
Beta (1Y)1.67
Revenue Growth34.85%
EPS Growth4.08%
CountryIN
Employees1,567
SectorGeneral
Sector StrengthN/A
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)51.28
Shares Outstanding67,222,490
10 Day Avg. Volume34,130
30 Day Avg. Volume59,920
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)58.26
Revenue Forecast (FY)₹50.19B
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...
Kaynes Technology India Ltd. Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 38.99B | 36.26B | 27.22B | 18.05B | 11.26B | 7.06B |
| Gross Profit | 10.63B | 8.34B | 7.82B | 4.56B | 3.10B | 2.03B |
| EBITDA | 7.50B | 7.28B | 5.15B | 3.08B | 1.78B | 969.15M |
| Net Income | 3.46B | 3.64B | 2.93B | 1.83B | 951.96M | 414.48M |
Balance Sheet | ||||||
| Total Assets | 0.00 | 68.94B | 46.41B | 32.65B | 14.19B | 6.22B |
| Cash, Cash Equivalents and Short-Term Investments | 7.99B | 7.99B | 10.47B | 15.19B | 4.82B | 164.01M |
| Total Debt | 0.00 | 9.13B | 9.03B | 3.23B | 1.55B | 1.89B |
| Total Liabilities | -47.62B | 21.32B | 17.97B | 7.77B | 4.58B | 4.19B |
| Stockholders Equity | 47.62B | 47.48B | 28.40B | 24.87B | 9.59B | 2.03B |
Cash Flow | ||||||
| Free Cash Flow | -10.58B | -17.40B | -10.31B | -3.12B | -1.00B | -211.35M |
| Operating Cash Flow | -2.18B | -4.99B | -823.16M | 701.41M | -419.42M | 211.09M |
| Investing Cash Flow | -12.70B | -10.18B | -3.55B | -15.05B | -4.93B | -445.27M |
| Financing Cash Flow | 14.96B | 15.80B | 4.65B | 14.29B | 5.54B | 272.42M |
Kaynes Technology India Ltd. Technical Analysis
Negative
3176.10
Price Trends
3513.08
Negative
3441.37
Negative
3590.58
Negative
Market Momentum
-76.26
Negative
39.18
Neutral
47.32
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 3176.1 is below the 20-day moving average (MA) of 3304.43, below the 50-day MA of 3513.08, and below the 200-day MA of 3590.58, indicating a bearish trend. The MACD of -76.26 indicates Negative momentum. The RSI at 39.18 is Neutral, neither overbought nor oversold. The STOCH value of 47.32 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
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | ₹124.31B | 46.45 | ― | 1.90% | 8.28% | 1.08% | |
71 Outperform | ₹129.25B | 34.30 | ― | 0.43% | 10.85% | -4.06% | |
62 Neutral | ₹220.12B | 164.98 | ― | 0.33% | 53.39% | 125.14% | |
57 Neutral | ₹67.51B | 34.45 | ― | 0.65% | 19.79% | -16.99% | |
56 Neutral | ₹42.35B | 19.51 | ― | 0.72% | -14.32% | -2.83% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
55 Neutral | ₹213.80B | 62.16 | ― | ― | 34.85% | 4.08% |
* General Sector Average
IN:KAYNES
Kaynes Technology India Ltd.
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Kaynes Technology India Ltd. Corporate Events
Kaynes Technology Shareholders Clear All AGM Resolutions, Renew Board and Audit Mandates
Sep 21, 2026
Kaynes Technology India Ltd. reported that all resolutions presented at its 18th Annual General Meeting on 17 September 2026, conducted via video conference and electronic voting, were approved by the requisite majority. The meeting covered adopti...
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 ...
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.