Kaynes Technology India Ltd
Incorporated in 2008, Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company. The company provides conceptual design, process engineering, integrated manufacturing, and life-cycle support for major players in the automotive, industrial, aerospace and defense, outer-space, nuclear, medical, railways, Internet of Things ("IoT"), Information Technology ("IT") and other segments.[1]
- Market Cap ₹ 26,102 Cr.
- Current Price ₹ 3,894
- High / Low ₹ 7,705 / 3,295
- Stock P/E 66.9
- Book Value ₹ 698
- Dividend Yield 0.00 %
- ROCE 14.3 %
- ROE 10.7 %
- Face Value ₹ 10.0
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%
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Manufacturing Industrial Products
Part of BSE 500 BSE Capital Goods Nifty 500 Nifty Smallcap 100 BSE Allcap
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|
| 364 | 368 | 420 | 706 | 1,126 | 1,805 | 2,722 | 3,368 | |
| 328 | 325 | 378 | 611 | 956 | 1,548 | 2,305 | 2,820 | |
| Operating Profit | 36 | 43 | 42 | 95 | 170 | 257 | 416 | 548 |
| OPM % | 10% | 12% | 10% | 13% | 15% | 14% | 15% | 16% |
| 2 | 1 | 4 | 4 | 11 | 56 | 106 | 133 | |
| 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% | |
| 10 | 9 | 10 | 42 | 95 | 183 | 293 | 389 | |
| 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% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 49% |
| 3 Years: | 57% |
| TTM: | 42% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 95% |
| 3 Years: | 90% |
| TTM: | 51% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | 61% |
| 1 Year: | -19% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | 11% |
| Last Year: | 11% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| 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 |
| 156 | 153 | 148 | 189 | 155 | 323 | 903 | 885 | |
| 115 | 122 | 132 | 231 | 304 | 456 | 898 | 1,167 | |
| Total Liabilities | 363 | 378 | 419 | 622 | 1,418 | 3,265 | 4,641 | 6,733 |
| 53 | 66 | 80 | 113 | 132 | 319 | 845 | 1,655 | |
| CWIP | 2 | 12 | 13 | 8 | 29 | 105 | 391 | 402 |
| Investments | 2 | 2 | 2 | 2 | 3 | 132 | 132 | 425 |
| 306 | 299 | 325 | 499 | 1,254 | 2,709 | 3,273 | 4,251 | |
| Total Assets | 363 | 378 | 419 | 622 | 1,418 | 3,265 | 4,641 | 6,733 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|
| -8 | 45 | 28 | 21 | -42 | 70 | -82 | |
| -41 | -10 | -24 | -45 | -494 | -1,505 | -355 | |
| 49 | -35 | -1 | 27 | 554 | 1,429 | 465 | |
| 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% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| 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% |
Insights
In beta| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
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| Employee Strength Number |
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| Order Book INR Million |
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| Net Working Capital Days Days |
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| Number of SMT Lines Number |
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| Number of Manufacturing Facilities Number |
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| Smart Meter Manufacturing Capacity Million Units/Year |
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| Smart Meters Production Volume Million Units |
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Documents
Announcements
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Disclosure Under Regulation 30 (5) Of SEBI (LODR) 2015
2d - Kaynes updated Regulation 30(5) KMP contact details on April 6, 2026.
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Disclosure Under Regulation 30 Of SEBI (LODR) Regulations 2015
31 Mar - Prime Minister Narendra Modi inaugurated Kaynes Semicon subsidiary's Sanand GIDC plant on March 31, 2026.
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Disclosure Under Regulation 30 Of SEBI (LODR) Regulation, 2015
28 Mar - SEBI settlement (Mar 27, 2026): MD Ramesh Kunhikannan fined Rs.23,42,600, paid personally, insider trading.
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Closure of Trading Window
27 Mar - Trading window closed Apr 01, 2026 until 48 hours after financial results for year ended Mar 31, 2026.
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Announcement under Regulation 30 (LODR)-Credit Rating
13 Mar - CRISIL reaffirmed A/Stable and removed watch for Kaynes; Rs770 crore facilities; letter dated March 12, 2026.
Annual reports
Concalls
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Feb 2026Transcript PPT REC
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Dec 2025TranscriptPPT
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Nov 2025Transcript PPT REC
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Aug 2025Transcript PPT REC
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May 2025Transcript PPT REC
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Feb 2025Transcript PPT REC
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Nov 2024Transcript PPT REC
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Oct 2024TranscriptPPTREC
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Jul 2024Transcript PPT
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May 2024Transcript PPT
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Feb 2024TranscriptPPT
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Feb 2024Transcript PPT REC
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Nov 2023Transcript PPT
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Oct 2023TranscriptAI SummaryPPT
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Aug 2023Transcript PPT
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May 2023Transcript PPT REC
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Mar 2023TranscriptAI SummaryPPT
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Feb 2023Transcript PPT
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Dec 2022TranscriptAI SummaryPPT
Offerings
The company is a leading provider of end-to-end IoT-enabled integrated electronics manufacturing services (IEMS). It offers a full spectrum of services across the entire electronics value chain, spanning conceptual design, process engineering, integrated manufacturing, and life-cycle support. [1] [2] It has also ventured into Smart Metering, Advanced Semiconductor Packaging (OSAT), High-Density Interconnect PCBs, and AI-Powered Railway Safety. [3]