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 ₹ 38,030 Cr.
- Current Price ₹ 5,932
- High / Low ₹ 7,825 / 2,811
- Stock P/E 130
- Book Value ₹ 444
- Dividend Yield 0.00 %
- ROCE 14.4 %
- ROE 11.0 %
- Face Value ₹ 10.0
Pros
- Company is expected to give good quarter
- Company has delivered good profit growth of 96.7% CAGR over last 5 years
Cons
- Stock is trading at 13.4 times its book value
- Though the company is reporting repeated profits, it is not paying out dividend
- Company has a low return on equity of 11.5% over last 3 years.
* 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
Sector: Consumer Durables Industry: Electronics - Components
Part of BSE 500 BSE Capital Goods Nifty 500 BSE SmallCap Nifty Smallcap 100
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 368 | 421 | 706 | 1,126 | 1,805 | 2,722 | |
| 325 | 379 | 611 | 956 | 1,548 | 2,311 | |
| Operating Profit | 43 | 42 | 95 | 170 | 257 | 411 |
| OPM % | 12% | 10% | 13% | 15% | 14% | 15% |
| 1 | 4 | 4 | 11 | 56 | 107 | |
| Interest | 25 | 25 | 27 | 36 | 56 | 101 |
| Depreciation | 8 | 10 | 13 | 19 | 25 | 45 |
| Profit before tax | 11 | 11 | 59 | 126 | 232 | 372 |
| Tax % | 17% | 10% | 29% | 24% | 21% | 21% |
| 9 | 10 | 42 | 95 | 183 | 293 | |
| EPS in Rs | 13.94 | 14.31 | 9.03 | 16.37 | 28.68 | 45.84 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% | 0% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 49% |
| 3 Years: | 57% |
| TTM: | 51% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | % |
| 5 Years: | 97% |
| 3 Years: | 92% |
| TTM: | 62% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | % |
| 5 Years: | % |
| 3 Years: | % |
| 1 Year: | 71% |
| Return on Equity | |
|---|---|
| 10 Years: | % |
| 5 Years: | 12% |
| 3 Years: | 11% |
| Last Year: | 11% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Equity Capital | 7 | 7 | 46 | 58 | 64 | 64 |
| Reserves | 96 | 131 | 156 | 901 | 2,423 | 2,776 |
| 153 | 141 | 189 | 155 | 323 | 903 | |
| 122 | 141 | 231 | 304 | 456 | 898 | |
| Total Liabilities | 378 | 419 | 622 | 1,418 | 3,265 | 4,641 |
| 66 | 72 | 113 | 132 | 319 | 936 | |
| CWIP | 12 | 13 | 8 | 29 | 105 | 300 |
| Investments | 2 | 2 | 2 | 3 | 132 | 132 |
| 299 | 333 | 499 | 1,254 | 2,709 | 3,273 | |
| Total Assets | 378 | 419 | 622 | 1,418 | 3,265 | 4,641 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| 45 | 26 | 21 | -42 | 70 | -82 | |
| -10 | -24 | -45 | -494 | -1,505 | -355 | |
| -35 | 1 | 27 | 554 | 1,429 | 465 | |
| Net Cash Flow | -0 | 2 | 4 | 19 | -7 | 28 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|
| Debtor Days | 93 | 106 | 102 | 74 | 72 | 77 |
| Inventory Days | 228 | 209 | 167 | 191 | 150 | 156 |
| Days Payable | 139 | 122 | 121 | 103 | 99 | 131 |
| Cash Conversion Cycle | 182 | 193 | 148 | 162 | 123 | 102 |
| Working Capital Days | 166 | 156 | 127 | 147 | 126 | 101 |
| ROCE % | 13% | 26% | 22% | 15% | 14% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
1d - Schedule of analyst and investor group meetings from May 28 to June 27, 2025, disclosed.
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
1d - Kaynes reports 51% revenue growth, large capex for OSAT/PCB, key acquisitions, and strong order book at INR66bn.
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Updates- Clarification On Machine Readable Copy Of Financial Results FY 2024-25
1d - Kaynes Technology reports audited Q4 and FY25 financial results with profit and IPO/QIP proceeds utilization.
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Announcement under Regulation 30 (LODR)-Credit Rating
2d - CRISIL reaffirms Kaynes Technology's 'A/Positive' rating; acquisition funded partly by Rs 200 crore debt.
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Announcement under Regulation 30 (LODR)-Credit Rating
19 May - ICRA affirms Kaynes Technology's credit rating at [ICRA] A- (Positive) for Rs. 216 Cr credit facilities.
Concalls
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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 2023TranscriptNotesPPT
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Aug 2023Transcript PPT
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May 2023Transcript PPT REC
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Mar 2023TranscriptNotesPPT
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Feb 2023Transcript PPT
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Dec 2022TranscriptNotesPPT
Offerings
The company is a prominent player in integrated electronics manufacturing. It offers end-to-end and IoT-enabled ESDM solutions spanning conceptual design, process engineering, integrated manufacturing, and life-cycle support. It has also ventured into semiconductor assembly and testing (OSAT) and high-density interconnect PCBs (HDI PCBs). Its offerings cater to diverse industries like automotive, industrial, aerospace, defense, outer space, nuclear, medical, railways, IoT, etc. [1]