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Kaynes Technology India Ltd.
NSE: KAYNESTechnologyElectronic Components
- Last close
- ₹3,187.90
- Day change
- −₹106.10 (−3.22%)vs
- Market cap
- ₹21,915 crIndian rupees
- Research updated
- 1 report
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About Kaynes Technology India
Kaynes Technology India Ltd. is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturer in India. The company provides comprehensive capabilities across the entire spectrum of Electronics System Design and Manufacturing (ESDM) services, including product design and engineering, Original Equipment Manufacturing (OEM), Original Design Manufacturing (ODM), IoT solutions, cable harnesses, automated test equipment, functional testers, and third-party repairs. It serves diverse industries such as automotive, industrial, aerospace and defense, outer space, medical, railways, Internet of Things (IoT), information technology, and consumer electronics. Kaynes Technology India Ltd. operates advanced manufacturing facilities and service centers strategically located across states including Karnataka, Haryana, Himachal Pradesh, Tamil Nadu, and Uttarakhand, enabling flexible volume production of high-value, complex products like PCB assemblies, box builds, and systems integration. Specializing in high-mix, low-to-medium volume production, it offers value engineering, prototyping, regulatory support, and life-cycle services including repairs, refurbishment, and obsolescence management. Founded in 1988 and headquartered in Mysuru, Karnataka, the company holds multiple global certifications for quality, aerospace, automotive, medical, and railways sectors, positioning it as a key player in delivering innovative electronics solutions.
- Sector
- Technology
- Industry
- Electronic Components
- Listing
- NSE: KAYNES
- Employees
- 1,567
- Headquarters
- Mysore, India
- ISIN
- INE918Z01012
- Website
- kaynestechnology.co.in
Public research · Report of
Business model & financial foundation
Kaynes Technology (NSE: KAYNES), Electronics manufacturing services (EMS): revenue of ₹3,626 crore in FY26 (+33.2% on FY25), an EBITDA margin of 15.8%, net profit of ₹363.9 crore and net debt of ₹76.3 crore.
- Revenue, FY26 (₹ crore)
- 3,626
- consolidated
- Revenue growth, FY26
- +33.2%
- on FY25
- EBITDA margin, FY26
- 15.8%
- EBITDA (excl. other income) / revenue
- Net profit, FY26 (₹ crore)
- 363.9
- to owners
- Return on equity, FY26
- 9.6%
- on average equity
- Net debt, FY26 (₹ crore)
- 76.3
- Borrowings less cash, bank balances and current investments
- Market capitalisation (₹ crore)
- 22,755
- at the close of 16 Oct 2026
Company profile
| Item | Value |
|---|---|
| Legal name | Kaynes Technology India Limited |
| Exchange and ticker | NSE: KAYNES; BSE: 543664 |
| ISIN | INE918Z01012 |
| CIN | L29128KA2008PLC045825 |
| Sector | Technology |
| Industry | Electronics manufacturing services (EMS) |
| Headquarters | Mysore, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Walker Chandiok & Co LLP (successor to K.P. Rao & Co) (since 2026-09-17) |
| Market capitalisation | ₹22,755 crore (16 Oct 2026) |
| Shares outstanding | 6.70 crore shares (FY26) |
| Price | ₹3,260 (close, 16 Oct 2026) |
| 52-week range | ₹2,995 - ₹7,137 (to 16 Oct 2026) |
| Website | https://www.kaynestechnology.co.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Kaynes Electronics Manufacturing Private Limited | 100% | Electronics manufacturing |
| Gridcrest Technologies Private Limited (formerly Iskraemeco India) | 100% | Smart metering hardware, software and managed services |
| Kaynes Semicon Private Limited | n.d. | Sanand outsourced semiconductor assembly and test |
| Kaynes Circuits India Private Limited | n.d. | HDI printed circuit boards |
| August Electronics Inc | 100% | Canadian EMS via Kaynes Holding |
Material subsidiaries verified; complete ownership percentages for other entities not retrieved.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 53.46% | 53.46% | 53.46% | 53.46% |
| Promoter holding pledged | 0.00% | 0.00% | 0.00% | 0.00% |
| Foreign institutions | 10.71% | 8.88% | 7.28% | 5.82% |
| Domestic institutions | 23.66% | 16.73% | 15.14% | 11.78% |
| of which mutual funds | 20.65% | 14.72% | 12.98% | 10.50% |
| Retail | 8.75% | 16.56% | 18.02% | 23.22% |
| Other | 3.42% | 4.37% | 6.10% | 5.71% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Kaynes sells high-mix PCBA, box-build and design/product solutions to industrial, auto, railway, aerospace and medical OEMs. Group reporting is essential: Gridcrest metering adds a collection-heavy product/service contract, while Semicon and Circuits add capital programmes. The company controls design, execution and manufacturing quality, not end-customer dispatch schedules or government subsidy timing. FY26 mix: industrial55%, auto26%, box-build39%, PCBA43%, ODM18%.
| Segment | revenue, FY26 (₹ crore) | Share |
|---|---|---|
| Electronics Manufacturing Services (single operating segment) | 3,626 | 50.0% |
| Geography: India | 3,275 | 45.2% |
| Geography: Outside India | 351.1 | 4.8% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| Dixon Technologies India (DIXON) | Large Indian EMS; volume assembly versus Kaynes high-mix model |
| Syrma SGS Technology (SYRMA) | Industrial and automotive diversified EMS |
| Avalon Technologies (AVALON) | High-mix box-build and international customers |
| Cyient DLM (CYIENTDLM) | High-reliability aerospace and industrial electronics |
| Amber Enterprises India (AMBER) | Electronics components and PCB expansion; mixed consumer exposure |
| Centum Electronics (CENTUM) | Strategic and industrial electronics; profitability less comparable |
| Data Patterns India (DATAPATTNS) | Design-led defence electronics; margin premium comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations | 706.3 | 1,126 | 1,805 | 2,722 | 3,626 |
| Cost of revenue (vendor classification) * | 503.0 | 816.5 | 1,349 | 1,900 | 2,427 |
| Other operating costs (vendor classification) * | 30.9 | 43.9 | 71.4 | 282.2 | 256.3 |
| EBITDA (vendor classification) * | 96.9 | 177.9 | 305.9 | 517.7 | 698.9 |
| EBIT * | 83.8 | 159.2 | 283.0 | 472.9 | 618.8 |
| Finance cost | 24.7 | 33.1 | 53.4 | 101.3 | 116.9 |
| Profit before tax after exceptional items | 59.0 | 126.0 | 231.6 | 371.6 | 504.3 |
| Total tax expense including earlier-year adjustments | 17.4 | 30.8 | 48.3 | 78.2 | 140.4 |
| Profit for the year | 41.7 | 95.2 | 183.3 | 293.4 | 363.9 |
| Diluted EPS (₹) | 7.13 | 19.61 | 30.24 | 45.40 | 54.45 |
| Other income | 55.9 | 107.0 | 156.8 | ||
| Materials consumed including inventory movement | 1,330 | 1,900 | 2,372 | ||
| Employee benefit expenses | 102.8 | 178.1 | 313.6 | ||
| Other expenses | 117.8 | 233.3 | 366.9 | ||
| EBITDA (excl. other income) | 254.2 | 410.7 | 574.1 | ||
| Depreciation and amortisation | 25.1 | 44.7 | 107.1 | ||
| Exceptional items: signed gain/(loss) | 0.00 | 0.00 | -2.58 | ||
| Profit attributable to non-controlling interests | 0.27 | 0.25 | 0.00 | ||
| Share of profit/(loss) of associates and JVs | 0.00 | 0.00 | 0.00 | ||
| Profit attributable to equity shareholders of parent | 183.0 | 293.2 | 363.9 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including non-controlling interests | 203.7 | 960.4 | 2,488 | 2,844 | 4,762 |
| Current plus non-current borrowings excluding leases | 189.1 | 154.7 | 306.1 | 875.5 | 874.9 |
| Cash equivalents plus other bank balances | 6.87 | 25.9 | 1,526 | 1,056 | 798.6 |
| Trade receivables: current | 197.7 | 227.1 | 355.6 | 574.6 | 1,528 |
| Inventories | 226.4 | 413.2 | 548.3 | 814.4 | 1,103 |
| Trade payables: MSME plus others | 164.1 | 222.9 | 361.0 | 682.9 | 850.8 |
| Net property, plant and equipment * | 21.4 | 20.7 | 37.2 | 207.1 | 121.7 |
| Capital work in progress * | 4.42 | 11.2 | 76.6 | 300.2 | 372.4 |
| Total assets * | 622.4 | 1,418 | 3,265 | 4,641 | 6,894 |
| Borrowings less cash, bank balances and current investments | -1,219 | -180.8 | 76.3 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -84.1 | -99.6 | 87.7 | -82.3 | -600.4 |
| Free cash flow (vendor definition) * | -21.1 | -99.7 | -312.5 | -1,031 | -1,841 |
| Purchase of fixed assets: cash outflow | -42.2 | -58.1 | -382.6 | -948.7 | -1,240 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end equity shares outstanding (crore shares) | 5.81 | 4.79 | 6.39 | 6.41 | 6.70 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 572.1 | 661.2 | 984.5 | 673.5 | 906.2 | 804.0 | 1,243 | 946.0 |
| Cost of revenue (vendor classification) * | 407.3 | 457.4 | 668.7 | 395.6 | 526.5 | 848.5 | 620.5 | |
| Other operating costs (vendor classification) * | 42.8 | 52.0 | 101.4 | 105.9 | 71.6 | 109.7 | 92.9 | |
| EBITDA (vendor classification) * | 115.7 | 118.7 | 188.3 | 140.1 | 164.1 | 235.6 | 162.0 | |
| EBIT * | 107.1 | 107.8 | 171.4 | 124.5 | 141.2 | 181.1 | 125.0 | |
| Finance cost | 22.1 | 27.0 | 29.5 | 28.4 | 22.8 | 24.9 | 40.9 | 37.1 |
| Profit before tax after exceptional items | 84.9 | 80.8 | 141.9 | 96.1 | 151.7 | 116.3 | 140.2 | 87.9 |
| Total tax expense including deferred and earlier-year tax | 24.7 | 14.4 | 25.7 | 21.5 | 30.3 | 39.7 | 49.0 | 31.5 |
| Profit for the period | 60.2 | 66.5 | 116.2 | 74.6 | 121.4 | 76.6 | 91.2 | 56.4 |
| Diluted EPS (not annualised) (₹) | 9.29 | 10.28 | 17.99 | 11.52 | 18.50 | 11.20 | 13.23 | 8.36 |
| Other income | 33.6 | 24.6 | 20.5 | 27.1 | 43.1 | 44.8 | 41.9 | 14.4 |
| Materials consumed including inventory movement | 407.3 | 457.3 | 668.7 | 395.6 | 601.3 | 526.5 | 848.5 | 620.5 |
| Employee benefit expenses | 39.9 | 57.8 | 46.6 | 58.9 | 77.3 | 86.6 | 90.8 | 85.1 |
| Other expenses | 42.8 | 52.0 | 101.4 | 105.9 | 79.7 | 71.6 | 109.7 | 92.9 |
| EBITDA (excl. other income) | 82.1 | 94.0 | 167.9 | 113.0 | 148.0 | 119.3 | 193.7 | 147.6 |
| Depreciation and amortisation | 8.59 | 10.8 | 16.9 | 15.6 | 16.6 | 20.4 | 54.4 | 37.0 |
| Exceptional items: signed gain/(loss) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -2.54 | -0.04 | 0.00 |
| Profit attributable to non-controlling interests | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Profit attributable to owners of parent | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. | n.d. |
| Share of profit/(loss) of associates and JVs | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 67.9% | 59.4% | 60.3% | 50.8% | 33.2% |
| EBITDA margin | 14.1% | 15.1% | 15.8% | ||
| Net margin | 10.1% | 10.8% | 10.0% | ||
| Return on equity | 10.6% | 11.0% | 9.6% | ||
| Return on capital employed | 24.6% | 21.1% | 14.5% | 14.5% | 13.2% |
| Return on assets | 7.8% | 7.4% | 6.3% | ||
| Net debt (₹ crore) | -1,219 | -180.8 | 76.3 | ||
| Net debt / EBITDA | -4.80x | -0.44x | 0.13x | ||
| Interest cover | 3.39x | 4.81x | 5.30x | 4.67x | 5.29x |
| Asset turnover | 1.36x | 1.10x | 0.77x | 0.69x | 0.63x |
| Receivable days | 102 | 74 | 72 | 77 | 154 |
| Inventory days (on revenue) | 117 | 134 | 111 | 109 | 111 |
| Payable days (on revenue) | 85 | 72 | 73 | 92 | 86 |
| Cash conversion | 0.48x | -0.28x | -1.65x | ||
| Capex intensity | 6.0% | 5.2% | 21.2% | 34.9% | 34.2% |
| Free cash flow (₹ crore) | -126.4 | -157.7 | -294.9 | -1,031 | -1,841 |
| EPS, diluted (₹) | 7.13 | 19.61 | 30.24 | 45.40 | 54.45 |
| Book value per share (₹) | 35,03,83,544 | 2,00,51,15,357 | 3,89,32,14,991 | 4,43,82,66,125 | 7,10,45,16,419 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (excl. other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Borrowings less cash, bank balances and current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (excl. other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 16 Oct 2026); market data at the close of 16 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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What the full research on Kaynes Technology India includes
Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
The report and Mool’s call
- The 12-month rating and target
- The 3-month view
- Mool's estimates beside the street's
- The claims the view rests on, and what would change it
The analyses, among them
- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
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Prices are the last close on the NSE, 23 Oct 2026. Research from Mool’s report of 16 Oct 2026; page updated 25 Oct 2026.
Mool’s research is written by AI agents and published by Mool Capital Private Limited, a SEBI-registered Research Analyst, registration INH000012449, which is responsible for it. This page shows factual company information and an excerpt of that research; it carries no rating and is not investment advice for any individual. Investment in securities market are subject to market risks. Read all the related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Read the disclosures.