Kaynes Technology
Vertically integrated EMS, PCBA and OSAT player with Kaynes Semicon subsidiary executing an ISM-approved OSAT facility.
Quality of growth, returns, cash conversion and balance sheet
Trend, momentum, volume and relative strength composite
Higher = cheaper vs peers and own history
Blended decision input
What's real, what's pending, on this page
- · Live price, day change, market cap — NSE direct
- · 1Y OHLCV, RSI(14), 50/200 DMA, 1M/3M/1Y returns, RS vs Nifty — computed from real NSE OHLCV
- · Sector P/E — NSE direct
- · Promoter %, pledge %, MF/FII/public split, 9-quarter history — Trendlyne
- · Earnings call AI summaries — Trendlyne (where available)
- · Technical (TQ-100) score — computed from real OHLCV
- · Annual revenue / EBITDA / PAT / OCF / FCF / equity / assets — Trendlyne (audited annuals)
- · Segment classification + semicon directness score — analyst seed
- · Bull/bear case + monitorables (curated thesis) — analyst seed
- · Governance risk score (seed) — being replaced by AI-agent assessment
- · Synthesized 5Y forecast removed entirely (was inaccurate)
Growth 20 / Margin 15 / ROC 20 / Cash 15 / Leverage 10 / Reinvestment 8 / Accounting 7 / Governance 5 minus red flags (capped -20).
- − Weak cash conversionOCF/EBITDA -44% < 50%-4
Computed from real 1Y OHLCV pulled from NSE direct: trend, momentum, volume, RS vs Nifty, MA cluster, mean reversion, volatility, patterns minus red flags.
- − Deep drawdown-43% from 52W high-8
AI research agents
Re-classify segment exposure and re-assess governance risk by running fresh AI agents on the latest data. Results cache to data/agents.json.
AI thesis
Generates a fresh thesis grounded in this company's data. Wires to Anthropic when ANTHROPIC_API_KEY is set, otherwise returns a deterministic mock.
Curated thesis
Analyst-set bull, bear and monitorables · use AI thesis above for a fresh take
Highest-conviction listed pure-play on India OSAT plus broad EMS pull-through. Valuations are full but justified by execution.
- +ISM-approved OSAT project at Sanand
- +Vertically integrated EMS+OSAT moat
- +Order book multi-year visibility
- −High working capital intensity
- −Execution risk on OSAT ramp
- −Valuations leave little margin of safety
Semiconductor exposure
How direct, how visible
Financial snapshot
Latest reported metrics · mock data, ready for live financials
Extracted from Trendlyne · audited annuals · TTM + last 4 fiscal years
| Line | TTM | FY25 | FY24 | FY23 | FY22 |
|---|---|---|---|---|---|
| Revenue | ₹2.3k cr | ₹2.1k cr | ₹1.3k cr | ₹1.1k cr | ₹676 cr |
| ↳ YoY growth | +13.9% | +53.4% | +21.8% | +62.4% | — |
| EBITDA | ₹390 cr | ₹236 cr | ₹177 cr | ₹95 cr | — |
| ↳ EBITDA margin | 16.7% | 11.5% | 13.2% | 8.6% | — |
| PAT | ₹244 cr | ₹210 cr | ₹126 cr | ₹95 cr | ₹41 cr |
| ↳ PAT margin | 10.4% | 10.2% | 9.4% | 8.6% | 6.1% |
| OCF | ₹65 cr | ₹-103 cr | ₹-52 cr | ₹15 cr | — |
| ↳ OCF / EBITDA | 16.7% | -43.8% | -29.6% | 15.5% | — |
| FCF (= OCF − capex) | ₹-257 cr | ₹-1.4k cr | ₹-533 cr | ₹-23 cr | — |
| Total Equity | — | — | — | — | — |
| Total Assets | ₹3.9k cr | ₹3.0k cr | ₹1.4k cr | ₹609 cr | — |
| ↳ ROE | — | — | — | — | — |
| ↳ ROA | 6.3% | 7.1% | 9.0% | 15.6% | — |
From Trendlyne · 9 quarters · synced Invalid Date
- ·Promoter holding dropped from 57.8% to 53.5% in Mar 2025 (one-time)
- ·No pledge
Earnings call summaries
AI-extracted from 1 concall via Trendlyne
Kaynes Technology reported a robust Q2 FY26 with revenue of INR 9,062 million (up 58% YoY), an operational EBITDA of INR 1,480 million (up 80%), and a PAT margin of 13.4%, reflecting strong execution and substantial year-on-year growth.
The company's order book stands at INR 80,994 million as of Q2 FY26, up from INR 54,228 million in the previous year, indicative of strong demand and healthy business traction across its verticals.
Kaynes is evolving from a service-led EMS (Electronic Manufacturing Services) model to an integrated ESDM (Electronic System Design and Manufacturing) model, emphasizing product-led growth, backward integration, and system-wide digitalization.
Major milestones were achieved in semiconductors, including the first commercial multichip modules from the new Sanand OSAT facility, and significant progress in advanced PCB manufacturing with government backing and upcoming facilities in Hyderabad and Chennai.
Capital allocation, debt discipline, alignment, governance composite. Computed from disclosed metrics.
What the market is pricing in versus our read, and what would invalidate the thesis.
Continued execution and policy tailwinds. The market has rewarded Kaynes Technology for delivery and is paying a premium for what comes next.
Direct semiconductor exposure with strong policy alignment is structurally underestimated until project milestones materialize. Re-rating likely to be event-driven, not linear.
- ×Working capital blowout disclosed in next quarterly result
- ×Project execution slip beyond stated commissioning date
- ×Multiple compression on a single weak earnings print
References
Wire to live data sources in production