Q1 FY27:Consolidated OCF was negative at INR 259 crores in Q1. The metering business continues to face collection issues, leading to strategic de-growth. While management reiterated a year-end positive OCF goal for the consolidated entity, this specific promise is under significant pressure.
Source: Inve Guidance Tracker for Kaynes Tech · to Q1 FY27
A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.
7 of Kaynes Tech's 20 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 17 more targets are in the full ledger.
Free account: 5 full ledgers a month and one Inve Case. Pro opens 100 a month, ₹499.
Provided good inroads into the North American market and contributed to good EBITDA margins.
“You all know that we acquired August Electronics in July of last year, and at this point of time, we have completed 1 year of a successful acquisition. As Mr. Vice Chairman said, this has given us a good inroads into the North American market, and our acquisition at this point of time shaping up very nicely, a good EBITDA margin business, and we are hopeful that growth will accelerate into our overseas business going forward, and also bringing in more of value additions to India, not just from our subsidiary, but also increasingly export-oriented business as well, with the key global players like Honeywell, Otis, Eaton, and many others.”
Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.
Evidence drawer
Evidence type: Transcript excerpt
“You all know that we acquired August Electronics in July of last year, and at this point of time, we have completed 1 year of a successful acquisition. As Mr. Vice Chairman said, this has given us a good inroads into the North American market, and our acquisition at this point of time shaping up very nicely, a good EBITDA margin business, and we are hopeful that growth will accelerate into our overseas business going forward, and also bringing in more of value additions to India, not just from our subsidiary, but also increasingly export-oriented business as well, with the key global players like Honeywell, Otis, Eaton, and many others.”
Contributed to intangible asset capitalization and expanded EMS presence in North America.
“I think if you go back to the 2 quarters before, we did 2 acquisitions. One is in Iskraemeco, and second is August Electronics, which is in Canada and supplying in the EMS space to the big players in the North America. The intangible asset that has been capitalized on these 2 is about INR320 crores, and there was a clear thing on what is the order book and it's based on the current accounting standards, and we did INR320 crores.”
Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.
Evidence drawer
Evidence type: Transcript excerpt
“I think if you go back to the 2 quarters before, we did 2 acquisitions. One is in Iskraemeco, and second is August Electronics, which is in Canada and supplying in the EMS space to the big players in the North America. The intangible asset that has been capitalized on these 2 is about INR320 crores, and there was a clear thing on what is the order book and it's based on the current accounting standards, and we did INR320 crores.”
Contributed to intangible asset capitalization and expanded EMS presence.
“I think if you go back to the 2 quarters before, we did 2 acquisitions. One is in Iskraemeco, and second is August Electronics, which is in Canada and supplying in the EMS space to the big players in the North America. The intangible asset that has been capitalized on these 2 is about INR320 crores, and there was a clear thing on what is the order book and it's based on the current accounting standards, and we did INR320 crores.”
Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.
Evidence drawer
Evidence type: Transcript excerpt
“I think if you go back to the 2 quarters before, we did 2 acquisitions. One is in Iskraemeco, and second is August Electronics, which is in Canada and supplying in the EMS space to the big players in the North America. The intangible asset that has been capitalized on these 2 is about INR320 crores, and there was a clear thing on what is the order book and it's based on the current accounting standards, and we did INR320 crores.”
Strengthening business portfolio for advanced packaging.
“So let me explain to you, I think since this question is very relevant, we're invested into a company called Mixx Technologies. Obviously, it's a minority investment in some of the rounds, we picked up some stakes. That company is worth a lot more today. And they are very near to getting their protos out and so on, and they work with large companies like NVIDIA, Meta, Google, etcetera. So now from that perspective, so that investment, which we did about more than a year ago, has now paid dividends in terms of strengthening our business portfolio for advanced packaging.”
Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.
Evidence drawer
Evidence type: Transcript excerpt
“So let me explain to you, I think since this question is very relevant, we're invested into a company called Mixx Technologies. Obviously, it's a minority investment in some of the rounds, we picked up some stakes. That company is worth a lot more today. And they are very near to getting their protos out and so on, and they work with large companies like NVIDIA, Meta, Google, etcetera. So now from that perspective, so that investment, which we did about more than a year ago, has now paid dividends in terms of strengthening our business portfolio for advanced packaging.”
Scaled EMS capabilities in North America, gained manufacturing footprint and access to large high-margin customers, strengthened Canada India value proposition.
“With the acquisition of August Electronics in Canada, we have scaled our EMS capabilities in North America, gaining a manufacturing footprint and access to large high-margin customers. This strengthens the Canada India value proposition, as a reliable and strategic alternate to China-based sourcing, offering global clients both proximity and flexibility. And about INR175 crores is supposed to come in from our business acquisition in Canada.”
Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.
Evidence drawer
Evidence type: Transcript excerpt
“With the acquisition of August Electronics in Canada, we have scaled our EMS capabilities in North America, gaining a manufacturing footprint and access to large high-margin customers. This strengthens the Canada India value proposition, as a reliable and strategic alternate to China-based sourcing, offering global clients both proximity and flexibility. And about INR175 crores is supposed to come in from our business acquisition in Canada.”
Kaynes Tech→ acquires or invests in →Kaynes Space Tech.
Q4 FY25· Announced· Positive·Counterparty named; listed-company identity not verified.
Proposed
Announced
Active
Completed / ended
To lead the sector into newer technologies from electronic space, strengthen partnership with ISRO, and become a premier vendor for satellite and launch vehicle components.
“Also, our acquisition of companies like Sensonic, and our new subsidiary, Kaynes Space Tech are a few steps by our company to lead the sector into newer technologies from electronic space. ... Second, the space by itself offers huge opportunities in terms of satellites, which can be micro, mini or regular satellites and even launch vehicles and so on and components thereof. We've also set up significant capacity and a subsidiary called Kaynes Mechatronics. So our objective is to make sure that the space tech will become a premier vendor for supply of all the parts.”
Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.
Evidence drawer
Evidence type: Transcript excerpt
“Also, our acquisition of companies like Sensonic, and our new subsidiary, Kaynes Space Tech are a few steps by our company to lead the sector into newer technologies from electronic space. ... Second, the space by itself offers huge opportunities in terms of satellites, which can be micro, mini or regular satellites and even launch vehicles and so on and components thereof. We've also set up significant capacity and a subsidiary called Kaynes Mechatronics. So our objective is to make sure that the space tech will become a premier vendor for supply of all the parts.”
Positioned to capitalize on electronics and technology upgrade in the railway sector, particularly with AI-based rail network safety solutions.
“Our majority stake in Sensonic, a global Al-based rail network safety solution company, positioned us to capitalize on the electronics and technology upgrade in the railway sector.”
Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.
Evidence drawer
Evidence type: Transcript excerpt
“Our majority stake in Sensonic, a global Al-based rail network safety solution company, positioned us to capitalize on the electronics and technology upgrade in the railway sector.”
Strengthened North American footprint, added manufacturing capability, gained large high-margin customers, and provides access to global customers not previously accessed.
“With our recent acquisition of August Electronics in Canada, we have strengthened our North American footprint, added manufacturing capability in Canada and large high-margin customers. ... As far as August Electronics is concerned, without giving you an actual breakdown, the margins are better than -- in terms of EBITDA are better than our consolidated margin. And we have a business which is quite large, say, about CAD 57 million or so is the kind of business, and we're likely to grow also very well.”
Disclosure indicates an acquisition or investment without specifying full buyout versus minority stake.
Evidence drawer
Evidence type: Transcript excerpt
“With our recent acquisition of August Electronics in Canada, we have strengthened our North American footprint, added manufacturing capability in Canada and large high-margin customers. ... As far as August Electronics is concerned, without giving you an actual breakdown, the margins are better than -- in terms of EBITDA are better than our consolidated margin. And we have a business which is quite large, say, about CAD 57 million or so is the kind of business, and we're likely to grow also very well.”
Similar commentary provides sector context; it does not establish a business relationship with Kaynes Tech. Each comparison matches a headwind disclosed by Kaynes Tech in the same calendar reporting quarter.
Cost escalation driven by global supply chain issues, energy, crude prices, commodity…
Kaynes Tech reported: Cost escalation driven by global supply chain issues, energy, crude prices, commodity prices, and forex movement are impacting EBITDA margins, expected to normalize in 2 quarters.
Reporting period ended 2026-06-30
45 other companies · Logistics supply chain
Tata Motors Limited (TMCV) reported (period ended 2026-06-30): Increased demand across auto segments has led to constraints in part categories like sheet metal, casting, and forgings.
Ashok Leyland Limited (ASHOKLEY) reported (period ended 2026-06-30): Q1 was marked by various geopolitical uncertainties, translating into widespread challenges for the Indian automotive industry and impacting supply chain resilience.
Apar Industries Limited (APARINDS) reported (period ended 2026-06-30): U.S.-Iran war, logistics difficulties, and sharp crude oil/gas oil price fluctuations impacted volumes and required a provision of INR 94 crores in the oil division.
Aditya Infotech Limited (CPPLUS) reported (period ended 2026-06-30): Supply side constraints and price hikes are expected to continue for some time, though the company is covered.
Evidence drawer
Evidence type: Summary paraphrase
Cost escalation driven by global supply chain issues, energy, crude prices, commodity prices, and forex movement are impacting EBITDA margins, expected to normalize in 2 quarters.
Based on the company's own presentations, annual report and earnings calls.
Kaynes Technology is an integrated electronics systems designer and manufacturer (ESDM) that builds electronic products and sub-assemblies for OEMs across automotive & EV, industrial, aerospace & defence, railways, medical and IoT/IT sectors. It earns through OEM turnkey manufacturing (box-build assemblies and PCB assemblies/PCBA), its own ODM product lines (IoT gateways, BLDC motor controllers, smart meters, streetlight controllers), and product design and engineering services (embedded design, firmware, prototyping, DFM/DFT). The company is vertically integrating upstream into HDI PCB fabrication and OSAT (semiconductor assembly, testing and packaging), with new plants coming up in Oragadam, Chennai (HDI PCB) and Sanand, Gujarat (OSAT, where it shipped India's first commercial multi-chip module). It has also expanded through acquisitions such as Sensonic (Swiss-German rail-safety electronics) and Iskraemeco (smart metering), and a foray into AR/VR via Mustard.
Segments
OEM Turnkey Solutions – Box Build
OEM Turnkey Solutions – PCBA
ODM Services
Product Design and Engineering
Manufacturing & design facilities
22
Countries with operational/manufacturing footprint
6
Customers served
500+
Countries served (customer base)
30+
Total employees
6,199
Engineers on staff
400+
Founded 2008Headquarters Mysuru, Karnataka, IndiaEmployees 6,199 (FY2024-25)Company website
How the price took the results
Moved an average of ±9.5% across the last 4 priced result releases
Close before → close after
Quarter
Release
Revenue (₹ Cr)
Net profit (₹ Cr)
Rev YoY
Before → After
Reaction
Q1 FY27
8 Aug 26
553
77
+22.6%
₹3,856.3 → ₹3,735.1
−3.1%
Q4 FY26
14 May 26
688
71
−6.6%
₹4,178.4 → ₹3,336.5
−20.1%
Q3 FY26
6 Feb 26
522
66
+31.8%
₹3,616.1 → ₹3,700.3
+2.3%
Q2 FY26
8 Dec 25
467
63
+7.9%
₹4,353.5 → ₹3,807
−12.6%
The move from the last close before each results date to the first close on or after it — the
market's first read on the quarter alongside what was filed.
Guidance
What management said, and what became of it
2 of 9 judged targets kept · 11 open · verdicts reflect calls analysed to Q1 FY27.
Kaynes Tech management guidance track record on Inve: 20 targets tracked across analysed earnings calls (2 achieved, 7 missed, 11 open).
Watch execution in Growth & Demand (1 on track · 2 delayed/missed).
Q1 FY27:Consolidated OCF was negative at INR 259 crores in Q1. The metering business continues to face collection issues, leading to strategic de-growth. While management reiterated a year-end positive OCF goal for the consolidated entity, this specific promise is under significant pressure.
Source: Inve Guidance Tracker for Kaynes Tech · to Q1 FY27
A verdict describes what became of management’s own words in later analysed calls. “Delayed” is a change of date, “went quiet” a target the calls stopped mentioning. None of it is a judgement on the investment. The methodology sets out how verdicts are recorded.
Kaynes Technology delivered a strong Q1 FY27 with 40% YoY revenue growth and 31% EBITDA growth, underpinned by robust EMS performance and significant new order wins. Despite a strategic degrowth in the smart metering segment and margin pressures from global supply chain volatility, the company is on track for OSAT and PCB commercialization by Q3 FY27. Management remains focused on improving working capital, aiming for cash flow positivity by year-end, and maintaining balance sheet strength amidst strategic capacity expansions.
Kaynes Technology delivered strong FY26 revenue and EBITDA growth, despite missing its revised guidance due to geopolitical disruptions and customer deferments. The core EMS business showed improved working capital, though the metering segment impacted overall OCF. The company is strategically investing in OSAT and PCB, with significant long-term revenue visibility, and is focused on transitioning to a product-driven enterprise while strengthening operational excellence.
Kaynes Technology reported strong 9M FY26 financial growth with revenue up 37% and EBITDA up 55%, driven by a robust INR 9,000 crore order book. Strategic initiatives in OSAT and HDI PCB manufacturing are progressing, with key approvals secured. However, execution delays and elevated working capital impacted performance, leading to a revised FY26 revenue guidance of INR 4,100 crores, down from INR 4,400 crores.
Summaries of each call, in Inve’s own words; the transcript is not reproduced. Not investment advice.
Every analysed call
Kaynes Tech earnings calls (KAYNES)
Fundamentals
Valuation, return & balance-sheet ratios
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Trailing twelve months
13.26% TTM to Jun 2026
Fiscal year
12.69% FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
13.21%
25.29%
21.50%
14.57%
14.30%
12.69%
How it is calculated. Adjusted EBIT ÷ average capital employed, including minority equity and deposits.
Trailing twelve months
9.15% TTM to Jun 2026
Fiscal year
8.70% FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
8.26%
24.63%
16.37%
10.50%
10.59%
8.70%
How it is calculated. Adjusted profit attributable to owners ÷ average owners’ equity.
Trailing twelve months
6.02% TTM to Jun 2026
Fiscal year
5.72% FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
2.51%
8.07%
9.31%
7.73%
7.13%
5.72%
How it is calculated. Total profit excluding exceptional items after tax ÷ average total assets.
Trailing twelve months
15.62% TTM to Jun 2026
Fiscal year
15.94% FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
10.00%
13.46%
15.10%
14.24%
15.28%
15.94%
How it is calculated. Operating profit ÷ revenue.
Trailing twelve months
8.90% TTM to Jun 2026
Fiscal year
9.10% FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
2.38%
5.95%
8.44%
10.03%
10.36%
9.10%
How it is calculated. Total profit excluding exceptional items after tax ÷ revenue.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
0.71%
-2.97%
-8.88%
-16.34%
-37.88%
-50.74%
How it is calculated. (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
280.00%
50.00%
-44.21%
48.09%
-27.99%
-164.84%
How it is calculated. Operating cash flow ÷ reported total net profit.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
5.95%
5.95%
5.15%
21.22%
34.86%
34.20%
How it is calculated. Fixed-asset purchases ÷ revenue.
Trailing twelve months
34.91% TTM to Jun 2026
Fiscal year
33.21% FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
14.13%
68.10%
59.49%
60.30%
50.80%
33.21%
How it is calculated. Revenue change against the same period one year earlier.
Trailing twelve months
9.46% TTM to Jun 2026
Fiscal year
17.02% FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
0.00%
320.00%
126.19%
90.53%
55.80%
17.02%
How it is calculated. Adjusted profit attributable to owners vs the same period one year earlier.
Trailing twelve months
33.26% TTM to Jun 2026
Fiscal year
38.94% FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
-2.33%
126.19%
78.95%
51.18%
61.87%
38.94%
How it is calculated. Operating profit vs the same period one year earlier.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
1.06×
0.94×
0.16×
0.13×
0.32×
0.19×
How it is calculated. Borrowings ÷ owners’ equity.
Trailing twelve months
4.96× TTM to Jun 2026
Fiscal year
4.94× FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
1.44×
3.19×
4.50×
5.11×
4.42×
4.94×
How it is calculated. Adjusted EBIT ÷ interest expense.
Trailing twelve months
0.68× TTM to Jun 2026
Fiscal year
0.63× FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
1.05×
1.36×
1.10×
0.77×
0.69×
0.63×
How it is calculated. Revenue ÷ average total assets.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
₹134.00 Cr
₹167.00 Cr
₹-331.00 Cr
₹-1,203.00 Cr
₹-153.00 Cr
₹114.00 Cr
How it is calculated. Borrowings less cash equivalents.
Trailing twelve months
0.15× TTM to Jun 2026
Fiscal year
0.16× FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
2.91×
1.69×
-1.83×
-3.87×
-0.30×
0.16×
How it is calculated. (Borrowings − cash equivalents) ÷ adjusted EBITDA.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
2.87×
2.58×
1.06×
0.94×
1.39×
1.21×
How it is calculated. Average total assets ÷ closing owners’ equity.
Trailing twelve months
63.93× TTM to Jun 2026
Fiscal year
67.22× FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
—
—
—
—
—
—
How it is calculated. Current market cap ÷ adjusted profit attributable to owners for the selected income period. Uses current market cap, not the share price at the period end.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
—
—
—
—
—
—
How it is calculated. Market cap ÷ owners’ equity from the balance sheet selected for the TTM inputs. Uses current market cap, not the share price at the period end.
Trailing twelve months
29.63× TTM to Jun 2026
Fiscal year
31.63× FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
—
—
—
—
—
—
How it is calculated. (Market cap + borrowings + deposits − cash equivalents) ÷ adjusted EBITDA. Uses current market cap, not the share price at the period end.
Trailing twelve months
2.80% TTM to Jun 2026
Fiscal year
2.68% FY ending Mar 2026
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
—
—
—
—
—
—
How it is calculated. Adjusted EBIT ÷ enterprise value. Uses current market cap, not the share price at the period end.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
106.00 days
102.00 days
74.00 days
72.00 days
77.00 days
154.00 days
How it is calculated. Reported receivable days from the annual accounts.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
209.00 days
167.00 days
191.00 days
150.00 days
156.00 days
169.00 days
How it is calculated. Reported inventory days, using material cost / cost of goods sold.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
122.00 days
121.00 days
103.00 days
99.00 days
131.00 days
131.00 days
How it is calculated. Reported payable days, using material cost / cost of goods sold.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
193.00 days
148.00 days
162.00 days
123.00 days
102.00 days
193.00 days
How it is calculated. Reported debtor days plus inventory days less payable days.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
50.00 days
53.00 days
107.00 days
66.00 days
-7.00 days
133.00 days
How it is calculated. Reported net working capital days from the annual accounts.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
How it is calculated. Reported dividend payout as a percentage of annual profit.
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
—
—
—
—
—
—
How it is calculated. Market capitalisation from the current stock record.
A dash means inputs are missing or too old, the ratio does not apply, or the value is outside the supported range. FY uses the reported fiscal period; TTM the latest twelve months; valuations use the current market cap with the chosen earnings period. Screen Indian stocks on these ratios →
Financials
Quarterly & annual financial statements
Net profit, year on year: +43% (quarter to jun 2026 against jun 2025).
In ₹ crore. Oldest period first.
Click any row to plot
Line item
Sept 2024
Dec 2024
Mar 2025
Jun 2025
Sept 2025
Dec 2025
Mar 2026
Jun 2026
433
396
737
451
467
522
688
553
360
347
653
385
404
448
602
485
73
49
84
65
63
74
86
68
17.0%
12.0%
11.0%
15.0%
14.0%
14.0%
12.0%
12.0%
39
35
26
37
51
44
39
64
20
24
25
27
16
16
15
21
6
7
7
7
8
8
9
9
86
53
78
69
90
93
100
101
27.0%
28.0%
22.0%
21.0%
30.0%
29.0%
29.0%
24.0%
63
38
60
54
63
66
71
77
9.77
5.94
9.44
8.11
9.38
9.84
10.58
11.47
Source: Inve data · income statement, quarterly · to Jun 2026
In ₹ crore. Oldest period first.
Click any row to plot
Sales3Y CAGR +23.6%
Operating profit3Y CAGR +19.7%
Net profit3Y CAGR +38.8%
Line item
Mar 2023
Mar 2024
Mar 2025
Mar 2026
1,126
1,275
1,916
2,128
958
1,102
1,662
1,839
168
172
254
288
12
63
136
171
34
54
88
74
20
22
26
32
126
161
276
352
95
126
210
254
Source: Inve data · income statement, annual · to Mar 2026
In ₹ crore. Oldest period first.
Click any row to plot
Line item
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Sept 2025
Mar 2026
46
58
64
64
67
67
156
900
2,365
2,579
4,613
4,433
183
145
279
627
885
330
224
297
260
619
1,167
649
609
1,400
2,968
3,889
6,733
5,479
107
119
199
237
1,655
331
4
26
34
75
402
81
3
4
174
294
425
529
495
1,251
2,561
3,283
4,251
4,538
609
1,400
2,968
3,889
6,733
5,479
Source: Inve data · balance sheet · to Mar 2026
In ₹ crore. Oldest period first.
Click any row to plot
Line item
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
13
15
-52
-78
65
247
-19
-37
-480
-1,327
-322
-1,437
8
26
550
1,395
259
1,211
2
3
18
-10
2
21
-7
-22
-99
-213
-145
169
Source: Inve data · cash flow · to Mar 2026
In days and %. Oldest period first.
Click any row to plot
Line item
Mar 2021
Mar 2022
Mar 2023
Mar 2024
Mar 2025
Mar 2026
113
103
74
36
95
62
208
167
191
189
160
172
120
120
102
76
131
120
201
150
162
150
123
114
60
59
119
143
174
486
12.0%
25.0%
22.0%
11.0%
12.0%
10.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
Source: Inve data · annual ratios · to Mar 2026
Reverse DCF: growth rate implied by today's share price
Expensive
To justify its price of ₹3300, this stock must grow earnings at 49% every year for 7 years. Our analysis caps realistic growth at ~39%. At that growth it is worth ₹2030 — downside of 38%.
Growth the price implies
49.5% a year
for 7 years, fading to 4%
It has actually compounded at
38.8% a year
net profit, FY23–FY26
The gap
0.1 pp
-38% downside if it only repeats history
Price today ₹3,300Value at the reference growth ₹2,030.11
Test your own growth assumption(7Y stage-1 growth at 12.0% discount rate)
Disclosed holders that added to a position or appeared on the register for the first
time, biggest addition first.
Mutual fund+0.55 pp1.74% held
Mutual fund+0.26 pp3.82% held
The same filing shows 2
holders trimming and 0 off the list — both
are in the register beside this.
Who is on the register
Named in the Sep 2026 filing
Every holder of Kaynes Tech above SEBI's 1% disclosure line, and what changed since Jun 2026.
Holder
Stake
Change
53.28%
−0.15 pp
Mutual fund
3.82%
+0.26 pp
Mutual fund
3.45%
−0.10 pp
Mutual fund
1.74%
+0.55 pp
1.60%
unchanged
0.03%
unchanged
A holder disappearing from this list has fallen below the 1% line — it is
not necessarily a sale. Percentages are of total shares, as disclosed in the
company's own filing. Who was buying across the market this quarter.
Mutual funds in KAYNES
Filings to Sep 2026
1 new, 2 added, 6 trimmed, 1 sold out
— net +0.39 L shares (+0.8%).
Held by funds
₹1.7k Cr
25 schemes
Biggest holder
HDFC Balanced Advantage Fund
₹402 Cr · 0.4% of that fund
Scheme
Holding
Last month
Held since
HDFC Balanced Advantage Fund HDFC Mutual Fund
₹402 Cr
held
Nov '25
HDFC Large & Mid Cap Fund HDFC Mutual Fund
₹205 Cr
held
Dec '23
Nippon India Value Fund Nippon India Mutual Fund
₹179 Cr
held
Dec '23
Nippon India Small Cap Fund Nippon India Mutual Fund
₹168 Cr
held
Feb '23
HDFC Manufacturing Fund HDFC Mutual Fund
₹144 Cr
+0.16 L
Jun '25
Nippon India Multi Cap Fund Nippon India Mutual Fund
₹143 Cr
held
Nov '25
Nippon India Flexi Cap Fund Nippon India Mutual Fund
₹124 Cr
held
Dec '23
Nippon India Power & Infra Fund Nippon India Mutual Fund
₹112 Cr
held
Nov '22
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in
shares, so a price move never looks like buying or selling.
Mutual fundsSep 2026
2 added, 6 trimmed — net +39,148 shares (+0.8%)
Funds are sitting on
-17%
vs est. average cost
Held by funds
₹1.7k Cr
25 schemes · ≈ 7.2% of the company
Biggest holder
HDFC Balanced Advantage Fund
₹402 Cr · 0.4% of that fund
Longest holder
Nippon India Power & Infra Fund
3y 11m · since Nov '22
Shares held by these funds+313%
Oct '2348.66 L sharesSep '26
Your own record
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Compiled directly from KAYNES's filed financial statements, earnings call transcripts, and ownership disclosures.
How did Kaynes Tech (KAYNES) perform in its latest reported quarter (Jun 2026)?
For the quarter ended Jun 2026, Kaynes Tech reported revenue of ₹553 Cr, net profit of ₹77 Cr, an operating margin of 12.0%. Diluted earnings per share stood at ₹11.47.
How is Kaynes Tech (KAYNES) valued today, and what growth does the stock price imply?
Kaynes Tech (KAYNES) trades at ₹3,300, with a market capitalization of ₹22.2k Cr. Reverse-DCF analysis shows the current stock price implies 49.5% annual earnings growth over the next 7 years compared with its historical net-profit CAGR of 38.8%.
Who owns Kaynes Tech (KAYNES) — promoters, FIIs, DIIs, and mutual funds?
As of Sept 2026, Promoters hold 53.3%, FIIs hold 6.1%, DIIs hold 12.5%, Public shareholders hold 28.1%.
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