KAYNES

Kaynes Tech share price & financials

Price
₹3,253.1
Market cap
₹25.8k Cr
Sector
Capital Goods
Calls analysed
7
Latest concall · Q1 FY27 · call held 08 Aug 2026

Kaynes Tech Q1 FY27

Revenue ₹946 cr +40%EBITDA ₹147.6 cr +31%EBITDA Margin 15.6%

What went well

  • Total revenue grew 40% YoY to ₹946 crores.
  • EBITDA grew 31% YoY to ₹147.6 crores, with a 15.6% margin.
  • Secured a robust order book of ₹9,000 crores, adding ₹1,500 crores in new orders this quarter.

What to watch

  • Smart metering business degrew by 12% YoY to ₹204 crores due to collection issues and a strategic decision to prioritize balance sheet health.
  • EBITDA margins were softer due to cost escalation from global supply chain issues, macro factors, and higher depreciation.
Read the full call →

What Kaynes Tech does

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

Guidance record · Q1 FY27

what the last two calls moved 20 tracked 2 delivered 7 missed 11 open
  • FY26 Revenue Growth missed said Q4 FY25 Promised: Minimum 60% growth Q1 FY27: Target period FY26 has passed. The final verdict remains missed.
  • Metering Business OCF at risk said Q4 FY26 Promised: Positive by year-end 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.
  • Total Revenue on track said Q4 FY25 Promised: $1 billion by FY28 Q1 FY27: Q1 FY27 revenue grew 40% YoY, with core EMS growing 53%. While challenges remain, the strong top-line growth keeps this long-term target viable.

All 20 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 40.6%, net profit down 25.3% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue572 661 984 673 906 +58%804 +22%1,243 +26%946 +41%
EBITDA82 94 168 113 148 +80%119 +27%194 +15%148 +31%
Net profit60 66 116 75 121 +102%77 +17%91 −22%56 −25%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance −50.6% 1Y

₹3.0k₹4.0k₹5.0k₹6.0k₹7.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 8 Dec 2025Q3 FY26 — 6 Feb 2026Q4 FY26 — 14 May 2026Q1 FY27 — 7 Aug 2026

1Y: ₹7,097.5 on 10 Sept 2025 → ₹3,505. High ₹7,593 (7 Oct 2025), low ₹3,001 (20 May 2026).

How the price took the results

close before → close after

Q1 FY27
−3.1%
8 Aug
Q4 FY26
−20.1%
14 May
Q3 FY26
+2.3%
6 Feb
Q2 FY26
−12.6%
8 Dec

The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.

Financials, as filed

Revenue grew 47.7% a year over 3 years, FY23 to FY26. Operating margin widened to 15.8%.

Year endingFY23FY24FY25FY26
Revenue₹1.1k Cr₹1.8k Cr₹2.7k Cr₹3.6k Cr
Operating profit₹168 Cr₹254 Cr₹411 Cr₹574 Cr
Operating margin14.9%14.1%15.1%15.8%
Interest₹34 Cr₹53 Cr₹101 Cr₹117 Cr
Depreciation₹20 Cr₹25 Cr₹45 Cr₹107 Cr
Net profit₹95 Cr₹183 Cr₹293 Cr₹364 Cr
Net margin8.4%10.1%10.8%10.0%
Cash from operations₹-42 Cr₹88 Cr₹-82 Cr₹-600 Cr
Free cash flow₹-100 Cr₹-295 Cr₹-1.0k Cr₹-1.8k Cr
ROCE22.0%15.0%14.0%13.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹7 Cr₹46 Cr₹58 Cr₹64 Cr₹67 Cr₹67 Cr
Reserves₹132 Cr₹156 Cr₹901 Cr₹2.4k Cr₹4.6k Cr₹4.7k Cr
Borrowings₹148 Cr₹189 Cr₹155 Cr₹323 Cr₹885 Cr₹913 Cr
Other liabilities₹132 Cr₹231 Cr₹305 Cr₹456 Cr₹1.2k Cr₹1.2k Cr
Total liabilities₹419 Cr₹622 Cr₹1.4k Cr₹3.3k Cr₹6.7k Cr₹6.9k Cr
Fixed assets₹80 Cr₹113 Cr₹132 Cr₹319 Cr₹1.7k Cr₹1.6k Cr
Capital work in progress₹13 Cr₹8 Cr₹29 Cr₹105 Cr₹402 Cr₹511 Cr
Investments₹2 Cr₹2 Cr₹3 Cr₹132 Cr₹425 Cr₹257 Cr
Other assets₹325 Cr₹499 Cr₹1.3k Cr₹2.7k Cr₹4.3k Cr₹4.5k Cr
Total assets₹419 Cr₹622 Cr₹1.4k Cr₹3.3k Cr₹6.7k Cr₹6.9k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public added +15.57 pp while DIIs trimmed −10.61 pp. The shareholder count grew 100% to 4,49,428.

Promoters
53.5%
FIIs
5.8%
DIIs
11.8%
Public
28.9%

Since Jun 2025

  • Public +15.57 pp
  • DIIs −10.61 pp
  • FIIs −4.89 pp

How it drifted, 12 quarters

Over this window the public went from 10.9% to 28.9% — +18.0 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 63.6%, FIIs 9.9%, DIIs 15.6%, Public 10.9%.Dec '23: Promoters 57.8%, FIIs 12.7%, DIIs 19.0%, Public 10.4%.Mar '24: Promoters 57.8%, FIIs 14.2%, DIIs 18.4%, Public 9.6%.Jun '24: Promoters 57.8%, FIIs 14.3%, DIIs 17.9%, Public 10.0%.Sep '24: Promoters 57.8%, FIIs 14.9%, DIIs 16.1%, Public 11.3%.Dec '24: Promoters 57.8%, FIIs 14.8%, DIIs 15.0%, Public 12.4%.Mar '25: Promoters 57.8%, FIIs 11.2%, DIIs 17.0%, Public 14.1%.Jun '25: Promoters 53.5%, FIIs 10.7%, DIIs 22.4%, Public 13.4%.Sep '25: Promoters 53.5%, FIIs 10.7%, DIIs 23.7%, Public 12.2%.Dec '25: Promoters 53.5%, FIIs 8.9%, DIIs 16.7%, Public 20.9%.Mar '26: Promoters 53.5%, FIIs 7.3%, DIIs 15.1%, Public 24.1%.Jun '26: Promoters 53.5%, FIIs 5.8%, DIIs 11.8%, Public 28.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 2026

Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.

The same filing shows 3 holders trimming and 1 off the list — both are in the register beside this.

Who is on the register

Named in the Jun 2026 filing

Every holder of Kaynes Tech above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Ramesh Kunhikannan 53.43%unchanged
Nippon Life India Trustee Ltd-A/C Nippon India Small Cap Fund Mutual fund3.56%−0.53 pp
HDFC Trustee Company Ltd. A/C HDFC Balanced Advantage Fund Mutual fund3.55%−0.22 pp
Freny Firoze Irani 1.60%unchanged
Axis Mutual Fund Trustee Limited A/C Axis Mutual Fund A/C Axis Small Cap Fund Mutual fund1.19%−0.19 pp
Savitha Ramesh 0.03%unchanged
Centena International Services Private Limited 0.00%unchanged
Screen Check (India) Private Limited 0.00%unchanged
Emphor Industrial Systems India Private Limited 0.00%unchanged
Aaviza Electronics Private Limited (formerly known as Kaynes Interconnection Systems India Private Limited) 0.00%unchanged
Zari Aura Hospitality Services Private Limited 0.00%unchanged
Thusti Semiconductors Private Limited 0.00%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 Aug 2026

1 new, 8 added, 2 trimmed, 1 sold out — net +2.79 L shares (+6.1%).

Held by funds
₹1.8k Cr
25 schemes
Biggest holder
HDFC Balanced Advantage Fund
₹437 Cr · 0.4% of that fund
SchemeHoldingLast month
HDFC Balanced Advantage Fund HDFC Mutual Fund₹437 Crheld
HDFC Large and Mid Cap Fund HDFC Mutual Fund₹223 Crheld
Nippon India Value Fund Nippon India Mutual Fund₹188 Cr+1.92 L
Nippon India Small Cap Fund Nippon India Mutual Fund₹177 Crheld
Nippon India Multi Cap Fund Nippon India Mutual Fund₹151 Crheld
HDFC Manufacturing Fund HDFC Mutual Fund₹150 Crheld
Nippon India Flexi Cap Fund Nippon India Mutual Fund₹130 Cr+0.86 L
Nippon India Power & Infra Fund Nippon India Mutual Fund₹118 Crheld

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 funds Aug 2026

8 added, 2 trimmed — net +2.79 L shares (+6.1%)

Funds are sitting on
-18%
vs est. average cost
Held by funds
₹1.8k Cr
25 schemes · ≈ 6.1% of the company
Biggest holder
HDFC Balanced Advantage Fund
₹437 Cr · 0.4% of that fund
Longest holder
Nippon India Power & Infra Fund
3y 10m · since Nov '22

Shares held by these funds +248%

Aug '23 46.25 L shares Jul '26

What the price assumes

Attractive

To justify its price of ₹3505, this stock must grow earnings at 41% every year for 7 years. Our analysis caps realistic growth at ~56%. At that growth it is worth ₹6888 — upside of 97%.

Growth the price implies
41.2% a year
for 7 years, fading to 4%
It has actually compounded at
56.5% a year
net profit, FY23–FY26
The gap
-0.2 pp
97% downside if it only repeats history
Price today ₹3,505 Value at the reference growth ₹6,888.42

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Kaynes Tech

Guides on how to read this kind of business and the numbers that matter.