Kaynes Technology India Limited (KAYNES)
₹3,281.00 +0.64% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, Kaynes Technology's revenue was ₹946 Cr (+40.5% year on year, -23.9% on the previous quarter), and net profit ₹56.4 Cr (-24.4% year on year); the operating margin was 15.6%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹946 | +40.5% | -23.9% |
| Operating profit | ₹148 | +30.5% | -23.9% |
| Net profit | ₹56.4 | -24.4% | -38.0% |
| EPS (₹) | 8.42 | -27.6% | -38.1% |
| Operating margin | 15.6% | — | — |
KAYNES delivery percentage, bulk deals and open interest
NSE end-of-day data for
On Fri, 16 Oct 2026, 20.55% of the KAYNES shares traded on NSE were taken to delivery, against the stock's own 20-session average of 25.04%. That is close to its usual level. Volume was 0.5 times its average, well below normal. In KAYNES futures, open interest fell 0.29% while the futures price rose 0.35%: short covering (shorts closing out). 2 bulk or block deals were reported in KAYNES in the last 60 days: ₹144 Cr bought and ₹145 Cr sold.
Delivery in the last 5 sessions: 24.4% · 18.6% · 23.4% · 26.5% · 20.6%
| Date | Side | Counterparty | Value | Price | Quantity | Type |
|---|---|---|---|---|---|---|
| 22 Sep | Sell | Graviton Research Capital Llp | ₹145.15 Cr | ₹3,507.08 | 413,878 | Bulk |
| 22 Sep | Buy | Graviton Research Capital Llp | ₹144.30 Cr | ₹3,507.01 | 411,449 | Bulk |
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Kaynes Technology India Limited submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate was issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on October 03, 2026. It confirms that all securities received for dematerialisation during the quarter were duly processed, verified, and confirmed to the depositories within prescribed timelines. This is a standard quarterly administrative filing with no financial or operational impact.
- Compliance certificate submitted under Regulation 74(5) of SEBI Regulations, 2018
- Covers the quarter ended September 30, 2026
- Confirmation issued by RTA MUFG Intime India Private Limited on October 03, 2026
- Filing submitted to BSE and NSE on October 07, 2026
Kaynes Technology India Limited has concluded its 18th Annual General Meeting held on September 17, 2026, with all 8 resolutions passed by the requisite majority. A total of 47,386,259 votes were polled out of 67,034,654 shares (70.69% turnout). Notable resolutions included the appointment of Walker Chandiok & Co LLP as statutory auditors and granting loans, guarantees, and investments under Section 186. Notably, for the Section 186 special resolution, 57.70% of public institutional votes polled (6,632,565 votes) voted against it, though it passed with an overall 86.00% majority supported by promoters.
- Overall voter turnout was 70.69% with 47,386,259 votes polled across 439,501 shareholders on record.
- Special Resolution 8 (Section 186 loans/guarantees/investments) passed with 85.9990% overall approval.
- Institutional shareholders showed 57.6992% dissent against the Section 186 enabling resolution (6,632,565 votes against).
- Statutory auditor Walker Chandiok & Co LLP appointment approved with 98.52% overall votes in favour.
Kaynes Technology India Limited has scheduled an analyst and institutional investor meeting organised by Dolat Capital. The group/one-on-one meetings will take place on September 23-24, 2026, in Sanand, Gujarat. The company confirmed that no unpublished price sensitive information (UPSI) will be shared during the interactions.
- Meeting scheduled for September 23-24, 2026
- Organised by Dolat at Sanand, Gujarat
- Format specified as Group Meeting or one-on-one basis
- Company confirmed no unpublished price sensitive information will be shared
Kaynes Technology India Limited conducted its 18th Annual General Meeting on September 17, 2026, with 142 members present. The meeting covered routine and special resolutions, including the adoption of FY26 financial statements and the appointment of Walker Chandiok & Co LLP as statutory auditors. Shareholders also transacted special business regarding loans, guarantees, and investments under Section 186 of the Companies Act, 2013. Formal voting results are pending submission following receipt of the Scrutinizer's Report.
- 18th AGM held on September 17, 2026, commencing at 16:00 IST and concluding at 17:03 IST
- 142 members, including corporate holders, attended the meeting via video conferencing
- Proposed appointment of Messrs. Walker Chandiok & Co LLP as statutory auditors
- Transacted special business to grant loans, guarantees, and investments under Section 186 of the Companies Act 2013
Kaynes Technology India Limited has signed a strategic Memorandum of Understanding (MoU) with BOSGAME (Shenzhen-based computing hardware maker founded in 2019) on August 22, 2026. The partnership aims to bring BOSGAME's intelligent computing portfolio—including mini PCs, laptops, tablets, and monitors—into India using Kaynes's design, engineering, and manufacturing capabilities. Financial terms, investment amounts, and volume commitments were not disclosed in the filing. Kaynes holds PLI scheme approvals across IT Hardware, IoT, and Telecom, aligning with this IT hardware push.
- Signed strategic MoU on August 22, 2026, with BOSGAME / Six United to expand computing hardware presence in India
- Product scope includes intelligent computing devices such as mini PCs, laptops, tablets, and monitors
- Partnership leverages Kaynes's PLI-backed IT Hardware and electronics manufacturing infrastructure
- Commercial deal value, revenue targets, and capex requirements were not disclosed
Kaynes Technology India Limited has released the notice for its 18th Annual General Meeting scheduled for September 17, 2026, alongside its Annual Report for FY 2025-26. The disclosures highlight an order book of ₹83,663 Mn as of March 31, 2026, providing strong multi-quarter revenue visibility compared to its TTM revenue of ₹3,899 Cr. The company continues to target a ₹100,000 Mn revenue milestone by 2030, supported by vertical integration into OSAT and HDI PCB manufacturing.
- 18th AGM scheduled on Thursday, September 17, 2026, at 4:00 PM IST via Video Conferencing.
- Cut-off date for e-voting is September 11, 2026, with voting active between September 14 and 16, 2026.
- Order book stood at ₹83,663 Mn as of March 31, 2026.
- Long-term strategic revenue target reiterated at ₹100,000 Mn by 2030.
Kaynes Technology reported a strong 40% YoY revenue growth to Rs 946 Cr in Q1 FY27, primarily driven by its core EMS business. The company's order book has expanded to ~Rs 9,000 Cr, which is approximately 2.5x its TTM revenue of Rs 3,627 Cr, offering high growth visibility. Management is consciously de-growing the smart metering segment to prioritize collections and balance sheet health. Strategic expansions into OSAT (Semicon) and PCB manufacturing are scheduled to become operational by Q3 FY27, despite minor logistics headwinds from West Asia.
- Q1 FY27 revenue grew 40% YoY to Rs 946 Cr, led by the core EMS segment.
- Order book reached ~Rs 9,000 Cr, providing a massive revenue runway relative to current scale.
- EBITDA stood at Rs 147.6 Cr with a margin of 15.6%, despite global supply chain and commodity cost pressures.
- Kaynes Semicon Unit 2 and Kaynes Circuit Chennai are on track to be operational by Q3 FY27.
- Conscious de-growth in smart metering business implemented to focus on cash collections and working capital normalization.
Kaynes Technology has released the audio recording of its earnings conference call for the quarter ended June 30, 2026. The call, conducted on August 08, 2026, follows the company's Q1 results and provides management commentary on operational performance. This is a procedural filing under SEBI Regulation 30 to ensure transparency for all shareholders. Investors can access the recording via the company's website to review discussions on the company's TTM revenue of ₹3,627 cr and its expansion plans.
- Earnings call for the quarter ended June 30, 2026, was conducted on August 08, 2026.
- Audio recording link made available on the company website as per SEBI compliance.
- Company maintains a TTM revenue of ₹3,627 cr and a market capitalization of ₹25,434 cr.
- Management commentary typically covers the progress of OSAT and HD PCB divisions scheduled for FY26.
Kaynes Technology has issued a corrigendum to its audited FY26 financial results to correct classification errors in its balance sheet and Other Comprehensive Income (OCI) statements. Long-term provisions were reduced by Rs 40.48 million (approx. Rs 4.05 Cr), with a corresponding increase in short-term provisions. There is also a reclassification within OCI between items that will and will not be recycled to the profit and loss account. Importantly, there is no change to the total liabilities, net profit, or total comprehensive income for the period.
- Long-term provisions reclassified from Rs 167.48 Million down to Rs 127.00 Million
- Short-term provisions increased from Rs 10.09 Million to Rs 50.57 Million
- Total liabilities as of March 31, 2026, remain completely unchanged
- Consolidated Other Comprehensive Income for FY26 remains constant at Rs 162.07 Million
- Standalone Other Comprehensive Income for FY26 remains constant at Rs 15.85 Million
Kaynes Technology reported a robust 40% YoY revenue growth in Q1 FY27, reaching ₹946 Cr, led by its Industrial and Automotive verticals. However, EBITDA margins contracted by 120 bps to 15.6% as raw material costs surged 57% YoY, significantly outpacing revenue growth. Net profit for the quarter declined to ₹56.4 Cr from ₹74.6 Cr in the year-ago period, pressured by a 137% increase in depreciation and higher finance costs. The company is maintaining its aggressive expansion strategy into OSAT and PCB manufacturing to drive vertical integration.
- Revenue from operations increased 40% YoY to ₹946 Cr in Q1 FY27 from ₹673.5 Cr.
- Raw material costs rose 57% YoY to ₹620.5 Cr, reflecting supply chain pressures and commodity price hikes.
- EBITDA margins compressed to 15.6% compared to 16.8% in the same quarter last year.
- Depreciation and amortization expenses jumped 137% to ₹37 Cr due to ongoing capacity expansions.
- Industrial vertical continues to dominate the revenue mix at 55%, followed by Automotive at 25%.
Kaynes Technology has confirmed zero deviation or variation in the utilization of funds raised through its Qualified Institutional Placements (QIPs) for the quarter ended June 30, 2026. The company specifically tracked proceeds from its December 21, 2023, QIP which raised approximately ₹1,400 crore, and its subsequent QIP on June 24, 2025. Monitoring agencies ICRA and CRISIL have overseen the fund deployment, ensuring capital is used according to the objects stated in the offer documents. This routine filing confirms that the company is adhering to its planned capital expenditure and operational goals without diverting funds.
- Confirmed zero deviation in fund utilization for the quarter ended June 30, 2026.
- Total of ₹1,399,99,98,648.00 raised via the QIP allotment on December 21, 2023.
- Second QIP allotment completed on June 24, 2025, monitored by CRISIL Ratings Limited.
- Audit Committee and Board of Directors reviewed and approved the statement on August 07, 2026.
Kaynes Technology reported a strong 40% YoY revenue growth to ₹946 crore for Q1 FY27, driven by its expanding ESDM portfolio. However, profitability faced significant pressure as PAT declined 24% YoY to ₹56.4 crore, with PAT margins contracting from 11.1% to 6.0%. The order book remains a major strength, growing to ₹8,903.8 crore, which represents approximately 2.45x of the TTM revenue. While EBITDA grew 31% YoY, EBITDA margins compressed by 120 bps to 15.6%, reflecting potential cost pressures or investments in new divisions.
- Revenue grew 40% YoY to ₹946 crore in Q1 FY27 compared to ₹673.5 crore in Q1 FY26.
- Order book increased to ₹8,903.8 crore as of June 30, 2026, up from ₹7,401.1 crore a year prior.
- Net Profit (PAT) declined by 24% YoY to ₹56.4 crore from ₹74.6 crore.
- EBITDA margins compressed by 120 bps to 15.6% from 16.8% in the previous year's quarter.
- PAT margins saw a sharp contraction of 510 bps, dropping to 6.0% from 11.1% YoY.
Kaynes Technology has approved the appointment of Messrs. Walker Chandiok & Co LLP as its new statutory auditor, replacing Messrs. K.P. Rao & Co. The appointment is for a five-year tenure, spanning from the 18th Annual General Meeting (FY2026-27) to the 23rd AGM (FY2031-32). This transition occurs as the outgoing auditor completes their first term. The move to a larger, nationally recognized firm with 98 partners aligns with Kaynes' growth, as it currently maintains a market capitalization of ₹25,434 Cr.
- Appointment of Walker Chandiok & Co LLP for a continuous 5-year term starting FY2026-27.
- Outgoing auditor K.P. Rao & Co completed their first term at the 18th Annual General Meeting.
- Incoming firm Walker Chandiok & Co LLP operates with 98 partners and 20 offices across India.
- The Board meeting for this approval lasted 3 hours and 50 minutes, concluding at 16:10 IST on August 07, 2026.
Kaynes Technology's board approved the unaudited financial results for Q1 FY27 and recommended the appointment of Walker Chandiok & Co LLP as statutory auditors for a five-year term. The company allotted 1,87,837 equity shares under its 2022 ESOP scheme at an exercise price of ₹138 per share, representing a significant discount to the current market price of ₹3856.3. This allotment results in a marginal equity dilution of approximately 0.28%. The 18th Annual General Meeting is scheduled for September 17, 2026.
- Allotment of 1,87,837 equity shares of ₹10 face value under the Kaynes ESOP Scheme 2022.
- Exercise price for ESOPs fixed at ₹138 per share, totaling approximately ₹2.59 Cr in capital infusion.
- Paid-up equity share capital increased from ₹67.03 Cr to ₹67.22 Cr following the allotment.
- Appointment of Walker Chandiok & Co LLP as Statutory Auditors for a 5-year term (FY27 to FY32).
- 18th Annual General Meeting (AGM) to be held on September 17, 2026, with a voting cut-off date of September 11, 2026.
Kaynes Technology India Limited has announced a group meeting with institutional investors in Singapore, scheduled for August 19, 2026, organized by Axis Capital. The company, which has a market capitalization of Rs 25,260 Cr, is currently scaling its operations with a focus on semiconductor OSAT and HD PCB divisions expected to be operational in FY26. These meetings are part of regular investor relations activities to discuss business strategy without sharing unpublished price sensitive information. Investors should note the company's high TTM P/E of 69.5, reflecting significant growth expectations built into the current valuation.
- Investor meeting scheduled for August 19, 2026, in Singapore.
- Meeting organized by Axis Capital as a group or one-on-one interaction.
- Company reported TTM revenue of Rs 3,627 Cr with an operating margin of 15.8%.
- Promoter holding remains stable at 53.46% as of June 2026.
- Company is targeting a 51% expected growth rate through vertical integration.
Financial Performance
Revenue Growth by Segment
Consolidated revenue grew 50.8% YoY to INR 27,217.52 Mn in FY25. The core EMS segment remains the primary driver, while the newly acquired Iskraemeco smart metering business contributed INR 532.7 Cr in H2 FY25.
Geographic Revenue Split
Not disclosed in available documents, though the company maintains a diversified portfolio across multiple geographies and sectors to mitigate concentration risks.
Profitability Margins
Net Profit Margin improved to 10.80% in FY25 from 10.20% in FY24. Operating Profit Margin stood at 30.20% in FY25, up from 26.30% in FY24, reflecting improved debt metrics and asset turnover.
EBITDA Margin
EBITDA Margin increased by 100 bps to 15.10% in FY25 from 14.10% in FY24, driven by operational efficiency and margin expansion of 62 basis points in core operations.
Capital Expenditure
The company raised INR 1,600 Cr through a Qualified Institutional Placement (QIP) in June 2025 to fund large-scale capex for its upcoming OSAT and HD PCB divisions.
Credit Rating & Borrowing
CRISIL and ICRA maintain a Positive/Stable outlook. The company maintains a comfortable capital structure with a gearing of 0.18x and a total outside liabilities to tangible net worth (TOLTNW) ratio of 0.44x.
Operational Drivers
Raw Materials
Key raw materials include high-definition Printed Circuit Boards (PCBs), semiconductor components, and electronic assemblies. These are critical for the EMS and upcoming OSAT divisions.
Import Sources
Not disclosed in available documents, but the company acknowledges a significant dependence on imports for key raw materials.
Capacity Expansion
The High-Definition (HD) Printed Circuit Board (PCB) and Outsourced Semiconductor Assembly and Test (OSAT) divisions are scheduled to become operational in fiscal 2026.
Raw Material Costs
Raw material costs are subject to volatility in commodity prices and foreign exchange rates. The company uses strategic procurement and scale to support long-term margin stability.
Manufacturing Efficiency
Operating efficiency is reflected in a healthy Return on Capital Employed (RoCE) and stable margins, supported by economies of scale and experienced management.
Strategic Growth
Expected Growth Rate
51%
Growth Strategy
Growth will be achieved through vertical integration into the semiconductor value chain (OSAT and HD PCB divisions operational in FY26), scaling high-margin verticals, and integrating the Iskraemeco smart metering business.
Products & Services
Electronic Manufacturing Services (EMS), Smart Meters (Iskraemeco), Printed Circuit Board Assemblies (PCBA), Box Build, and upcoming OSAT services and HD PCBs.
Brand Portfolio
Kaynes Technology, Iskraemeco.
New Products/Services
Launch of OSAT and HD PCB manufacturing services in FY26, expected to significantly enhance the order book and revenue visibility.
Market Expansion
Expansion into the global semiconductor market through OSAT initiatives and strengthening presence in high-growth sectors like Aerospace and Defense.
External Factors
Industry Trends
The industry is shifting toward domestic semiconductor manufacturing and high-density electronics. Kaynes is positioning itself as an end-to-end partner by adding OSAT and PCB capabilities.
Competitive Landscape
Operates in a competitive EMS environment; focuses on scaling high-margin verticals and driving operational efficiency to maintain a competitive edge.
Competitive Moat
The moat is built on three decades of EMS experience, vertical integration into semiconductors, and a highly diversified end-user base which provides stability against industry-specific downturns.
Macro Economic Sensitivity
Sensitive to regulatory changes in government-linked sectors like Railways and Defense, which can impact project timelines and order flow.
Consumer Behavior
Increasing demand for smart metering and advanced electronic components in automotive and industrial sectors is driving the shift toward high-tech manufacturing services.
Geopolitical Risks
Dependence on imports for key electronic components makes the company vulnerable to global trade disruptions and supply chain bottlenecks.
Regulatory & Governance
Industry Regulations
Operations are subject to regulatory changes in government-linked sectors and incentive-linked programs (PLI schemes) which impact project scale-up and revenue recognition.
Legal Contingencies
Contingent liabilities increased to INR 520 Cr (18% of net worth) in FY25, primarily due to INR 190 Cr in performance bank guarantees for Iskraemeco projects and INR 130 Cr in corporate guarantees for subsidiaries.
Risk Analysis
Key Uncertainties
Potential delays in scaling new operational expansions (OSAT/PCB) could impact revenue by delaying the realization of the current order book.
Third Party Dependencies
Significant dependency on third-party suppliers for imported semiconductors and electronic components.
Technology Obsolescence Risk
The company manages technology risk through ERP-integrated processes and a robust internal control system to ensure operational efficiency.
Credit & Counterparty Risk
Receivables are managed through active discounting of invoices under supply chain finance arrangements to maintain liquidity and reduce credit exposure.
