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Swing Capital

Kaynes Technology India Ltd

NSE: KAYNES BSE: 543664IT / Software

Incorporated in 2008, Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company. The company provides conceptual design, process engineering, integrated manufacturing, and life-cycle support for major players in the automotive, industrial, aerospace and defense, outer-space, nuclear, medical, railways, Internet of Things ("IoT"), Information Technology ("IT") and other segments.[1]

₹3,135
52W: ₹3128 — ₹7705
PE 82.2 · Book ₹671 · +367% vs book
Market Cap₹21,018 Cr
Stock P/E82.2Price to Earnings
ROCE10.6%Return on Capital
ROE7.17%Return on Equity
Div. Yield0%Face Value ₹10

Strengths

  • +Company has reduced debt.
  • +Company is almost debt free.
  • +Company has delivered good profit growth of 97.3% CAGR over last 5 years

Weaknesses

  • −Stock is trading at 4.74 times its book value
  • −Though the company is reporting repeated profits, it is not paying out dividend
  • −Company has a low return on equity of 7.47% over last 3 years.
  • −Earnings include an other income of Rs.171 Cr.
  • −Promoter holding has decreased over last 3 years: -10.1%
  • −Working capital days have increased from 267 days to 486 days

Shareholding Pattern

Promoters53.46%
FIIs7.28%
DIIs15.13%
Public24.12%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters57.83%57.75%▼0.157.75%57.75%53.52%▼4.253.46%▼0.153.46%53.46%
FIIs14.27%14.92%▲0.714.84%▼0.111.17%▼3.710.71%▼0.510.71%8.87%▼1.87.28%▼1.6
DIIs17.88%16.07%▼1.815.04%▼1.016.98%▲1.922.39%▲5.423.66%▲1.316.73%▼6.915.13%▼1.6
Public10.03%11.25%▲1.212.37%▲1.114.1%▲1.713.36%▼0.712.17%▼1.220.93%▲8.824.12%▲3.2

Financial Statements

MetricDec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Sales317375350433396737451467522688
Expenses275323302360347653385404448602
Operating Profit42524873498465637486
OPM %13%14%14%17%12%11%15%14%14%12%
Net Profit26504963386054636671
EPS ₹4.037.787.599.775.949.448.119.389.8410.58

AI Insights

Revenue Trend

Mar 2026 revenue at ₹2,128Cr, up 11.1% YoY. OPM at 14%.

Debt Position

Borrowings at ₹320Cr. Debt-to-equity ratio: 0.07x. Healthy balance sheet.

Capex Cycle

CWIP at ₹6Cr (1% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 15.13% (+2.01pp change). FIIs: 7.28% (-0.68pp change). Promoters hold 53.46%.

Margin & Efficiency

ROCE improving from 0% (Mar 2018) to 11% (Mar 2026). Working capital days: 486.

Valuation

PE 82.2x with 10.6% ROCE. Price is 367% above book value of ₹671. Dividend yield: 0%.

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