EMS + semiconductor (OSAT/PCB)
Kaynes Technology India Limited specializes in end-to-end integrated electronics manufacturing, with expertise in electronics system design and IoT solutions for various industries including automotive, aerospace, and IoT.
Kaynes Technology India Limited designs, manufactures, and sells electronic modules and solutions in India and internationally. It provides conceptual design, process engineering, integrated manufacturing, and life cycle support for various industries including automotive, industrial, aerospace and defence, outer-space, medical, railways, internet of things, information technology, and other industries. Kaynes Technology India Limited was founded in 1988 and is based in Mysore, India.
Key people: Ms. Savitha Ramesh (Chairperson) · Mr. Jairam Paravastu Sampath (CFO & Whole-time Director) · Dr. Narayanaswamy Muthukumar (MD & Director) · Colonel Dilip Nambiar (Senior Vice President of Operations) · Ms. Sudhasri Addepalli (Company Secretary & Compliance Officer) · Ms. Premita Govind (Head of Human Resources)
Kaynes Technology major competitors are Avalon Technologies, Syrma SGS Technology, Cyient DLM. Market Cap of Kaynes Technology is ₹23,824 Crs. While the median market cap of its peers are ₹16,487 Crs.
Kaynes Technology seems to be less financially stable compared to its competitors.Altman Z score of Kaynes Technology is 7.91 and is ranked 4 out of its 4 competitors.
Yahoo profile 23 Sept 2026 · Tijori 23 Sept 2026
Latest reported mix as compiled by Tijori from company disclosures; percentages of revenue.
As the company reports them. They can differ from the ratio table on the Financials tab, which uses Tijori's own definitions (for example NIM on average total assets rather than on interest-earning assets); the Cross-check panel there lines both up.
Mysuru-based end-to-end electronics manufacturing services (EMS) company doing design-led box-build and PCB assembly for automotive, industrial, aerospace/defence, railways, medical and IoT customers - a high-mix, higher-margin niche (16% EBITDA margin vs Dixon's ~3%). It is building India's first commercial OSAT (semiconductor packaging) plant at Sanand, Gujarat (commercialised Mar-2026, multi-chip module shipped) and a bare-PCB/HDI plant in Chennai (Kaynes Circuits), to move up from assembly into components. FY26 revenue Rs 3,626 cr; order book ~Rs 8,900 cr (+20% YoY) at Jun-26.
TTM P/E 71x; stock is -49% over 1 year (52-wk range Rs 2,995-7,705) so the multiple has compressed sharply from >100x at the 2025 peak, though 5-yr average P/E not sourced. EV/EBITDA computed on Rs 25,466 cr EV (mcap + ~Rs 800 cr net debt) / TTM EBITDA Rs 609 cr. EV/EBITDA 41.8x; dividend yield 0.0%.
| Dixon Technologies | Dixon (P/E 46x, mcap Rs 86,679 cr) is 92% mobile/EMS at 2.6-3.0% EBITDA margin with ROCE falling to 34% from 45% after Mobile PLI 1.0 expiry; Kaynes has 5x the margin, a 2.3x order-book cover and component (OSAT/PCB) optionality Dixon lacks. |
| Syrma SGS | Syrma (P/E 85x, ROE 14%, FY26 PAT Rs 346 cr) is priced higher than Kaynes on trailing earnings with a more consumer/auto-commodity mix and no semiconductor/PCB backward-integration programme. |
| Amber Enterprises | Amber (P/E 127x, ROE 6%) is a seasonal RAC-component business (Q1FY27 PAT just Rs 3 cr on Rs 3,888 cr sales) with lower margins and heavier capex intensity; Kaynes' industrial/defence mix is less seasonal and higher margin. |
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Share of revenue as disclosed in filings (Tijori normalisation). Segment profit measure: not disclosed in this source — segment EBIT/EBITDA/PBT are not shown rather than estimated. Eliminations and unallocated costs not available here.
Info Tech — 6.5%: mostly not IT services
The internal "Info Tech" bucket holds four very different businesses and only one of them — Infosys, at 0.7% — is the tactical IT-services trade the house describes in its notes. That trade is deliberately small. Price a mature services company at zero terminal growth with 100% of profits paid out and an 8% required yield and the floor is about 12x earnings; the sector fell from roughly 30x toward that floor, which made a small dip worth buying. We see neither a case above 20x nor a collapse below 12x: a corridor of uncertainty held at 2–3% across the strategy, a position we expect to eventually exit. The reason the upside is capped is AI: the work does not go away (the back end of US banking still runs on 1970s books that must reconcile with new front ends) but far fewer people will be needed to do it. Infosys guides 1.5–3% constant-currency growth for FY27 with AI already 8% of revenue. The other three names are owned for entirely different reasons. Kaynes is electronics manufacturing — India's EMS market went from $10–12 bn in FY20 to $40–45 bn in FY25 and could exceed $150 bn by FY30 on the back of PLI, the ₹40,000 crore component scheme and import substitution. Paytm is a payments and lending platform in the world's largest real-time payment system (UPI: 24 bn transactions a month, +22%) whose regulator-inflicted crisis has passed. Indegene is a life-sciences commercialisation outsourcer riding the same $350 bn patent cliff as our pharma names — and its AI exposure is a tailwind, not a threat.
We do not own TCS, HCL Tech or Wipro because if we are going to hold a small tactical position in a sector with a capped upside we want the cheapest large franchise with the cleanest AI narrative — Infosys. Dixon (2.6–3% margins, PLI 1.0 expired, ROCE falling) is volume without value; Syrma and Amber are priced higher than Kaynes on trailing earnings with lower margins. PB Fintech is priced at 90x+ for an insurance-distribution model; Eternal is a quick-commerce cash-burn story we hold only in the AIFs. Persistent and Sagility lack Indegene's domain moat.