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Release
August 2026 · rev 1
Opportunities PMS · Published
As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI
Present
Internal working platform. Published figures are extracted from the August 2026 source package and reviewed; reference prices and fundamentals are unlicensed working data, not for redistribution. Past performance is not indicative of future returns.
Company Atlas/Info Tech/Kaynes Technology India
NSE: KAYNES· Info TechTurnaround · Aug 26Small cap

Kaynes Technology India

EMS + semiconductor (OSAT/PCB)

Last close
₹3,511.50
29 Sept 2026 · reference
1D · 1M
−4.0% · −10.9%
price-only
Weight
2.4%
31 Jul 2026 · Aug rank 12
Thesis review
8 Sep 2026
Why We Own, p46
Coverage owner: Research (per book); latest results Q Jun-26Buoyant AIF I Top 30 Holdings - Aug 2026.pdf · p1Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026) · p46Screener ↗Tijori ↗NSE ↗
OverviewBusiness & segmentsChartsFinancialsValuationThesisRisks & catalystsCompetitorsResearch & documents
Broker research · 2 reports

Sell-side views, extracted from the PDFs on file

Antique Stock Broking LimitedHOLDdailymulti-company
Antique's Morning Presentation - From The Research Desk (Indian Banking Sector; NBFC 1QFY27 Review; Cement; FMCG)
19 Aug 2026 · Manjith Nair, Pashmi Chheda, Raju Barnawal · 86 pp · open PDF ↗
Target
₹3,553
At report
₹3,644
Vs our close
+1.2%

Kaynes Technology India appears only in the Valuation Guide appendix (no dedicated commentary), rated HOLD with a target price below CMP (-2%).

Key points
  • Valuation Guide: TP Rs 3,553 (-2%), Mcap $2.6bn, FY27E/FY28E EPS Rs 83.4/111.0, P/E 43.7x/32.8x, EV/EBITDA 28.3x/22.6x

Extraction note: This is a very long (86-page) multi-sector daily; only sections/data relevant to tracked portfolio companies were extracted in depth. The daily's Banking sector report (pages 3-60) also covers non-portfolio banks in similar depth: Kotak Mahindra Bank, IndusInd Bank, Federal Bank,…

Motilal OswalBuyresult update
Kaynes Technologies: Core EMS business drives growth
8 Aug 2026 · Sumant Kumar, Yash Darak, Nirvik Saini · 12 pp · open PDF ↗
Target
₹5,000
At report
₹3,856+30% printed
Vs our close
+42.4%

Motilal Oswal reiterates BUY on Kaynes Technologies after 1QFY27 EBITDA grew 31% YoY to INR1.5bn (ahead of estimate), driven by core EMS growth of 48% YoY that more than offset a 12% YoY decline in smart-metering revenue. Despite the operating beat, adjusted PAT fell 24% YoY on higher depreciation, interest and tax, and lower other income, leading the broker to cut FY27E/FY28E EPS by 11%/5% while retaining its BUY rating and TP of INR5,000, based on 40x FY28E EPS.

Thesis
  • 1QFY27 consolidated revenue grew 41% YoY to INR9.5bn (vs estimate INR8.6bn); EBITDA grew 31% YoY to INR1.5bn (vs estimate INR1.3bn), led by core EMS growth of 48% YoY
  • Broad-based vertical growth: Automotive/Industrials/Aerospace/Medical/IT/Railways grew 35%/31%/2.8x/2.8x/69%/81% YoY
  • Order book stood at INR89bn as of Jun'26, up 20% YoY/6% QoQ, supporting sustained revenue growth momentum
  • Company targets combined OSAT+PCB revenue of INR4.5-5.0bn in FY27, with commercial production from both expected to start in 3Q/4QFY27
  • Working capital days rose to 163 from 122 YoY on inventory build-up to secure components amid supply disruptions; expected to normalize as inventory is consumed and company targets turning cash-positive by end-FY27
  • Broker estimates revenue/EBITDA/adj. PAT CAGR of 41%/44%/52% over FY26-FY28, reiterating BUY with TP of INR5,000 (40x FY28E EPS)
Risks
  • Component price inflation across MCUs/power devices (+15-85%), DRAM/NAND (+40-105%), MLCCs/tantalum capacitors (+15-60%) and other categories, tightening supply conditions to COVID-era levels
  • Escalation in West Asia has caused slippage in the ramp-up schedule for PCB and OSAT projects
  • Elevated effective tax rate due to loss-making entities in the consolidated business
  • Net working capital days rose sharply (163 in 1QFY27 vs 122 in 1QFY26), with negative operating cash flow of ~INR2.5bn in the quarter
  • Decline in smart-metering business revenue (-12% YoY) and rising metering receivables (INR11bn to INR13bn)
1QFY27 highlights
  • Gross sales INR9,460mn, up 40.5% YoY
  • EBITDA INR1,476mn, up 30.5% YoY; EBITDA margin 15.6%, down 120bps YoY
  • Adjusted PAT INR564mn, down 24.4% YoY
  • Core EMS business grew 48% YoY, offsetting a 12% YoY decline in smart-metering revenue
  • Order inflows flat YoY at INR14.8bn; order book grew 20% YoY / 6% QoQ to INR89bn
  • Net working capital days rose to 163 from 122 in 1QFY26
Catalysts
  • Commercial revenue commencement in OSAT and PCB businesses from 3Q/4QFY27
  • First prototype satellite launch targeted mid-FY28 under Kaynes' space-tech initiative with ISRO
  • New titanium gas-bottle manufacturing opportunity for ISRO and DRDO providing a second anchor defense customer
  • Strategic partnership with Mitsui providing access to the Japanese semiconductor market for the OSAT business
Broker estimatesUnitFY26FY27EFY28E
Sales₹ b36.351.971.9
EBITDA₹ b5.78.411.9
Adj. PAT₹ b3.75.18.4
EBITDA Margin%15.816.116.5
Adj. EPS (Consolidated)₹54.675.5125.5
EPS Growth%24.738.166.3
BV/Share₹709.2784.6910.1
RoE%9.610.114.8
RoCE%9.610.314.4
P/Ex705131
EV/EBITDAx452920

Valuation: 40x FY28E EPS. Broker reiterates BUY with TP of INR5,000, premised on 40x FY28E consolidated EPS of INR125.5. FY27E/FY28E revenue estimates revised +2%/-1% and EBITDA +3%/0%, but adjusted PAT and EPS were cut 11%/5% for FY27E/FY28E respectively, reflecting the lower-than-estimated 1Q earnings from higher depreciation and tax and lower other income; TP of INR5,000 unchanged.

Extraction note: Values in the summary box are in INR billion (INRb); the detailed quarterly and annual income statement/balance sheet tables in the body are in INR million (INRm) as printed.

Figures are transcribed from each broker's PDF as printed (units as the broker states them) and are the broker's estimates, not Buoyant's. "Vs our close" recomputes the target against the latest reference close (29 Sept 2026).

SWOT

Strengths · Weaknesses · Opportunities · Threats

Draft
Strengths
  • Fastest-growing listed Indian EMS at scale: 5-yr sales CAGR 54% and PAT CAGR 104% (screener); FY26 revenue +33% to Rs 3,626 cr and Q1FY27 +40%; management guides ~30% FY27 growth ('2x industry') and ~17% EBITDA margin.
  • Order book Rs ~8,900 cr (+20% YoY) = ~2.3x FY26 revenue, weighted to industrial, auto and aerospace/defence where margins (16%) are 5x Dixon's mobile-EMS margins (2.6-3.0%).
  • OSAT + PCB step-up: Rs 1,250 cr invested to date (Rs 700 cr OSAT with Rs 170 cr subsidy received; Rs 500 cr PCB), both to reach operational readiness by Q3FY27 with a combined Rs 450-500 cr revenue target in FY27 and higher-margin component revenue thereafter; Sanand shipped India's first commercial multi-chip module in Mar-26.
  • Policy tailwind: India EMS market $40-45 bn in FY25 heading past $150 bn by FY30 (KPMG, Jun-26) and MOFSL's Rs 6 lakh cr FY27 EMS estimate (26% CAGR); ISM 2.0/ECMS incentives directly subsidise Kaynes' OSAT/PCB capex.
Weaknesses
  • vs 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.
  • vs 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.
Opportunities
  • Q3FY27 (Oct-Dec 2026): commercial ramp of Sanand OSAT and Chennai PCB plants; first meaningful component revenue.
  • Q2FY27 results (Nov-2026): evidence of working-capital normalisation and margin recovery toward 17% guidance.
  • ISM 2.0 / ECMS approvals and any anchor OSAT customer announcements (Kaynes was linked to advanced-node packaging news in 2026).
Threats
  • Working capital and cash burn: debtor days 154 and working-capital days 133 at Mar-26 (from 64), FY26 operating cash flow -Rs 600 cr; net debt rose to ~Rs 800 cr in Q1FY27 - growth is being funded by the balance sheet.
  • Execution/timing of OSAT and PCB: both slipped to Q3FY27 readiness; yields, customer qualification and subsidy timing could delay the Rs 450-500 cr FY27 contribution and keep ROE at 9-11% (Buoyant FY27e ROE 11.3%).
  • Promoter holding fell 10.1% over 3 years (53.46% at Jun-26) on QIP dilution; further equity raises for semiconductor capex would dilute EPS.

Compiled from the approved one-pager (Why We Own What We Own, 8 Sep 2026): why-we-own → strengths, catalysts → opportunities, key risks → threats, peer caveats → weaknesses. Editorial mapping pending review. · author: compiled from the approved one-pager

Research reports · upload with a check step

0 approved · 0 pending · 0 rejected

Only approved reports are readable from the company page; the reviewer must differ from the uploader. Files are hashed (duplicates skipped) and held in the private store.

Internal evidence

Buoyant sources for this name

  • August 2026 top-30 disclosure — rank 12, Info Tech, Turnaround. Buoyant AIF I Top 30 Holdings - Aug 2026.pdf
  • One-pager, "Why We Own What We Own" — p46, 8 Sep 2026. Buoyant_Why_We_Own_What_We_Own_Sep2026.pdf (portfolio as of 31 July 2026)
  • Sales playbook, Aug 2026 — holdings matrix (PMS/AIF I/AIF II, $31 Jul 2026). Buoyant_Capital_Sales_Playbook_Aug_2026_Full_Holdings.pdf

Original PDFs are in the supplied package on disk; private object storage is not configured, so source pages are referenced, not served.

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Ownership

Shareholding · Jun'26

Promoter53.46%
Indian Promoters53.46%
Ramesh Kunhikannan53.43%
Savitha Ramesh0.03%
Cheyyur Real Estates Private Limited0.00%
Premita Govind0.00%
Kaynes Circuits Private Limited0.00%
A-ID Systems (India) Private Limited0.00%
Maritronics India Private Limited0.00%
Atlab Education India Private Limited0.00%
Zari Aura Hospitality Services Private Limited0.00%
Emphor Industrial Systems India Private Limited0.00%
Public Shareholding46.54%
Institutions17.60%