Scope

As at 31 Aug 2026 · IST₹ · ₹ cr · BSE 500 TRI

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-26Screener ↗Tijori ↗NSE ↗

Analysis · industrial rules · FY21–FY26

What the numbers say

data to 30 Jun 2026

Growth

5.0

Profitability

2.3

Balance sheet

2.9

Cash conversion

0.8

Valuation

3.4

Sales3,626 cr FY26

Net Profit380 cr FY26

Operating margin15.9% FY26

ROCE12.2% FY26

Revenue CAGR 3y

47.7%

5y 53.8%

Net profit CAGR 3y

58.6%

5y 109.7%

Operating margin

15.9%

3y avg 14.8%

CFO / PAT, 3y

-0.69x

FCF ₹-3,167 cr cumulative

ROCE

12.2%

3y avg 13.2%

Debt / equity

0.18x

interest cover 5.2x

Cash conversion cycle

82 days

82 days three years earlier

P/E

67.3x

PEG 1.1 on 3y PAT growth

Promoter holding

53.5%

FII 5.9% · DII 11.8%

Growth. Revenue compounded 47.7% a year over FY23–FY26, net profit 58.6%; the latest year grew 33.2% (profit 29.3%). · Tijori P&L, annual
Margins. Operating margin 15.9% in FY26, +1.1 pp against the prior three-year average. · Tijori P&L (OPM)
Earnings quality. Other income was 31% of pre-tax profit in FY26; core earnings are smaller than the headline. · Tijori P&L
Share count. Share count rose 15% between FY23 and FY26 (issuance); read growth per share, not per company. · Tijori P&L (shares)
Cash conversion. Operating cash flow was -0.69x reported profit across the last three years; free cash flow of minus ₹3,167 cr after capex. · Tijori cash flow vs P&L
Returns on capital. ROCE 12.2% and ROE 8.0% in FY26 (three-year average ROCE 13.2%). · Tijori ratios sheet
Balance sheet. Debt to equity 0.18x, interest covered 5.2x by EBIT in FY26. · Tijori ratios sheet
Valuation. 67.3x trailing earnings, 31.4x EV/EBITDA, 4.8x book — 1.1x the three-year profit growth rate; dividend yield 0.0%. · Tijori valuation ratios at the latest price
Latest quarter. Q Jun-26: revenue 40.6% YoY, net profit −24.4% YoY; 4 of the last 4 quarters grew revenue year on year. · Tijori quarterly results

Forensic flags · Tijori

Accounting & Shareholding

Depreciation Effect: Company is depreciating a lower percentage of assets. this is contributing to an increase in net profit
Pledge: Promoters have not pledged a significant portion of their holding
Retail Holding: Retail has been buying the stock which is usually a sign of exuberance
Contingent Liabilities: Company has significant contigent liabilities which can be risky
Other Income: Other income component is making ratios of the company look optically better
Promoter Holding: Promoter has not sold any shares in the last 90 days
Revenue Recognition: Chances of aggressive revenue recognition - operating profit of company is not getting converted to cash and recievables rising faster than sales

Price & Performance

Capex vs ROCE: Company has made significant capex which might be affecting its roce
Current vs Historic Valuation: Company is trading at a discount to 3yr historic valuations
Debt: Company should not have issues servicing its debt
ROE: Roe has decreased vs 10 year trend
Share price: Share price has increased over last 10 years but more due to rerating
Working Capital: Company has significant working capital which is dragging its roce and roe
Sales Growth: Unable to calculate due to limited data
Margin Stability: Margins of the company are volatile
ROCE Strength: Roce of the company is not consistently strong
Balance Sheet Strength: Balance sheet of the company is strong. but it might have issues paying it suppliers

Rules over the stated numbers only — CAGRs need positive start and end values, margins use the company's own OPM line, cash conversion is cumulative operating cash flow over cumulative profit for the last three fiscal years. Scores are 0–5 rule outputs, not a recommendation. Source: Tijori Finance normalised statements; Buoyant's own estimates are shown separately below and never blended in.

Cross-check

Same metric, every source · Kaynes Technology India

Where the app shows the same metric in more than one place, this table lists each figure with its period and definition. No two sources disagree on the same period and definition; every difference below is a period or definition difference.

Metric	Source	Period	Definition	Value	Verdict
Return on equity	Tijori ratio table	FY26	net profit ÷ year-end equity (Tijori)	8.00%	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	TTM	trailing 12 months (Tijori)	8.00%
	House model (one-pager)	FY26	net profit ÷ average equity, standalone	8.70%
Net profit	Tijori P&L	FY26	consolidated, annual	₹380 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori P&L	TTM Jun-26	trailing 12 months	₹346 cr
	Tijori screener	TTM	trailing 12 months	₹345 cr
	House model (one-pager)	FY26	standalone, annual	₹364 cr
	Tijori quarterly table	Q Jun-26	single quarter	₹56 cr
P/E	Tijori screener	TTM at 2026-09-28	price ÷ trailing EPS	67.10x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori ratio table	FY26 year-end	year-end price ÷ that year's EPS	60.45x
	House model (one-pager)	FY27E	FY27E / FY28E P/E (Buoyant sheet)	60.90x
P/B	Tijori screener	at 2026-09-28	price ÷ book value per share	4.88x	Different basis Figures differ because they measure different periods or definitions; each is labelled.
P/B	Tijori ratio table	FY26 year-end	year-end price ÷ book value	4.84x
Market cap	BSE master	2026-09-28	BSE full market cap	₹23,156 cr	Different basis Figures differ because they measure different periods or definitions; each is labelled.
	Tijori screener	latest Tijori refresh	price × shares	₹23,193 cr
	House one-pager	31-Jul-26	as printed	₹24,277 cr
Promoter holding	Tijori screener	latest filing	% of shares	53.46%	One source

Tolerance for a conflict: 1.5% on the same period and definition (3% for market cap, which moves with the price date). Tijori's ratio table uses its own definitions; the quarterly table and operating metrics carry the company's reported figures; the house model is standalone and dated.

Trend

Sales and net profit, FY

₹ crore. Actuals only; the last column is a TTM where labelled. Estimates are shown separately below with an "E" and never blended into this series.

Buoyant estimates

Model table from the research book

Buoyant estimates
₹ crore / %	FY24	FY25	FY26
Revenue (₹ cr)	1,805	2,722	3,626
EBITDA (₹ cr)	257	416	578
Net profit (₹ cr)	183	293	364
ROE (%)	n.a.	n.a.	8.7

Estimate columns (E) are in green italics.

Consolidated where reported · standalone not separately available in this source

Income statement (annual)
₹ crore unless %	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	TTM Jun-26
Sales	379	364	368	421	706	1,126	1,805	2,722	3,626	3,899
Operating Expenses	342	327	326	379	611	956	1,548	2,307	3,049	3,290
Raw Material	257	246	260	282	493	848	1,371	1,912	2,542	2,801
Material Cost (%)	67.66	66.35	65.63	68.02	69.30	69.27	73.70	69.80	65.41	66.60
Employee Cost	42	43	42	46	60	77	103	178	314	340
Power & Fuel Cost	3	3	3	3	4	5	9	15	20	—
Operating Profit	38	37	42	42	95	170	257	415	578	609
Other Income	6	2	2	4	4	11	56	107	157	144
OPM (%)	9.89	10.10	11.52	10.00	13.48	15.08	14.22	15.25	15.93	15.61
Depreciation and Amortisation	5	5	8	10	13	19	25	45	107	128
Interest	15	20	25	25	27	36	56	106	121	126
Profit Before Tax	23	14	11	11	59	126	232	372	504	496
Tax	8	4	2	1	17	31	48	78	140	150
Net Profit	16	10	9	9	41	95	184	294	380	346
Number of shares(Crs)	—	—	—	—	—	6	6	6	7	—
Dividend Payout Ratio(%)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—

Consolidated where the company reports consolidated; Tijori Finance normalisation of company filings. Fiscal years end 31 March; "TTM" columns are trailing twelve months to the stated quarter. Quarterly growth is year-on-year (same quarter, prior year). Quarterly balance-sheet and cash-flow data are not disclosed and are not implied. General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.

Ratios

Sector-appropriate ratios

Ratio	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Interest Coverage Ratio	1.75	2.57	1.66	1.46	1.43	3.18	4.46	5.14	4.51	5.18
Cash Conversion Cycle	66.21	62.53	90.80	105.00	111.00	86.64	81.97	76.03	52.14	81.50
Inventory Days	94.51	78.97	104.00	135.00	137.00	101.00	104.00	97.23	90.59	95.17
Days Receivable	107.00	108.00	130.00	107.00	93.46	82.55	68.84	58.92	61.83	104.00
Days Payable	135.00	124.00	143.00	137.00	120.00	96.76	90.52	80.12	100.00	118.00
Debt to Equity Ratio	1.41	1.18	1.68	1.40	1.01	0.84	0.14	0.12	0.31	0.18
Free Cash Flow/Sales (%)	6.68	2.04	-4.97	3.81	0.65	-2.99	-8.86	-16.34	-37.88	-50.76
Free Cash Flow(est) (Crs)	19.19	7.74	-18.12	14.02	2.73	-21.13	-99.72	-295.00	-1,031.00	-1,841.00
Gross Margin (%)	31.47	32.34	33.65	34.37	31.98	30.70	30.73	26.30	30.20	34.59
Op Profit Margin (%)	7.23	9.89	10.10	11.52	10.00	13.48	15.08	14.22	15.25	15.93
Net Profit Margin (%)	2.58	4.12	2.66	2.57	2.23	5.87	8.46	10.17	10.81	10.48
ROCE (%)	25.08	34.39	25.58	27.10	21.01	33.09	16.19	11.37	16.13	12.15
ROIC (%)	18.26	23.50	24.53	25.48	19.10	25.72	23.24	24.44	19.38	9.28
ROE (%)	10.93	18.74	10.46	9.23	6.75	20.46	9.94	7.38	10.36	8.00
Net Profit Margin (%)	2.58	4.12	2.66	2.57	2.23	5.87	8.46	10.17	10.81	10.48
P/E	n.m.	n.m.	n.m.	n.m.	n.m.	n.m.	58.76	99.90	103.00	60.45
Price to Book	0.00	0.00	0.00	0.00	0.00	0.00	5.84	7.38	10.70	4.84
EV/EBITDA	3.46	2.24	3.32	3.12	2.89	1.96	28.97	54.77	57.85	31.39
Dividend Yield (%)	—	—	—	—	—	—	0.00	0.00	0.00	0.00

General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA. Suppressed for this preset: none.