Kaynes Technology India (KAYNES IN) – Management Meet Update – Diversified Expansion Driving Momentum – Buy
Published on 26 Nov 2025
We interacted with Kaynes Technology’s management to understand its to medium-long term growth outlook across EMS, OSAT and PCB. The company has maintained its FY26 revenue guidance, highlighted improving margins and cash flows, and detailed its capex plan across major verticals. Strong momentum is expected in Industrial, Automotive, Aerospace, and electronics categories, while Railways is set to revive with Kavach-led opportunities. We upgrade our rating to ‘BUY’ from ‘Accumulate’ due to recent correction in the stock price. Our DCF-based TP is Rs 7,565, implying PE of 62x Sep’27E earnings. We estimate FY25-28E revenue/EBITDA/PAT CAGR of 46.0%/48.9%/45.0%, with EBITDA margin expansion of ~90bps.
