Kaynes Technology shares traded higher on Wednesday, November 26, rising 2.28% to Rs 5,909.50, after multiple brokerage firms released their latest assessments on the company. The stock opened firm, building on positive sentiment from management commentary and growth-focused analyst notes.
Nomura on Kaynes Technology
Nomura has maintained a Buy rating on the stock with a target price of Rs 8,478 per share, citing strong growth catalysts and a broad-based expansion strategy.
The brokerage noted that the company’s OSAT and PCB initiatives are progressing as planned, while receivables are expected to normalise by FY26. Kaynes is targeting positive operating cash flow in FY26.
The company has executed Rs 450 crore worth of smart meter orders in H1, and aims for Rs 800–900 crore in smart meter revenue in FY26, supported by a Rs 2,000 crore order book.
Nuvama on Kaynes Technology
Nuvama highlighted key takeaways from its recent interaction with Kaynes management.
The EMS order book remains strong at Rs 80 billion, enabling management to reiterate Rs 4,500 crore revenue guidance for FY26 (including Rs 1 billion from OSAT and Rs 2 billion from Augusta).
Management expects receivables to normalise by March 2026, with net working capital days reducing to 70–80 days, subject to supply-chain financing progress.
Kotak Institutional Equities on Kaynes Technology
Kotak Institutional Equities has issued a Reduce call with a target price of Rs 6,180 per share.
The brokerage noted that despite a relatively weak H1 FY26, management remains confident of achieving its Rs 4,500 crore revenue guidance.
Kaynes expects working capital issues to be resolved by Q4 FY26 and anticipates positive operating cash flow by FY26. The company also outlined plans to spend Rs 8,500 crore in capex across OSAT, PCB, and EMS between FY26–29.
Kotak trimmed its EPS estimates by 2–5%, factoring in revised capex timelines and lower-than-expected subsidy payouts.
