Kaynes Tech | Business Upturn

Amber, Cyient DLM, Kaynes shares surge up to 10% today — Key reason behind the rally explained

Markets Desk — Tue, 17 Mar 2026 04:18:46 +0000

Shares of electronics manufacturing services (EMS) companies witnessed a broad-based rally today on March 17, with stocks like Amber Enterprises, Cyient DLM, Kaynes Technology, Syrma SGS, and Avalon Technologies trading higher by up to 10% after a bullish note from global brokerage JPMorgan Chase lifted sentiment across the sector.

Cyient DLM emerged as one of the top gainers, surging nearly 11% to ₹333.60 in early trade after the brokerage upgraded the stock to ‘Overweight’ from ‘Neutral’ and set a target price of ₹400. Amber Enterprises also saw strong buying interest, rising around 2.6% to ₹6,697.50, after being upgraded to ‘Overweight’ with a sharply higher target price of ₹9,000 from ₹7,650, indicating improved confidence in its growth trajectory.

Kaynes Technology traded higher by about 1.5% at ₹3,609.90, while Syrma SGS gained over 2% to ₹742.95. JPMorgan maintained its ‘Overweight’ rating on both stocks, assigning target prices of ₹6,000 and ₹1,050 respectively, highlighting them as key beneficiaries of the structural growth opportunity in the EMS space. Dixon Technologies, another major player in the segment, also retained an ‘Overweight’ rating with a target price of ₹13,000, reinforcing the brokerage’s positive stance on leading players in the ecosystem.

Avalon Technologies, meanwhile, rose over 4% to ₹922 despite JPMorgan maintaining a ‘Neutral’ rating on the stock with a target price of ₹1,000, suggesting selective optimism within the broader sector.

The brokerage noted that despite recent underperformance in EMS stocks, the long-term growth story remains intact, driven by increasing localisation, strong demand visibility, and a shift towards higher value-added manufacturing such as PCB assembly and component-level integration. JPMorgan expects companies in the sector to deliver robust revenue growth over the next few years, supported by favourable policy support and global supply chain realignments.

The rally across EMS stocks reflects renewed investor confidence following the brokerage’s upgrade and reiteration of bullish views on key companies, with markets responding positively to improved earnings visibility and attractive valuations after recent corrections.

Kaynes Technology issues clarification on Kotak’s report citing lack of disclosures by company; Details here

Aman Shukla — Fri, 05 Dec 2025 03:09:53 +0000

Kaynes Technology has released a detailed clarification in response to observations highlighted in a report published by Kotak Institutional Equities on December 3, 2025. The company noted that it values independent market analysis and believes such research contributes meaningfully to transparent investor understanding. At the same time, it emphasised its responsibility to present factual information that allows stakeholders to assess the business with clarity and confidence.

The clarification covers six key areas raised in the report, ranging from goodwill recognition to borrowing costs and related-party disclosures. Kaynes Technology reiterated that its financial reporting practices follow Indian Accounting Standards and that corrective steps have already been taken wherever disclosure gaps were identified.

The first point addressed by the company relates to goodwill recognition and adjustments made during acquisitions. Kaynes explained that under Ind AS 103, intangible assets that were not previously recognised can be added as part of acquisition accounting. In this case, a significant portion of the acquisition consideration related to contract value at Iskraemeco, allowing customer contracts to be recognised as intangible assets and amortised over the contract period. The company clarified that these intangibles were offset against goodwill and are reviewed annually due to their unique nature.

The next observation concerned the rise in contingent liabilities to about ₹520 crore, representing roughly 18% of net worth. Kaynes attributed this increase to performance bank guarantees issued for Iskraemeco projects amounting to ₹96.8 crore, along with corporate guarantees extended to subsidiary companies totalling ₹132.5 crore. These guarantees became necessary due to additional funding requirements at Iskraemeco following its acquisition.

Kotak’s report also pointed out that purchases worth ₹1.8 billion from Kaynes Electronics Manufacturing in FY25 were not reflected in related-party disclosures. Kaynes acknowledged that while the transactions were correctly eliminated in consolidated financial statements, they were inadvertently omitted from standalone disclosures. The company confirmed that the oversight has been corrected and will be monitored more closely going forward.

A similar clarification was issued regarding year-end payables and receivables between Kaynes Technology and Kaynes Electronics Manufacturing. These transactions, too, were eliminated at the consolidated level but were mistakenly not included in standalone related-party disclosures. Kaynes stated that the disclosures have now been rectified and that both entities had already accounted for these entries in their financial statements.

The report also questioned the company’s borrowing cost, which appeared unusually high at 17.7% for FY25. Kaynes responded that the computation must include bill discounting to arrive at the true effective interest rate, which brings the cost down to about 10%. It also noted that using the same methodology would show an average borrowing cost of 25.3% for FY24, indicating improvement rather than deterioration.

At last, Kaynes addressed concerns around the capitalisation of ₹1.8 billion as additions to technical know-how, including designs and prototypes. The company clarified that ₹115 crore of this amount relates to intangible assets recognised from large customer contracts, ₹26 crore corresponds to development costs linked to the Iskraemeco acquisition, and another ₹39 crore stems from in-house R&D initiatives.

Top stocks to watch today, October 24: Colgate-Palmolive, NTPC Green, Kaynes Tech, Hero MotoCorp, Tata Elxsi and more

Aman Shukla — Fri, 24 Oct 2025 02:57:30 +0000

Indian stock markets are likely to see stock-specific action on Friday, October 24, as several listed companies have issued fresh updates, orders, and announcements that could influence trading sentiment. Here’s a look at the major stocks expected to be in focus during today’s session.

Top Stocks to Watch Today

ARSS Infra: Secured multiple orders worth ₹164 crore from Shivam Condev.
Hero MotoCorp: Entered the UK market through a partnership with MotoGB, marking presence in 51 countries.
Cochin Shipyard, Mazdock, BEML, GRSE, BDL: Defence Acquisition Council approved projects worth ₹79,000 crore to boost armed forces capabilities.
Cipla: Will market its second tirzepatide brand ‘Yurpeak’ in India.
Highway Infrastructure: Received a Letter of Award from NHAI worth ₹11.76 crore for toll operations.
Biocon: Subsidiary Biocon Biologics got Canadian regulatory approval for its immunology biosimilar ‘Yesintek’.
SBI: Recognized as World’s Best Consumer Bank 2025 and Best Bank in India 2025 by Global Finance, New York.
Zaggle: Entered an agreement with Megha City Gas Distribution Private Limited.
Insolation Energy: Board approved migration from BSE SME to BSE main board and direct listing on NSE.
Tata Elxsi: Partnered with e2E Rail to co-develop ‘Kavach 4.0’.
Hexaware: Appointed Eravi Gopan as President & Global Head – High Tech, Products & Platforms.
Sagar Cement: Reported revenue of ₹602 crore vs ₹475 crore YoY; EBITDA rose to ₹51.3 crore from ₹19.9 crore.
NTPC Green: Began commercial operations of 9.9 MW from its 92.4 MW wind project in Bhuj, raising total installed capacity to 7,563.57 MW.
EPack Prefab: Bofa Securities Europe bought 5.6 lakh shares at ₹233.82 each.
Tourism Finance Corp: Unity Associates acquired 24.06 lakh shares at ₹71.08 each.
Popular Vehicles: CRISIL reaffirmed its ratings for the company.
Aptus Value: Received request from Westbridge Crossover Fund to reclassify its status from ‘Promoter Group’ to ‘Public’.
Syrma SGS: Acquired KSolare Energy Private Limited, a solar inverter manufacturer.
Colgate-Palmolive: Declared first interim dividend of ₹24 per share for FY25-26.
GTV Engineering: Promoter Mahesh Agrawal sold 5.5 lakh shares on October 20, 2025.
Premier Energies: Acquiring 51% stake in KSolare Energy for ₹86.7 crore.
Colgate-Palmolive: Reported net profit of ₹327.5 crore vs ₹395.1 crore YoY; revenue down to ₹1,519.5 crore from ₹1,619 crore.
Bharat Forge: Issued clarification on media reports regarding a ₹2,770 crore order from the Indian Army.
Kaynes Tech: Subsidiary Kaynes Holding Pte Ltd signed a share purchase agreement with Frauscher Sensor Technology Group GmbH.
Syngene: Confirmed expansion of its Biologics facility with new ADC bioconjugation capability as part of ongoing operations.

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.

Kaynes Tech shares surge 11% after management commentary in concall; Details here

Aman Shukla — Thu, 31 Jul 2025 06:28:25 +0000

Kaynes Technology shares jump 11% following the company’s Q1 FY26 earnings call, where it reiterated its full-year revenue guidance and shared updates on key operational metrics.

The management maintained its FY26 revenue guidance of ₹4,500 crore. It also indicated that margins for the rest of the year are expected to remain at levels similar to Q1.

The company said it is working on a financial solution to address receivables related to the ₹350 crore smart meter order and expects resolution by the end of the first half of FY26. It also aims to bring down working capital days to 70–80 by the end of the fiscal year.

On the capex front, Kaynes reported that both its OSAT and PCB facilities are progressing as planned, with a possibility of the OSAT unit being operational earlier than scheduled. The company also guided for positive operating cash flow for FY26.

Kaynes Technology shares opened today at ₹5,590.00, compared to its previous close of ₹5,638.00. It touched a high of ₹6,277.00 and a low of ₹5,477.00 during intraday trade. The 52-week range stands between ₹3,825.15 and ₹7,822.00, indicating significant past volatility.

Stock to Watch Today: Kaynes Tech’s Q2 net profit jumps 86.4%, order book reaches ₹5,423 crore

Aditya Bhagchandani — Wed, 30 Oct 2024 01:30:34 +0000

Kaynes Technology reported impressive Q2 FY25 results, with substantial year-on-year growth across key metrics:

Net Profit: Increased by 86.4% to ₹60.2 crore, up from ₹32.3 crore in the same quarter last year.
Revenue: Rose by 58.6%, reaching ₹572.1 crore compared to ₹360.8 crore YoY.
EBITDA: Increased by 68% to ₹82 crore from ₹48.8 crore YoY.
EBITDA Margin: Improved to 14.3% from 13.5% YoY.

This strong performance highlights Kaynes Technology’s growth momentum, supported by higher operational efficiency and expanding margins.

Morgan Stanley sees 23% upside in Kaynes, raises target to ₹6,652 on strong EMS business growth

News Desk — Tue, 01 Oct 2024 02:56:09 +0000

Morgan Stanley has reiterated its overweight rating on Kaynes, raising the target price to ₹6,652 from ₹3,845, citing strong growth prospects in the company’s core business. The brokerage highlighted that Kaynes is on solid footing, driven by customer acquisitions and favorable sector tailwinds.

Key drivers of growth include capacity building in OSAT (Outsourced Semiconductor Assembly and Test) and PCBs (Printed Circuit Boards), which are expected to significantly add value to the company’s operations. Morgan Stanley projects an EPS CAGR of 53% for Kaynes’ core EMS (Electronics Manufacturing Services) business over FY24-27E.

Additionally, Kaynes’ core EMS revenue and EBITDA are forecasted to grow at 54% and 53%, respectively, over the FY24-FY27 period. The brokerage’s earnings revision is driven by a robust order book and new customer additions, which are expected to continue supporting the company’s upward momentum.

Morgan Stanley’s positive outlook reinforces Kaynes’ position in the sector, with capacity expansions and a strong client base expected to drive sustained growth.

Jefferies maintains ‘Hold’ on Kaynes Tech, sets target price at ₹4540

News Desk — Wed, 11 Sep 2024 03:14:14 +0000

Jefferies has reiterated its “Hold” rating on Kaynes Technology with a target price of ₹4540. Following a recent management meeting, key takeaways indicate that the company’s core Electronics Manufacturing Services (EMS) business is performing well, with an order book of ₹50 billion as of June 2024, marking a 22% increase quarter-on-quarter.

Kaynes Tech boasts the highest operating profit margin (OPM) in the sector, ranging between 13-14%, setting it apart from its EMS peers. The company also achieved OSAT (Outsourced Semiconductor Assembly and Test) approval in September 2024, a key milestone in its growth trajectory.

The company aims for $1 billion in sales by FY28, implying a robust compound annual growth rate (CAGR) of 47% between FY24 and FY28. Additionally, Jefferies estimates that Kaynes’ sales and earnings per share (EPS) will grow at CAGRs of 42% and 48%, respectively, over FY24-27.

Despite these growth projections, the stock’s valuation remains high, with a forecasted price-to-earnings (PE) ratio of 65x for FY26, prompting Jefferies to maintain a cautious “Hold” stance.

Disclaimer:
The information provided in this article is based on publicly available data and research reports, such as Jefferies’ analysis of Kaynes Technology. It is intended for informational purposes only and should not be considered as financial advice or a recommendation to buy or sell any securities. Investors should perform their own due diligence and consult with a licensed financial advisor before making any investment decisions. The views expressed in this article are those of the sources and do not necessarily reflect the opinions of Business Upturn or its partners. Neither Business Upturn nor the author(s) assume any liability for any financial losses or damages that may arise from the use of this information.

Morgan Stanley (MS) on Kaynes Tech: ‘Overweight’ with Target of ₹3,845

News Desk — Tue, 03 Sep 2024 03:30:35 +0000

Morgan Stanley (MS) has issued an “Overweight” rating on Kaynes Technology, setting a target price of ₹3,845 per share. The recent government approval for Kaynes’ semiconductor plant in Gujarat is viewed as a positive development, alleviating a significant area of investor concern that had been lingering.

Kaynes Technology had previously indicated that its Outsourced Semiconductor Assembly and Test (OSAT) venture could generate incremental potential revenue, further bolstering its growth prospects. This government approval is expected to pave the way for the company to capitalize on these opportunities, supporting its strong outlook.

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.