Kaynes Technology India Ltd(KAYNES)

NSE: KAYNESBSE: 543664

₹ 3,190.45-2.73%refreshed 23 Oct, 03:56 pm ISTMarket cap: ₹ 21,447 crWebsite: www.kaynestechnology.co.inUpdated: 24 Oct 2026

About

Kaynes Technology India Ltd is an Electronics System Design & Manufacturing (ESDM) company, describing itself as the most vertically integrated ESDM player in India, serving automotive, industrial, aerospace, defence, railways, and smart metering verticals. The company operates 12 manufacturing facilities in India plus overseas units in Canada, the USA, and Austria, and reported consolidated revenue of ₹3,626 cr in FY26. It is expanding backward into semiconductor OSAT and HDI PCB manufacturing through subsidiaries Kaynes Semicon (Sanand) and Kaynes Circuit (Chennai).^[1][2]

Business segments

Industrial and EV is the largest end-market vertical at 55% of FY26 consolidated revenue; Automotive contributed approximately 25% of total revenue in FY26.^[1]
Smart metering subsidiary (Iskraemeco/GridCrest) contributed ₹971 cr, approximately 24-25% of FY26 consolidated revenue.^[3]
ODM, IoT and Product Engineering were approximately 28% of FY26 revenue, up from 22% the prior year; OEM-Turnkey PCBA was 43% and OEM-Turnkey Box Build 28%.^[1]
By geography in FY26, revenue from India was ₹32,752.70 Mn and from outside India ₹3,510.84 Mn.^[1]
Core EMS standalone revenue grew 53% YoY to ₹639 cr in Q1 FY27; overseas entities (including August Electronics) grew 327% YoY to ₹102 cr in Q1 FY27.^[4]

Products and certifications

Describes itself as the most certified EMS player in India (NADCAP, IATF 16949, AS 9100 Rev D, ISO 13485 and others); 9 trademarks and a DSIR-recognised R&D centre in Mysuru with 100+ specialists, as of FY26.^[1]
Owns hardware architecture and subsystem integration of Kavach railway anti-collision system; hardware approvals complete, order pipeline of approximately ₹270 Mn as of FY26.^[1]
R&D expenditure was ₹138.60 Mn in FY26; Kaynes was the first entity approved under the Government of India's ECMS scheme.^[1]

Operations and facilities

12 manufacturing facilities in India and 2 service centres as of FY26, at locations including Mysuru, Bengaluru, Manesar, Chennai, Hyderabad, Chamarajanagara, Pune, Kochi, Parwanoo and Sanand.^[1]
Chamarajanagara plant covers 2,40,000 sq ft (automotive, industrial, aerospace, defence, IoT); Hyderabad plant covers 1,70,000 sq ft for smart meters, both operational as of FY26.^[1]
August Electronics (Calgary, Canada) runs an 85,000 sq ft RF and microwave assembly facility; contributed ₹2,055 Mn to FY26 consolidated revenue.^[1]
Client presence in 30+ countries across 4 continents; headcount of 8,510 as of FY26.^[1]

Key operating numbers

Order book was ₹83,663 Mn at 31 March 2026, up 27% from ₹65,969 Mn at March 2025; expected to convert within 18-24 months.^[3]
Q1 FY27 faced component cost inflation of 30-85% (MCU/power, DRAM, MLCC), PCB prices up 3x and forex impact of about 3.3% on imports.^[4]
Core EMS standalone working capital days improved from 83 in FY24 to 53 in FY26.^[3]

Customers and distribution

Direct Tier 1 vendor to 10 automotive OEMs; OSAT anchor customers AOS, L&T Semiconductor and Infineon had committed about 60% of OSAT Unit 1 capacity as of Q2 FY26.^[1]
August Electronics serves Honeywell, Otis and Eaton; India's second-largest two-wheeler EV maker was added in Q1 FY27 with serial supplies started.^[4]
Top-20 customers made up 76% of the order book as of FY26; German and French global brands were onboarded in Q1 FY27.^[3]

OSAT and PCB expansion

Sanand OSAT Unit 1 is fully operational and delivered India's first commercial Multi-Chip Module (IPM5); Unit 2 targeted for commercial operations by Q3 FY27.^[3]
QIP proceeds of ₹6,249.79 Mn of ₹7,567.11 Mn had been deployed toward the OSAT facility as of FY26, with funds also going to the PCB facility.^[1]
Capital commitments rose to ₹8,100.62 Mn in FY26 from ₹288.79 Mn in FY25.^[1]
About ₹1,200 cr deployed in OSAT (₹700 cr) and PCB (₹500 cr) through Q1 FY27; FY27 capex plan of about ₹300 cr OSAT, ₹300 cr PCB and ₹250 cr EMS.^[4]
ISM approval gives 50% central plus 20% state subsidy on allowable capex of ₹26,150 Mn at Sanand; ₹170 cr received through July 2026.^[4]
Combined OSAT and PCB revenue target for FY27 is ₹450-500 cr from Q3 FY27; OSAT revenue visibility above ₹25,000 Mn over five years.^[4]

Smart metering reset

Smart metering revenue fell 12% to ₹204 cr in Q1 FY27 from ₹231 cr in Q1 FY26 as production was cut; metering receivables rose from ₹1,158 cr to ₹1,311 cr.^[4]
No new AMISP-type metering orders; future business device-supply only, with a restructuring or divestiture plan to be disclosed by Q3 FY27.^[4]
₹200 cr of metering receivables was collected in the first week of July 2026.^[4]

Recent developments

Mitsui-Kaynes Semicon partnership announced in Q1 FY27, giving access to the Japanese OSAT market.^[4]
Acquired a 61% stake in Sensonic GmbH (Austria) in FY26, adding AI-driven acoustic sensing for rail monitoring.^[1]
August Electronics (acquired July 2025) completed one year of integration by Q1 FY27.^[4]
First 3U satellite in prototype development for an ISRO launch slot targeted mid-2027; Crio Precision and Aerotech entering titanium gas bottle manufacturing for ISRO and DRDO.^[4]

Market Cap

₹21,447 Cr

High / Low

₹6,995 / 2,996

Stock P/E

61.9

Price / Book

4.5

Book Value

₹708

EPS

₹54.3

No. of Shares

6.7 Cr

ROCE

13.3%

ROE

9.6%

OPM

16.5%

Debt / Equity

0.18

Sales

₹3,626 Cr

Net Profit

₹364 Cr

Promoter holding

53.3%

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