Kaynes Technology India Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2022 • India: 100.0%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company has delivered good profit growth of 106.3% CAGR over last 5 years
- Company has consistently been profitable over the last 5 years
- Company has delivered good sales growth of 53.9% CAGR over last 5 years
- Stock looks reasonably valued - P/E of 68.3 is below its historical median
- Company maintains a comfortable, low leverage position
CONS
- Operating cash flow has been negative in recent years
- Receivables are growing faster than sales - a possible quality concern
- A large part of profit comes from other income (31.1% of PBT)
- Promoter holding has decreased over last 2 years: -4.4pp
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.71x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SYRMA | 1598.85 | 83.75 | 30830.70 | 0.09 | 105.69 | 111.72 | 1588.62 | 68.29 | 17.70 | 10.17 |
| KAYNES | 3519.90 | 68.25 | 23595.53 | 0.00 | 56.43 | -24.37 | 946.02 | 40.47 | 13.38 | 15.60 |
| AVALON | 2228.30 | 111.55 | 14903.38 | 0.00 | 34.87 | 145.31 | 484.41 | 49.83 | 20.34 | 11.96 |
| UTLSOLAR | 440.50 | 45.99 | 13519.02 | 0.00 | 577.94 | — | 13456.93 | — | 36.46 | 18.94 |
| CYIENTDLM | 921.25 | 89.07 | 7313.19 | 0.00 | 16.29 | 118.21 | 373.80 | 34.25 | 10.41 | 9.93 |
| VIKRAMSOLR | 165.50 | 16.81 | 5996.97 | 0.00 | 19.78 | -85.17 | 1563.09 | 37.89 | 34.07 | 8.06 |
| SAATVIKGL | 401.95 | 20.59 | 5108.99 | 0.00 | 5.36 | -95.49 | 511.01 | -44.20 | 55.18 | 6.62 |
| WEBELSOLAR | 75.49 | 10.82 | 3277.50 | 0.33 | 77.79 | — | 372.60 | 115.39 | 63.74 | 33.70 |
| KERNEX | 1709.45 | 15.06 | 2872.50 | 0.00 | 109.85 | 1382.00 | 503.58 | 800.38 | 23.69 | 32.33 |
| MODINSULAT | 443.35 | 22.20 | 2090.12 | 0.00 | 29.60 | 94.43 | 188.30 | 33.19 | 10.53 | 16.89 |
| INA | 92.95 | 10.23 | 2049.10 | 0.00 | 380.25 | 796.94 | 7406.98 | 1766.82 | 34.98 | 9.74 |
| IKIO | 231.30 | 38.44 | 1787.50 | 0.00 | 11.05 | 364.51 | 169.29 | 40.91 | 10.02 | 12.97 |
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 297 | 361 | 509 | 637 | 504 | 572 | 661 | 984 | 673 | 906 | 804 | 1,243 | 946 | |
| 257 | 312 | 439 | 542 | 437 | 490 | 567 | 817 | 560 | 758 | 685 | 1,049 | 873 | |
| Operating Profit | 40 | 49 | 70 | 95 | 67 | 82 | 94 | 168 | 113 | 148 | 119 | 194 | 73 |
| OPM % | 13.55% | 13.52% | 13.72% | 14.94% | 13.27% | 14.36% | 14.22% | 17.05% | 16.78% | 16.33% | 14.84% | 15.59% | 7.76% |
| 8 | 9 | 9 | 29 | 28 | 34 | 25 | 20 | 27 | 43 | 42 | 42 | 14 | |
| Interest | 11 | 12 | 15 | 15 | 23 | 22 | 27 | 29 | 28 | 23 | 25 | 41 | 37 |
| Depreciation | 5 | 7 | 6 | 7 | 8 | 9 | 11 | 17 | 16 | 17 | 20 | 54 | 37 |
| Profit before Tax | 32 | 39 | 58 | 102 | 64 | 85 | 81 | 142 | 96 | 152 | 116 | 140 | 88 |
| Tax % | 22.63% | 18.02% | 22.74% | 20.28% | 20.80% | 29.13% | 17.80% | 18.13% | 22.35% | 19.95% | 34.11% | 34.95% | 35.79% |
| Net Profit | 0 | 0 | 0 | 0 | 51 | 60 | 66 | 116 | 75 | 121 | 77 | 91 | 56 |
| 4.23 | 5.55 | 7.72 | 13.13 | 7.93 | 9.38 | 10.39 | 18.12 | 11.63 | 18.56 | 11.34 | 13.32 | 8.42 |
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 287 | 379 | 364 | 368 | 421 | 706 | 1,126 | 1,805 | 2,722 | 3,626 | 3,899 | |
| 267 | 342 | 327 | 326 | 379 | 611 | 956 | 1,548 | 2,307 | 3,049 | 3,364 | |
| Operating Profit | 21 | 38 | 37 | 42 | 42 | 95 | 170 | 257 | 415 | 578 | 534 |
| OPM % | 7.23% | 9.89% | 10.10% | 11.52% | 10.00% | 13.48% | 15.08% | 14.22% | 15.25% | 15.93% | 13.71% |
| 6 | 5 | 2 | 2 | 4 | 4 | 11 | 56 | 107 | 154 | 142 | |
| Interest | 13 | 15 | 20 | 25 | 25 | 27 | 36 | 56 | 106 | 121 | 126 |
| Depreciation | 5 | 5 | 5 | 8 | 10 | 13 | 19 | 25 | 45 | 107 | 128 |
| Profit before Tax | 10 | 23 | 14 | 11 | 11 | 59 | 126 | 232 | 372 | 504 | 496 |
| Tax % | 21.24% | 32.63% | 28.28% | 17.07% | 10.48% | 29.40% | 24.47% | 20.85% | 21.04% | 27.84% | 30.32% |
| Net Profit | 8 | 16 | 10 | 9 | 10 | 42 | 95 | 183 | 293 | 364 | 346 |
| EPS | 14.77 | 10.53 | 2.38 | 2.32 | 2.15 | 8.95 | 19.61 | 28.72 | 45.90 | 56.70 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 29%
- 5 Years:
- 54%
- 3 Years:
- 48%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 51%
- 5 Years:
- 110%
- 3 Years:
- 59%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 18%
- 1 Year:
- -51%
RETURN ON EQUITY
- 10 Years:
- 13%
- 5 Years:
- 14%
- 3 Years:
- 10%
- Last Year:
- 10%
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 5 | 7 | 7 | 7 | 7 | 46 | 58 | 64 | 64 | 67 | |
| Minority Interest | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 4 | 14 |
| 63 | 77 | 86 | 96 | 131 | 156 | 900 | 2,422 | 2,775 | 4,680 | |
| 91 | 97 | 154 | 136 | 146 | 186 | 151 | 315 | 895 | 873 | |
| Trade Payables | 76 | 100 | 90 | 92 | 95 | 164 | 223 | 361 | 683 | 851 |
| 27 | 27 | 26 | 47 | 40 | 69 | 111 | 170 | 319 | 615 | |
| Total Liabilities | 262 | 307 | 363 | 379 | 419 | 622 | 1,445 | 3,333 | 4,740 | 7,099 |
| 49 | 46 | 53 | 66 | 80 | 113 | 132 | 319 | 845 | 1,594 | |
| Capital Work in Progress | 0 | 1 | 2 | 5 | 1 | 4 | 11 | 77 | 300 | 372 |
| 2 | 2 | 2 | 2 | 2 | 2 | 3 | 132 | 132 | 257 | |
| 80 | 86 | 122 | 151 | 164 | 226 | 413 | 548 | 814 | 1,103 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 356 | 575 | 1,528 | |
| Cash & Bank | 8 | 8 | 32 | 12 | 14 | 22 | 486 | 1,526 | 1,056 | 799 |
| 122 | 163 | 152 | 143 | 159 | 255 | 400 | 376 | 1,017 | 1,446 | |
| Total Assets | 262 | 307 | 363 | 379 | 419 | 622 | 1,445 | 3,333 | 4,740 | 7,099 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 30 | 12 | -1 | 47 | 31 | 23 | 9 | 88 | -82 | -600 | |
| Cash from Investing | -9 | -1 | -41 | -10 | -24 | -45 | -494 | -1,523 | -355 | -917 |
| Cash from Financing | -22 | -8 | 49 | -35 | -1 | 27 | 554 | 1,429 | 465 | 1,580 |
| -2 | 0 | 0 | -0 | 2 | 4 | 19 | -7 | 28 | 62 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-08-22 - Kaynes Technology India Limited has informed the Exchange regarding a press release dated August 22, 2026, titled "BOSGAME enters India with Kaynes Technology; companies sign strategic MoU to build a strong computing presence in India".
2026-08-21 - Kaynes Technology India Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-20 - Kaynes Technology India Limited has informed the Exchange regarding Notice of Annual General Meeting to be held on September 17, 2026
2026-08-12 - Monitoring Agency Report for the Quarter ended June FY 27
2026-08-12 - Kaynes Technology India Limited has informed the Exchange about Transcript
2026-08-08 - Kaynes Technology India Limited has informed the Exchange about Link of Recording
2026-08-08 - Kaynes Technology India Limited has informed the Exchange about Copy of Newspaper Publication
2026-08-07 - Kaynes Technology India Limited has informed the Exchange regarding 'Corrigendum to the consolidated financial results for the year ended 31, March 2026'.
2026-08-07 - Kaynes Technology India Limited has informed the Exchange about Investor Presentation
News
Recent coverage and analyst commentary for KAYNES
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