Kaynes Technology India Ltd.
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ABOUT
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 97.0% CAGR over last 5 years
- Company is almost debt free
- Company has delivered good sales growth of 40.2% CAGR over last 5 years
- Latest quarter profit grew 41.7% YoY, showing strong momentum
- Stock looks reasonably valued - P/E of 84.8 is below its historical median
CONS
- A large part of profit comes from other income (49.2% of PBT)
- Company has a low return on equity of 7.6% over last 3 years
- Promoter holding has decreased over last 2 years: -4.4pp
- Company has a low return on capital employed of 11.5%
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.40x)
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| SYRMA | 1588.65 | 83.22 | 30634.01 | 0.09 | 105.69 | 111.72 | 1588.62 | 68.29 | 17.70 | 10.17 |
| KAYNES | 3500.00 | 67.87 | 23462.13 | 0.00 | 56.43 | -24.37 | 946.02 | 40.47 | 13.38 | 15.60 |
| AVALON | 2265.95 | 113.44 | 15155.19 | 0.00 | 34.87 | 145.31 | 484.41 | 49.83 | 20.34 | 11.96 |
| UTLSOLAR | 446.70 | 46.58 | 13709.30 | 0.00 | 577.94 | — | 13456.93 | — | 36.46 | 18.94 |
| CYIENTDLM | 904.15 | 87.42 | 7177.45 | 0.00 | 16.29 | 118.21 | 373.80 | 34.25 | 10.41 | 9.93 |
| VIKRAMSOLR | 166.80 | 16.94 | 6044.07 | 0.00 | 19.78 | -85.17 | 1563.09 | 37.89 | 34.07 | 8.06 |
| SAATVIKGL | 396.30 | 20.30 | 5037.17 | 0.00 | 5.36 | -95.49 | 511.01 | -44.20 | 55.18 | 6.62 |
| WEBELSOLAR | 75.79 | 10.86 | 3290.52 | 0.33 | 77.79 | — | 372.60 | 115.39 | 63.74 | 33.70 |
| KERNEX | 1734.35 | 15.28 | 2914.34 | 0.00 | 109.85 | 1382.00 | 503.58 | 800.38 | 23.69 | 32.33 |
| MODINSULAT | 449.50 | 22.51 | 2119.12 | 0.00 | 29.60 | 94.43 | 188.30 | 33.19 | 10.53 | 16.89 |
| INA | 93.04 | 10.24 | 2051.08 | 0.00 | 380.25 | 796.94 | 7406.98 | 1766.82 | 34.98 | 9.74 |
| IKIO | 224.45 | 37.30 | 1734.57 | 0.00 | 11.05 | 364.51 | 169.29 | 40.91 | 10.02 | 12.97 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 291 | 292 | 317 | 375 | 350 | 433 | 396 | 737 | 451 | 467 | 522 | 688 | 553 | |
| 251 | 253 | 275 | 323 | 302 | 360 | 347 | 653 | 385 | 404 | 448 | 602 | 516 | |
| Operating Profit | 39 | 39 | 42 | 52 | 48 | 73 | 49 | 84 | 65 | 63 | 74 | 86 | 37 |
| OPM % | 13.56% | 13.22% | 13.14% | 13.82% | 13.80% | 16.85% | 12.27% | 11.37% | 14.52% | 13.54% | 14.14% | 12.47% | 6.71% |
| 8 | 10 | 12 | 33 | 36 | 39 | 35 | 26 | 37 | 51 | 44 | 39 | 64 | |
| Interest | 11 | 12 | 16 | 15 | 19 | 20 | 24 | 25 | 27 | 16 | 16 | 15 | 21 |
| Depreciation | 5 | 6 | 5 | 6 | 6 | 6 | 7 | 7 | 7 | 8 | 8 | 9 | 9 |
| Profit before Tax | 32 | 31 | 33 | 65 | 59 | 86 | 53 | 78 | 69 | 90 | 93 | 100 | 101 |
| Tax % | 21.06% | 17.84% | 21.84% | 23.24% | 17.61% | 27.15% | 27.67% | 22.17% | 21.05% | 30.45% | 29.32% | 29.12% | 23.91% |
| Net Profit | 25 | 25 | 26 | 50 | 49 | 63 | 38 | 60 | 54 | 63 | 66 | 71 | 77 |
| 4.33 | 4.37 | 4.40 | 8.00 | 7.59 | 9.77 | 5.95 | 9.50 | 8.46 | 9.60 | 9.85 | 10.39 | 11.47 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 278 | 369 | 353 | 360 | 393 | 671 | 1,087 | 1,274 | 1,915 | 2,128 | 2,230 | |
| 256 | 331 | 317 | 319 | 355 | 580 | 920 | 1,101 | 1,659 | 1,837 | 1,970 | |
| Operating Profit | 22 | 38 | 36 | 41 | 38 | 92 | 166 | 173 | 257 | 291 | 260 |
| OPM % | 7.76% | 10.40% | 10.24% | 11.44% | 9.61% | 13.64% | 15.30% | 13.61% | 13.40% | 13.66% | 11.66% |
| 5 | 5 | 2 | 2 | 4 | 5 | 12 | 64 | 137 | 171 | 198 | |
| Interest | 13 | 16 | 20 | 24 | 24 | 26 | 36 | 56 | 91 | 76 | 68 |
| Depreciation | 4 | 5 | 5 | 6 | 10 | 12 | 18 | 21 | 27 | 33 | 35 |
| Profit before Tax | 9 | 22 | 13 | 13 | 9 | 58 | 125 | 161 | 275 | 353 | 385 |
| Tax % | 22.11% | 34.48% | 29.21% | 15.20% | 0.80% | 28.80% | 23.90% | 21.48% | 23.77% | 27.94% | 28.11% |
| Net Profit | 7 | 15 | 9 | 11 | 9 | 41 | 95 | 126 | 210 | 254 | 277 |
| EPS | 10.53 | 21.57 | 13.61 | 16.68 | 2.15 | 8.85 | 19.55 | 19.73 | 32.75 | 37.91 | — |
| 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:
- 23%
- 5 Years:
- 40%
- 3 Years:
- 25%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 46%
- 5 Years:
- 97%
- 3 Years:
- 39%
STOCK PRICE CAGR
- 10 Years:
- —
- 5 Years:
- —
- 3 Years:
- 18%
- 1 Year:
- -51%
RETURN ON EQUITY
- 10 Years:
- 12%
- 5 Years:
- 13%
- 3 Years:
- 8%
- Last Year:
- 7%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| 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 | |
| 65 | 78 | 87 | 98 | 131 | 156 | 900 | 2,364 | 2,577 | 4,431 | |
| 91 | 97 | 154 | 126 | 143 | 180 | 142 | 272 | 619 | 327 | |
| Trade Payables | 76 | 97 | 89 | 91 | 88 | 156 | 215 | 189 | 506 | 514 |
| 26 | 26 | 23 | 38 | 36 | 71 | 112 | 135 | 232 | 314 | |
| Total Liabilities | 263 | 304 | 360 | 360 | 406 | 609 | 1,427 | 3,024 | 3,998 | 5,653 |
| 48 | 45 | 49 | 54 | 67 | 107 | 119 | 199 | 237 | 331 | |
| Capital Work in Progress | 0 | 1 | 2 | 9 | 1 | 4 | 11 | 8 | 27 | 6 |
| 3 | 3 | 4 | 3 | 3 | 3 | 4 | 174 | 294 | 529 | |
| 80 | 85 | 120 | 144 | 153 | 217 | 402 | 473 | 616 | 738 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 126 | 497 | 362 | |
| Cash & Bank | 8 | 8 | 32 | 12 | 13 | 20 | 479 | 1,515 | 1,013 | 656 |
| 124 | 162 | 153 | 138 | 169 | 259 | 411 | 528 | 1,315 | 3,032 | |
| Total Assets | 263 | 304 | 360 | 360 | 406 | 609 | 1,427 | 3,024 | 3,998 | 5,653 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| 30 | 12 | 2 | 35 | 17 | 17 | -5 | -78 | 65 | 247 | |
| Cash from Investing | -9 | -1 | -10 | -19 | -19 | -37 | -480 | -1,327 | -322 | -1,437 |
| Cash from Financing | -21 | -8 | 39 | -36 | 8 | 26 | 550 | 1,395 | 259 | 1,211 |
| -2 | 0 | 24 | -22 | 2 | 3 | 18 | -10 | 2 | 21 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| 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
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