KAYNES

Kaynes Technology India Limited

Electronics System Design and Manufacturing services provider

Industrials›Capital Goods›Industrial Manufacturing›Industrial Products

kaynestechnology.co.in(opens the company website in a new tab)
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Key metrics

Price as of 2026-10-16

Stock price
₹3281.00
Market cap
21,987 Cr
Stock P/E
63.6
P/B
4.73
ROE (FY26)
7.6%
ROCE (FY26)
11.0%
Operating margin (FY26)
12.9%
Debt / equity (FY26)
0.18
OCF / EBITDA (FY26)
-104.6%
OCF / EBITDA (3Y)
-49.4%

Full years shown; sign in free for the trailing twelve months. Learn about these metrics →

Price & valuation

Share price and valuation multiples (P/E, P/B and more) over time.

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Compare with peers

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What you need to know

Kaynes Technology (Kaynes Technology India) designs and manufactures electronic systems for customers in industrial, automotive, railway, aerospace, medical and IT/IoT (internet of things) markets, under the Electronics System Design and Manufacturing (ESDM) umbrella.

Company snapshot

6thBy market cap

Ranked among 69 companies in Industrial Products.

Segment mix

Reportable segments as of 2024-09-30 (Consolidated). Revenue share = segment revenue ÷ total revenue.

SegmentRevenue shareRevenuePBTAssets
Nil—0 Cr0 Cr0 Cr

What we see

Positives
  • ✓Debt-to-equity of 0.18x — the company is largely funded by its own money, not borrowed funds.
Concerns
  • ✗Over the last three years operations used more cash than they brought in, despite an operating profit — the business is not yet turning its profit into cash.

Statement tables · Consolidated

Switches quarterly, P&L, balance sheet, and cash flow. Key metrics and ratios stay on consolidated when available.

Amounts in ₹ Cr · tap + to expand rows

Quarterly results

Quarterly · ₹ Cr · tap + rows to expand

MetricSept 2023Dec 2023Mar 2024Jun 2024Sept 2024Dec 2024Mar 2025Jun 2025Sept 2025Dec 2025Mar 2026Jun 2026
Sales361 Cr509 Cr637 Cr504 Cr572 Cr661 Cr984 Cr673 Cr906 Cr804 Cr1,243 Cr946 Cr
Operating expenses (approx.)312 Cr439 Cr542 Cr437 Cr490 Cr567 Cr817 Cr560 Cr758 Cr685 Cr1,049 Cr798 Cr
EBITDA49 Cr70 Cr95 Cr67 Cr82 Cr94 Cr168 Cr113 Cr148 Cr119 Cr194 Cr148 Cr
OPM %13.5%13.7%14.9%13.3%14.4%14.2%17.1%16.8%16.3%14.8%15.6%15.6%
Other income9 Cr9 Cr29 Cr28 Cr34 Cr25 Cr20 Cr27 Cr43 Cr45 Cr42 Cr14 Cr
Interest12 Cr15 Cr15 Cr23 Cr22 Cr27 Cr29 Cr28 Cr23 Cr25 Cr41 Cr37 Cr
Depreciation7 Cr6 Cr7 Cr8 Cr9 Cr11 Cr17 Cr16 Cr17 Cr20 Cr54 Cr37 Cr
Profit before tax39 Cr58 Cr102 Cr64 Cr85 Cr81 Cr142 Cr96 Cr152 Cr116 Cr140 Cr88 Cr
Tax %18.0%22.7%20.3%20.8%29.1%17.8%18.1%22.3%20.0%34.1%34.9%35.8%
Net profit32 Cr45 Cr81 Cr51 Cr60 Cr66 Cr116 Cr75 Cr121 Cr77 Cr91 Cr56 Cr
EPS (₹)₹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 (annual)

Annual · last column is TTM · ₹ Cr · tap + to expand

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales368 Cr421 Cr706 Cr1,126 Cr1,805 Cr2,722 Cr3,626 CrSign in free for the trailing twelve months
Operating expenses (approx.)327 Cr380 Cr613 Cr958 Cr1,550 Cr2,311 Cr3,052 CrSign in free for the trailing twelve months
EBITDA41 Cr41 Cr94 Cr168 Cr254 Cr411 Cr574 CrSign in free for the trailing twelve months
OPM %11.2%9.7%13.3%14.9%14.1%15.1%15.8%Sign in free for the trailing twelve months
Other income2 Cr4 Cr4 Cr11 Cr56 Cr107 Cr157 CrSign in free for the trailing twelve months
Interest24 Cr24 Cr26 Cr35 Cr53 Cr101 Cr117 CrSign in free for the trailing twelve months
Depreciation8 Cr10 Cr13 Cr19 Cr25 Cr45 Cr107 CrSign in free for the trailing twelve months
Profit before tax11 Cr11 Cr59 Cr126 Cr231 Cr372 Cr504 CrSign in free for the trailing twelve months
Tax %17.1%10.5%29.4%24.5%20.9%21.0%27.8%Sign in free for the trailing twelve months
Net profit9 Cr10 Cr42 Cr95 Cr183 Cr293 Cr364 CrSign in free for the trailing twelve months
EPS (₹)₹2.32₹2.28₹9.70₹19.84₹30.63₹45.82₹54.85Sign in free for the trailing twelve months
Dividend payout %———0.0%0.0%0.0%0.0%Sign in free for the trailing twelve months
Sign in free for the trailing twelve months

The latest four quarters added up, next to each full year

Balance sheet

Annual · ₹ Cr · tap + rows to expand

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity capital7 Cr7 Cr46 Cr58 Cr64 Cr64 Cr67 Cr
Reserves96 Cr132 Cr156 Cr901 Cr2,423 Cr2,776 Cr4,681 Cr
Borrowings144 Cr139 Cr170 Cr136 Cr306 Cr875 Cr875 Cr
Other liabilities131 Cr140 Cr249 Cr322 Cr471 Cr922 Cr1,257 Cr
Total liabilities378 Cr419 Cr622 Cr1,419 Cr3,265 Cr4,641 Cr6,894 Cr
Fixed assets (net)50 Cr57 Cr64 Cr90 Cr259 Cr504 Cr1,110 Cr
CWIP5 Cr1 Cr4 Cr11 Cr77 Cr300 Cr372 Cr
Investments2 Cr2 Cr2 Cr20 Cr158 Cr132 Cr257 Cr
Loans & advances———3 Cr4 Cr5 Cr5 Cr
Inventories151 Cr164 Cr226 Cr413 Cr548 Cr814 Cr1,103 Cr
Trade receivables94 Cr122 Cr198 Cr227 Cr356 Cr575 Cr1,528 Cr
Cash & bank0.74 Cr3 Cr7 Cr28 Cr19 Cr47 Cr109 Cr
Other assets76 Cr71 Cr122 Cr626 Cr1,844 Cr2,263 Cr2,409 Cr
Total assets378 Cr419 Cr622 Cr1,419 Cr3,265 Cr4,641 Cr6,894 Cr

Cash flows

Annual · ₹ Cr · tap + rows to expand · last column includes FCF

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Cash from operating activity45 Cr28 Cr21 Cr-43 Cr70 Cr-82 Cr-600 Cr
Cash from investing-10 Cr-24 Cr-45 Cr-377 Cr-1,505 Cr-355 Cr-917 Cr
Cash from financing-35 Cr-1 Cr27 Cr554 Cr1,429 Cr465 Cr1,580 Cr
Net cash flow-0.09 Cr2 Cr4 Cr134 Cr-7 Cr28 Cr62 Cr
Free cash flow (OCF − Capex)14 Cr3 Cr-21 Cr-43 Cr-312 Cr-1,031 Cr-1,841 Cr

Ratios

MetricMar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
ROCE %14.1%12.5%22.7%14.7%10.2%12.7%11.0%
ROE %9.1%7.0%20.5%9.8%7.4%10.3%7.6%
Debtor days93105102737277153
Inventory days212211167177146155158
Days payable1291231219696130122
Cash conversion cycle176194148155122102189
OCF / EBITDA %109.5%67.8%22.5%-25.6%27.6%-20.0%-104.6%
OCF / EBITDA % (3 years)——53.5%1.9%9.3%-6.6%-49.4%
Debt / equity1.401.010.840.140.120.310.18
Current ratio1.181.291.342.963.511.602.23
Net debt / EBITDA3.463.341.740.641.132.021.33