Kaynes Technology builds electronics for other companies. It designs and manufactures circuit boards and finished devices that go inside cars, factory machinery, trains, hospital equipment, aircraft and satellites — around 500 customers across more than 30 countries, from 22 factories. It sells nothing under its own brand.
Growing fast. Sales were ₹3,626 crore last year, up 33.2% from ₹2,722 crore. Over three years sales have grown 47.7% a year. Profit was ₹364 crore, up 24.0%. Profit is now growing slower than sales.
Debt-to-equity is 0.19. Kaynes owes ₹913 crore against ₹799 crore of cash and ₹4,748 crore of shareholders' funds, leaving net debt of ₹114 crore — small for a company this size.
Kaynes is building very fast and spending more cash than it brings in. It more than doubled the value of its factories and equipment in a year while entering two entirely new businesses, semiconductor packaging and circuit boards. Margins held, but ₹600 crore more cash left the business than came in.
Both. It spent ₹1,240 crore on plants and machinery last year, more than doubling factories and equipment from ₹790 crore to ₹1,791 crore. A semiconductor packaging plant at Sanand is running, a second is due around September, and a circuit board plant opens in July 2026. It also bought six companies across India, the US and Europe. The company does not disclose how full its factories are.
Operating margin improved to 15.8% from 15.3%. The fourth quarter went the other way: net margin fell to 7.3% from 11.8% a year earlier, as depreciation rose 221% and finance costs 39% on plants that are not yet producing.
Financing activities brought in ₹1,580 crore during the year. The share count has risen 885.3% over five years, so each existing share owns a smaller slice of the company. It pays no dividend.
Return on capital fell to 13.2% from 14.6%, and return on equity to 7.7% from 10.3%. The June 2025 share sale diluted returns faster than profit grew, and the new plants have yet to contribute.
No, and this is the thing to look at. It reported ₹364 crore of profit while ₹600 crore more cash left the business than came in. Customers now owe ₹1,528 crore, nearly triple a year earlier, and it takes 154 days to get paid against 77. Management says the gap sits in its electricity meter subsidiary, where state governments pay only after meters are installed, and that the core electronics business generated ₹250 crore of cash.
Confirmed orders waiting to be delivered stand at ₹9,000 crore — more than two years of current sales, and up around a quarter on last year. Five customers account for 46% of revenue. The company does not disclose how full its factories are.
Kaynes was founded and is run by Ramesh Kunhikannan, with Savitha Ramesh as Chairperson. The board added directors this year who previously held senior roles at TVS Motor, Bharat Electronics and ISRO. The group is made up of 20 companies — 12 in India and 8 abroad.
The auditors, K.P. Rao & Co, signed off with no objections and no warnings attached. One thing to note: eight foreign subsidiaries were not separately audited — their accounts were prepared by management, and the auditors checked only the conversion into Indian accounting standards, not the underlying numbers.
Kaynes is trying to become the only Indian company doing all three steps: making the bare circuit board, assembling the electronics onto it, and packaging the semiconductor chips that go on top. Most competitors do only the middle step. Its revenue spans automotive, industrial, aerospace, railways, medical and IoT.
Dixon Technologies, Syrma SGS Technology, Cyient DLM, Avalon Technologies and Amber Enterprises are the main listed rivals. In semiconductor packaging and circuit boards there are far fewer, because very few Indian companies have entered those areas.
In its favour: ₹9,000 crore of confirmed orders, a train safety system approved with trial orders at margins above 30%, and electric vehicle revenue up 28%. Against it: the largest electric two-wheeler customer cut orders by around 90%, five customers account for 46% of sales, and the West Asia conflict pushed deliveries into later quarters.
Electronics manufacturing in India is a long-term growth industry rather than a boom-and-bust one, growing 16–18% a year on government incentives and global companies shifting production out of China. Semiconductor packaging and circuit boards are newer, policy-supported additions. Some customer industries, carmakers especially, run through their own cycles.
Kaynes trades at 70 times earnings — expensive against the market, ordinary for electronics manufacturing. Professional investors have been cutting their holding while small investors have been buying.
Kaynes trades at 70 times earnings, 5.4 times book value and 7.0 times sales, on earnings of ₹54.30 a share. That is expensive against the broader market, but ordinary for electronics manufacturing — the listed peer group runs from Dixon at around 41 times to Amber above 150, with a median near 70. At ₹25,494 crore it is the third largest of them, behind Dixon and Syrma.
Institutions have been selling for a year while small investors have been buying. Foreign funds have fallen from 14.9% in September 2024 to 5.8%, and Indian funds and insurers from 23.7% in September 2025 to 11.8%. Small individual investors went the other way over those same three quarters, 12.2% to 28.9%, and the number of shareholders roughly doubled to 449,428.
Four investors own more than 1%: Nippon India Small Cap Fund at 3.56%, HDFC Balanced Advantage Fund at 3.55%, an individual named Freny Firoze Irani at 1.60%, and Axis Small Cap Fund at 1.19%. Freny Firoze Irani has held a stake in every quarter since at least September 2023, when it was 2.10% — longer than any institution currently on the register. Mutual funds together own 10.5% across 24 schemes, and no single institution holds above 4%.