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Diversified Indian EMS maker building PCB assemblies and full electronics products across seven sectors.
Diversified Indian EMS maker building PCB assemblies and full electronics products across seven sectors.
Is paid to build and test electronics to customers' designs, plus a growing share from products it designs itself, with component costs passed through. It is certified to build for aerospace, rail, automotive and medical customers, where qualification takes years, and is building a chip-packaging plant in Gujarat with state support.
In one line: A fast-growing, diversified Indian Celestica.
Moat: narrow (customer qualification, scale, process know-how). Sector certifications (aerospace, rail, auto, medical) raise switching costs; EMS itself is commoditized.
Headquarters: Mysuru, India · Founded: 2008 · Employees: 4,629
Size Kaynes Technology India (KAYNES.NS) is an India Industrials company (Electronic Production Equipment) with a market value of $2.30B, the 347th largest of 1,058 India companies the cockpit tracks. Shares closed at ₹3,233 on 6 Nov 2026.
Performance Over six months the shares fell 26.2%, against +22.9% for the median peer and 0.0% for the India market (cap-weighted) — 2nd lowest of 9 in its peer set.
Growth Revenue grew 34.9% over the last twelve months (peer median +39.1%); the operating margin is 12.3% (peer median 8.9%).
Valuation It trades at 55.5× forward earnings against a peer median of 69.4× (2nd cheapest of 8).
Capital Return on invested capital runs 8.9 points below its cost of capital (16.5% WACC).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | ₹39.0B | ₹36.3B | ₹27.2B | ₹18.0B | ₹11.3B |
| Revenue growth | — | +33% | +51% | +60% | — |
| Gross profit | ₹8.34B | ₹7.12B | ₹4.90B | ₹2.94B | ₹1.89B |
| EBITDA | ₹6.09B | ₹5.86B | ₹4.31B | ₹2.58B | ₹1.71B |
| Net income | ₹3.46B | ₹3.64B | ₹2.93B | ₹1.83B | ₹950M |
| Free cash flow | n/a | -₹18.5B | -₹10.4B | -₹2.96B | -₹1.25B |
| Capital expenditure | n/a | ₹12.4B | ₹9.49B | ₹3.83B | ₹581M |
| Total debt | n/a | ₹9.13B | ₹9.03B | ₹3.23B | ₹1.55B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Kaynes Technology India KAYNES.NS | $2.30B | -26% | +35% | 12% | 55.5× | n/a |
| Dixon Technologies (India) DIXON.NS | $8.16B | +14% | +21% | 2% | 76.9× | 48.0% |
| Syrma SGS Technology SYRMA.NS | $2.97B | +33% | +62% | 10% | 63.2× | 33.7% |
| Avalon Technologies AVALON.NS | $1.34B | +51% | +44% | 10% | 69.4× | n/a |
| Amber Enterprises India AMBER.NS | $2.39B | -28% | +15% | 5% | 59.6× | n/a |
| Cyient DLM CYIENTDLM.NS | $649M | +82% | -2% | 7% | 73.3× | 58.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | KAYNES.NS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.9% | -13.7% | 4th highest of 9 |
| 6-month return | -26.2% | +22.9% | 2nd lowest of 9 |
| Distance from 52-week high | -53.1% | -22.3% | 2nd lowest of 9 |
| Revenue growth (TTM) | +34.9% | +39.1% | 5th highest of 9 |
| Operating margin | 12.3% | 8.9% | 3rd highest of 9 |
| Forward P/E | 55.5× | 69.4× | 2nd cheapest of 8 |
| ROIC minus cost of capital | -8.9 pp | -3.1 pp | 2nd lowest of 9 |
| EV / EBITDA | 35.7× | 42.9× | 2nd cheapest of 8 |
| Net debt / EBITDA | 0.2× | 0.3× | 3rd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Kaynes Technology India KAYNES.NS | India | $2.30B | -26% | +35% | 12% | 55.5× | n/a | n/a |
| Data Patterns (India) DATAPATTNS.NS | India | $2.24B | -11% | +34% | 37% | 60.2× | 61.0% | +32.8% |
| L&F 066970.KS | South Korea | $2.15B | -62% | +81% | 8% | n/a | n/a | n/a |
| Syrma SGS Technology SYRMA.NS | India | $2.97B | +33% | +62% | 10% | 63.2× | 33.7% | +61.8% |
| PG Electroplast PGEL.NS | India | $1.65B | +2% | +21% | 6% | 49.3× | n/a | n/a |
| Apollo Micro Systems APOLLO.NS | India | $1.63B | +32% | +77% | 21% | 92.7× | n/a | n/a |
| Avalon Technologies AVALON.NS | India | $1.34B | +51% | +44% | 10% | 69.4× | n/a | n/a |
| Cyient DLM CYIENTDLM.NS | India | $649M | +82% | -2% | 7% | 73.3× | 58.4% | +15.0% |
| Dixon Technologies (India) DIXON.NS | India | $8.16B | +14% | +21% | 2% | 76.9× | 48.0% | +49.7% |