LiveNSE delayed · 128/128 · 20 Aug 2026, 10:00 am
Scores stay the 15 Aug 2026 desk snapshot. Not advice.
KAYNES · Capital Goods · Mid Cap · Live 20 Aug 2026, 10:00 am · Discovery

Kaynes Technology India Ltd

Diversified EMS player moving up the stack into high-complexity industrial, automotive, aerospace/defence and a planned OSAT footprint. The equity story is India's electronics manufacturing shift — not a cheap multiple.

10X Medium
Moderate Risk
Attractive Entry
Emerging Multibagger
Institutional Accumulation
Sector Leader
Multibagger score
68.2/100
Market cap
₹20,302 Cr
Last price · live
₹3,874.6
+51.30 (+1.34%)
52W
₹2,995–₹7,705

Implied P/E 65.1x · KAYNES.NS · delayed NSE

10X potential (scenario)
MEDIUM
Base multiple
2.8x
Bull multiple
6.4x
Classification
Potential 5X Candidate

Bull case can quintuple if the industry runway and margins hold. Not a prediction.

Final investment scorecard

Multibagger68.2 / 100
10X potentialmedium
Business quality3.8 / 10
Growth runway8.9 / 10
Competitive advantage7.2 / 10
Management8.1 / 10
Balance sheet4.2 / 10
Valuation3.2 / 10
Technical setup8.2 / 10
Riskmoderate

Why it could become a multibagger

  • India's electronics value-add is still early; Kaynes is a direct compounder on that shift.
  • Mix is moving toward industrial, auto, aerospace and OSAT — higher complexity, stickier customers.
  • Execution versus guidance has been clean for a recently listed manufacturer.
  • Institutional ownership is rising with the fundamental story, not ahead of it.

What needs to go right

  • OSAT and new plants must come up on time and utilise within 24 months.
  • Gross margin has to keep expanding as mix improves — not stall at EMS-job-work levels.
  • Customer concentration in a few auto/industrial platforms must keep diversifying.
  • Further equity raises should slow as operating cash flow funds more of the capex.

What could destroy the thesis

  • A global electronics destocking cycle that hits utilisation for 4–6 quarters.
  • OSAT delays or technology miss versus global OSATs.
  • Chronic dilution that caps per-share value even if the company 'wins'.
  • A multiple de-rating to 35–40x if growth slips into the mid-20s.

What would make me sell

  • Revenue CAGR rolling over below 20% for three consecutive halves without mix improvement
  • OCF turning negative while reported PAT still grows
  • Another primary raise larger than 8% of equity without a clearly incremental high-ROCE project
  • Promoter pledge appearing or an auditor qualification

Key metrics to monitor

Revenue growth vs order book
EBITDA margin by vertical
NWC days
OCF / EBITDA
Capex vs guidance
OSAT utilisation
Promoter + QIP dilution
Customer concentration (top 10)
ROCE on new plants
Institutional holder count

Illustrative FY25 / TTM desk snapshot compiled for this terminal. Not a live NSE/BSE feed. Cross-check annual reports, exchange filings and investor presentations before use.