This Mid-cap stock, engaged in providing end-to-end and IoT solutions-enabled integrated electronics manufacturing company, is in focus after Motilal Oswal Financial Services Ltd gave a target of Rs. 7300, which has an upside potential of 22 percent.
With a market capitalization of Rs. 38,738.96 crore, the shares of Kaynes Technology India Limited are trading at a current market cap of Rs. 6,042.00 per equity share, rising nearly 1.07 percent from its previous day’s close price of Rs. 5,978.00
Motilal Oswal Financial Services Ltd, a prominent brokerage firm, has recommended a “Buy” call on Kaynes Technology India Limited with a target price of Rs. 7300 per share, indicating an upside potential of 20.82 percent
The brokerage is bullish because Kaynes is set for robust growth in FY26, targeting revenue of Rs 45 billion, supported by higher-margin new orders, operating leverage, and continued expansion across key verticals such as automotive, aerospace, industrial, and medical. The commercialization of HDI PCBs and OSAT is expected in Q4FY26. The Chennai PCB facility aims for margins of approximately 30 percent, driven by global clients, while the OSAT segment is projected to deliver margins around 20 percent.
The company has set a combined revenue target of Rs 25 billion for FY27, aiming to double that to Rs 50 billion by FY28, with an overall goal of reaching USD 1 billion in revenue by FY28. Recent acquisitions have strengthened Kaynes’ global footprint and opened up new growth avenues. Looking ahead, the focus will be on high-margin ODMs and geographic expansion in South Asia and Europe. They project a revenue/EBITDA/adjusted PAT CAGR of 57 percent /61 percent /70 percent over FY25–FY27.
Also read: Railway stock jumps 3% after receiving ₹101 Cr order from IRCON International
Company overview & others
Kaynes Technology is an end-to-end electronics manufacturing services (EMS) company that provides integrated design, manufacturing, and lifecycle support for electronic products. The company operates across diverse sectors, including automotive, aerospace, industrial, medical, railways, and consumer electronics.
Its services span the entire electronics value chain, from product conceptualization and design to prototyping, testing, and mass production. Kaynes is also involved in high-tech areas such as Printed Circuit Board Assembly (PCBA), High-Density Interconnect (HDI) PCBs, and Outsourced Semiconductor Assembly and Testing (OSAT), positioning itself as a key player in advanced electronics manufacturing.
The Operating revenue of the company grew by 50.73 percent YoY from Rs 666.71 crores in Q4FY24 to Rs 1004.95 crores in Q4FY25, and the company’s net profits grew by 43 percent during the same time from Rs 81.26 crores in Q4FY24 to Rs 116.2 crores in Q4FY25. The company has a good debt-to-equity ratio of 0.32. The current order book of the company stands at Rs 65,969 million
Looking at the revenue mix of the company, 26 percent of the revenue for the company comes from the automotive sector and the majority, 55 percent, comes from Industrial supplies, including the EV sector, 1 percent from Aerospace, Outer-space & Strategic Electronics, 2 percent from the Medical sector, 7 percent from the railway,s and the rest 8 percent from IoT / IT, Cons and Others
The company has also made a significant foray into the semiconductor sector through its wholly owned subsidiary, Kaynes Semicon Pvt Ltd, focusing on Outsourced Semiconductor Assembly and Testing (OSAT) and advanced chip packaging. The company last year proposed an investment of 3,300 crore and more for its semiconductor facility in Gujarat, with 70 percent of the funding coming from government support, shared between the central and state governments.
Written By Likesh Babu S
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