General information and education, not investment advice. The author is not a SEBI-registered adviser or research analyst. No recommendation, no promised returns. Markets carry risk including loss of capital. Figures may not be current. Always consult a SEBI-registered adviser.
1. At a Glance
Revenue for the June 2026 quarter came in at ₹946 crore, up 40% from ₹673 crore a year earlier. Operating profit was ₹148 crore against ₹113 crore. Net profit was ₹56.4 crore against ₹74.6 crore. Three numbers, three different directions, all in the same three months — a quarter that could not agree with itself on which way to point.
Other Income fell to ₹14.4 crore from ₹27.1 crore. Depreciation went the other way, from ₹15.6 crore to ₹37.0 crore, which is what happens when a company spends two years buying buildings and machines and the accountants finally get to start subtracting them. Management attributes the softer profit to lower other income from QIP fund investments, reducing PBT/PAT by about 2.5 points, and to higher depreciation from investments made ahead of the revenue ramp.
The order book stood at approximately ₹9,000 crore per management, against ₹6,047 crore in Q3 FY25. Management stated on the earnings call that it took a conscious decision to grow EMS and de-grow smart metering, in its words after putting its foot down about collections first. Metering sales in the quarter were around ₹240 crore; collections were ₹88 crore.
Elsewhere in the quarter, a new statutory auditor was recommended, 1,87,837 ESOP shares were allotted, and a 3U satellite entered prototype development. For an electronics contract manufacturer from Mysuru, that last one is a genuine plot development.
2. Introduction
Kaynes Technology was incorporated in 2008 as an end-to-end, IoT-solutions-enabled integrated electronics manufacturing company. It provides conceptual design, process engineering, integrated manufacturing and life-cycle support to customers in automotive, industrial, aerospace and defence, outer space, nuclear, medical, railways, IoT and IT. That vertical list has the energy of a company that has never once said “sorry, that’s not really our thing.”
The scale-up is visible in a single column of numbers. Consolidated revenue went ₹706 crore in FY22, ₹1,126 crore in FY23, ₹1,805 crore in FY24, ₹2,722 crore in FY25, ₹3,626 crore in FY26. Compounded sales growth over five years is 54%; over three years, 48%. Net profit over the same five years compounded at 108%.
The capital came in waves. The IPO listed the shares in November 2022 at ₹587 apiece. A December 2023 QIP raised ₹1,400 crore at ₹2,424 per share. A June 2025 QIP raised ₹1,600 crore through 28,72,788 shares at ₹5,569.50 each. As of 30 June 2026, the 2023 QIP had ₹25 crore unutilised of ₹1,374 crore net, and the 2025 QIP had ₹42 crore unutilised of ₹1,600 crore. The money is being spent roughly as fast as it is raised, which is at least an efficient sort of restlessness.
Recent developments arrived thickly. Prime Minister Narendra Modi inaugurated the Kaynes Semicon subsidiary’s Sanand GIDC plant on 31 March 2026. In December 2025, Kaynes Semicon partnered with Japan’s AOI Electronics for advanced semiconductor packaging and with Mitsui & Co. for critical raw materials. In September 2025, Ramesh Kunhikannan was re-designated Executive Vice Chairman and Dr. M. Narayanaswamy was appointed MD for a five-year term, subject to shareholder approval. CEO Rajesh Sharma’s relieving date was extended from 31 October to 8 November 2025. Company Secretary Anuj Mehtha resigned effective 10 March 2026; Sudhasri Addepalli was appointed effective 11 March 2026.
A December 2025 report by Kotak Institutional Equities flagged goodwill accounting, contingent liabilities of ₹520 crore, undisclosed related-party transactions, 17.7% borrowing costs and ₹1.8 billion of capitalised technical know-how. The company admitted standalone disclosure lapses and issued further clarifications.
US
Now live
US Stocks terminal is live
13,000+ US tickers · EDGAR fundamentals · screener and filings feed — the same terminal, for American markets.
Explore →
3. Business Model: WTF Do They Even Do?
Kaynes builds electronics for other people, and then increasingly builds the things that go into the electronics for other people, and now also builds the packaging that goes around the chips inside the electronics for other people. It is backward integration pursued with the enthusiasm of someone who started out baking cakes and has ended up owning a wheat field.
Three segments do the work. OEM Turnkey PCB Assembly was 51% of 9M FY26 revenue against 63% in FY22, and covers PCBA manufacturing plus magnetics, cable harnessing, plastics and value-added assemblies. OEM Box Build was 22% against 28%, offering Build-to-Print and Build-to-Specification work on mechatronic equipment, electromechanical systems and intelligent control panels — “intelligent control panels” being corporate India’s finest euphemism for a very good box with buttons. ODM, Product Engineering and IoT Solutions was 27% against 9% in FY22, covering customised design across software, PCB and mechanical.
By vertical in Q1 FY27: Industrial including EV 55%, Automotive 26%, IT/IoT/Consumer and others 10%, Railways 6%, Medical 2%, Aerospace/Outer Space/Strategic Electronics 2%. Geography in FY25 was India 91%, North America 5%, Europe 3%, others 1%.
The physical estate: 22 advanced manufacturing and design facilities, 26 SMT lines, 70 THD lines, 26 cable harness lines, 48 plastic moulding machines, clean rooms in 1K, 10K and 100K classes, 50+
