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1. At a Glance
Kaynes Technology assembles electronics for other companies, from bare circuit boards to finished equipment, and is based in Mysuru. Revenue for the three months to June 2026 was ₹946 crore, against ₹673 crore a year earlier. That is a rise of 40%. Operating profit was ₹148 crore against ₹113 crore. Net profit was ₹56.4 crore against ₹74.6 crore. Two of those three lines rose and one fell, inside the same three months.
Other income fell to ₹14.4 crore from ₹27.1 crore. Depreciation went the other way, from ₹15.6 crore to ₹37.0 crore. Depreciation is the yearly slice of a building or machine charged against profit. Management attributes the softer profit to lower other income on money raised in an institutional share sale. It also points to higher depreciation on plant bought ahead of the revenue it expects. Management puts the combined effect at about 2.5 points of pre-tax and net profit.
The order book stood at about ₹9,000 crore, per management. In the three months to December 2024 it was ₹6,047 crore. Management said on the earnings call that it chose to grow contract manufacturing and shrink smart metering. In its own words, it put its foot down about collections first. Metering sales in the quarter were around ₹240 crore, and collections ₹88 crore.
Elsewhere in the quarter, a new statutory auditor was recommended for appointment. The company allotted 1,87,837 shares under its employee share scheme. A 3U satellite, a small standardised design, entered prototype development.
2. Introduction
Kaynes Technology was incorporated in 2008 as an integrated electronics manufacturing company built around connected devices. It offers conceptual design, process engineering, integrated manufacturing and life-cycle support. Its customers sit in automotive, industrial, aerospace and defence, and outer space. Others are in nuclear, medical, railways and information technology. That list has the energy of a company that has never once said “not really our thing”.
The scale-up sits in a single column of numbers. Consolidated revenue was ₹706 crore in the year to March 2022, then ₹1,126 crore the year after. It reached ₹1,805 crore in the year to March 2024 and ₹2,722 crore the year after that. In the year to March 2026 it was ₹3,626 crore. Compounded sales growth over five years is 54%, and over three years 48%. Net profit compounded at 108% over the same five years.
The capital came in waves. The shares were listed in November 2022. A qualified placement in December 2023, meaning a share sale to large institutions, raised ₹1,400 crore. A second placement in June 2025 raised ₹1,600 crore through 28,72,788 shares. As of 30 June 2026, ₹25 crore of the 2023 money was unspent out of ₹1,374 crore net. Of the 2025 money, ₹42 crore of ₹1,600 crore was unspent.
Recent developments arrived thickly. Prime Minister Narendra Modi inaugurated the Sanand plant of subsidiary Kaynes Semicon on 31 March 2026. In December 2025, Kaynes Semicon partnered Japan’s AOI Electronics for advanced semiconductor packaging. It also partnered Mitsui & Co. for critical raw materials. In September 2025, Ramesh Kunhikannan was re-designated Executive Vice Chairman. Dr M. Narayanaswamy was appointed Managing Director for five years, subject to shareholder approval. CEO Rajesh Sharma’s relieving date moved from 31 October to 8 November 2025. Company Secretary Anuj Mehtha resigned on 10 March 2026, and Sudhasri Addepalli took the post the next day.
A December 2025 report by Kotak Institutional Equities, a broking house, flagged the accounting for goodwill and contingent liabilities of ₹520 crore. Contingent liabilities are possible future costs that depend on how a pending matter turns out. The same report flagged undisclosed related-party transactions, borrowing costs of 17.7% and ₹180 crore of capitalised technical know-how. The company admitted standalone disclosure lapses and issued further clarifications.
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3. Business Model: WTF Do They Even Do?
Kaynes builds electronics for other companies. It has since moved into the parts that go inside those electronics. It now also builds the packaging that goes around the chips inside them. That is backward integration pursued by someone who started baking cakes and ended up owning a wheat field.
Three segments do the work. Turnkey circuit-board assembly was 51% of revenue in the nine months to December 2025, against 63% in the year to March 2022. It covers board assembly plus magnetics, cable harnessing, plastics and value-added assemblies. Box Build was 22% against 28%, and means building to a customer’s drawing or to a customer’s performance brief. The output is mechatronic equipment, electromechanical systems and intelligent control panels. “Intelligent control panels” is corporate India’s finest phrase for a very good box with buttons. Design, product engineering and connected-device work was 27%, against 9% in the year to March 2022. It covers customised design across software, boards and mechanical parts.
By end market in the three months to June 2026, industrial including electric vehicles
