Kaynes Technology India has come into focus after multiple analysts estimated that the stock could rise by xx percent.
The shares of this leading end-to-end and IoT-enabled integrated electronics manufacturing company are gaining attention as brokerages such as JP Morgan and Nomura have turned bullish. This article explores the details behind the rising optimism.
With a market capitalisation of ₹38,454 crore, the shares of Kaynes Technology India Ltd hit a day low of ₹5,713.10, down 1.4% from the previous close of ₹5,793.10. Over the last three years, the stock has delivered a massive 669% return, far outperforming the NIFTY 50’s 42% gain.
Analyst Comments
Nomura
Nomura has maintained its Buy rating on the stock with a target price of ₹8,478, indicating a 46% upside from the previous closing price of ₹5,793.10.
The brokerage highlighted that during its analyst meet, the company presented several growth catalysts supported by broad-based expansion and improved business diversification. Kaynes Tech aims to achieve positive operating cash flow in the current financial year. Nomura also noted that the company has already completed smart meter orders worth ₹450 crore in the first half of FY26 and is targeting ₹800–900 crore in FY26, backed by a strong order book of ₹2,000 crore.
JP Morgan
JP Morgan has assigned an Overweight rating on the stock with a target price of ₹7,550, suggesting an upside of 30% from the previous close.
According to the firm, Kaynes Tech has kept its FY26 revenue guidance unchanged at ₹4,400–4,500 crore and remains confident of achieving the $1 billion revenue mark before FY28. This growth will be driven primarily by OSAT and PCB capacity expansion. The company plans to onboard 10 OSAT clients, with major clients expected to utilise the bulk of the capacity.
JP Morgan further stated that Kaynes aims to reduce receivables in the second half of FY26, targeting working capital days of 70–80 for FY26, compared to 86 days in FY25. The ₹1,400 crore QIP raised last year was allocated to OSAT and PCB capex, while the ₹1,600 crore QIP raised this year will be used for acquisitions. The company does not plan any additional fundraising, as the new OSAT and PCB units are expected to be self-sustaining.
