Buy Kaynes Technology India, target price Rs 5,500: JM Financial

JM Financial has a Buy call on Kaynes Technology India with a target price of Rs 5,500. The current market price of Kaynes Technology India is Rs 5395.15. Kaynes Technology, incorporated in 2008, is a Small Cap company with a market cap of Rs 34727.76 crore, operating in the Consumer Durables sector.

Kaynes Technology’s key products/revenue segments include Electrical Consumer Durables and Sale of services for the year ending 31-Mar-2024.

Financials
For the quarter ended 31-12-2024, the company has reported a Consolidated Total Income of Rs 685.82 crore, up 13.23 % from last quarter Total Income of Rs 605.67 crore and up 32.21 % from last year same quarter Total Income of Rs 518.72 crore. The company has reported net profit after tax of Rs 66.46 crore in latest quarter.

The company’s top management includes Mrs.Savitha Ramesh, Mr.Ramesh Kunhikannan, Mr.Jairam Paravastu Sampath, Mr.Anup Kumar Bhat, Mr.Heinz Franz Moitzi, Mr.Alexander Koshy, Mrs.Poornima Ranganath, Mr.Seeplaputhur Ganapathiramaswamy Murali. Company has K P Rao & Co. as its auditors. As on 31-12-2024, the company has a total of 6 crore shares outstanding.

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Investment Rationale
JM Financial expects Kaynes technology revenue growth momentum to pick up, rising 59% YoY, largely on expected lines given order book growth was robust in 3Q despite a weak performance. The margin profile is broadly unchanged, an increase in gross profit margin being offset by higher other expenses. Key focus will be on guidance for the coming year and developments in the OSAT and bare PCB business, initially expected to commence 4QFY26 onwards, and inorganic opportunities.

Promoter/FII Holdings
Promoters held 57.75 per cent stake in the company as of 31-Dec-2024, while FIIs owned 14.84 per cent, DIIs 15.04 per cent.

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