Kaynes Tech share price: Jefferies, JPMorgan, Investec, CLSA - Highest & lowest targets

Kaynes Technology India Ltd has received mixed reviews from foreign and domestic brokerages following its June quarter results, with most recommendations on the stock being either 'Neutral' or 'Reduce'. The Bloomberg consensus target of Rs 3,659 implied a 5 per cent potential downside for the stock. Investec's target of Rs 2,790 is the lowest on the counter following the Q1 results, while MOFSL's target of Rs 5,000 is the highest. The stock settled at Rs 3,850.10 apiece on Friday. 

Revenue growth for Kaynes Tech, excluding smart meters picked up in 1QFY27 led by auto, EV and industrial. However, working capital remains elevated due to the smart meter business, and the strategy to bring it down will remain a key monitorable, said Nomura. 

"We maintain our target PE at 35 times for EMS and roll forward to Sep-27F, and add Rs 695 for the OSAT/PCB businesses (close to book value). Kaynes trades at 45 times FY28F EPS, which we believe is in the fair value zone, given its weak FCF profile. Hence, maintain Neutral," the foreign brokerage said. 

Q1 results a mixed bag

For Nuvama, Kaynes’ Q1 print was a mixed bag. It noted that Kaynes' profit fell 24 per cent YoY, which was 7 per cent below its estimate, led by lower other income and higher tax rate. 

"Kaynes did not rule out operating margin pressure in near term while it maintained earlier revenue growth guidance (2x industry) for FY27. Net working capital rose from Rs 2,000 crore to Rs 2,400 crore QoQ (125 days to 163 days QoQ) while net debt rose from Rs 200 crore to Rs 800 crore QoQ. OSAT/PCB to start contributing from Q3, as per Kaynes," it said.

Nuvama cut its FY27 and FY28 EPS estimates to factor in Q1 miss and outlook but rolled forward its valuations to June 2027 estimates, suggesting a fresh target of Rs 3,450 from Rs 3,150 earlier. Nuvama suggested a ‘REDUCE’ after the recent sharp rally.

MOFSL's target on Kaynes Tech highest on D-Street

MOFSL said Kaynes Tech reported a healthy operating performance in the June quarter with growth across all segments. With a robust order book of Rs 8,900 crore, up 20 per cent, the company is seen sustaining strong revenue growth momentum going forward.

MOFSL said Kaynes Tech's growth will be driven by continued scaling of its core EMS business, with growth across all verticals. 

"OSAT and PCB are expected to emerge as key growth engines, with commercialization targeted from 3Q/4QFY27. The company’s expansion into space and defense electronics should further diversify its growth profile. We estimate a revenue, Ebitda and adjusted PAT CAGR of 41 per cent, 44 per cent and 52 per cent over FY26-FY28. Reiterate BUY with a target of Rs 5,000," MOFSL said. This is the highest target on the stock post Q1 results so far. 

Kaynes Tech targets by foreign brokerages

Among global brokerages, Jefferies suggested 'Buy' with a target of Rs 4,480 on the stock. Nomura and JPMorgan suggested 'Neutral' with targets of Rs 4,093.52 and Rs 3,600. CLSA suggested a 'Hold' on the stock with a target of Rs 3,580. 

Kaynes Tech targets by IIFL, others

Among domestic brokers, IIFL suggested 'Add' and a target of Rs 4,449. Axis Capital also suggested 'Add' and a target of Rs 4,136. JM Financial and Equirus Securities gave 'Reduce' on the stock with targets of Rs 3,850 and Rs 3,500, respectively.