Kaynes Technologies shares fall 6% as Kotak Equities flags concerns over FY2025 disclosures
Kaynes Technologies shares ended 6.3% lower at Rs 4,978.60 today after Kotak Institutional Equities identified multiple mismatches in related-party disclosures for FY2025.
- Dec 4, 2025,
- Updated Dec 4, 2025 4:43 PM IST
Shares of Kaynes Technologies closed 6.3% lower at Rs 4,971.50 today after Kotak Institutional Equities raised concerns regarding inconsistencies in the company's related-party disclosures for FY2025. In a note, Kotak said it had identified multiple mismatches between the disclosures made by Kaynes Technology, Kaynes Electronics Manufacturing, and its subsidiary Iskraemeco for FY2025.
According to Kotak, Iskraemeco’s regulatory filings revealed purchases of Rs 180 crore from Kaynes Electronics Manufacturing, yet this transaction did not appear in Kaynes Electronics Manufacturing’s corresponding disclosures.
According to the brokerage, Iskraemeco’s filings show purchases of Rs 180 crore from Kaynes Electronics Manufacturing, but this transaction is not reflected in Kaynes Electronics Manufacturing’s own related-party disclosures.
Trading volume was elevated as the stock reacted to these disclosures, underperforming the Sensex today.
Further scrutiny showed that Iskraemeco reported year-end payables of Rs 320 crore to Kaynes Technology and Rs 180 crore to Kaynes Electronics Manufacturing, along with receivables of Rs 190 crore from Kaynes Technology. Iskraemeco also reported year-end payables of Rs 320 crore to Kaynes Technology and Rs 180 crore to Kaynes Electronics Manufacturing, along with receivables of Rs 190 crore from Kaynes Technology.
Kotak noted that these balances, Kotak noted, do not appear in the corresponding disclosures of Kaynes Technology or Kaynes Electronics Manufacturing.
The brokerage said the inconsistencies warrant closer scrutiny, as they raise questions on inter-company transactions and year-end balances within the group. Nearly all of Iskraemeco’s current receivables were shown as due from its parent, with Rs 45.8 crore outstanding for more than a year, said Kotak Equities.
Shares of Kaynes Technologies closed 6.3% lower at Rs 4,971.50 today after Kotak Institutional Equities raised concerns regarding inconsistencies in the company's related-party disclosures for FY2025. In a note, Kotak said it had identified multiple mismatches between the disclosures made by Kaynes Technology, Kaynes Electronics Manufacturing, and its subsidiary Iskraemeco for FY2025.
According to Kotak, Iskraemeco’s regulatory filings revealed purchases of Rs 180 crore from Kaynes Electronics Manufacturing, yet this transaction did not appear in Kaynes Electronics Manufacturing’s corresponding disclosures.
According to the brokerage, Iskraemeco’s filings show purchases of Rs 180 crore from Kaynes Electronics Manufacturing, but this transaction is not reflected in Kaynes Electronics Manufacturing’s own related-party disclosures.
Trading volume was elevated as the stock reacted to these disclosures, underperforming the Sensex today.
Further scrutiny showed that Iskraemeco reported year-end payables of Rs 320 crore to Kaynes Technology and Rs 180 crore to Kaynes Electronics Manufacturing, along with receivables of Rs 190 crore from Kaynes Technology. Iskraemeco also reported year-end payables of Rs 320 crore to Kaynes Technology and Rs 180 crore to Kaynes Electronics Manufacturing, along with receivables of Rs 190 crore from Kaynes Technology.
Kotak noted that these balances, Kotak noted, do not appear in the corresponding disclosures of Kaynes Technology or Kaynes Electronics Manufacturing.
The brokerage said the inconsistencies warrant closer scrutiny, as they raise questions on inter-company transactions and year-end balances within the group. Nearly all of Iskraemeco’s current receivables were shown as due from its parent, with Rs 45.8 crore outstanding for more than a year, said Kotak Equities.