How Will Kaynes Benefit From The Acquisition Of Iskraemeco? Systematix' Analysis

Systematix Research Report

A strong Rs 50.4 billion order book (2.8 times FY24 revenue) supports management’s 60% YoY revenue growth and 15% plus Ebitda margin guidance for FY25.

Kaynes Technologies Ltd.'s semiconductor foray provides vast potential for a decade. In PCB manufacturing, focus will be on multi layered products (40% mix likely; already signed MoUs with four customers).

New business of OSAT and PCB will meaningfully contribute from FY27.

On strong management guidance, we expect 54%/59%/37% CAGR in revenue/Ebitda/PAT over FY24-26E, with ~15% Ebitda margin.

While it is difficult to forecast revenue and margin of the new business at such an early stage, they provide robust growth potential in mid-long term (reason for scrip’s high valuation).

We remain constructive on robust prospects of Kaynes; maintain Hold.

Click on the attachment to read the full report:

DISCLAIMER

This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.