Kaynes Technologies Q3 Results Review - Robust Revenue Growth, Aided By Strong Order Flows: Motilal Oswal

Motilal Oswal Report

Kaynes Technologies India Ltd.'s reported strong revenue growth of 76% YoY in Q3 FY24, led by strong traction in the Industrials (majorly electric vehicle) (up 3.1 times YoY), railways (up 58% YoY) and automotive (up 35% YoY) verticals.

Margins were adversely impacted during the quarter (Ebitda margins down 50 basis point YoY). This was attributed to the execution of initial orders, resulting in higher initial costs.

However, margins are expected to recover from Q4 FY24, led by favorable operating leverage.

We maintain our FY24/FY25/FY26 earning per share estimates, given strong customer additions in high-value and high-margin verticals.

We retain our 'Buy' rating on the stock with a target price of Rs 3,300 (52 times FY26E EPS).

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