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Navin Choudhary SEBI RIA

29th Apr 2025 · SEBI-Registered Analyst

About Kaynes Technology India Ltd

KAYNES
Kaynes Technology is a leading end-to-end and IoT solutions-enabled integrated electronics manufacturing company. The company provides conceptual design, process engineering, integrated manufacturing, and life-cycle support for major players in the automotive, industrial, aerospace and defense, outer-space, nuclear, medical, railways, Internet of Things ("IoT"), Information Technology ("IT") and other segments. Offerings The company is a prominent player in integrated electronics manufacturing. It offers end-to-end and IoT-enabled ESDM solutions spanning conceptual design, process engineering, integrated manufacturing, and life-cycle support. It has also ventured into semiconductor assembly and testing (OSAT) and high-density interconnect PCBs (HDI PCBs). Its offerings cater to diverse industries like automotive, industrial, aerospace, defense, outer space, nuclear, medical, railways, IoT, etc. Business Segments 1) OEM – Turnkey PCB Assembly (47% in 9M FY25 vs 63% in FY22): [2] [3] Provides end-to-end PCB assembly solutions including prototyping, sourcing, test jig development, and process engineering, delivering fully tested boards globally. 2) OEM – Box Build (43% in 9M FY25 vs 28% in FY22): Handles system integration, box building, testing. It manufactures cable assemblies, harnesses, and plastic components with custom testing hardware. 3) ODM & Product Engineering / IoT Solutions (10% in 9M FY25 vs 9% in FY22): Delivers customized product design services across software, PCB, and mechanical areas, led by its Embedded Systems team, skilled in advanced PCB design. Revenue Mix a) Industry Wise: Industrial incl EV: 55% in 9M FY25 vs 30% in FY22 Automotive: 28% in 9M FY25 vs 34% in FY22 Railways: 7% in 9M FY25 vs 10% in FY22 Medical: 2% in 9M FY25 vs 10% in FY22 IoT / IT, Cons and Others: 1% in 9M FY25 vs 15% in FY22

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