Kaynes Technology India Limited (KAYNES.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-233.4%

-₹4,309.34

vs ₹3,229.90 price

Levered DCF

-₹14,078.87

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

—

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	62.53×	104.65×	91.03×	48.53×	96.77×	292.35×	297.39×	289.89×
P/B	4.79×	10.91×	6.71×	4.81×	19.8×	20.51×	27.41×	30.35×
P/S	6.27×	11.39×	9.25×	4.09×	5.68×	6.76×	7.64×	7.76×
EV / EBITDA	31.4×	61.81×	55.13×	26.63×	43.27×	67.14×	69.56×	76.42×
Gross margin	23.0%	28.7%	25.3%	27.5%	28.8%	29.8%	42.0%	14.4%
Operating margin	12.9%	13.7%	12.8%	13.4%	11.6%	7.9%	9.8%	9.3%
Net margin	10.0%	10.8%	10.2%	8.5%	5.9%	2.3%	2.5%	2.7%
Current ratio	2.23×	1.6×	3.51×	2.96×	1.34×	1.29×	1.18×	1.3×
Debt / equity	0.19×	0.32×	0.13×	0.16×	0.93×	1.07×	1.49×	1.68×
Interest coverage	3.99×	3.53×	4.16×	4.14×	3.03×	1.32×	1.47×	1.71×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	7.7%	10.3%	7.4%	9.9%	20.5%	7.0%	9.1%	10.5%
Return on invested capital	5.9%	7.8%	6.5%	10.1%	14.3%	10.0%	11.2%	9.3%
Return on assets	5.3%	6.3%	5.6%	6.7%	6.7%	2.3%	2.5%	2.7%
Free cash flow yield	-7.6%	-3.3%	-1.9%	-2.2%	-0.5%	0.1%	0.5%	-1.3%
Earnings yield	1.6%	0.9%	1.1%	2.1%	1.0%	0.3%	0.3%	0.3%
Enterprise value	₹228.7B	₹318.5B	₹169.9B	₹47.4B	₹41.9B	₹29.9B	₹29.7B	₹29.4B
Net debt / EBITDA	0.16×	1.66×	0.98×	0.71×	1.88×	3.27×	3.57×	3.36×
Cash conversion cycle (days)	187	102	136	176	149	192	199	180