to the significant uptick in the stock price. Our revised DCF-based TP is Rs 5,744 (up from Rs 5,528), implying PE of 60x FY27E earnings. KAYNES has guided a growth of 60% in FY26 with a margin expansion of 50bps YoY, mainly driven from automotive, industrial, aerospace and IoT segment. In Q4FY25 company is having an order book of Rs 66bn mainly driven from aerospace, industrial and automotive. The OSAT facility development is on track, with estimated revenue starting in Q4FY26, while PCB manufacturing is expected to begin as planned, contributing to revenue from FY27 onwards. In the Export...