uptick in the stock price. Our revised DCF-based TP is Rs 6,367 (up from Rs 6,068), implying PE of 60x FY27E earnings. KAYNES has maintained its guidance to reach Rs 45bn, however revised its margin guidance from 15.6% to ~17% by FY26. In Q1FY26 company is having an order book of Rs 74bn 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. Company acquired August Electronics to strengthen its North...