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for Industry - Other Electrical Equipment/Products
Diversified business verticals with presence across consumer, automotive, industrials, healthcare, IT, railways and defence. Q2FY26 performance: Syrma SGS reported all-round strong set of result with revenue of 1146 crore which increased 37.1% YoY and 20.2% QoQ. IT and railways grew by 298% YoY on small base while healthy growth was seen in consumer, auto and healthcare segment. EBITDA grew by strong 62% YoY, 33% QoQ growth with margins recorded at 10.1% (up 154 bps YoY, 88 bps QoQ) on the back of operating...
Syrma SGS Technology (SYRMA) continued its strong operating performance, with EBITDA up ~62% YoY in 2QFY26. EBITDA margin expanded 150bp YoY due to a favorable business mix and better operating leverage.
Play on India’s solar scale-up; indigenization of clean power generation: WEL encapsulates the India module story, with national installed solar capacity set to rise from 100GW in 1QFY26 to 160GW by FY28.
Robust growth ahead aided by OSAT and PCB the stock: Kaynes Technology India (Kaynes) is an Indian integrated electronics manufacturing company offering end-to-end solutions, from design to life-cycle support, for various sectors including Automotive, Industrial, Aerospace, Medical, and IoT. Founded in 1988 and headquartered in Mysore, it provides Electronics System Design and Manufacturing (ESDM) services and has...
Kaynes Technologies (KAYNES) continued its strong operating performance in 2QFY26, with revenue growth of 58% YoY, while EBITDA grew at a much faster pace of 80% YoY.
Affected by an 18% y/y drop in Lloyd (and 2% in ECD), though offset by 12% y/y growth in cables & wires and 8% in switchgear, Havells’ Q2 was weak. ECD and Lloyd were hit by softer seasonal demand but would recover from Q3 as inventories normalise and festival demand booms.
Building capabilities while executing brisk growth: Kaynes Technology has emerged as one of the fastest-growing EMS players, strategically positioned as a margin-focused company with emphasis on low-volume, high-value businesses and strong design capabilities that enhance client stickiness and value addition. Its scalable growth model is reinforced by ongoing investments in PCB manufacturing and OSAT facilities, driving backward integration and positioning it as a vertically integrated player with enhanced cost efficiency and supply chain resilience. These...
We had visited Pitti’s Engineering’s Aurangabad plant on September 24, 2025, as part of our periodic interaction with the management. The facility is spread across 26 acres, while the Company has an additional 12 acres of land available for future expansion (within 1 km vicinity).
We recommend a BUY rating on the stock with a target price of Rs 340/share, implying an upside of 10% from the CMP. We believe that the current valuations are attractive and the the CMP provide a good entry point
We remain constructive on Havells, as its FY25 annual report indicates aggressive investments across key business parameters such as R&D, distribution, branding and capex.
We have revised our estimates for FY26E/FY27E EPS by - 20.1%/ -10.3%, as we factor in higher depreciation and interest expenses and, lower other income.
Kaynes Technologies (KAYNES) reported a robust 1QFY26 operating performance, with revenue growth of 34% YoY, while EBITDA grew at a much faster pace of 69% YoY.
