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With a diversified portfolio, presence over 73 countries, delivering world class engineering solutions to its clients with experienced team to successfully deliver complex one-of-a-kind projects. Its revenue grew 12.5% CAGR (FY22-25) whereas, EBITDA & PAT grew by 16.5% CAGR & 13.9% CAGR respectively over the same period Q2FY26 performance: Consol. revenue grew 32% to 6529 crore, EBTIDA at 562 crore up 28% YoY and PAT at 237 crore up 89% YoY. EBITDA and PAT margins at 8.6% and 3.6% which expanded -29 bps and +109 bps YoY. EBITDA...
Guidance for FY26 retained led by strong launch pipeline for H2: Maxest retained its launch/pre-sales guidance for FY26 at 9500 crore/ 60006500 crore. It plans to launch three projects (Phase II of Max 36A - 4500 crore out of 9000 crore, Delhi One - 2000 crore and Sector 105, Noida 3000 crore) in H2FY26. Its newly acquired ~1.3 msf sector 59, Golf Course Extension Road project is expected to be launched in H2FY27. The longerterm pre-sales momentum is expected to be sustained by its strong business development plans (aspirational target of 3 msf additions in FY26). It plans to achieve cumulative 21000 crore pre-sales bookings by FY28, of which 17000 crore is acquired and yet to be launched. Annualised rental income of 700+ crore over the next 5 years: Maxest...
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...
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...
Go Fashion (India) Ltd (GOCOLORS) reported a muted start to FY26, with revenue growing modestly at 1% YoY, impacted by a 2% SSSG decline driven by weak footfalls, supply chain disruptions due to Bangladesh import restrictions, and a 13% YoY revenue drop in the LFS channel amid partner-related challenges.
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.
Laxmi Dental (Laxmiden) is distinguished as India’s only fully integrated provider of dental solutions, led by a highly experienced management team with extensive expertise in the field.
We initiate coverage on AGI Greenpac (AGI) with BUY and Sep-26E TP of Rs1,520 based on DCF method, implying 19x Sep-27E EPS. AGI is a leader in the Indian container glass (CG) industry with >20% market share.
We attended TTMT’s analyst meet to discuss the upcoming demerger, the IVECO acquisition (refer to our note), updates on JLR after the recent cyber-attack.
