Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Forensic Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

Kaynes Technology India / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kaynes-technology-india-ltd" target="_blank" data-smartkarma-citation="entities:36436:1" rel="noopener">Kaynes Technology India (KAYNES IN)</a> has been under immense limelight following the Annual Report Review published by Kotak Institutional Equities</li>
<li>The management had come out with immediate clarifications, and according to them, the points raised in the note were more of disclosure discomforts rather than having financial impact.</li>
<li>In this note, we look at Kaynes from our lens. Here are the Key Findings which warrant further attention and could distort financial health.</li>
</ul>



Kaynes Technology India (KAYNES IN) has been under immense limelight following the Annual Report Review published by Kotak Institutional Equities
The management had come out with immediate clarifications, and according to them, the points raised in the note were more of disclosure discomforts rather than having financial impact.
In this note, we look at Kaynes from our lens. Here are the Key Findings which warrant further attention and could distort financial health.


Kaynes Technology India Ltd- From Our Lens

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Kaynes Technology India / Equity Bottom-Up

<ul>
<li>Kaynes Technology clarified financial disclosures, acquisition accounting, and a related-party reporting lapse, while affirming consolidated accuracy and enhancing internal controls and auditor oversight.</li>
<li>Despite volatility, Kaynes’ strategic investments in OSAT, PCB, and design-led electronics support long-term growth, with recent share correction viewed as sentiment-based, presenting a valuation opportunity.</li>
<li>
Tightened governance, expanding capacity, and strong demand in key sectors position Kaynes for medium-term growth, offering investors an attractive risk-reward in India’s electronics supply chain evolution.</li>
</ul>


Kaynes Technology clarified financial disclosures, acquisition accounting, and a related-party reporting lapse, while affirming consolidated accuracy and enhancing internal controls and auditor oversight.
Despite volatility, Kaynes’ strategic investments in OSAT, PCB, and design-led electronics support long-term growth, with recent share correction viewed as sentiment-based, presenting a valuation opportunity.

Tightened governance, expanding capacity, and strong demand in key sectors position Kaynes for medium-term growth, offering investors an attractive risk-reward in India’s electronics supply chain evolution.


The Beat Ideas: Kaynes Technology’s Valuation Reset- An Investment Opportunity

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Dixon Technologies India Ltd / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dixon-technologies-india-ltd" target="_blank" data-smartkarma-citation="entities:25486:1" rel="noopener">Dixon Technologies India Ltd (DIXON IN)</a> , India's largest EMS player, benefits from PLI schemes and the China+1 strategy, driving a robust 55% revenue CAGR and scale expansion.</li>
<li>The stock's 32% correction was driven by the regulatory probe into Chinese clients and broader EMS sectoral governance concerns.</li>
<li>Strong financial health with 51% ROCEsupports medium-term growth momentum, making its valuation attractive despite high short-term volatility.</li>
</ul>



Dixon Technologies India Ltd (DIXON IN) , India's largest EMS player, benefits from PLI schemes and the China+1 strategy, driving a robust 55% revenue CAGR and scale expansion.
The stock's 32% correction was driven by the regulatory probe into Chinese clients and broader EMS sectoral governance concerns.
Strong financial health with 51% ROCEsupports medium-term growth momentum, making its valuation attractive despite high short-term volatility.


The Beat Ideas: Dixon Technologies ~ Revival or Ruin?

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Kaynes Technology India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kaynes-technology-india-ltd" target="_blank" data-smartkarma-citation="entities:36436:1" rel="noopener">Kaynes Technology India (KAYNES IN)</a> is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).</li>
<li>In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.</li>
<li>The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.</li>
</ul>



Kaynes Technology India (KAYNES IN) is looking to raise around US$185m in its upcoming qualified institutional placement (QIP).
In an announcement released on Jan 22, 2025, Kaynes had mentioned its board’s approval to raise up to INR16bn via a QIP. Since then, the shares have corrected 8.6%.
The deal would not be a large one to digest at 4.3 days of three month ADV. The company’s last fundraise did well.


Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Amber Enterprises India / Equity Bottom-Up

<ul>
<li>Amber Group’s electronics arm, ILJIN Electronics, has raised Rs 1,200 crore in its first-ever institutional fundraise, led by private equity firm ChrysCapital and supported by InCred Growth Partners.</li>
<li>This capital infusion accelerates ILJIN’s organic expansion &amp; supports its strategic inorganic growth ambitions, positioning the company as key beneficiary of India’s push for self-reliance under PLI and ECMS schemes.</li>
<li>The fundraise is a powerful validation of Amber’s strategic pivot towards high-growth EMS sector, paving the way for sustained, multi-year growth and a potential re-rating of the consolidated entity.</li>
</ul>


Amber Group’s electronics arm, ILJIN Electronics, has raised Rs 1,200 crore in its first-ever institutional fundraise, led by private equity firm ChrysCapital and supported by InCred Growth Partners.
This capital infusion accelerates ILJIN’s organic expansion &amp; supports its strategic inorganic growth ambitions, positioning the company as key beneficiary of India’s push for self-reliance under PLI and ECMS schemes.
The fundraise is a powerful validation of Amber’s strategic pivot towards high-growth EMS sector, paving the way for sustained, multi-year growth and a potential re-rating of the consolidated entity.


Amber Enterprises: Implication of Rs 1,200 Crore Infusion in Iljin Electronics from PE

India

Kaynes Technology India Private Limited manufactures electronic components. The Company offers pcba's, bluetooth modules, and chipset. Kaynes Technology India serves defence, aerospace, railways, other transportation, health care, automobiles, and aerospace sectors worldwide.

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Kaynes Technology India (KAYNES IN)

Kaynes Technology India Ltd- From Our Lens

Kaynes faced scrutiny after Kotak Report on the company. Management clarifies concerns as more of disclosure issues rather than financial impact....

Nitin Mangal

The Beat Ideas: Kaynes Technology’s Valuation Reset- An Investment Opportunity

Kaynes Technology strengthens financial disclosures, strategic investments support growth, and tightened governance positions for medium-term...

Sudarshan Bhandari

The Beat Ideas: Dixon Technologies ~ Revival or Ruin?

Dixon Technologies India Ltd, India's largest EMS player, sees strong growth from PLI schemes and China+1 strategy despite recent stock correction...

Nimish Maheshwari

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

Amber Enterprises: Implication of Rs 1,200 Crore Infusion in Iljin Electronics from PE

ILJIN Electronics, part of Amber Group, secures Rs 1,200 crore in funding led by ChrysCapital, supporting its growth plans in India's electronics...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kaynes Technology India Ltd- From Our Lens

​Kaynes faced scrutiny after Kotak Report on the company. Management clarifies concerns as more of disclosure issues rather than financial impact....

Nitin Mangal

The Beat Ideas: Kaynes Technology’s Valuation Reset- An Investment Opportunity

​Kaynes Technology strengthens financial disclosures, strategic investments support growth, and tightened governance positions for medium-term...

Sudarshan Bhandari

The Beat Ideas: Dixon Technologies ~ Revival or Ruin?

​Dixon Technologies India Ltd, India's largest EMS player, sees strong growth from PLI schemes and China+1 strategy despite recent stock correction...

Nimish Maheshwari

Kaynes Technology QIP Early Look - QIP to Fund Global Expansion Plans

Kaynes Technology (KAYNES IN) has launched an upto INR16bn (US$185m) QIP of around 2.85m shares in a INR5,344.50–Rs5,612/share range, a 0%–4.8%...

Akshat Shah

Amber Enterprises: Implication of Rs 1,200 Crore Infusion in Iljin Electronics from PE

​ILJIN Electronics, part of Amber Group, secures Rs 1,200 crore in funding led by ChrysCapital, supporting its growth plans in India's electronics...

Nimish Maheshwari

Kaynes faced scrutiny after Kotak Report on the company. Management clarifies concerns as more of disclosure issues rather than financial impact....

Kaynes Technology strengthens financial disclosures, strategic investments support growth, and tightened governance positions for medium-term...

Dixon Technologies India Ltd, India's largest EMS player, sees strong growth from PLI schemes and China+1 strategy despite recent stock correction...

ILJIN Electronics, part of Amber Group, secures Rs 1,200 crore in funding led by ChrysCapital, supporting its growth plans in India's electronics...