Kaynes Technology India Limited — Credit Ratings, 20-05-2025: Credit Rating

Crisil Ratings has reaffirmed Kaynes Technology India Limited’s credit rating at ‘Crisil A’ with a positive outlook. This reflects the company’s strong EMS market position, a healthy order book of Rs 6,596 Cr supporting medium-term revenue visibility, and solid operating efficiencies. Kaynes maintains a comfortable capital structure with a gearing ratio of 0.31x (March 2025) and strong liquidity, including Rs 1,100 Cr in cash and liquid assets. The planned Rs 4,700 Cr capex, mostly funded by government grants and internal accruals, alongside a recent Rs 347 Cr acquisition partly financed by debt, is not expected to affect credit risk significantly. The positive outlook is driven by potential growth from expansion into OSAT and HD PCB divisions, with project execution and grant receipts as key factors to watch.