Kaynes Tech shares extend gains for 4th straight day, up 6% today

Shares of Kaynes Technology India Ltd. extended their gains for the fourth consecutive trade session, rising nearly 6% on Wednesday, February 11.

The stock has risen 15.5% in the last four trade sessions. It has recorded gains for six out of the last seven trading sessions.

Earlier this week

, brokerage firm Nuvama upgraded its recommendation on the stock to 'outperform', even as it cut its target price to ₹4,200 per share.

The upgrade comes on the back of a sharp correction in the stock over the last three months.

Nuvama said the company's execution on growth in the EMS business, commissioning and the ramp-up of new projects such as OSAT and PCB and a reduction in the working capital would be key triggers for a rerating of the stock.

The company reported a miss on all key parameters in the third quarter,

including margins, revenues and working capital, with the increase in order book being the only positive takeaway for the firm.

Kaynes Tech also cut its revenue guidance for the financial year 2026, which was in-line with expectations. However, it maintained its FY28 revenue guidance of $1 billion

The company's CFO Jairam Sampath told CNBC-TV18 that the company has lowered its entire revenue guidance to ₹4,100 crore from ₹4,400 crore, while maintaining its full-year EBTIDA margin guidance at 16%.

He said the company is near turning operating cash flow positive on a standalone basis and expects to turn cash flow positive on a consolidated basis by the end of this fiscal.

Of the 26 analysts that have coverage on the stock, 17 have a 'buy' rating, five have a 'hold' rating and four have a 'sell' rating.

Shares of Kaynes Tech gained 5.5% to hit an intraday high of ₹4,177 apiece on Wednesday. The stock was up 4.3% at ₹4,127 apiece around 11.45 am. It has declined 29.4% in the last six months.

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