INVESTEC ON KAYNES TECHNOLOGY
• Flags balance-sheet & cash-flow concerns
• Iskraemeco’s receivables surged in FY26, with similar rise in payables to Kaynes Electronics Manufacturing.
• Consolidated receivables increased sharply despite bill discounting rising to ₹460 Cr from ₹110 Cr.
• Smart-meter business may contribute ~40% of consolidated EBITDA; divestment could impact EMS profitability.
• Fixed-asset turns weakened, while higher intangibles may increase future amortisation.
• Kaynes gave ₹1,900+ Cr corporate guarantees for OSAT/Bare PCB businesses despite ~₹900 Cr capex.
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