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Motilal Oswal Report
Motilal Oswal expects growth in Kaynes Technology Ltd. to be driven by the commencement of Phase 1 of Kaynes OSAT facility at Sanand which was inaugurated by PM Modi, a key milestone in the company's entry into semiconductor manufacturing.
Additionally, its partnership with Semiconductor Fabless Accelerator Lab provides access to a steady pipeline of chip designs, strengthening its position in India's semiconductor value chain.
Going forward, Kaynes' growth will be driven by strong opportunities across railway electronics including Vande Bharat and Kavach, aerospace and defense, electric vehicles, and smart meters, alongside its strategic expansion into OSAT and PCB manufacturing, which together position the company to benefit from rising demand.
The brokerage expects Kaynes to clock a CAGR of 45%/50%/54% in revenue/Ebitda/PAT during FY25-28.
Motilal Oswal reiterates its Buy rating on the stock with a target price of Rs 4,800 (premised on 30x FY28E earnings per share.
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