Kaynes Tech Exposure: Motilal Oswal To Kotak — Here Are The Mutual Funds With Highest Ownership
Motilal Oswal Mutual Fund is the biggest mutual-fund backer of Kaynes Tech, holding 40.4 lakh shares.
Kaynes Technology India has been on a steep slide, triggered by a Dec. 4 Kotak Institutional Equities report that questioned the company’s financial disclosures. Since then, shares of the company have plunged 25%.
So, which are the mutual funds that have high exposure to the stock?
Motilal Oswal Mutual Fund is the biggest mutual-fund backer of Kaynes Tech, holding 40.4 lakh shares, significantly ahead of Axis Mutual Fund’s 20.7 lakh and HSBC Mutual Fund’s 16.1 lakh.
The wider MF universe is equally entrenched: Nippon India MF owns 14.5 lakh shares, HDFC MF holds 5.8 lakh, Canara Robeco MF has 4.7 lakh, and Kotak MF stands at 3.4 lakh.
Even more fund houses are firmly in the mix, with Mahindra Manulife MF and Edelweiss MF owning 3.4 lakh shares and 3.2 lakh shares, respectively, while Union MF rounds off institutional ownership with 2.4 lakh shares.
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Kaynes Tech Issues Statement After Kotak Flags Accounting, Cash Flow Concerns — Details Inside
The brokerage’s note flagged concerns around the company’s FY25 annual report — from its smart metering acquisition and cash flows to accounting treatment, capital expenditure and related-party disclosures.
Through the turbulence, the company insists nothing is amiss. Kaynes has issued multiple clarifications rejecting the allegations, saying its reporting adheres to accounting standards. Executive Vice Chairman Ramesh Kunhikannan, speaking to NDTV Profit, said the management had already responded to every concern raised.
He also said they have not held any fresh discussions with large investors and have no information suggesting an institutional exit. Asked directly about any major shareholder selling, he responded: “No, I am not aware.”
Kotak’s report had highlighted the impact of Kaynes’ Iskraemeco smart metering business, which it said drove 44% of FY25 profit growth, raising questions on the subsidiary’s margins and payback period. It also pointed to ambiguous accounting around the Iskraemeco and Sensonic acquisitions, negative cash flow trends, an elongated cash conversion cycle and elevated capex — while maintaining a reduce rating.
