India's Kaynes Technology near 2-year low after quarterly profit fall; broker cuts rating

Kaynes Technology India

18/05/2026 09:35

** Kaynes Technology KAYN.NS shares fall almost 3.5% to 3,159.7 rupees, their lowest level since June 2024

** Nifty IT index .NIFTYIT up 2.03%

** Co reports Q4 profit fall

** Brokerage Elara Capital downgrades stock to "Accumulate" from "Buy"; lowers PT to 3,530 rupees from 5,700 rupees

** Says for FY27, management's revenue guidance of 30% is lower than earlier 40-50% target

** Expects some respite on sales front, as revenue miss was likely due to deferred execution rather than order cancellation

** 11 out of 22 brokerages rate the stock "buy" or higher, 8 "hold" and rest rate it "sell" or lower; their median PT is 3,620 rupees - LSEG-compiled data

** YTD, KAYN down 21.1% vs 25.3% decline in sub-index

 (Reporting by Abhinav Parmar in Bengaluru)

 ((Abhinav.Parmar@thomsonreuters.com;))