Prabhudas Lilladher Cuts Kaynes Tech Target to Rs 5624, Maintains Buy

• Prabhudas Lilladher recommends 'BUY' for Kaynes Technology India with a target price of Rs 5,624.
• Kaynes Technology held a conference call to address concerns on acquisitions, receivables, related-party transactions, and cash flow.
• Management clarified accounting for goodwill/intangible assets and stated smart metering will decline as other verticals (automotive, EV, defense) scale up.
• The company is focused on strengthening internal controls, improving disclosure quality, and enhancing receivable management.
• Prabhudas Lilladher revised FY26-28E earnings estimates downwards but maintained the 'BUY' rating.

Why It Matters: It offers investment advice and a revised target price for Kaynes Technology India.