Kaynes Tech: Prabhudas Lilladher Cuts Target to Rs 5,624, Keeps 'BUY'

• Prabhudas Lilladher recommends 'BUY' for Kaynes Technology India with a revised target price of Rs 5,624.
• Company addressed concerns on acquisition accounting (goodwill vs. intangibles), receivable management, related-party transactions, and working capital in a conference call.
• Management clarified financing arrangements won't materially impact profitability; smart metering will be a declining portfolio share as other verticals (automotive, EV, aerospace) scale.
• Kaynes Technology is focused on strengthening internal controls, enhancing disclosure quality, and improving receivable management.
• Prabhudas Lilladher revised FY26/FY27/FY28E earnings estimates downwards but maintained a 'BUY' rating.

Why It Matters: It offers a revised investment target and 'BUY' rating for Kaynes Technology India.