“India’s remarkable achievement in landing the Chandrayaan-3 spacecraft on the moon in August not only marked a significant milestone for the nation but also shed light on the integral role played by Kaynes Technology India, a relatively unknown electronics manufacturer based in Mysore, situated near Bangalore’s vibrant tech hub. This company quietly contributed essential electronic systems powering both the rover and lander during this historic lunar mission, subsequently experiencing a remarkable surge in its stock value.”
In August, India accomplished the successful landing of Chandrayaan-3, its spacecraft, on the moon, securing its place as the fourth country globally to achieve this milestone. This achievement involved the collaboration of Kaynes Technology India, a relatively lesser-known company situated in Mysore, near Bangalore’s technology hub. Kaynes played a pivotal role by providing essential electronic systems that powered both the rover and lander during this remarkable mission.
Following its contribution to the moon mission, Kaynes Technology witnessed a substantial rise in its stock value. This surge in value propelled the company’s founder, Ramesh Kunhikannan, into the billionaire club, primarily due to his 64% ownership stake in Kaynes.
Kaynes Technology generates over half of its $137 million annual revenue from manufacturing printed circuit board assemblies. It supplies electronic systems and design services to diverse industries such as automotive, aerospace, medical, and defense. Their products are utilized in a range of applications, including electric vehicle controls, ventilators, and railway signals.
The company’s revenue has almost tripled since fiscal year 2020, reaching $49 million, with net profits soaring tenfold to $11.4 million by March. With a 39% revenue increase to $78 million and an 84% net profit surge to $7 million in the six months leading up to September, Kaynes aims to achieve a revenue target of $208 million by March 2024.
Kaynes Technology is well-positioned to capitalize on India’s fast-growing $18 billion electronics system design and manufacturing (ESDM) market, expected to expand fourfold by 2027. Analysts project the company’s revenue and net profit to grow at rates of 41% and 56%, respectively, outpacing the industry average over the next three years.
Established in 1988 by Ramesh Kunhikannan, later joined by his wife Savitha Ramesh, Kaynes has benefitted from India’s “Make in India” initiative, supporting local manufacturing. The company is planning a $340 million investment in constructing a semiconductor assembly and test unit in Hyderabad, pending final government approval.
As the Indian government aims to become a major electronics manufacturing hub, providing incentives to manufacturers, Kaynes Technology is strategically expanding its operations and investing in semiconductor production, aligning with the nation’s ambitions
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