Overview
- Shares gained over 3% on Thursday to about Rs 4,008 after falling roughly 25% since Dec. 4, with sentiment aided by brokerages retaining positive ratings even as they trimmed targets.
- Nomura lowered its target price to Rs 5,455 from Rs 8,478, kept a Buy call, and cut its target P/E to 35x while reassessing growth, cash-flow reporting, and working-capital drag.
- Kotak maintained a Reduce rating and flagged concerns over the Iskraemeco smart‑meter business—estimated to drive 44% of FY25 profit growth—along with acquisition accounting, negative cash flows, an elongated cash cycle, and elevated capex.
- Kaynes issued multiple clarifications stating its reporting complies with standards, and Executive Vice Chairman Ramesh Kunhikannan said the company has addressed every concern and is unaware of large investor exits.
- Mutual-fund ownership is sizable, led by Motilal Oswal MF with 40.4 lakh shares, followed by Axis (20.7 lakh), HSBC (16.1 lakh), Nippon India (14.5 lakh), HDFC (5.8 lakh), Canara Robeco (4.7 lakh), and others.