Overview
- JPMorgan called Kaynes the cheapest in its coverage, kept an overweight rating with a Rs 7,550 target and a bear‑case fair value of Rs 4,900.
- Macquarie maintained a positive stance with an outperform rating and a Rs 7,700 target after reviewing management’s clarifications.
- The stock recovered 7–9% on Tuesday after a four‑day slide that erased roughly 30–40% in a month and more than $1 billion in market value.
- Management said there is nothing ambiguous in the FY25 annual report, acknowledged specific disclosure lapses tied to the Iskraemeco deal, and earlier corrected a standalone‑filing omission and explained higher guarantees linked to the acquisition.
- Kotak’s note flagged mismatches across filings, undisclosed Rs 180 crore inter‑company purchases and contingent liabilities of Rs 520 crore, keeping focus on receivables, stretched working capital from smart meters and the upcoming results and cash‑collection trends.