This stock is up 400% since its IPO. Now, there is a trillion-dollar opportunity ahead
Subscribe to enjoy similar stories. Four years ago, few would have bet on an Indian electronics manufacturer standing tall in a sector long dominated by China. However, Kaynes Technology has defied expectations.
This electronics manufacturing services (EMS) player has emerged as a force to reckon with in India's EMS industry. Investors who spotted Kaynes' potential early on have been handsomely rewarded. Since its IPO in November 2022, the stock has surged over 400%, reflecting the company’s strong execution and industry tailwinds.
A large part of this growth story has been fuelled by increasing demand for high-quality electronics manufacturing in India. And now, with the global electronics system design and manufacturing (ESDM) industry racing toward a $1 trillion valuation, Kaynes finds itself in the middle of a rare, high-stakes opportunity. For decades, China has been the undisputed leader in electronics manufacturing, thanks to its deeply integrated supply chains, aggressive state support, and unmatched cost efficiencies.
Giants like Foxconn and BYD have built a fortress of scale and reliability, making it difficult for challengers to break in. Indian players, by contrast, have struggled with heavy dependence on imported components—particularly semiconductors—limiting their competitiveness on the global stage. But the winds have been shifting.
With rising labour costs in China and an increasing push for supply chain diversification, global manufacturers are actively scouting for alternatives. This is where India is stepping up. The government's "Make in India" and production linked incentive (PLI) schemes are fuelling large-scale investments in the electronics space.
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