Shares of Kaynes Technology India plummeted by 19.45% on Thursday following a downgrade by JPMorgan Chase, which cited the company's weak performance for the March quarter. Kaynes reported revenue of ₹1,242 crore, missing estimates of ₹1,508 crore, and its EBITDA was also below expectations at ₹193 crore compared to the anticipated ₹243 crore. The net profit of ₹91.2 crore was significantly lower than the projected ₹172 crore. For FY26, Kaynes achieved a revenue growth of 33%, falling short of its guidance of 51%. Additionally, the company reported negative operating cash flow of ₹600 crore and a widening cash conversion cycle, raising concerns about its financial health. Despite these issues, Kaynes maintains a robust order book of ₹8,366.3 crore. Following the earnings report, JPMorgan downgraded the stock from 'overweight' to 'neutral' and reduced its target price from ₹6,000 to ₹4,000. Other analysts, including CLSA, have expressed caution but retained a positive outlook with a target price of ₹4,200. Investors are particularly focused on the company's plans to shift towards a semiconductor business, with a ₹2,800 crore investment in an OSAT facility expected to enhance its margins by 2027.