Shares of Kaynes Technology, based in Mumbai, experienced a significant decline of 20%, closing at ₹3,339.25 following a disappointing earnings report for the March quarter. The company's revenue guidance miss has raised concerns among analysts about execution delays, stretched working capital, and ongoing cash burn. JP Morgan has downgraded the stock to Neutral, reducing its price target from ₹6,000 to ₹4,000. Despite these setbacks, the brokerage maintains a positive long-term outlook, projecting a 40%/45% compounded annual growth rate (CAGR) for revenue and earnings from FY26 to FY28, driven by the growth of its Outsourced Semiconductor Assembly and Test (OSAT) and Printed Circuit Board (PCB) businesses. Since its listing in November 2022, Kaynes shares have surged approximately 950%, reaching a peak of ₹7,822 in January 2025, but have since fallen nearly 57%.