Shares of Kaynes Technology, a leading electronics manufacturing services company, plunged 10% to ₹3,760.10 on the Bombay Stock Exchange (BSE) following their Q4 earnings report, which revealed significant financial setbacks. The company reported a revenue of ₹1,243 crore, a 26% increase year-on-year, but missed its guidance of ₹1,700 crore by 27%. This disappointing performance led JPMorgan to downgrade the stock from Overweight to Neutral, reducing its target price to ₹4,000. Similarly, Nuvama downgraded its rating to Hold, slashing its target price from ₹5,500 to ₹3,550, a near 36% reduction. Analysts are particularly concerned about the company's working capital situation, which saw net working capital days rise to 125, significantly above the guidance of 85-100 days. Morgan Stanley noted that the Q4 EBITDA margin contracted by 145 basis points year-on-year to 15.6%, attributing the profit miss to operational weaknesses and increased costs. The overall sentiment among analysts remains cautious as they await further details on segment performance and order book updates.