Kaynes Technology Share Price Target 2026: What Investors Should Know

Introduction

The Kaynes Technology share price target 2026 is one of the most debated questions in Indian mid-cap investing. The company keeps growing revenue at a fast pace, and it has a large order book and a headline-grabbing entry into semiconductors. Yet profit has been falling, the stock has lost roughly half its value from its peak, and brokerages cannot agree on what it is worth. After the June quarter results, the lowest target on the stock was Investec’s ₹2,790 and the highest was Motilal Oswal’s ₹5,000, with most recommendations sitting at Neutral or Reduce.

That gap is the story. A stock with a ₹2,790 floor and a ₹5,000 ceiling is telling you that informed analysts are reading the same numbers and reaching very different conclusions. If you are trying to decide what to do with the Kaynes Technology share price as it stands today, you need to understand why they disagree, and a single “target” number will not tell you that.

This Kaynes Technology stock analysis covers:

• The company’s business and how the stock got to where it is
• The Q1 FY27 numbers and what management said
• What each major brokerage is saying and why
• The real growth drivers, and the risks that matter
• Bull, base and bear ranges you can use for your own thinking
• A short checklist of what to watch next

I have tried to write the piece I would want to read before putting money into this stock. That means it is honest about what is good, what is worrying and what nobody can know.

Key Takeaways

• Latest price: In the most recent session I found (September 18), the stock traded around ₹3,510, with a market capitalisation of about ₹23,529 crore.
• Target range: Post-Q1 broker targets run from ₹2,790 to ₹5,000. The Bloomberg consensus of ₹3,659 implied roughly 5% downside from the ₹3,850 close on the results-week Friday.
• Q1 FY27 results: Revenue rose about 40% year on year, but consolidated profit fell about 24% and missed estimates.
• Order book: It is healthy at about ₹8,900 crore, and it is the strongest argument for the bulls.
• Main debate: The question is whether new OSAT (semiconductor packaging) and PCB capacity can lift profits before rising costs, working capital and past disclosure problems weigh on the stock.
• Timeframe: Most published targets are 12-month targets, not calendar-2026 targets. With about three months of 2026 left, treat any year-end number as a rough range, not a forecast.

1. What Is Kaynes Technology? A Quick Business Primer

Kaynes Technology India Ltd is an electronics manufacturing services (EMS) company. In plain terms, it designs and builds electronics for other companies. You will not find a Kaynes logo on a consumer product, but the circuit boards and systems it makes sit inside cars, industrial machines, railway equipment, medical devices and aerospace and defence platforms.

The company describes itself as an end-to-end provider serving automotive, industrial, EV, aerospace and defence, medical and railway customers. According to its Q1 FY27 investor slides, it runs 22 manufacturing facilities globally with more than 9,000 employees, serves over 500 customers across 30-plus countries, and has grown revenue at a 33% five-year CAGR.

Why EMS stocks India investors care about this space

EMS companies are a popular theme among EMS stocks India watchers for a structural reason. Global manufacturers want supply chains that are less dependent on a single country, and the Indian government has been subsidising domestic electronics and semiconductor manufacturing. Companies that can build complex, reliable electronics locally stand to benefit. Kaynes sits at the higher-value end of this theme, with harsh-environment electronics for defence, rail and industrial use, rather than commodity consumer assembly.

The semiconductor angle: Kaynes Semicon

The part of the story that excites the market most is Kaynes Semicon, a subsidiary building an OSAT facility (outsourced semiconductor assembly and test) in Sanand, Gujarat. The Union Cabinet approved the proposal in September 2024, with an investment of about ₹3,300 crore and a planned capacity of 60 lakh chips per day. OSAT is the “back end” of chip-making, where finished silicon wafers are cut, packaged and tested. It is not chip fabrication, which is a far more capital-intensive step.

Keep this distinction in mind, because it matters for valuation later. Packaging is a real business, but it has different margins and competitive dynamics from designing or fabricating chips.

2. Kaynes Technology Share Price Today and How It Got Here

Understanding the current Kaynes Technology share price requires understanding the fall. This stock was a market darling not long ago.

• The peak and the first crack (2025): The stock touched a 52-week high of ₹7,824.95 on January 1, 2025. Within weeks, it dropped about 18.65% after the company cut its FY25 revenue guidance, citing delays on some industrial orders. In March that year, the managing director received a show-cause notice from SEBI over the maintenance of a structured digital database.
• The recovery (mid-2025): Sentiment healed over the following months. By September 2025 the stock was near ₹6,556 after a rally of more than 47% in six months, with a price-to-earnings ratio above 129. That is a very expensive multiple, and it left little room for disappointment.
• The disclosure shock (December 2025): The stock fell 27% in three days after the company said it had inadvertently not disclosed certain related-party transactions in its standalone financial statements. It also said these were not required to be disclosed under the consolidated accounting standards. For an investor, the technical defence matters less than the trust damage. Related-party disclosures are exactly what careful investors check.
• The earnings miss (May 2026): After Q4 FY26 results, the stock fell as much as 25% over three sessions, and consolidated net profit dropped 21.5% year on year to ₹91.2 crore even though revenue rose 26.2%. One retail-focused analysis argued that the deeper problem was that management had repeatedly lowered guidance and still fell short. That damaged confidence in visibility, more than the quarterly numbers alone did.
• Today: The stock is trading around ₹3,500. One market data page put it down about 51% year on year from a high of ₹7,705. In September, it rose about 5% to an intraday high of ₹3,563 on the BSE as investors turned their attention to SEMICON India 2026, but that move has been a modest bounce inside a wider downtrend, not a clear reversal.

The lesson from this timeline is that the stock has been driven less by the business’s growth than by the gap between expectations and delivery. Revenue growth has rarely been the problem. Margins, guidance credibility and disclosure quality have been.

3. Kaynes Technology Q1 FY27 Results: What the Numbers Say

The Kaynes Technology Q1 FY27 results, released on August 7, 2026, were a genuinely mixed set. Here is what happened.

The good

• Revenue growth was strong: Revenue from operations rose 40.47% year on year to ₹946 crore. This was above management’s own target. The company had aimed for roughly 30% growth, and consolidated revenue grew about 40.5%.
• The order book grew: The order backlog reached ₹8,903.8 crore as of June 30, 2026, against ₹7,401.1 crore a year earlier. That is about 20% growth and provides multiple quarters of revenue visibility.
• The core standalone business looked healthy: Standalone profit after tax rose 41.7% year on year to about ₹77 crore, and standalone revenue grew 22.7%. This suggests the parent EMS operation is performing, while the drag is coming from subsidiaries and new ventures.
• The EMS engine is running fast: Per an earnings-call summary, management said it aims to grow at twice the market growth rate, which was 17% in the quarter, and that the EMS business grew over 45%.

The not-so-good

• Profit fell and missed estimates: Consolidated net profit dropped to about ₹56.4 crore from ₹74.6 crore a year earlier, roughly 24% lower, and about 18% below the ₹69 crore analysts had expected. It also fell about 38% from the previous quarter.
• Margins compressed: EBITDA margin contracted by about 120 basis points year on year, and the EBITDA margin missed management’s stated target of at least 16.8%. The reasons given were plant capitalisation costs, higher depreciation and elevated employee expenses. In simple terms, Kaynes has built new plants faster than it has filled them with revenue.
• Cash flow stayed negative: Operating cash flow was negative ₹259 crore in Q1 FY27, better than the negative ₹379 crore a year earlier, and management described FY27 as a tough year. A growing company that burns cash needs outside funding sooner or later.
• Working capital and debt rose: Nuvama noted that net working capital rose from ₹2,000 crore to ₹2,400 crore quarter on quarter (125 days to 163 days), and net debt rose from ₹200 crore to ₹800 crore.
• Smart meters remain a headache: The smart metering business generated ₹210 crore in Q1, down 12% year on year, and the company is conducting a strategic review of it. Nomura observed that revenue growth excluding smart meters was led by auto, EV and industrial customers, while working capital remains elevated because of the smart meter business.

How to read this

Revenue up 40% with profit down 24% is unusual, and it points to a company in a heavy investment phase. The bull reading is that depreciation and hiring are front-loaded costs for OSAT and PCB plants that will start earning revenue soon. The bear reading is that costs are structural, cash conversion is poor and the promised operating leverage keeps slipping to the next quarter. Both readings are plausible, and the next two quarters will settle which is closer to the truth.

4. Kaynes Technology Analyst Target Price: What Brokerages Say

Here is where the disagreement becomes concrete. After the Q1 print, the Kaynes Technology analyst target price picture looked like this, as reported by Business Today on August 10, 2026.

The optimists.

• Motilal Oswal (MOFSL) reiterated Buy with a ₹5,000 target, the highest on the stock after Q1, and estimated revenue, EBITDA and adjusted PAT CAGRs of 41%, 44% and 52% over FY26-28.
• Jefferies has a Buy with a ₹4,480 target.

The middle.

• IIFL has an Add with a ₹4,449 target and Axis Capital has an Add with ₹4,136.
• Nomura and JPMorgan are Neutral with targets of about ₹4,094 and ₹3,600. CLSA has a Hold at ₹3,580.

The cautious.

• JM Financial (₹3,850) and Equirus (₹3,500) both have Reduce ratings.
• Nuvama raised its target to ₹3,450 from ₹3,150 by rolling its valuation forward, but recommends Reduce after the recent sharp rally.

The bear: Investec has kept a Sell with a ₹2,790 target. It cited balance-sheet and cash-flow concerns, rising receivables, weak asset turns, and the profitability risk from a potential divestment of Iskraemeco. The stock fell 7% in a single session, closing at ₹3,681, after the Investec report.

Upside and downside from the latest price

These targets were set when the stock was near ₹3,850. Against the ₹3,510 level from the latest session, the implied moves look different. The table below is my own arithmetic, not a broker figure.

Two things stand out. First, “Reduce” and “Neutral” ratings that looked bearish at ₹3,850 look closer to “hold” at ₹3,510. Analysts may revisit their calls if the price stays here. Second, the spread from -20% to +42% is very wide for a company with a visible order book, which tells you the uncertainty is about profitability and cash, not demand.

Beware of stale or generic “targets”

When researching the Kaynes Technology share price target 2026, you will find pages quoting very different numbers. One aggregator showed an average target of ₹5,164 from nine research reports, which almost certainly includes older reports written when the stock was far higher. Another site offered a generic 2026 range of roughly ₹4,000 to ₹6,000 depending on growth, execution and market conditions. That kind of range is too vague to act on, and the top end sits above every post-Q1 broker target I found.

A useful habit is to check the date on any target. Estimates for this stock have moved a lot. One data provider recorded that the consensus FY27 EPS estimate fell from ₹86.10 to ₹68.85, and the consensus price target dropped from ₹4,514 to ₹3,587. A target from six months ago belongs to a different company than the one reporting today.

5. Why Do Analysts Disagree So Much?

Brokerages are looking at the same order book. The differences come from four judgement calls.

1. Which multiple to apply.: Valuation depends on the price-to-earnings multiple an analyst is willing to assign. Motilal Oswal’s May target of ₹4,000 was premised on 30 times FY28 estimated EPS. Nomura uses a different construction: 35 times for the EMS business rolled forward to September 2027, plus ₹695 per share for OSAT and PCB at roughly book value, concluding that the stock at 45 times FY28 EPS sits in a fair-value zone given its weak free cash flow. A five-point difference in the multiple can move the target by several hundred rupees.

2. How much to trust the OSAT and PCB ramp: Bulls treat these as real growth engines. Nomura assigns them only book value for now, which says “show me revenue first”.

3. How to treat cash flow: Some analysts focus on the income statement and the order book. Others, like Investec, put the balance sheet first and worry about receivables, bill discounting and cash conversion. A company that reports profit but consumes cash is valued differently by those two camps.

4. Which year’s earnings to use: Because Kaynes’ profits are depressed by front-loaded costs, a target based on FY28 earnings can be far higher than one based on FY27. Analysts who assume margins recover quickly get a higher target, and those who assume slower recovery get a lower one.

A practical takeaway: don’t average the targets. Decide which of these four judgements you agree with, and then read the targets from the analysts who share your view.

6. Growth Drivers: Why the Bulls Are Bullish

The order book

An order book of about ₹8,900 crore is large relative to annual revenue. FY26 revenue was ₹3,626.4 crore according to the company’s own statement, so the backlog is more than two years’ worth of current-scale revenue. Not all of it converts on a predictable schedule, and some orders are tied to government projects that have slipped before. Still, an order book of this size means the demand question is largely answered.

OSAT: the semiconductor optionality

The Sanand OSAT facility is the most visible long-term catalyst. Motilal Oswal noted after the inauguration that Phase 1 has a capacity of 30 million units, out of a planned total of about 2.3 billion units, with phases 2 and 3 expected by mid-CY26 and the beginning of FY28, backed by investment of about ₹33 billion. The facility was commercialised in March 2026, and in June 2026 Kaynes’ chip division partnered with AOI Electronics to strengthen its semiconductor assembly footprint.

On the policy side, the tone is supportive. At SEMICON India 2026, held September 17 to 19 in New Delhi, the Prime Minister highlighted a $13.5 billion semiconductor mission and 12 approved chip projects. That backdrop lifts sentiment toward the whole sector, which is why EMS and semiconductor names jumped at the start of the event.

The caveat is that OSAT is an execution story with a long gestation. Revenue is expected to begin contributing in Q3 FY27 or Q4 FY27, and Nuvama’s note says OSAT and PCB are due to start contributing from Q3, while MOFSL says commercialisation is targeted for 3Q or 4QFY27.

PCB expansion

Alongside OSAT, Kaynes is building an HDI PCB (printed circuit board) unit. Ahead of results, internal estimates pointed to first-year revenue of ₹250 to 300 crore from OSAT and ₹300 to 400 crore from the HDI PCB unit. A post-earnings-call summary on the same site headlined guidance of ₹450 to 500 crore of OSAT and PCB revenue. Because these figures come from different points in time, confirm the current guidance in the company’s investor presentation before quoting a number.

The $1 billion ambition

Management is targeting a revenue of $1 billion by FY28. This is an aggressive target that requires sustained growth well above 30%. Whether or not it is reached on schedule, it shows the scale of the ambition and why bulls model such high earnings CAGRs.

Defence, space and rail

MOFSL points to expansion into space and defence electronics as a way to diversify the growth profile. On the rail side, there is a government-spending tailwind: ₹84,000 crore of railway capex was spent in April and May 2026. Rail and defence orders can be lumpy, but they carry decent margins and long visibility.

Supply chain normalisation

Motilal Oswal has argued that Indian EMS companies have strong ties with Chinese component makers, and that supply chains should improve after better India-China engagement on imports of key parts. Component availability is a real operational variable for EMS firms, and easier supply lowers working-capital needs.

7. Risks: What Could Go Wrong

Any honest Kaynes Technology stock analysis has to give the risks as much space as the growth story. Here are the ones I would weigh most heavily.

Governance and disclosure history

The December 2025 related-party disclosure lapse, the SEBI show-cause notice to the managing director in 2025, and the resignation of an independent director on May 31, 2026 for personal reasons are not proof of wrongdoing. The company gave explanations, and the director’s letter stated no other material reasons. But together they form a pattern that institutional investors discount. There is one positive signal: the board has recommended Walker Chandiok & Co LLP as statutory auditor for a five-year term. Still, this is an area where trust is rebuilt over many clean quarters, not one.

Cash flow and working capital

This is the risk most analysts return to. Operating cash flow has been negative, working capital days have stretched to 163, and net debt has risen fourfold in a quarter from a small base. In the May results, Motilal Oswal noted an operating cash outflow of about ₹6 billion, driven by elevated receivables in the smart metering business. Management says this will ease as meter installations speed up and the business shifts to a supply-only model. If it doesn’t, the company may need additional capital, which could dilute existing shareholders. That last point is my inference, not something the company has said.

Margin pressure

Management did not rule out operating margin pressure in the near term. Employee costs have been a persistent issue. One preview noted that employee costs rose 94.7% year on year in Q4 FY26, with depreciation rising as new plants were capitalised. New facilities carry fixed costs from day one, while revenue ramps slowly. If ramp-ups slip, margin recovery slips with them.

Guidance credibility

The company has cut or missed guidance repeatedly since January 2025. For FY27, management has guided to growth of about twice the industry rate, which MOFSL translates to roughly 30% growth. Q1 beat that. But the market will judge the full-year delivery, especially on margins and cash.

Customer and segment concentration

The Q4 FY26 shortfall was partly blamed on geopolitical disruptions, deferred customer orders, delays in government projects, and a decline in revenue from a key EV customer. Dependence on a few large customers or on government project timing can make quarterly results lumpy.

Valuation is still not cheap

Even after the fall, Nomura calculates the stock at about 45 times FY28 forward earnings. That is far below the 129 times trailing multiple of a year ago, but it still prices in strong growth. If growth or margins disappoint, the multiple has room to fall further.

Volatility and liquidity

This stock moves sharply on news. In December 2025, a single day saw 10.33 million shares, about 15.4% of total equity, change hands. Big price swings are part of the deal, and anyone with a low risk tolerance or a short time horizon should factor that in.

The Investec-specific flag

Investec’s concern about receivables from Iskraemeco expanding alongside matching payables to Kaynes Electronics Manufacturing, and the risk of a potential Iskraemeco divestment is worth tracking. If a divestment happens, its accounting effect will matter. This is one analyst’s view, and other brokers have not made it central, but it is a specific, checkable issue.

8. Kaynes Technology Share Price Target 2026: Bull, Base and Bear Ranges

This section gives ranges you can use to frame your own thinking. These are not predictions. They are zones anchored to published broker targets, and they show what would have to be true for the stock to end up in each one.

Reading the table honestly

The base case sits close to where the stock trades now. That is why the consensus target of ₹3,659 implies little upside. In other words, the market currently seems to price in “continued growth with unresolved profitability”, and a reasonable investor could argue either direction from here.

What about a return to the old highs?

I found no post-Q1 broker target above ₹5,000. The 2025 peak near ₹7,800 would require earnings and multiples well beyond anything the analysts I found are projecting. Any page promising a return to those levels within 2026 is not grounded in the research available today.

The calendar-2026 problem

Most published targets are 12-month or roll-forward targets. Nuvama rolled its valuation to June 2027 estimates, and Nomura rolled forward to September 2027. So when a website prints a “2026 target”, what it usually means is “the next twelve months”. With roughly three months of 2026 remaining, the year-end price will depend heavily on the Q2 FY27 results, due around November, and on broad market sentiment toward small and mid-caps.

9. The Technical View for Kaynes Technology Share Price

Fundamentals drive the long-term picture, but many traders watch levels. One market analyst, Pradip Halder of PHD Capital, described the situation this way: the stock corrected sharply from a peak near ₹6,858, has formed a double-bottom pattern, and is stuck in a consolidation band. He wants a weekly close above ₹3,915 before turning decisively bullish, with upside targets of ₹4,560 and then ₹5,700 and a stop loss at ₹3,165.

Here is how I would use that information:

• ₹3,915 is a confirmation level, not a target. Until the stock closes above it on a weekly basis, the trend has not turned.
• ₹3,165 is where the bullish setup fails, so it is a risk-management line.
• A technical target of ₹5,700 exceeds every fundamental broker target above, which is a reminder that chart-based and earnings-based targets answer different questions.

Technical analysis is one input and the sample here is one analyst’s opinion. Don’t treat it as a signal, and never use it as a substitute for understanding the business.

10. Is Kaynes Technology a Good Buy? How Different Investors Might Think

Nobody can answer “is Kaynes Technology a good buy” for you, because it depends on your time horizon, risk tolerance and portfolio. Here are frameworks for thinking about it from different positions.

If you are a long-term investor (5+ years)

The long-term case rests on India’s electronics and semiconductor build-out, and on Kaynes’ position within it. The order book is real, and so is the OSAT capacity. But you are also betting on management’s execution and on governance improving. A long-term investor might think about:

• Whether the cash-flow trend improves over the next four quarters
• Whether OSAT and PCB deliver revenue on time
• Whether the disclosure record stays clean

A common approach for high-volatility stocks is to build a position gradually rather than all at once, so that a bad quarter doesn’t catch you fully exposed. This is a general risk-management idea, not a recommendation.

If you are a short-term trader

The stock reacts strongly to results, brokerage notes and sector events like SEMICON. That creates opportunities and also risks, as the 7% single-day drop on the Investec report showed. Position sizing and stop-losses matter more than any target price.

If you already own it at a higher price

The sunk-cost trap is real. The question is not “when will I get back to my purchase price?” but “would I buy this stock today at ₹3,500 with what I now know?” If yes, the higher entry price is irrelevant to the forward decision. If no, holding to break even is not a strategy.

If you are conservative or need the money soon

A stock that has fallen 25% in three sessions twice in twelve months, with negative operating cash flow, is probably not suited to money you need in the near term.

Questions worth asking yourself before acting

1. Do I understand why profit is falling while revenue is rising?
2. Am I comfortable with a possible further 20% fall (Investec’s downside)?
3. What is my plan if Q2 disappoints as well?
4. What share of my portfolio does this represent, and is that share sensible?

Consider speaking to a SEBI-registered investment adviser, especially if the position would be large relative to your savings.

11. What to Watch Next: A Practical Checklist

If you are tracking the Kaynes Technology share price target 2026 story, these are the signals that will matter most over the coming months.

• Q2 FY27 results (expected around November): Look at EBITDA margin against the 16.8% target, operating cash flow and working capital days.
• OSAT and PCB first revenue: Company commentary suggests contributions from Q3 or Q4 FY27. Any delay would hit the bull case directly.
• Smart metering review outcome: A clean exit or restructuring could free up working capital.
• Net debt and any fundraising: Rising debt combined with negative cash flow can precede an equity raise.
• Order book quality: Growth in the ₹8,900 crore backlog is good, but conversion pace is what pays. Watch how much of it is government-linked versus private.
• Governance events: Board changes, auditor commentary, SEBI proceedings and related-party disclosures.
• Broker target revisions: If targets start moving up after Q2, sentiment may be turning. If Reduce ratings multiply, the opposite may be true.
• Sector news: Government semiconductor policy, tariffs and component supply.

A good habit is to read the investor presentation and the earnings call transcript directly, rather than relying only on news summaries. Company filings are on the NSE, BSE and Kaynes investor relations pages.

12. Frequently Asked Questions

What is the Kaynes Technology share price target for 2026?

There is no single agreed figure. After the Q1 FY27 results, published broker targets ranged from ₹2,790 (Investec, Sell) to ₹5,000 (Motilal Oswal, Buy). The Bloomberg consensus was ₹3,659. Most are 12-month targets, so a calendar-2026 number depends heavily on the Q2 results and market conditions. Use the range as a framework for your own analysis, not as a promise.

Is Kaynes Technology a buy, hold or sell?

Brokerages are split. Jefferies and Motilal Oswal have Buy ratings, IIFL and Axis have Add, Nomura and JPMorgan are Neutral, CLSA has a Hold, and JM Financial, Equirus and Nuvama have Reduce. Investec has a Sell. The mix suggests a stock where reasonable people disagree, and where the right call depends on your view on cash flow and margins.

Why did Kaynes Technology shares fall so much?

Several things stacked up: a guidance cut in January 2025, a SEBI notice to the MD, a related-party disclosure lapse in December 2025, and a weak Q4 FY26 in May 2026. On top of that, the stock had traded at a very high earnings multiple in 2025, so it had far to fall when growth and margins disappointed.

What is Kaynes Technology’s order book?

The order backlog stood at ₹8,903.8 crore as of June 30, 2026, up from ₹7,401.1 crore a year earlier. Check the latest investor presentation for the current segment breakdown.

What is Kaynes Semicon and why does it matter?

Kaynes Semicon is a subsidiary building an OSAT plant in Sanand, Gujarat, that packages and tests chips. It is supported by government approval and incentives, and it began commercial operations in 2026. It matters because bulls see it as a new growth engine, while sceptics note that it adds depreciation and capital needs before it adds profit.

Can Kaynes Technology reach its 2025 high again in 2026?

I found no post-Q1 broker target near the 2025 peak of about ₹7,800, and the highest was ₹5,000. Reaching those levels would require a major re-rating supported by sharply higher earnings. It is possible over a longer period, but nothing in the current research supports it as a 2026 expectation.

Where can I verify the latest numbers?

Use the company’s filings on NSE and BSE, the investor presentation, and the earnings-call transcript. For broker views, check that the report date is recent, since older targets can be misleading.

Conclusion

The Kaynes Technology share price target 2026 debate comes down to a simple tension. On one side sits a real, growing business with an order book of about ₹8,900 crore, 40% revenue growth, a new semiconductor packaging plant and strong policy support. On the other side sit falling profits, negative cash flow, rising working capital and a governance record that has cost investors dearly.

Analysts have translated that tension into a target range of ₹2,790 to ₹5,000, with a consensus near ₹3,659. That gap is more informative than any single number. It tells you the market wants proof, in the form of margin recovery, cash conversion and OSAT and PCB revenue, before paying for the growth story again.

If you are considering the stock, focus on the evidence that will arrive over the next two quarters, not on headline targets. Decide which of the judgement calls in section 5 you agree with, size your position for the volatility this stock has shown, and revisit your view when Q2 results land.