Kaynes Technology India Limited (KTIL) has had its long-term and short-term bank facilities reaffirmed by CARE Ratings Limited with a 'CARE A-; Stable / CARE A2+' rating. The enhanced long-term/short-term bank facilities are rated at ₹603.20 crore, up from ₹398.00 crore, and short-term bank facilities of ₹22.00 crore have also been reaffirmed at 'CARE A2+'. A term loan facility of ₹0.00 crore has been withdrawn as the debt has been repaid. The reaffirmation of ratings is attributed to KTIL's established presence in the electronics system design and manufacturing (ESDM) segment, its expanding order book, and diversification across multiple business verticals. The company is also noted as one of the few domestic players approved under the Government of India’s Semicon programme. CARE Ratings highlighted that while the company has substantial planned capital expenditure, its debt is expected to remain limited due to funding from government subsidies and qualified institutional placements (QIP). The successful second QIP in June 2025 has alleviated pressure on working capital borrowings. However, the timely receipt of government subsidies remains a key monitorable. The report also addresses observations made regarding financial reporting and accounting practices in the FY25 audited annual report. Following clarifications from the company, CARE Ratings believes the financial statements are aligned with generally accepted accounting principles, with measures being implemented to strengthen internal controls and enhance transparency. The company's profitability margins are noted to be susceptible to forex movements. KTIL's order book surged to ₹8,099 crore as of September 30, 2025, from ₹5,422 crore as of September 30, 2024. In H1FY26, the company generated revenue of ₹1,579 crore with a PBDIT margin of 16.52%. The company is also progressing with its OSAT and PCB manufacturing projects, with the OSAT facility expected to commence full-fledged operations from Q4FY26 onwards. The company's liquidity is described as strong, supported by healthy cash accruals and unutilized QIP proceeds.