KARNATAKA, INDIA – Kaynes Technology India expects a 30-50% compound annual growth rate in revenue over the next three to five years, according to a company executive.

The ESD and manufacturing player's growth is mainly driven from organic avenues, existing products, and customers, Kaynes CFO Jairam Sampath told BQ Prime. Kaynes Technology was listed on the exchanges last November, and from its IPO issue price of Rs 587 ($7.06), the stock has surged over three times.

On the back of import substitution and other initiatives, the sector as a whole has seen significant growth, Sampath said.

The company is present in six verticals, with the major ones being industrials, automotive, and railways. It has an order book of over Rs 3,000 crore ($361 million) and an execution time frame of approximately 18 months.

"Our order book 2-3 years back was merely Rs 400 crore ($48.1 million), representing just one year, whereas now, it represents orders for the next one-and-a-half years," he said, adding that he has observed this trend over the last few quarters.

The China-plus-one strategy is yet to translate into the order book, he said, hinting that more orders are expected from multinationals in the future.

As the government of India invites more foreign direct investment into the domestic electronics manufacturing space, companies such as Kaynes Technology will reap the benefit, he said.

According to him, China will continue to play a key role in the global electronics supply chain, while India continues to focus on its key competencies such as complex assemblies and testing.