KERNEX2026-10-20
Kernex Microsystems — Deep Dive Analysis
Kernex is the cheapest stock in the Kavach pack at 15x earnings, and on FY27 execution it may be cheaper still: Q1 revenue was Rs 504 Cr against Rs 431 Cr for all of FY26. But the order book fell 12% QoQ to Rs 3,641 Cr, receivables sit at 268 days, borrowings tripled, and HBL has guided that Kavach revenue peaks around FY28. Verdict: ACCUMULATE ON EXECUTION, NOT A SWING SETUP.