India · Delayed Price · Currency is INR Kaynes Technology India Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 revenue grew 33% to INR 3,602 crore with strong EBITDA and PAT margins, but near-term revenue and cash flow were impacted by metering business delays and geopolitical disruptions. Management targets to double market growth, resolve working capital issues in three quarters, and drive future growth through product innovation and diversification.
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Revenue grew 37% YoY to INR 23,837 million for the nine months, with EBITDA up 55% and PAT margin at 11.4%. The order book is robust at INR 90,000 million, and new OSAT and PCB facilities are set to drive future growth. Working capital is targeted to improve, and FY28 revenue guidance is reaffirmed.
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Q2 FY2026 saw 58% revenue growth and 80% EBITDA growth year-over-year, with margins expanding and a robust order book. Management remains confident in meeting full-year and long-term revenue targets, supported by new semiconductor and PCB projects, despite working capital pressures.
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Q1 FY 2026 saw 34% revenue growth and 69% EBITDA growth year-over-year, with margin expansion and a robust order book. Guidance for FY 2026 is maintained, with positive cash flow and improved working capital expected. Strategic acquisitions and capacity expansions are on track.
Fiscal Year 2025
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Revenue grew 51% year-over-year to INR 27,218 million, with EBITDA margin at 15.1% and PAT margin at 10.8%. Order book surged to INR 65,969 million, driven by high-margin aerospace, industrial, and automotive orders. Major CapEx in OSAT and PCB, with government subsidies and strong export outlook.
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Revenue grew 49% year-over-year for the first three quarters, with Q3 EBITDA margin at 14.2% and PAT margin at 10.1%. Order book surged to INR 60,471 million, and annual revenue growth is expected to exceed 55%. Margin guidance remains strong, with robust expansion in key verticals.