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Kaynes Technology India (KAYNES) investor relations material
Kaynes Technology India Q2 25/26 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 25/26 earnings summary5 Nov, 2025
Executive summary
Q2 FY2026 revenue reached INR 9,062 million, up 58% year-over-year, with operational EBITDA at INR 1,480 million (80% growth) and PAT at INR 1,214 million (PAT margin 13.4%).
H1 FY2026 revenue was INR 15,797 million, up 47% year-over-year, with operating EBITDA of INR 2,610 million (75% growth) and PAT of INR 1,960 million (PAT margin 12.4%).
The company is transitioning from EMS to a fully integrated ESDM model, focusing on end-to-end solutions and deeper customer relationships.
Major milestones include India's first commercial multi-chip module at the Sanand OSAT facility, government approval for advanced PCB manufacturing, and significant capital raising activities.
Board approved unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2025, with results reviewed and unqualified by statutory auditors.
Financial highlights
Q2 FY2026 EBITDA margin expanded by 190 bps to 16.3% year-over-year; PAT margin at 13.4%.
H1 FY2026 EBITDA margin was 16.5%, up 270 bps year-over-year; PAT margin at 12.4%.
Order book for Q2 FY2026 stood at INR 80,994 million, up from INR 54,228 million in Q2 FY2025.
Net debt reduced to INR 4,218 million, with net debt-to-equity at 0.1 in H1 FY2026.
Operating cash flow was negative at about INR 180 crore, expected to turn positive by year-end.
Outlook and guidance
Management remains confident in meeting annual profit, EBITDA, and revenue targets despite quarterly fluctuations due to supply chain issues.
Revenue guidance of $1 billion by FY2028 and $2 billion by FY2030 is reaffirmed, with strong order inflow and business momentum.
Strategic expansion into OSAT and HDI PCB manufacturing, with new facilities operational and further capacity ramp-up planned.
Mass production of India’s first commercial multi-chip module from Sanand OSAT Facility to begin by Jan 2026.
Significant unutilised capital from recent QIP placements is earmarked for facility expansion, working capital, and strategic investments.
Detail working capital improvement strategies
OSAT/PCB impact on blended margins and mix
Railway/Aerospace revenue contribution targets
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Next Kaynes Technology India earnings date
Q3 25/2627 Jan, 2026
Next Kaynes Technology India earnings date
Q3 25/2627 Jan, 2026
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