Kaynes Technology India (KAYNES) Q3 25/26 earnings summary

Executive summary

• Revenue for the nine months ended December 2025 reached INR 23,837 million, up 37% year-over-year, with operational EBITDA at INR 3,778 million, a 55% increase, and PAT at INR 2,726 million, reflecting an 11.4% margin.

• The order book stands at approximately INR 90,000 million, representing about 1.5 years of forward sales, with strong growth in EMS and new business segments.

• Strategic initiatives include operationalizing the OSAT facility at Sanand and advancing the HDI PCB manufacturing facility in Chennai, both expected to drive future growth.

• Diversified customer base across automotive, industrial, aerospace, medical, railways, and IoT sectors, serving over 500 customers in 30+ countries.

• Key investments and acquisitions in Canada, India, and Austria to enhance technological capabilities and global reach.

Financial highlights

• 9M FY26 revenue reached ₹23,837 mn, up 37% year-over-year; Q3 FY26 revenue at ₹8,040 mn, up 22% YoY.

• 9M FY26 PAT at ₹2,726 mn, up 54% YoY; Q3 FY26 PAT at ₹766 mn, up 15% YoY.

• EBITDA for 9M FY26 at ₹3,778 mn, up 55% YoY; Q3 FY26 EBITDA at ₹1,168 mn, up 24% YoY.

• EBITDA margin improved to 15.9% for 9M FY26 (up 190 bps YoY); Q3 FY26 margin at 14.5%.

• Networth increased to ₹46,816 mn as of Dec-24.

Outlook and guidance

• Full-year revenue guidance is INR 4,000 crore minimum, with smart metering contributing about INR 700–800 crore.

• Management reiterates the $1 billion revenue target for FY28, driven by EMS, OSAT, and PCB businesses.

• Smart metering revenues expected to grow at 30% annually over the next 4–5 years, with a shift to device-based sales.

• Operating cash flow is expected to be positive at the consolidated level by year-end, with all major business segments contributing by FY28.

• Order book stood at ₹60,471 mn as of Dec-24, supporting future revenue visibility.