Kaynes Technology India (KAYNES) Q4 23/24 earnings summary

Executive summary

• Achieved record consolidated revenue of ₹18,046 Mn in FY 2023-24, up 60% year-over-year, with PAT of ₹1,833 Mn, a 93% increase year-over-year, and EBITDA of ₹2,542 Mn at a 14.1% margin.

• Order book surged to ₹41,152 Mn from ₹26,482 Mn, driven by strong demand in industrial, EV, aerospace, and strategic electronics.

• Major capacity expansions, new facilities in Chamarajanagar and Pune, and entry into new verticals such as semiconductor assembly, medical electronics, and high-performance computing servers.

Financial highlights

• Consolidated revenue: ₹18,046 Mn (up 60% year-over-year); PAT: ₹1,833 Mn (up 93% year-over-year); EBITDA: ₹2,542 Mn (14.1% margin); Net Worth: ₹24,848 Mn.

• Net Debt: ₹2,177 Mn; Net Debt-to-Equity: 0.1x; ROE: 22.8%; ROCE: 22.0%; Net Working Capital Days: 83 (improved from 99 days).

• No dividend declared for FY 2023-24.

Outlook and guidance

• Targeting $1 billion revenue by FY 2027-28 through expansion in ESDM, OSAT, and PCB manufacturing.

• Expecting further improvement in operational EBITDA margin by over 100 basis points in FY 2024-25.

• Continued investments in semiconductor assembly, high-density PCB, and global expansion, with government approvals anticipated.