Kaynes Technology India (KAYNES) Q4 24/25 earnings summary

Executive summary

• Achieved consolidated revenue of INR 27,218 million for FY 2025, up 51% year-over-year, and Q4 revenue of INR 9,845 million, up 54% year-over-year.

• EBITDA for FY 2025 was INR 4,107 million (up 62%), with a margin of 15.1%; Q4 EBITDA was INR 1,679 million (up 76%), margin at 17.1%.

• PAT for FY 2025 reached INR 2,944 million, with a PAT margin of 10.8%; Q4 PAT was INR 1,162 million, margin at 11.8%.

• Order book surged to INR 65,969 million at FY 2025 end, up from INR 41,152 million last year.

• Maintained a diversified business profile across industry verticals and geographies, with robust international expansion and strategic acquisitions.

Financial highlights

• Revenue grew 51% year-over-year for FY 2025 and 54% for Q4.

• EBITDA margin improved by 101 bps year-over-year to 15.1% for FY 2025; Q4 EBITDA margin reached 17.1%.

• PAT margin increased by 62 bps year-over-year to 10.8% for FY 2025.

• ROE and ROCE (adjusted) stood at 19.4% and 19.2%, respectively.

• Net working capital days at 87; inventory days improved from 97 to 91.

Outlook and guidance

• Management projects minimum 60% growth in operating revenues for FY 2026, with at least 50 bps EBITDA margin expansion.

• New OSAT and HDI PCB plants expected to contribute revenue by year-end, with full ramp-up in FY 2026.

• Expansion plans underway with new facilities in Chamarajanagar, Hyderabad, and international locations.

• Export orientation to increase, with 15%-25% of business expected from international markets in coming years.

• Strategic acquisitions expected to strengthen presence in smart metering and railways.