Kaynes Technology India (KAYNES) Q4 25/26 earnings summary

Executive summary

• Consolidated FY26 revenue reached ₹36,264 million, up 33.2% year-over-year, with EBITDA at ₹5,741 million, growing 39.8%, and PAT at ₹3,639 million, up 24% year-over-year, with an EBITDA margin of 15.8%.

• Q4 FY26 revenue was ₹12,426 million, up 26% year-over-year, with operational EBITDA at ₹1,940 million and a margin of 15.6%, but PAT declined 21% year-over-year to ₹912 million.

• Maintained a strong order book at ₹83,663 million as of FY26, reflecting robust demand across verticals.

• Expanded manufacturing and R&D capabilities, including new OSAT and PCB facilities, and launched India's first commercial multi-chip module.

• The Mysore facility surpassed ₹10,000 million in revenue, marking a significant operational milestone.

Financial highlights

• FY26 revenue: ₹36,264 million (+33.2% YoY); EBITDA: ₹5,741 million (+39.8% YoY); EBITDA margin: 15.8%.

• FY26 PAT: ₹3,639 million (+24% YoY); PAT margin: 10%.

• Q4 FY26 revenue: ₹12,426 million (+26% YoY); Q4 EBITDA: ₹1,940 million; Q4 PAT: ₹912 million.

• EPS grew from ₹13 in FY24 to ₹54.85 in FY26.

• Net debt reduced to ₹2,074 million, with net debt-to-equity at 0.0.

Outlook and guidance

• Management targets to outgrow the EMS market, aiming for double the market growth rate (market at 16-18%).

• Strategic expansion into OSAT and HDI PCB manufacturing, with new units operational or set to launch by July 2026.

• Focus on integrated electronics solutions, vertical integration, and continued investment in R&D and capacity.

• No specific revenue guidance provided due to market volatility and customer-driven business cycles.

• Working capital in the metering business expected to normalize within three quarters.