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

Executive summary

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

• Achieved strong revenue and profit growth in Q3 FY26 and 9M FY26, with significant expansion in order book and operational scale.

• Strategic initiatives include operationalizing the OSAT facility at Sanand and advancing the high-end HDI PCB manufacturing facility in Chennai, targeting complex, high-margin segments.

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

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025, with auditor review reports confirming no material misstatements or non-compliance with SEBI regulations.

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%.

• Receivables at December 2025 were INR 1,249 crore, inventories at INR 1,226 crore, and payables at INR 979.7 crore.

Outlook and guidance

• Management reiterates the $1 billion revenue target for FY28, with strong order inflows and growth expected across EMS, OSAT, and PCB segments.

• Order book stood at approximately INR 90,000 million, reflecting a robust pipeline and future revenue visibility.

• Smart metering revenues are expected to grow at 30% annually over the next 4–5 years, with a shift to a device/ODM model to improve working capital efficiency.

• Net working capital is targeted to reduce to 85 days by March 2026, supported by higher Q4 sales and supply chain finance initiatives.

• Strategic focus on integrated electronics solutions and expansion into advanced packaging and PCB technologies.