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.

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

• 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%), with a margin of 17.1%.

• Order book grew to INR 65,969 million in Q4 FY 2025, reflecting robust demand across aerospace, industrial, and automotive segments.

• Maintained a diversified business profile across automotive, industrial, aerospace, medical, railways, and IoT/IT segments.

Financial highlights

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

• EBITDA margin improved to 15.1% for FY 2025 and 17.1% for Q4 FY 2025.

• PAT margin increased to 10.8% for FY 2025.

• ROE and ROCE at 19.4% and 19.2% for FY 2025.

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

Outlook and guidance

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

• Order book and new facilities in Chamarajanagar, Hyderabad, and international locations expected to drive strong growth.

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

• Unutilised IPO and QIP proceeds are planned for facility expansion and general corporate purposes.