ALFA Finder| Management target | Revenue 34.0% FY27 |
|---|
| Revenue growth | 40% YoY revenue growth driven by 48% growth in core EMS business. |
|---|---|
| Margins | Margins impacted by component cost inflation; management expects normalization over two quarters. |
| Order book | Order book stands at ₹9,000 Cr with robust new client additions. |
| Demand visibility | Strong demand in aerospace, automotive, and EVs; order book at ₹9,000 Cr. |
| Management confidence | Confident but cautious regarding global supply chain disruptions and component logistics. |
Growth
EMS business grew 48% YoY, offsetting a 12% decline in metering; growth is volume-led across most segments.
Outlook
OSAT and PCB units to be operational by Q3 FY27; guiding 450-500 Cr revenue from these segments.
Risks
Significant inventory buildup and negative operating cash flow of ₹259 Cr due to component shortages and OSAT/PCB capex.
Last quarter's promises, checked
Delivered
- Guided EMS cash flow positive → delivered EMS OCF ₹250 Cr (= BEAT)
- Guided OSAT Unit 1 operational → delivered Unit 1 fully operational (= BEAT)
- Guided core EMS WC days reduction → delivered 83 to 53 days (= BEAT)
Partly delivered
- Guided OSAT Unit 2 commercialization Q2 FY26 → delivered in progress for Q2 (= PARTIAL)
- Guided securitization of ₹250 Cr receivables → delivered only ₹40 Cr (= PARTIAL)
- Guided 2 government orders in Q4 → delivered delayed but products approved (= PARTIAL)
Missed
- Guided FY26 Revenue ₹4,500 Cr (later ₹4,000 Cr) → delivered ₹3,626 Cr (= MISS)
- Guided OCF neutral/slightly negative → delivered ₹600 Cr negative (= MISS)
- Guided smart meter FY26 Revenue ₹800 Cr → delivered ₹971 Cr (over-shot target but caused WC stress) (= MISS)
Earnings Call Transcript filed with BSE, NSE: KAYNES. Summary written with AI assistance from the document.
Kaynes Technology India Ltd: key numbers
- Share price
- ₹3,420.00
- Market cap
- ₹22,926 Cr
- Revenue (annual)
- ₹3,626 Cr
- Net profit (annual)
- ₹363.9 Cr
- P/E (TTM)
- 66.3×Sector 44.3×
- Promoter holding
- 53.31%-0.15% QoQ
- FII holding
- 6.08%Current quarter
Reference market data from a third-party provider, updated daily. Not a valuation or a recommendation.
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