Investor Presentation
KAYNES · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Kaynes Technology India reported FY26 consolidated revenue of ₹36,264 million, up 33% YoY, with PAT at ₹3,639 million (24% YoY growth). However, Q4 FY26 showed margin pressure with PAT margin dropping 450 bps YoY to 7.3% and EBITDA margin declining 150 bps to 15.6%. Full-year EBITDA margin improved 70 bps to 15.8%, but PAT margin compressed 80 bps to 10.0%. The company has a strong order book of ₹83,663 million (up from ₹65,969 million YoY). Working capital days increased significantly to 125 days from 87 days, indicating higher working capital intensity. Kaynes is expanding into OSAT and HDI PCB manufacturing with new facilities in Sanand and Chennai. Net debt to equity remains at 0.0, indicating a debt-free balance sheet.
The Q4 margin weakness is concerning, though strong full-year performance and the robust order book provide visibility. The significant increase in working capital days could strain cash flows. Shareholders should monitor if the margin pressure in Q4 is seasonal or reflects structural cost pressures, especially as the company scales its new OSAT and PCB facilities.