KAYNESNSEKaynes Technology India LimitedMediumNeutral
Announced Thu, 12 Feb · 21:25 IST

Kaynes Technology India Limited has informed the Exchange about Transcript

Order Pipeline DisclosedInvestor Communications View source PDF

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Price reaction · full curve

Awaiting price reaction for this filing.

AI summary

Kaynes Technology filed the transcript of its Q3 FY26 earnings call held on February 6, 2026. For 9M FY26, revenue grew 37% YoY to INR 23,837 million, operating EBITDA rose 55% to INR 3,778 million with margin expanding 190 bps to 15.9%, and PAT stood at INR 2,726 million (11.4% margin). Order book stood at ~INR 90,000 million, growing ~50% annually, representing about 1.5 years of forward revenue, with ODM products forming ~20% (expected to rise). Management reaffirmed the $1 billion FY28 revenue target, with minimum contributions of INR 1,500 crores from OSAT (Sanand FSA approval received) and INR 1,000 crores from the new HDI PCB unit at Chennai. Full-year FY26 revenue guidance was trimmed from INR 4,400 crores to ~INR 4,100 crores due to a deferral in the railway Kavach order (INR 3 billion) and slower Q3 ramp. Working capital remains elevated at ~139 days against a target of 70–85 days, and management aims to be OCF positive at a consolidated level for FY26.

Likely market impact

The transcript reinforces strong topline growth and healthy order book visibility, but the FY26 revenue cut and Kavach deferral may temper near-term expectations. Stock impact should be neutral to mildly negative as execution delays are balanced by OSAT FSA approval, subsidy clarity, and reiterated $1 billion FY28 ambitions.