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Revenue
₹1,243 Cr
verified against source
Revenue YoY
33.2%
reported change
EBITDA
₹574.1 Cr
latest reported figure
Source
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record provenance
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What the record says.
Kaynes Technology reported FY26 revenue of ₹3,626.4 crore (+33.2% YoY) and EBITDA of ₹574.1 crore (+39.8% YoY), with EBITDA margin at 15.8%. Q4 revenue was ₹1,242.6 crore (+26% YoY). However, the company missed its initial guidance of ₹4,500 crore, blaming geopolitical disruptions and customer deferrals. The smart metering subsidiary (₹971 crore revenue) caused a sharp rise in receivables to ₹1,365 crore, leading to negative operating cash flow of ₹600 crore. Management declined to give numerical guidance for FY27, only committing to "double the market growth rate" (market growing 15-16%). Key risk: working capital stress from metering business may persist, with management admitting it will take three quarters to reverse the trend.
Colored figures show movement against the previous available record.
Guidance to track
- Management commits to growing at 2x the EMS market growth rate (market expected 15-16%), but does not provide a specific revenue number.
- OSAT unit 2 to be commercialized by Q2 FY27; expects revenue of ₹250-300 crore for the year.
- PCB facility expects revenue of ₹300-400 crore, with some internal consumption and external sales.
- Management expects to reduce metering receivables by 70-80% within three quarters, targeting positive cash flow by year-end.
Risks flagged
- Metering subsidiary has ₹1,365 crore receivables, causing negative OCF of ₹600 crore. Management admits it will take three quarters to reverse.
- Company missed initial FY26 guidance of ₹4,500 crore by ~24%, and declined to give numerical guidance for FY27, eroding investor trust.
- West Asia conflict caused last-minute customer deferments and supply chain delays, impacting revenue timing. Similar risks persist.
- Installation in rural states is slower than expected, with government processes causing delays. Management has not fully resolved this.
Key quotes
- We are not only giving guidance for the revenue numbers... we say we'll outgrow the market... we do not want to attach a number to that.
- Our near-term topline performance did not fully meet market expectation primarily due to geopolitical disruptions especially the West Asia conflict which led to last minute customer deferment.
- We have not given any guidance like this. This is our 12th year.
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