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KAYNESTECHNOLOGYINDIA
Information Technology
15 May 2026
Kaynes Technology India Ltd — Q4 FY26
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%.
✓ Verified against BSE filing
2-Min Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Smart Metering Revenue
₹971 crore
+21% YoY
Metering subsidiary contributed ~24% of total revenue, but with high receivables.
Metering Receivables
₹1,365 crore
+162% YoY
Receivables surged due to delayed installations in rural states; management targets reduction in 3 quarters.
EMS Working Capital Days
53 days
-30 days YoY
Core EMS business improved working capital efficiency from 83 days in FY24 to 53 days in FY26.
Management Guidance
Double the market growth rate in FY27
Management commits to growing at 2x the EMS market growth rate (market expected 15-16%), but does not provide a specific revenue number.
Management guidance growthOSAT revenue of ₹250-300 crore in FY27
OSAT unit 2 to be commercialized by Q2 FY27; expects revenue of ₹250-300 crore for the year.
Management guidance revenuePCB revenue of ₹300-400 crore in FY27
PCB facility expects revenue of ₹300-400 crore, with some internal consumption and external sales.
Management guidance revenueMetering receivables to reduce 70-80% in 3 quarters
Management expects to reduce metering receivables by 70-80% within three quarters, targeting positive cash flow by year-end.
Management guidance otherKey Risks
Working capital stress from metering business
Metering subsidiary has ₹1,365 crore receivables, causing negative OCF of ₹600 crore. Management admits it will take three quarters to reverse.
high · analyst_questionRevenue guidance credibility damaged
Company missed initial FY26 guidance of ₹4,500 crore by ~24%, and declined to give numerical guidance for FY27, eroding investor trust.
high · analyst_questionGeopolitical and customer deferral risks
West Asia conflict caused last-minute customer deferments and supply chain delays, impacting revenue timing. Similar risks persist.
medium · management_commentarySmart meter installation delays
Installation in rural states is slower than expected, with government processes causing delays. Management has not fully resolved this.
medium · data_observationNotable 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.
Frequently Asked Questions
What was Kaynes Technology India's revenue in Q4 FY26?
Kaynes Technology India reported revenue of ₹1,243 Cr in Q4 FY26, representing a +33.2% change compared to the same quarter last year.
What guidance did Kaynes Technology India management give for FY27?
Double the market growth rate in FY27: Management commits to growing at 2x the EMS market growth rate (market expected 15-16%), but does not provide a specific revenue number. OSAT revenue of ₹250-300 crore in FY27: OSAT unit 2 to be commercialized by Q2 FY27; expects revenue of ₹250-300 crore for the year. PCB revenue of ₹300-400 crore in FY27: PCB facility expects revenue of ₹300-400 crore, with some internal consumption and external sales. Metering receivables to reduce 70-80% in 3 quarters: Management expects to reduce metering receivables by 70-80% within three quarters, targeting positive cash flow by year-end.
What are the key risks for Kaynes Technology India in FY27?
Key risks include Working capital stress from metering business — Metering subsidiary has ₹1,365 crore receivables, causing negative OCF of ₹600 crore. Management admits it will take three quarters to reverse.; Revenue guidance credibility damaged — Company missed initial FY26 guidance of ₹4,500 crore by ~24%, and declined to give numerical guidance for FY27, eroding investor trust.; Geopolitical and customer deferral risks — West Asia conflict caused last-minute customer deferments and supply chain delays, impacting revenue timing. Similar risks persist.; Smart meter installation delays — Installation in rural states is slower than expected, with government processes causing delays. Management has not fully resolved this..
Did Kaynes Technology India meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Kaynes Technology India Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary verified against official BSE/NSE filings.