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_questionKaynes 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%.
bearish
high
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Risk Intelligence
Material risks this quarter
Concise cards keep the risk register scannable while preserving evidence-level context in the underlying quarter data.
Risks
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.
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_observation