Kaynes Technology reported a strong FY26 performance with INR 3,626.4 crore in total revenue, marking a 33.2% year-on-year growth. Despite near-term challenges from geopolitical disruptions impacting project timelines, the company remains focused on its strategic transition toward becoming a differentiated product-driven enterprise. Management highlighted a healthy order book exceeding INR 9,000 crore and significant progress in its new OSAT and PCB growth engines.
Financial Highlights
For the consolidated fiscal year FY26, Kaynes Technology achieved a total revenue of INR 3,626.4 crore. The company’s EBITDA stood at INR 5,741 million, representing a 39.8% growth over the previous year and an EBITDA margin of 15.8%. Profit after tax (PAT) reached INR 3,639 million, reflecting a PAT margin of 10%. A notable milestone was achieved by the company’s Mysore facility, which crossed INR 10,000 million in annual revenue.
Strategic Transformation and New Engines
Management emphasized a clear strategic shift from a traditional EMS-led organization to a differentiated ESDM and product-driven enterprise. The company has set a goal for NPD-led and value-added solutions to contribute nearly 30% of total revenue in the coming years. This transformation is supported by investments in engineering capabilities, OSAT, and PCB segments. The OSAT business, in particular, shows strong potential with revenue visibility of over INR 25,000 million expected over the next five years.
Operational Challenges and Outlook
The company acknowledged that near-term top-line performance was impacted by geopolitical disruptions, specifically the West Asia conflict, leading to customer project deferments. Addressing concerns regarding working capital, management explained that the smart metering business—a strategic acquisition to aid product-company maturity—has contributed to temporary receivables pressure. However, they expressed confidence in reverting the working capital trend within three quarters, noting that the core EMS business has already demonstrated significant efficiency gains.
Future Growth Drivers
Looking ahead, Kaynes Technology maintains a robust outlook supported by a non-cancellable order book of over INR 9,000 crore. The company is actively diversifying its vertical mix across automotive, EV, industrial, aerospace, and railway segments to mitigate sector-specific volatility. With the Kavach rail solution moving into the execution phase and continued expansion in high-value manufacturing, the company remains committed to doubling the market growth rate in the near term.
Source: BSE
