Kaynes Technology India Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Kaynes Technology India Ltd filed with BSE on 19 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Kaynes Technology reported consolidated FY26 revenue of Rs 3,626.4 crore, up 33.2% year-on-year, with EBITDA of Rs 5,741 million and a 15.8% EBITDA margin, while Q4 FY26 revenue was Rs 12,426 million, up 26% year-on-year. Management attributed the shortfall against earlier revenue guidance to geopolitical disruption, customer project deferments, and a large drop in orders from one electric vehicle OEM customer. The company also discussed negative operating cash flow linked to its smart metering subsidiary, receivables build-up in that business, and progress on OSAT, PCB, and railway Kavach product lines.
Numbers mentioned
Total revenue: INR3,626.4 crores (FY26)
p. 3
“Our total revenue stood at INR3,626.4 crores, reflecting a year-on-year growth of 33.2%.”
Ramesh Kunhikannan, page 3 of the filed PDF · View the filing
EBITDA: INR5,741 million (FY26)
p. 3
“Our EBITDA for the period FY '26 was INR5,741 million, registering a growth of 39.8% over the same period last year.”
Ramesh Kunhikannan, page 3 of the filed PDF · View the filing
EBITDA margin: 15.8% (FY26)
p. 3
“This translates into an EBITDA margin of 15.8% for FY '26, while profit after tax came in at INR3,639 million, representing a PAT margin of 10% for FY '26.”
Ramesh Kunhikannan, page 3 of the filed PDF · View the filing
Profit after tax: INR3,639 million (FY26)
p. 3
“This translates into an EBITDA margin of 15.8% for FY '26, while profit after tax came in at INR3,639 million, representing a PAT margin of 10% for FY '26.”
Ramesh Kunhikannan, page 3 of the filed PDF · View the filing
Q4 revenue: INR12,426 million (Q4 FY26)
p. 5
“For Q4 FY '26, our total revenue stood at INR12,426 million, reflecting a year-on-year growth of 26% for this quarter.”
N. Muthukumar, page 5 of the filed PDF · View the filing
Q4 EBITDA margin: 15.6% (Q4 FY26)
p. 5
“the operational EBITDA for Q4 '26 came up to INR1,937 million, translating into an EBITDA margin of 15.6%, reflecting our continued operational resilience and scale expansion.”
N. Muthukumar, page 5 of the filed PDF · View the filing
Q4 profit after tax: INR912 million (Q4 FY26)
p. 5
“The profit after tax for the quarter stood at INR912 million.”
N. Muthukumar, page 5 of the filed PDF · View the filing
Debt-to-equity ratio: approximately 0.2 (FY26)
p. 5
“Our debt-to-equity ratio stood at approximately 0.2 in FY '26, reflecting a prudent disciplined capital structure even during the face of significant expansion.”
N. Muthukumar, page 5 of the filed PDF · View the filing
Earnings per share (basic): INR54.9 (FY26)
p. 5
“our organization earnings per share basic has grown from INR30 in FY '24 to INR54.9 in FY '26, reflecting the company's consistent growth trajectory and long-term value creation for our all stakeholders.”
N. Muthukumar, page 5 of the filed PDF · View the filing
Working capital days (consolidated): 122 days (FY26)
p. 5
“We realized our working capital days stood at around 122 days in FY '26, primarily reflecting the business model procurement of the smart meter segment, which has different working capital cycle when compared to the core EMS business.”
N. Muthukumar, page 5 of the filed PDF · View the filing
Core EMS working capital days: 53 days (FY26)
p. 5
“the core EMS business has demonstrated a significant improvement in the efficiency as committed earlier with the working capital days reducing from 83 days in FY '24 to 53 days in FY '26.”
N. Muthukumar, page 5 of the filed PDF · View the filing
Metering business revenue: INR971 crores (FY26)
p. 14
“The metering revenue is INR971 crores out of the total INR3,626 crores revenue.”
N. Muthukumar, page 14 of the filed PDF · View the filing
Metering subsidiary receivables: INR1,365 crores (FY26)
p. 14
“On the receivables of the metering business, it's about INR1,365 crores, including the -- in the total revenue, the receivables on this business.”
N. Muthukumar, page 14 of the filed PDF · View the filing
EMS revenue: INR2,655 crores (FY26)
p. 16
“The EMS revenue is about INR2,655 crores with INR442 crores in the quarter 1, INR683 crores in quarter 2, INR667 crores in quarter 3, and INR862 crores in quarter 4.”
N. Muthukumar, page 16 of the filed PDF · View the filing
EMS stand-alone operating cash flow: INR250 crores positive (FY26)
p. 9
“as a stand-alone EMS business, our cash flow was INR250 crores positive when compared to INR65 crores last year.”
N. Muthukumar, page 9 of the filed PDF · View the filing
Intangible assets increase: INR320 crores (FY26)
p. 18
“The intangible asset that has been capitalized on these 2 is about INR320 crores, and there was a clear thing on what is the order book and it's based on the current accounting standards, and we did INR320 crores.”
N. Muthukumar, page 18 of the filed PDF · View the filing
Order book: INR9,000 crores plus
p. 12
“Our order book continues to be stronger at INR9,000 crores plus.”
N. Muthukumar, page 12 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — double the market growth rate · FY27
stated as an aspiration by N. Muthukumar
p. 11
“We say we'll outgrow the market, we'll penetrate into each and every segment, and we'll double the growth of market growth is what the commitment that we have done.”
N. Muthukumar, page 11 of the filed PDF · View the filing
OSAT revenue — INR250 crores to INR300 crores · FY27
stated firmly by Ramesh Kunhikannan
p. 19
“I'm sure and certain we will do a good number of PCB of around INR300 crores to INR400 crores, and OSAT of around INR250 crores to INR300 crores.”
Ramesh Kunhikannan, page 19 of the filed PDF · View the filing
PCB revenue — INR300 crores to INR400 crores · FY27
stated firmly by Ramesh Kunhikannan
p. 19
“I'm sure and certain we will do a good number of PCB of around INR300 crores to INR400 crores, and OSAT of around INR250 crores to INR300 crores.”
Ramesh Kunhikannan, page 19 of the filed PDF · View the filing
Metering business cash flow — positive · 3 quarters
stated firmly by N. Muthukumar
p. 13
“we'll be positive. We have a very clear strategy quarter-on-quarter.”
N. Muthukumar, page 13 of the filed PDF · View the filing
EMS working capital days — improve by 8 to 10 days · years to come
stated conditionally by N. Muthukumar
p. 12
“you can rest assured that Kaynes stand-alone, the EMS business will continue to be cash positive, and we'll be improving it at least by about 8 to 10 days in the years to come in this segment.”
N. Muthukumar, page 12 of the filed PDF · View the filing
NPD-led revenue contribution — nearly 30% of total revenue · coming years
stated as an aspiration by N. Muthukumar
p. 6
“our goal is to steadily increase the contribution of NPD-led and value-added solutions to nearly 30% of the total revenue in the coming years.”
N. Muthukumar, page 6 of the filed PDF · View the filing
OSAT revenue visibility — over INR25,000 million · next 5 years
stated as an aspiration by Ramesh Kunhikannan
p. 4
“the order outlook for both the current year and the medium term remains strong with revenue visibility of over INR25,000 million over the next 5 years.”
Ramesh Kunhikannan, page 4 of the filed PDF · View the filing
Rail business growth — 20%, 25% · this year
stated conditionally by Ramesh Kunhikannan
p. 14
“rail business, I'm expecting this year to grow by around 20%, 25% because of these coming in.”
Ramesh Kunhikannan, page 14 of the filed PDF · View the filing
Metering AMISP revenue completion — 2 to 3 months
stated firmly by N. Muthukumar
p. 16
“we will take another 2 to 3 months to complete the entire pending order of this, and which is what we are also putting in our calculations”
N. Muthukumar, page 16 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said a major EV OEM cut orders by 90% and government orders were delayed despite product approvals, and acknowledged the guidance was not met.
Answered by N. Muthukumar
Asked by Viral Shah: Why did the company miss its downgraded revenue guidance so significantly and what is the sanctity of future guidance?
p. 8
“I think these are the 2 things that while we have delivered about 33% growth in revenue and 39% growth in the bottom line, we sincerely understand and appreciate that the guidance what we have given, we could not meet.”
N. Muthukumar, page 8 of the filed PDF · View the filing
Management explained the negative operating cash flow was concentrated in the metering business due to installation delays, while the stand-alone EMS business was cash flow positive.
Answered by N. Muthukumar
Asked by Viral Shah: Why was operating cash flow guidance so far off given the company was 75 days into the quarter when it gave guidance?
p. 9
“as a stand-alone EMS business, our cash flow was INR250 crores positive when compared to INR65 crores last year.”
N. Muthukumar, page 9 of the filed PDF · View the filing
Management said it prefers to commit to outgrowing the market by double the market growth rate rather than give a specific revenue number, citing volatility in end markets like automotive.
Answered by N. Muthukumar
Asked by Nitin Arora: Why is the company not giving explicit revenue and cash flow guidance despite claiming demand is strong?
p. 11
“We say we'll outgrow the market, we'll penetrate into each and every segment, and we'll double the growth of market growth is what the commitment that we have done.”
N. Muthukumar, page 11 of the filed PDF · View the filing
Management said 70-80% of the negative cash flow would be resolved by the end of the third quarter and the company would be positive by year end.
Answered by N. Muthukumar
Asked by Nitin Arora: What will specifically change to bring the negative operating cash flow of Rs 600 crore to breakeven?
p. 12
“the INR600 crores by end of the third quarter will come to around we will try to work on the positive, but at least 70% to 80% of this will come down for sure.”
N. Muthukumar, page 12 of the filed PDF · View the filing
Management said metering contributes 20-25% of revenue, EV segment grew 28% despite a large customer cutback, and Kavach has received initial approvals with trial orders underway.
Answered by N. Muthukumar
Asked by Renu Baid Pugalia: What is the metering business share of consolidated revenue and how is growth ex-metering, plus updates on the Kavach rail solution?
p. 13
“The metering business contribution to our total revenue is around 20% to 25%”
N. Muthukumar, page 13 of the filed PDF · View the filing
Management gave metering revenue of Rs 971 crore and receivables of Rs 1,365 crore, and said only about Rs 40 crore had been discounted through securitization so far due to installation delays.
Answered by N. Muthukumar
Asked by Amber Singhania: What is the metering subsidiary's revenue, EBITDA, and receivables, and what happened to the previously committed securitization?
p. 14
“The metering revenue is INR971 crores out of the total INR3,626 crores revenue.”
N. Muthukumar, page 14 of the filed PDF · View the filing
Management said it grabbed additional volume opportunistically and expects roughly half of next year's metering revenue to come from the old AMISP model and the rest from a new model.
Answered by N. Muthukumar
Asked by Jigar Shah: Why did smart meter revenue and receivables both increase when guidance suggested they would decline, and what is the AMISP outlook for FY27?
p. 17
“almost 50% of the business will be in the old model and the rest will come in the new model.”
N. Muthukumar, page 17 of the filed PDF · View the filing
Management said the doubling of market growth applies from the start of the year for the core business, while OSAT and PCB contributions depend on a strategic decision on internal use versus external sale.
Answered by N. Muthukumar
Asked by Sameet Sinha: When does the company expect to achieve the stated 2x market growth rate, and does it include OSAT and PCB?
p. 19
“we will be doing the 2x growth from the start.”
N. Muthukumar, page 19 of the filed PDF · View the filing
Management clarified no such guidance had been given and instead provided lower expected figures for the first year.
Answered by Ramesh Kunhikannan
Asked by Achal Lohade: Does the earlier guidance of Rs 1,000 crore for OSAT and Rs 500 crore for PCB still stand?
p. 19
“We have not given any guidance like this. This is our first year.”
Ramesh Kunhikannan, page 19 of the filed PDF · View the filing
Risks flagged
Geopolitical disruption including West Asia conflict causing customer deferments and supply chain delays
p. 4
“Near-term top line performance did not fully meet market expectations, primarily due to geopolitical disruption, especially the West Asia conflict, which led to last-minute customer deferment, supply chain delays and product timing shift.”
Ramesh Kunhikannan, page 4 of the filed PDF · View the filing
Major EV OEM customer sharply reducing order volumes
p. 8
“one of the largest electric vehicle OEM manufacturers has completely dropped by about 90% of the revenue, wherein we were the single supplier which has dropped our numbers.”
N. Muthukumar, page 8 of the filed PDF · View the filing
Delays in government project approvals and orders
p. 8
“But we were quite confident in the last quarter of getting 2 government orders where the products have been done and the product testing have been approved. It is going to be done, but there is a delayed project.”
N. Muthukumar, page 8 of the filed PDF · View the filing
Negative operating cash flow driven by the metering business installation delays
p. 10
“There were a lot of government delays, and the payment comes based on the installation.”
N. Muthukumar, page 10 of the filed PDF · View the filing
Volatility and uncertainty in the automotive end market affecting offtake
p. 11
“the December projection of automotive industry was a mid-double-digit growth for this year, whereas the latest prediction phase, it will be a single-digit higher or lower double digits, which may impact on the offtake of the product.”
N. Muthukumar, page 11 of the filed PDF · View the filing
Elevated receivables and working capital stress in the metering subsidiary
p. 9
“65% of our revenue today comes from EMS business where we are cash flow positive.”
N. Muthukumar, page 9 of the filed PDF · View the filing
Delays in installation execution for smart meters across multiple states
p. 17
“There are 4 states where our team is working, and it is taking extremely high time for more than 6 zones.”
N. Muthukumar, page 17 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.