Kaynes Technology India Ltd
Kaynes Technology India Q2 FY26 earnings call: Revenue & Margins
Q2 FY26 earnings call: what management guided on revenue, margins and order book.
The short version
Revenue growth in second half expected to accelerate, with Iskraemeco's contribution relatively stable or decreasing in percentage terms. Iskraemeco's first-half FY '25 saw inventory write-offs (~INR44 crores) and other expenses (~INR6 crores) impacting profits; second half showed turnaround with ~INR530 crores sales and ~INR49 crores profit, indicating recovery potential.
From Kaynes Technology India Ltd's Q2 FY26 earnings-call transcript · updated 26 Aug 2026.
Revenue & Sales Performance
- Revenue growth in second half expected to accelerate, with Iskraemeco's contribution relatively stable or decreasing in percentage terms.
- Growth driven by strong performance in multiple EMS segments including automotive, electric vehicles, aerospace, defense, rail, IT, and industrial sectors.
- Smart meter business (Iskraemeco) set for approximately INR300 crores revenue in the year, stabilizing as a run-rate business with limited horizon due to RDSS program.
- Other verticals (automotive, EVs, aerospace, defense, rail, IT) expected to compensate and outpace smart meter revenue growth.
- Company planning for sustained CAGR in next few years similar to past 4 years, implying continued expansion.
2 more points management made on revenue & sales performance
Profitability & Margins
See what Kaynes Technology India Ltd said on profitability & margins — free account, 30 seconds.
Capital Expenditure Plans
- Kaynes has capital expenditure plans including INR14 billion for PCB business, with balance INR3.2 billion and central government subsidy of about INR3 billion expected; funding through QIP, internal accruals, and some debt.
- OSAT project capex of INR10.3 billion to be funded via QIP, spent INR3.8 billion so far, with balance from accruals spread over five years plus some debt.
- Capital subsidies from central government expected to flow soon for eligible capex; subsidy management team formed to ensure smooth documentation and compliance.
- Plans to evaluate further PCB business expansion after discussions with state governments about subsidies.
- Capex for R&D ongoing, with part capitalized based on product development stages.
2 more points management made on capital expenditure plans
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Ranked on what management guided this quarter
Rank buckets describe management commentary on revenue and margin. Not investment advice, and not a forecast of returns.
Fundraising & Capital Structure
See what Kaynes Technology India Ltd said on fundraising & capital structure — free account, 30 seconds.
Order Book & Pipeline
- The company highlighted acquiring three OSAT clients: Alpha Omega Semiconductor, Infineon, and Larsen & Toubro’s takeover of a part of Fujitsu General’s Semiconductor business.
- Commercial production for OSAT has technically started with sample shipments.
- Focus currently is on obtaining sample approvals in FY '26 to drive significant revenues from FY '27 onwards.
- Iskraemeco's orderbook includes business amounting to about INR532 crores in H2 FY '25.
- New orders acquired are largely non-AMISP contracts except for the residual PGCIL contract (60-70% completed).
- Subsidy-linked capex investments are ongoing with reimbursements expected timely; escrow accounts to be opened.
2 more points management made on order book & pipeline
Kaynes Technology India Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest: revenue ₹1.2K Cr, net profit ₹91 Cr. Revenue and profit are scaled separately — hover a quarter for exact figures.
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What Kaynes Tech's management said in earlier quarters
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Frequently Asked Questions
What were Kaynes Technology India Ltd Q2 FY26 results?
Revenue growth in second half expected to accelerate, with Iskraemeco's contribution relatively stable or decreasing in percentage terms. Iskraemeco's first-half FY '25 saw inventory write-offs (~INR44 crores) and other expenses (~INR6 crores) impacting profits; second half showed turnaround with ~INR530 crores sales and ~INR49 crores profit, indicating recovery potential.
What is Kaynes Technology India Ltd share price analysis?
Kaynes Technology India Ltd currently shows a neutral. The stock trades at a P/E of 75.3 with a market cap of ₹26,150 Cr. Investors should review the full earnings analysis for detailed insights.
Is Kaynes Technology India Ltd planning capital expenditure?
Kaynes has capital expenditure plans including INR14 billion for PCB business, with balance INR3.2 billion and central government subsidy of about INR3 billion expected; funding through QIP, internal accruals, and some debt.
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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.