Kaynes Technology India Ltd
Kaynes Technology India Q3 FY25 earnings call: Revenue & Margins
Q3 FY25 earnings call: what management guided on revenue, margins and order book.
The short version
EMS business is expected to grow between 40% to 50% on its own, driven by self-generated revenues and ongoing capex (Page 19). The company expects revenue growth to exceed 55% year-on-year for FY '25. - EBITDA margins are targeted to be above 15% for the full FY '25 and around 15%-16% for FY '26. - Operating cash flow is expected to turn positive by Q4 FY '25 with improved working capital management. - The EMS business is projected to grow 40%-50% organically through revenue generation and capex. - The OSAT facility in Sanand is expected to commercialize by H2 FY '26 contributing to higher margins (20%+ in OSAT). - The company aims to expand through inorganic acquisitions in the U.S.
From Kaynes Technology India Ltd's Q3 FY25 earnings-call transcript · updated 23 Aug 2026.
Revenue & Sales Performance
- EMS business is expected to grow between 40% to 50% on its own, driven by self-generated revenues and ongoing capex (Page 19).
- For FY '26, revenue guidance is around INR4,500 crores, excluding future acquisitions (Page 13).
- Orders are growing robustly, with order book increasing from INR54,228 million in Q2 FY '25 to INR60,471 million in Q3 FY '25, driven by industrial, EV, aerospace, medical, and automotive sectors (Page 3).
- EMS business is supported by export growth expected to reach 20-25% of total business in FY '26 (Page 10).
- New capacities in OSAT and HDI PC board projects planned to start significant revenue generation from Q4 of FY '26 (Page 5).
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Profitability & Margins
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Capital Expenditure Plans
- EMS business expects ongoing capex of about INR 200-300 crores per annum for volume growth in FY '26 and '27, largely self-funded.
- Semiconductor assembly project has a total capex of INR 3,300 crores, with 70-75% government subsidy; to be fully consumed by FY '28-'29.
- HDI PC Board project involves INR 1,400 crores capex, also largely government-subsidized (~60%); to complete by FY '28-'29.
- Total upcoming capex across semiconductor and PC board projects is about INR 4,800 crores through FY '28-'29.
- OSAT project in Sanand, Gujarat underway with government approval; expected revenues starting Q4 FY '26.
- HDI PC board project approved in Tamil Nadu; revenue generation expected Q4 FY '26.
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Top-ranked in Industrial Manufacturing
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
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Order Book & Pipeline
- Order book surged from INR 54,228 million at the end of Q2 FY '25 to INR 60,471 million at the end of Q3 FY '25.
- Monthly order inflow increased from INR 3,188 million in Q2 FY '25 to INR 4,285 million in Q3 FY '25.
- Order book includes significant orders in aerospace, defense, smart meters, automotive (especially exports), medical, and IT sectors.
- Smart meter segment has potential to achieve nearly INR 1,000 crores annually in the next 12 months.
- Aerospace orders are expected to recover and grow significantly in FY '26.
- Railway segment currently delayed due to elections but expected to see significant resurgence post-budget in the next 4 years.
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Kaynes Technology India Ltd — Quarterly revenue & net profit
Reported quarterly figures (₹ Cr). Latest (Q4 FY26): 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 Technology India Ltd's management said in earlier quarters
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Frequently Asked Questions
What were Kaynes Technology India Ltd Q3 FY25 results?
EMS business is expected to grow between 40% to 50% on its own, driven by self-generated revenues and ongoing capex (Page 19). The company expects revenue growth to exceed 55% year-on-year for FY '25. - EBITDA margins are targeted to be above 15% for the full FY '25 and around 15%-16% for FY '26. - Operating cash flow is expected to turn positive by Q4 FY '25 with improved working capital management. - The EMS business is projected to grow 40%-50% organically through revenue generation and capex. - The OSAT facility in Sanand is expected to commercialize by H2 FY '26 contributing to higher margins (20%+ in OSAT). - The company aims to expand through inorganic acquisitions in the U.S.
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 71.4 with a market cap of ₹26,130 Cr. Investors should review the full earnings analysis for detailed insights.
Is Kaynes Technology India Ltd planning capital expenditure?
EMS business expects ongoing capex of about INR 200-300 crores per annum for volume growth in FY '26 and '27, largely self-funded.
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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.