Any current/future new fundraising through debt or equity?

Kaynes Technology does not currently foresee any financing issues for ongoing projects, assuming scope remains the same. For the INR1,400 crores PCB project, the company plans equity infusion of about 30% of total capex. Equity infusion expected to be around INR600-800 crores for the remaining INR2,300+ crores capex, to be raised over 2-3 years at about INR250-300 crores annually. The company expects to fund capex through a mix of internal cash generation and some small bridge loans. If the project scope increases significantly, Kaynes will need to reassess funding requirements. Many customers

Any current/future capex/capital investment/strategic investment?

Kaynes has planned a total capex of about INR 3,700 crores with government approval. Current capex in H1 FY '26 was INR 840 crores. Equity contribution planned at about 30% of total capex, roughly INR 600-800 crores over 3 years. Expansion includes high-density interconnection PCB manufacturing and OSAT/semiconductor packaging. Investments also target copper clad laminates, prepreg, and a new PCB factory near Tuticorin. PC board factory in Chennai is expected to generate cash in a couple of years to support equity infusion in new projects. They are focusing on technology collaborations and nex

Future growth expectations in sales/revenue/volumes?

Kaynes expects automotive sector growth to align with overall company growth, projected at around 50% plus/minus. Industrial segment growth is also anticipated, with expansion beyond smart meters into other areas. Railways, electronics, aerospace, and defense sectors are expected to grow into noteworthy portions of the revenue mix, targeting double-digit percentages in a couple of years. IT and IoT currently contribute about 12% of total revenue, with expectations for increased orders in high-performance computing servers. Overall, the company anticipates significant growth driven by automotiv

Future growth expectations in earnings/operating earnings/profits/EPS?

Kaynes expects to sustain strong revenue growth with annual growth rates around 50% plus/minus, driven by automotive, industrial, aerospace, defense, and other verticals. Operating EBITDA and margins are expected to improve due to operating leverage, focusing on profitable product mix and deeper customer engagement. Margins have expanded by 190-270 basis points year-on-year; the company aims to continue this upward trend by optimizing product portfolio and scaling high-margin segments like PCB, OSAT, and semiconductors. Profit after tax margins rose to 13.4% in Q2 FY '26 and 12.4% in H1 FY '26

Current/ Expected Orderbook/ Pending Orders?

The current order book for Q2 FY '26 stands at approximately INR 8,000 crores (INR 80,994 million). This is a significant increase compared to INR 54,228 million in Q2 FY '25. The order book figure excludes orders and LOIs from the OSAT and PCB segments, which will be reported separately once operations commence. Monthly order inflow has increased compared to the first quarter, indicating strong customer traction. The company is selective in adding orders, focusing on profitable, value-added products, especially in advanced packaging and PCB technologies. Some large customers, including major

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Kaynes Technology India LtdQ3 FY25Industrial Manufacturing

Kaynes Technology India Ltd Q3 FY25 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹3,223P/E: 60.0Market Cap: ₹21.9K CrSector: Industrial Manufacturing

Management growth scorecard

Revenue

Category 1

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

Yes

4 of 5 growth signals are positive — a strong management growth story.

Full analysis

Revenue guidance

Category 1

→Kaynes expects automotive sector growth to align with overall company growth, projected at around 50% plus/minus.
→Industrial segment growth is also anticipated, with expansion beyond smart meters into other areas.
→Railways, electronics, aerospace, and defense sectors are expected to grow into noteworthy portions of the revenue mix, targeting double-digit percentages in a couple of years.
→IT and IoT currently contribute about 12% of total revenue, with expectations for increased orders in high-performance computing servers.
→Overall, the company anticipates significant growth driven by automotive, electric vehicles, industrial, aerospace, and defense verticals.
→Revenue guidance for the near term is about INR4,500 crores, with second half volumes expected to increase dramatically by more than 50-60% compared to the first half.
→Kaynes plans to leverage deeper customer relationships and operational leverage to sustain revenue and profit growth.

Margin guidance

Category 3

→Kaynes expects to sustain strong revenue growth with annual growth rates around 50% plus/minus, driven by automotive, industrial, aerospace, defense, and other verticals.
→Operating EBITDA and margins are expected to improve due to operating leverage, focusing on profitable product mix and deeper customer engagement.
→Margins have expanded by 190-270 basis points year-on-year; the company aims to continue this upward trend by optimizing product portfolio and scaling high-margin segments like PCB, OSAT, and semiconductors.
→Profit after tax margins rose to 13.4% in Q2 FY '26 and 12.4% in H1 FY '26, indicating improving profitability.
→EPS and profits are expected to benefit from improved working capital management, better receivables collection, and cost efficiencies via automation and digital transformation.
→Strategic investments and subsidies support long-term profitable growth, with some cash flow pressure in near term expected to stabilize by year-end.

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Fundraise plans

Yes

→Kaynes Technology does not currently foresee any financing issues for ongoing projects, assuming scope remains the same.
→For the INR1,400 crores PCB project, the company plans equity infusion of about 30% of total capex.
→Equity infusion expected to be around INR600-800 crores for the remaining INR2,300+ crores capex, to be raised over 2-3 years at about INR250-300 crores annually.
→The company expects to fund capex through a mix of internal cash generation and some small bridge loans.
→If the project scope increases significantly, Kaynes will need to reassess funding requirements.
→Many customers have expressed willingness to underwrite the entire capacity, potentially reducing funding requirements.
→No explicit mention of any immediate new fundraising activities via debt or equity beyond these capex funding plans.

Order book

Yes

→The current order book for Q2 FY '26 stands at approximately INR 8,000 crores (INR 80,994 million).
→This is a significant increase compared to INR 54,228 million in Q2 FY '25.
→The order book figure excludes orders and LOIs from the OSAT and PCB segments, which will be reported separately once operations commence.
→Monthly order inflow has increased compared to the first quarter, indicating strong customer traction.
→The company is selective in adding orders, focusing on profitable, value-added products, especially in advanced packaging and PCB technologies.
→Some large customers, including major global semiconductor players, have already committed roughly 60% of the capacity for the upcoming projects.

Capex plans

Yes

→Kaynes has planned a total capex of about INR 3,700 crores with government approval.
→Current capex in H1 FY '26 was INR 840 crores.
→Equity contribution planned at about 30% of total capex, roughly INR 600-800 crores over 3 years.
→Expansion includes high-density interconnection PCB manufacturing and OSAT/semiconductor packaging.
→Investments also target copper clad laminates, prepreg, and a new PCB factory near Tuticorin.
→PC board factory in Chennai is expected to generate cash in a couple of years to support equity infusion in new projects.
→They are focusing on technology collaborations and next-gen product manufacturing with a focus on profitability.
→Subsidies include a 25% government grant under the ECMS scheme plus confidential state subsidies.
→Capex expected to be funded by internal cash flows plus small bridge loans.

How does Kaynes Technology India Ltd rank vs peers in Industrial Manufacturing?

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