Kaynes Technology India Ltd.: Strong Growth with Margin Expansion | Q2 FY26

Kaynes Technology delivered an impressive Q2 FY26 performance with revenue surging 58% year-on-year to ₹906.2 crore, while operational EBITDA grew even faster at 80% to ₹148 crore. EBITDA margins expanded 190 basis points to 16.3%, and PAT stood at ₹121.4 crore with a 13.4% margin. The company's record order book of ₹8,099 crore, up 49% year-on-year, provides strong revenue visibility for future quarters. Management reaffirmed FY26 revenue guidance of approximately ₹4,500 crore and expressed full confidence in achieving the $1 billion revenue target by FY28. Strategic initiatives are progressing well, with the PCB manufacturing plant at Chennai Oragadam scheduled to be ready by December 2025 and commercial shipments starting April 2026. The OSAT facility achieved a landmark by delivering India's first commercial multichip module, with 60% capacity already committed by marquee customers. While H1 saw negative operating cash flow, management has outlined specific corrective measures and committed to positive OCF and lower working capital days by year-end without compromising margins.

Key Highlights

• Q2 revenue up 58% YoY to ₹906 Cr; EBITDA up 80% with 190 bps margin expansion to 16.3%
• Record order book of ₹8,099 Cr (+49% YoY) ensures strong visibility
• PCB plant ready Dec 2025, shipping April 2026 with 'significantly higher' margins
• OSAT facility delivered India's first commercial multichip module; 60% capacity committed
• FY26 guidance of ~₹4,500 Cr reaffirmed; $1 billion FY28 target on track