Kaynes Technology India Ltd.: FSA Approval Secured, $1B FY28 Target | Q3 FY26

Kaynes Technology delivered strong nine-month FY26 performance with revenue growing 37% year-on-year to ₹2,384 crore, while EBITDA surged 55% to ₹378 crore with margin expansion of 190 basis points to 15.9%. Management secured critical FSA approval under the ISM framework for its OSAT semiconductor facility, unlocking government subsidies and significantly improving cash flow visibility. The order book stands at a record ₹9,000 crore, representing 1.5 years of forward orders with 50% year-on-year growth. Despite revising FY26 revenue guidance to ₹4,000 crore from ₹4,400 crore due to project timing delays, management firmly reaffirmed the ambitious $1 billion revenue target for FY28. This will be driven by OSAT contributing ₹1,500-2,500 crore, PCB business delivering ₹1,000 crore, and core EMS growth across aerospace, defense, and automotive segments. The company strategically shifted smart metering from annuity to device model to optimize working capital, targeting 85-day net working capital and operating cash flow positivity by March 2026 for the first time.

Key Highlights

• Revenue up 37% YoY to ₹2,384 Cr; EBITDA margin expanded 190 bps to 15.9%
• FSA approval secured for OSAT facility, unlocking government subsidies
• Order book at record ₹9,000 Cr with 50% YoY growth (1.5 years forward orders)
• $1 billion FY28 revenue target reaffirmed; OSAT & PCB key growth drivers
• Targeting OCF positive by March '26; working capital reduction to 85 days underway