Kaynes Technology India Ltd.FSA Approval Secured, $1B FY28 Target

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.