Kaynes Tech Q1 FY27 Results (NSE: KAYNES)

7 Aug 2026 · Analysis by Alpha Inflection

Signal: Growth reaccelerated

The read

The trajectory has shifted from growth with expanding margins to growth with earnings compression: revenue rose 40% YoY to ₹946.02 Cr and orderbook increased 20.3% to ₹89,038 million, but EBITDA excluding other income grew only 31% with margin down 120bps to 15.6%, while PAT fell 24% to ₹56.43 Cr. The standalone-to-consolidated gap is material, and standalone PAT is heavily supported by other income.

P&L walk

Consolidated revenue was ₹946.02 Cr, +40% YoY, while reported EBITDA excluding other income grew only +31% and EBITDA margin fell to 15.6% from 16.8%; PAT declined 24% to ₹56.43 Cr and PAT margin compressed 510bps to 6.0%.

Key positives

• Consolidated revenue reached ₹946.02 Cr, +40% YoY, showing continued demand momentum across the integrated electronics manufacturing platform.
• Orderbook grew to ₹89,038 million from ₹74,011 million, a 20.3% YoY increase, providing visibility for future revenue conversion.
• The company operates across automotive, industrial, EV, aerospace, strategic electronics, medical, railway and IoT applications, reducing dependence on a single disclosed end market.

Key concerns

• EBITDA excluding other income grew 31% YoY versus revenue growth of 40%, with margin contracting 120bps to 15.6%; the filing does not disclose the cost driver.
• PAT declined 24% YoY to ₹56.43 Cr and PAT margin compressed 510bps to 6.0% despite 40% revenue growth, indicating that operating growth is not converting into bottom-line growth.
• Standalone PAT of ₹76.91 Cr was materially above consolidated PAT of ₹56.43 Cr, requiring monitoring of subsidiary drag and group-level earnings conversion.
• Standalone other income was ₹63.95 Cr, equal to 63.3% of standalone PBT, making standalone earnings materially dependent on non-operating income.

View original filing

Research and educational content only. Not investment advice.