Kaynes Technology Q1 FY27 Results: Revenue Up 40%, Profit Down 24%

Kaynes Technology India Limited reported consolidated Q1 FY27 results for the quarter ended 30 June 2026, filed on 7 August 2026. Q1 FY27 consolidated numbers: Revenue: Rs 946.02 crore, up 40.5% YoY EBITDA: Rs 147.6 crore, up 31% YoY; margin 15.6%, down 120 bps PAT: Rs 56.43 crore, down 24.4% YoY; margin 6.0%, vs consensus near Rs 69 crore Order book: Rs 8,904 crore, up from Rs 7,401 crore YoY Standalone PAT rose 41.7% to Rs 76.91 crore on revenue of Rs 553.23 crore, so the consolidated decline came from subsidiaries. EMS revenue grew 48% YoY; smart metering fell 12% to Rs 204 crore. Margin pressure came from higher employee costs, depreciation and plant capitalisation for the OSAT and PCB build-out, plus component inflation and rupee depreciation. Outlook: OSAT and PCB start commercial revenue in Q3 FY27, combined FY27 target Rs 450 crore. FY27 capex Rs 850 crore. Management expects margins to normalise over two to three quarters. Kaynes Technology [][***** shares fell about 8 percent on the print and trade at Rs 3,614.66 (18 Aug 2026, 11:05 AM IST), down 37 percent over one year. Trailing P/E near 70. My view: no fresh buy at current levels. The order book, roughly 2.5x FY26 revenue, keeps growth visible, but 70x trailing earnings on a 6 percent net margin prices in a recovery that is still two to three quarters from proof. Q3 FY27 is the verifiable trigger. Track, not entry. Levels: Rs 3,300 to 3,380 is the support that must hold, Rs 2,970 below it. Brokerage band: Rs 3,550 (Kotak, Reduce) to Rs 4,094 (Nomura, Neutral). Disclosure: Vijay Kumar Gupta, SEBI Registered Research Analyst, INH000020226, Vijay Gupta Advisory. SEBI registration and NISM certification do not guarantee performance or assure returns. Securities markets are subject to market risks. No holdings in the subject company.