Kaynes Technology India Ltd

MoU overview

• MoU signed to establish and expand BOSGAME's presence in India.
• Collaboration combines BOSGAME's intelligent computing portfolio with Kaynes' engineering and manufacturing capabilities.
• Plans to develop local market channels, customer ecosystem and product localisation.
• MoU signing attended by Kaynes' Jaydeep Jadav and BOSGAME's Lucky Wang.

Key metrics

• Revenue from operations ₹36,263.54 Mn (FY2026).
• PAT ₹3,638.90 Mn (FY2026).
• Basic EPS ₹54.85 per share.
• ROE 9.62% (FY2026).
• India revenue ₹32,752.70 Mn; outside ₹3,510.84 Mn.
• Net debt ₹7,655.10 Mn.
• Gearing 16.12%.
• Order book ₹83,663 Mn as of 31 Mar 2026.
• Dr. Muthukumar Narayanaswamy appointed MD from 24 Sep 2025.
• QIP proceeds raised ₹16,000 Mn each for QIP1 and QIP2.

AGM Details

• Date and time: 17 September 2026 at 4:00 PM IST; VC/OAVM.
• Mode: Video Conference (VC) or Other Audio-Visual Means (OAVM).
• Cut-off for e-voting: 11 September 2026.
• Remote e-voting window: 14-16 September 2026.
• E-voting start time: 9:00 AM IST on 14 Sep.
• E-voting end: 5:00 PM IST on 16 Sep.

Ordinary Business

• Adopt Audited Financial Statements for the year.
• Re-appoint Mrs. Savitha Ramesh by rotation.
• Appoint Walker Chandiok & Co LLP as Statutory Auditors.

Special Business

• Ratify Cost Auditors' remuneration for the upcoming financial year.
• Re-appoint Jairam Paravastu Sampath as Whole-Time Director.
• Re-appoint Alexander Koshy as Independent Director.
• Re-appoint Poornima Ranganath as Independent Director.
• Authorize loans, guarantees, and investments up to the approved limit.

Issue overview

• Type of issue: QIP with equity shares.
• Total issue size and net proceeds: revision noted due to higher issue expenses.
• Main objectives: fund OSAT facility, PCB facility, and general corporate purposes.

Utilisation of proceeds

• Utilisation largely as disclosed; no material deviations observed.
• OSAT facility: partial utilisation; idle funds remain; vendor alignment noted.
• PCB facility: fully utilised.
• GCP: fully utilised.
• Unutilised funds held in fixed deposits, monitoring account and escrow.
• Note: revision in GCP cost due to actual expenses.

Governance and compliance

• Approvals: no material deviations; some approvals not applicable.
• No adverse regulatory actions disclosed; no significant governance changes reported.
• Risk: OSAT vendor alignment; no other material events noted.

General Corporate Purpose (GCP)

• GCP allocations include land payments, collaboration setup, Digicom funding, manufacturing license, Mixx Technologies purchase.
• Total GCP utilised; board approval for allocations not explicitly stated.

Financial Performance

• Q1 FY27 revenue 946 crores; YoY growth 40%, EMS-led.
• EBITDA 147.6 crores; margin 15.6%; YoY EBITDA growth 31%.
• EMS revenue 854 crores; EMS collections 847 crores; GridCrest revenue 240 crores; GridCrest collections 88 crores.
• Cash from operations negative ~INR 259 crores; inventory up INR 150 crores.
• Receivables from leading EV customer below INR 100 crores.
• Total debt around INR 800 crores; debt-to-equity ~0.3.
• Profitability to normalize in two quarters as supply-chain costs stabilize.
• Acquisition of August Electronics completed; North American expansion gaining traction.

Operating Update

• OSAT and PCB ramp-up on track; operational by Q3 FY27.
• PCB capacity fully booked by a large global customer; trials ongoing; vendor code issued.
• Mitsui-Kaynes Semicon partnership established; access to Japan market.
• Space tech: first 3U satellite prototype ready; launch mid-next year; ISRO date pending.
• DRDO and Crio Aerotech to manufacture titanium gas bottles for flight programs.

Balance Sheet and Cash Flow

• Receivables from leading EV customer reduced below INR 100 crores.
• Inventory up by INR 150 crores to support future quarters.
• Tax rate company ~22–23%; consolidated ~35%.
• Debt around INR 800 crores; long-term funding not drawn yet.
• Rolling 12-month view to be shared for working capital metrics.

Projects and Capex

• FY26 capex: OSAT 473 crores; PCB 324 crores.
• FY27 capex target: OSAT 300 crores; PCB 300 crores; EMS 250 crores.
• Government subsidy OSAT ~INR 170 crores received till July 2026.
• OSAT-Mitsui partnership significantly milestones; access to Japan market.
• PCB: trials ongoing; production planned next quarter; large EV customer engaged.
• In-transit inventory around INR 250 crores.

Guidance and Outlook

• FY27 OSAT+PCB revenue target INR 450–500 crores.
• Market growth was ~17% in Q1; company targets ~2x market growth.
• OSAT/PCB revenue to start in Q3 and Q4; full-year target remains.
• Profitability expected to normalize in 2 quarters; margins under pressure from inputs.
• Cash-positive by year-end FY27.

Q&A Highlights

• EMS growth 40%; metering growth 28%; EMS revenue 854 crores; EMS collections 847 crores.
• OSAT/PCB commercial revenue bookings targeted for Q3 and Q4 FY27.
• Inventory and receivables elevate CFO decline; steps to mitigate impact discussed.
• Order book > INR 8,900 crores in system; execution momentum noted.
• Pricing pressures in PCB and component shortages cited; margins may compress short term.

Risks and Watchpoints

• Working capital intensity with higher receivables and inventory; supply-chain lead times.
• PCB pricing pressures and component shortages; potential margin compression.
• Strategic option to divest metering service component being evaluated.

Resolutions and outcomes

• Special: Appoint Rajesh Balkrishna Mittal as Non-exec Independent Director for 5 years; ~99.86% in favour; passed.
• Special: Appoint Dr. Mylswamy Annadurai as Non-exec Independent Director for 5 years; ~99.86% in favour; passed.

Meeting Details

• Call date: August 08, 2026; time not disclosed; earnings call (virtual group).
• Event: Earnings Call for Q1 FY27 by Kaynes Technology India Limited.

Participants

• Company management participants not disclosed.

Purpose

• Intimation of audio recording availability for the Q1 FY27 earnings call.

Additional Notes

• Audio recording available on the company website; file Q1FY27.mp3.