Kaynes Technology India (KAYNES IN) – Q3FY26 Result Update – Guidance maintained, WC days to improve – BUY
Published on 06 Feb 2026
The automotive segment grew by 41.6%, whereas industrial decline by 5% mainly due to lower smart meter reliance, in Q4FY26 company expects Rs 3bn from smart meters, rest from diversified industrial verticals. Company has maintained its revised FY26 revenue guidance of Rs 40-41bn, with EBITDA margin of 16%. Also, indicated Rs 3bn revenue deferment in the railway segment to FY27. Company expects working capital days to decline to 85days by end of FY26 from 139days in 9MFY26, with positive OCF expected by end of FY26. In Q3FY26 company is having an order book of Rs 91bn. We have downward revised our FY27E earnings estimate by 2.7% and tweak estimates for FY28E and Maintained ‘BUY’ rating. Our DCF-based TP is Rs 5,502, implying PE of 45x Mar’28E earnings We estimate FY26-28E revenue/EBITDA/PAT CAGR of 45.2%/44.3%/37.7%.
