KAYNES Q3 FY26 Guidance vs Delivery (KAYNES Management Mirror)

Revenue Outlook

Long-Term Targets: Reaffirmed the consolidated revenue target of $1 billion (approx. 8,300+ crores) by FY28. Management indicated the aggregate of individual business plans (OSAT, PCB, Core EMS) could exceed this, but the committed consolidated figure remains $1 billion.

Breakdown: Target includes min. 1,500 crores from OSAT, min. 1,000 crores from PCB Manufacturing, and the balance (approx. 5,800+ crores) from Core EMS.

FY30: Previously guided $2 billion target by FY30 remains in place (Sep'25 Qtr).

FY26 Guidance: Lowered. Full-year revenue guidance revised down to approximately 4,100 crores in the Dec'25 Qtr.

*Prior View:* Guided for 4,500+ crores (Jun'25 Qtr) and reaffirmed broadly hitting targets in Sep'25 Qtr.

*Q4 Expectations:* Q4 FY26 revenue expected to be approx. 1,700 crores to meet the revised full-year target.

Smart Meters: FY26 full-year revenue expected between 700-800 crores, with approx. 300 crores in Q4. Growth projected at ~30% annually for the next 4-5 years.

Commentary: "On the growth, what we have projected a billion dollar, we are still sticking on to that... I am very certain seeing the way the order inflow is happening, we are definitely going to reach there for those numbers." (Dec'25 Qtr)