Kaynes Technology India Limited (KAYNES) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Kaynes Technology India Limited Q2 Results Date and Time

The Board is scheduled to meet on Saturday, November 14, 2026, to approve the un-audited standalone and consolidated financial results for the quarter and half-year ended September 30, 2026.

The Q2 FY27 earnings call is scheduled for November 16, 2026, at 8:30 AM IST, organized by Emkay Global. Participants include Chairperson Savitha Ramesh, Executive Vice Chairman Ramesh Kannan, MD Dr. Muthukumar Narayanaswamy, and WTD & CFO Jairam P Sampath.

What to expect from Kaynes Technology India Limited's Q2 FY27 results

The central test this quarter is whether management's margin-recovery promise — improvement 'in the next two quarters' from Q1 FY27's 15.6% EBITDA (ex-other income) margin — survives a cost tape that moved sharply against the company, with DRAM contract prices projected up 10-15% QoQ and NAND up 15-20% QoQ in 4Q26, MLCC makers announcing 25-30% hikes, and CCL raw materials up 30-100% over 8-9 months per ELCINA.

On growth, the committed yardstick is 2x market growth — Q1 FY27 delivered over 45% growth against a market that grew 17% — and management has committed to disclosing the market print for Q2 on this call, against a high base quarter (Q2 FY26 grew 58% YoY to Rs. 9,062 mn).

Execution on the new platforms is the other swing factor: OSAT plus PCB combined revenue of Rs. 450-500 crores is targeted for FY27 with first commercial billings from Q3 FY27, so the call must confirm validation and billing readiness, with customer validation for Semicon Logic already complete and OSAT initially export-only.

Cash flow and receivables remain the credibility overhang — metering receivables stood at Rs. 1,311 crores at Q1 FY27 within total receivables of Rs. 1,925 crores, FY26 consolidated OCF was negative Rs. 6,004 Mn, and a metering de-risking/divestment strategy has been promised by the February earnings call — while the order book of more than Rs. 8,900 crores (as of the August 8, 2026 call, non-cancellable, roughly 1.5 years of rolling orders) anchors demand.

Key Things To Watch

Performance vs previously stated guidance: Management's FY27 commitments face their first full-quarter scorecard on this call.

• 2x market growth — FY27 — Q1 FY27 delivered over 45% growth vs market 17%; check the Q2 FY27 market-vs-Kaynes growth disclosure
• OSAT + PCB combined revenue — Rs. 450-500 crores — FY27, with first billings from Q3 FY27 — Q2 call should confirm validation and billing readiness
• Capex — Rs. 300 crores OSAT + Rs. 300 crores PCB + ~Rs. 250 crores EMS — FY27 — Q1 spend was Rs. 230 crores; check the H1 run-rate
• Metering cash flow — positive within 3 quarters (by ~Q3 FY27), with 70-80% of the Rs. 600 crore negative cash flow recovered by end Q3 — track quarterly progress
• Margin recovery — 'next two quarters' from the August 2026 call (i.e., Q2-Q3 FY27) — test whether EBITDA margin (ex-other income) recovers from 15.6%
• NWC — the 70-85 days by March 2026 target was missed at 125 days — check direction in Q2 FY27
• Consolidated OCF — FY26 target missed (negative Rs. 6,004 Mn) — check H1 FY27 OCF trajectory against the FY28 all-businesses-positive goal
• Legacy receivables — ~Rs. 300 crores to come off the balance sheet within 6 months (from November 2025) — check cumulative discounting against the ~Rs. 100 crores disclosed so far
• No-QIP commitment — check whether the funding stance is reiterated

OSAT and PCB ramp updates

• OSAT Unit 2 commercialization and export-mode billings — Unit 1 fully operational, customer validation for Semicon Logic complete as of Q1 FY27
• PCB Phase 1 (Oragadam/Chennai) — the entire capacity has been requested by one large global player which has approved the facility and issued a vendor code, with trials underway
• BOSGAME partnership execution and Kaynes Arabia (Saudi/GCC) setup costs and strategy following the November 2, 2026 subsidiary incorporation

Risks requiring follow-up

• Component lead times and price inflation pass-through — gross margin was 33.6% in Q2 FY26 vs 41.3% in Q1 FY26, with lead times up to 26-52 weeks for MCU and power devices
• EV-OEM demand recovery — one of the largest EV OEM customers dropped about 90% of revenue where Kaynes was the single supplier
• Kavach order re-entry — the Railways Kavach order worth Rs. 3 billion was deferred pending the next product revision and is not yet in the order book
• The unexplained standalone-vs-consolidated PAT divergence from Q1 FY27 — standalone PAT rose 41.68% YoY while consolidated PAT fell 24.38%

Metrics showing prior weakness

• PAT margin trend of 13.4% → 9.5% → 7.3% → 6.0% across Q2 FY26 to Q1 FY27
• Metering receivables of Rs. 1,311 crores at Q1 FY27; receivable days at 139 for 9M FY26

Potential narrative shifts

• Whether management attaches numbers to FY27 after previously refusing ('We do not want to attach a number to that') following the FY26 guidance misses and the 'tough year' framing
• Whether the February metering divestment-strategy detail is advanced given balance-sheet pressure

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Frequently Asked Questions

Why did Kaynes Technology's consolidated PAT fall while standalone PAT rose in Q1 FY27?

Standalone PAT rose 41.68% YoY to Rs. 769.12 Mn while consolidated PAT fell 24.38% YoY to Rs. 564.26 Mn. The retrieved sources do not explain the gap, making it a follow-up item for the upcoming call.

When does management expect Kaynes Technology's margins to recover?

Management expects margin improvement 'in the next two quarters' from the August 2026 call, i.e., Q2-Q3 FY27. It attributed the Q1 softness to a drop in other income from QIP funds (~2.5 points on PBT/PAT) and higher depreciation from investments where revenue is yet to come.

Is Kaynes Technology on track with its OSAT and PCB revenue target for FY27?

Management has committed to a combined OSAT plus PCB revenue of Rs. 450-500 crores in FY27, with first commercial billings from Q3 FY27, stating 'we are on the target'. The Q2 call should confirm validation and billing readiness.

When will Kaynes share details of its smart metering de-risking strategy?

A de-risking/divestment strategy for the metering business — shifting to pure EMS supply of meters and divesting the installation/service-provider portion — was promised by the February earnings call. Metering receivables stood at Rs. 1,311 crores at Q1 FY27.

How large is Kaynes Technology's order book?

The order book stood at more than Rs. 8,900 crores as of the Q1 FY27 call on August 8, 2026, with Q1 additions exceeding deliveries. Orders are non-cancellable and typically represent about 1.5 years of rolling forward orders.