Throughline

Guidance ledger · Q4 FY26

Kaynes Technology India Limited KAYNES

6 revisions on record · 6 lowered · 0 raised — the strikethrough is what management used to say

directional guidance only · shifted across quarters

Holding view → · latest concall · The pulse

↓ lowered Smart metering receivables and discounting timeline Q2 FY26 → Q4 FY26
INR687cr (Sep 2025), INR240cr planned discount by year-end (Q2FY26) → INR1,365cr receivables, INR80cr actually discounted (Q4FY26 actual)
“about INR687 crores pertains to business of smart meters, which includes also the other non -current assets portion”
↓ lowered FY26 consolidated revenue Q2 FY26 → Q4 FY26
INR4,200cr H2 implied target (Q2FY26 Business Update Call reference) → INR3,626.4 crores actual (33.2% growth)
“we sincerely understand and appreciate that the guidance what we have given, we could not meet”
↓ lowered FY26 net working capital target Q3 FY26 → Q4 FY26
85 days by March '26 (Q3FY26) → 122 days consolidated (FY26 actual); 53 days EMS-only
“bringing down the net working capital to 85 days by March '26”
↓ lowered Consolidated OCF Q3 FY26 → Q4 FY26
Neutral to slightly negative (Q3FY26 guidance) → Negative INR600cr actual; 70-80% recovery by Q3FY27; positive by end FY27
“Sir, the INR600 crores by end of the third quarter will come to around we will try to work on the positive, but at least 70% to 80% of this will come down for sure. And by end of the year, we'll be positive”
↓ lowered OSAT first-year revenue (FY27) Q2 FY26 → Q4 FY26
FY27 revenue pending sample approvals from 3 clients (Q2FY26) → INR250-300 crores first year (Q4FY26)
“OSAT of around INR250 crores to INR300 crores”
↓ lowered FY28 $1 billion group revenue Q3 FY26 → Q4 FY26
$1 billion FY28 maintained (Q3FY26) → Not re-affirmed in Q4FY26; replaced with '2x market growth' qualitative only
“we will better our growth of this year next year. We do not want to attach a number to that”

Method. Revisions come from management's own stated numbers, compared quarter over quarter across the covered concalls; each carries the verbatim quote. “No revisions” can also mean guidance too vague to pin down — see the posture chip above. Not investment advice.