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Kaynes Targets $1B Revenue by Early FY28
26 Nov, 2025
Summary
- Kaynes Technology aims for $1 billion revenue by early FY28.
- Company plans ₹11,400 crore outlay for FY26-29.
- Additional debt of ₹1,960 crore estimated for funding.
Kaynes Technology has detailed a substantial capital expenditure and funding plan extending from FY26 to FY29, aiming to achieve its revenue targets. The company is optimistic about reaching $1 billion in revenue by early FY28, with a significant portion expected from its OSAT and PCB businesses.
Over the next four fiscal years, Kaynes anticipates a total cash outlay of ₹11,400 crore. This includes ₹8,500 crore dedicated to capital expenditure for OSAT, PCB, and new projects under the ECMS scheme, alongside ₹2,000 crore for working capital and ₹500 crore for core EMS operations. Funding this expansion will require an estimated additional debt of ₹1,960 crore.
The company's industrial revenue for H1-FY26 reached ₹930 crore, with smart meters contributing ₹450 crore and expected to generate an annual recurring revenue of ₹1,000-1,200 crore. Despite confidence in P&L targets, analysts express concerns about the balance sheet's resolution given the focus on rapid growth.
