Company Update : Kaynes Technologies by Motilal Oswal Financial Services Ltd

Operating performance beats our estimates
1QFY26 First Cut: Earnings below expectations due to higher depreciation and finance costs
* Consolidated revenue grew 34% YoY to INR6.8b (est. INR7.6b).
* Gross margins expanded 14pp YoY to 41%.
* EBITDA rose 69% YoY to INR1.1b (est. INR1b). EBITDA margins expanded 350bp YoY to 16.8% (est. 13.8%).
* Adj. PAT grew 47% YoY to INR746m (est. INR793m).
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