Tuesday wasn’t kind to Kaynes Technology. Shares tumbled over 19% after the company slashed its FY25 revenue guidance to ₹2,800 crore from an earlier projection of ₹3,000 crore. The blame is in execution delays in the December quarter that left ₹100 crore worth of industrial orders unfinished. The management, however, expects most of these pending orders to be wrapped up this quarter, offering a glimmer of hope. Despite the stumble, Kaynes had some numbers to cheer about. The third quarter of FY25 saw a 47% surge in profit after tax (PAT), hitting ₹66.5 crore. Revenue also jumped 30% year-on-year to ₹661.2 crore, while EBITDA (excluding other income) rose by 35% to ₹94 crore. Margins edged up too, with the EBITDA margin hitting 14.2%, up 50 basis points from the previous year, and PAT margin climbing 120 basis points to 10.1%. The long-term story still looks ambitious. The company projects FY26 revenue of ₹4,500 crore with margins expected to top 15%. Their order book, sitting at a hefty ₹60,471 million as of December 31, 2024, promises solid revenue visibility. Even the net working capital cycle has improved, shrinking to 107 days from 117 days a year ago.