Kaynes reported a healthy topline beat led by its core EMS execution offsetting deliberate smart meter moderation. Revenue grew 40% YoY to Rs9.5bn (53% growth in standalone EMS), 7% ahead of our estimate on the back of broadbased growth across segments. EBITDA margin contraction of 120bps was as expected, impacted by supply chain cost pressure and timing gaps in pass through. Lower other income however, hurt PAT with a 24% YoY decline. Management consciously curtailed smart meter execution to prioritise WC discipline. The commentary on demand remained encouraging, although nearterm profitability is likely to remain exposed to component inflation and PCB shortages. Management maintained its guidance to grow at ~2x industry growth...