Operator

Good day, ladies and gentlemen, and welcome to Pixelworks’ First Quarter 2026 Earnings Conference Call. I will be your operator for today’s call. [Operator Instructions] As a reminder, this conference call is being recorded for replay purposes. I would now like to turn the call over to Brett Perry with Shelton Group Investor Relations.

Brett Perry
Shelton Group

Thank you, Victor. Good afternoon, and thank you for joining us on today’s call. With me on the call are Pixelworks’ Chairman and CEO, Todd DeBonis; and Chief Financial Officer, Haley Aman. The purpose of today’s conference call is to supplement the information provided in Pixelworks’ press release issued earlier today announcing the company’s financial results for the first quarter of 2026.

Before we begin, I’d like to remind you that various remarks we make on this call, including those about projected future financial results, economic and market trends and competitive position constitute forward-looking statements. These forward-looking statements and all other statements made on this call that are not historical facts are subject to risks and uncertainties that may cause actual results to differ materially.

All forward-looking statements are based on the company’s beliefs as of today, Thursday, May 14, 2026. The company undertakes no obligation to update any such statements to reflect events or circumstances occurring after today. Please refer to today’s press release, the company’s annual report on Form 10-K for the year ended December 31, 2025, and subsequent SEC filings for a description of factors that could cause forward-looking statements to differ materially from actual results. Please note that throughout

The NSE will begin trading in Electronic Gold Receipts (EGRs) from Monday, May 18, marking a significant step in the evolution of gold investing in India. NSE Chief Business Development Officer Sriram Krishnan said the launch of EGRs represents a major shift in how investors participate in the gold market.

The exchange said its technology infrastructure and liquidity framework are expected to make gold investing more transparent, secure, and easily accessible for investors across the country.

According to NSE, EGRs could also help bring gold closer into the mainstream capital markets ecosystem, support financial inclusion, and reduce reliance on fragmented pricing systems that currently dominate the physical gold market.

What is a gold EGR?

An Electronic Gold Receipt is a digital representation of ownership of physical gold. Each EGR corresponds to a fixed quantity of gold stored in a regulated vault under a framework supervised by the Securities and Exchange Board of India.Similar to shares or other securities, ownership of gold is reflected directly in an investor’s Demat account. The gold backing these receipts is certified, standardised, and held by licensed vault managers within a regulated ecosystem involving exchanges, clearing corporations, and depositories.

One of the major features of EGRs is flexibility in investment size. Investors do not need to purchase large quantities of gold to participate. The receipts are available in multiple denominations—including 1 kilogram, 100 grams, 10 grams, 1 gram, and even 100 milligrams—allowing participation across different investor categories.
The framework also addresses concerns around purity, which has traditionally been a key issue in physical gold purchases. EGRs are available in internationally recognised standards of 999 purity, regarded as the highest level of 24-karat gold purity, as well as 995 purity. Since the gold is certified and guaranteed, investors are protected from quality-related uncertainties that can arise in the physical market.
The broader objective of the EGR is to build a transparent and regulated gold trading ecosystem in India, while gradually positioning the country as a global benchmark setter for gold prices. The platform is designed to bring retail investors, jewellers, bullion traders and refiners into a single ecosystem, helping create more uniform and market-driven pricing instead of fragmented city-specific rates.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Shares of Kaynes Tech extended losses on Friday, falling another 5% a day after the stock crashed 20% following weaker-than-expected Q4 earnings. The lacklustre results led multiple brokerages to slash their target prices for the stock.

The stock hit an intraday low of Rs 3,184.20 apiece on the NSE on Friday.

The electronics manufacturing company released its quarterly results on Wednesday, reporting a 22% YoY decline in consolidated net profit to Rs 91 crore for Q4 FY26, as against Rs 116 crore in the corresponding quarter of the previous financial year.

While the bottom line tumbled, Kaynes Tech’s revenue from operations grew 26% YoY to Rs 1,243 crore in Q4 FY26, up from Rs 984 crore a year ago. However, the figure came in about 27% below its internal target of Rs 1,700 crore for the quarter.

JP Morgan on Kaynes Tech

What followed Kaynes Tech’s results were a series of downgrades and target price cuts. JP Morgan downgraded its rating on the stock to ‘Neutral’ from ‘Overweight’, and slashed its target price to Rs 4,000 apiece. This implies an upside potential of nearly 20% from the stock’s previous closing price of Rs 3,336.50 apiece on NSE. The international brokerage highlighted that the results missed consensus expectations and its own estimates by 18% and 13%, respectively.

“While we still expect strong 40%/45% revenue/earnings CAGR over FY26-28E thanks to the ramp-up of OSAT and PCB businesses, we believe the stock will remain a ‘show me’ stock until the gap between actual numbers and company guidance narrows,” JPMorgan wrote in its note. It cut Kaynes Tech’s core EMS multiple to 33x from 45x, citing both a reduction in revenue growth expectations over the next two years and an increase in net working capital days in its discounted cash flow model.

Nuvama on Kaynes Tech

Nuvama downgraded its rating on Kaynes Tech shares to ‘Hold’ and cut its target price by nearly 36% to Rs 3,550 from Rs 5,500. The latest target price implies an upside potential of more than 6% from the stock’s previous closing price.
At the current market price, Nuvama noted, Kaynes trades at 70x/53x/35x FY27/FY28/FY29 estimated earnings, a valuation that leaves little room for continued execution misses.

Morgan Stanely on Kaynes Tech

Morgan Stanley maintained its Equal-weight rating with a target of Rs 3,663. This implies an upside potential of nearly 10% from the stock’s previous closing price. The international brokerage highlighted that the firm’s Q4 EBITDA margin contracted 145 basis points year-on-year to 15.6%, with the PAT miss driven by operational weakness compounded by higher interest and depreciation costs.

CLSA on Kaynes Tech

CLSA retained Outperform with a Rs 4,200 target but acknowledged that the results were a clear negative. The target price implies an upside potential of 26% from the stock’s previous closing price. “Its balance sheet also deteriorated further, which was a key item heading into its results,” the international brokerage highlighted.

JM Financial on Kaynes Tech

JM Financial maintained its ‘Reduce’ call on the shares of Kaynes Tech, and slashed its target price by more than 12% to Rs 3,820 apiece, implying a downside potential of nearly 9%. The domestic brokerage noted that the company’s profit missed estimates, with the disappointment stemming from a miss on FY26 revenue guidance and hazy FY27-28 visibility, working capital of 179 days and negative OCF.

“In all, we are cutting FY27–29E EPS by 0–5% and target P/E for the EMS business to 40x (from 45x) as we brace for sustained stress on balance sheet,” JM Financial said.

Motilal Oswal on Kaynes Tech

Motilal Oswal maintained its ‘Buy’ call on the shares of Kaynes Tech, but reduced its target price to Rs 4,000 apiece. The domestic brokerage highlighted that the firm reported a lower-than-expected operating performance in Q4 FY26, with EBITDA growth of 15% YoY (as against the estimate of 49%). This was largely led by geopolitical disruptions, deferment of customer orders, delays in government projects, and a decline in revenue from a key EV customer, it highlighted.

“However, management emphasised that underlying industry demand, order book quality, and long-term growth prospects remain intact, with some revenue recognition shifting to future periods. Accordingly, management has guided for FY27 growth at nearly twice the industry growth rate,” Motilal said, adding that management has guided for faster installation in smart meters, shifting to a meter supply-only model and selling only to EPC/SPV partners.

Also read: HPCL, BPCL and IOC shares slide up to 3% after petrol, diesel price hike

Kaynes Tech share price history

Kaynes Tech shares have fallen 25% in one week and around 17% in one month. In the longer term, the shares of the company fell 45% in one year but gained 236% in three years.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Operator

Greetings. Welcome to the Electrovaya Q2 2026 Financial Results Conference Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, John Gibson, CFO. You may begin.

John Gibson
CFO & Secretary

Thank you. Good afternoon, everyone, and thank you for joining today’s call to discuss Electrovaya’s Q2 2026 financial results.

Today’s call is being hosted by Dr. Raj Das Gupta, CEO of Electrovaya; and myself, John Gibson, CFO. Today, Electrovaya issued a press release concerning its business highlights and financial results for the quarter and 6 months ended March 31, 2026. If you would like a copy of the release, you can access it on our website. If you want to view our financial statements, management discussion and analysis, you can access those documents on SEDAR+ at www.sedarplus.ca, the SEC’s EDGAR website at sec.gov/edgar or at our updated website at www.electrovaya.com.

As with previous calls, our comments today are subject to the normal provisions relating to forward-looking information. We will provide information relating to our current views regarding market trends, including their size and potential for growth and our competitive position within our target markets. Although we believe that the expectations reflected in such forward-looking statements are reasonable, they do obviously involve risks and uncertainties, and actual results may differ materially from those expressed or implied in such statements.

Additional

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