NSE: FOCUS
FOCUS LIGHTG & FIXTRS LTD
Manufactures and sells lighting and fixtures, with a single 'Manufacturing' segment that accounted for 100% of segment revenue in the six-month period to 30 September 2025. Full-year FY26 revenue from operations was Rs 187.78 crore, EBITDA margin was 9.99%, and net profit was Rs 5.07 crore on total assets of Rs 214.25 crore. The group operates three wholly-owned subsidiaries, including entities in the UAE and Singapore, giving it an overseas footprint. Materials are the largest cost input at 40.1% of revenue, followed by employee costs at 18.0% and other operating expenses at 18.3%. Capex ran at 10.4% of revenue in FY26, the second-largest cost line after materials. The company is classified in the consumer durables sector under consumer electronics. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Manufacturing (100%). Single-segment consumer-durables manufacturer with overseas subsidiaries
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 105 | 169 | 224 | 183 | 188 |
| EBITDA (ex other income) | 9 | 33 | 46 | 26 | 16 |
| margin % | 8.5 | 19.9 | 20.8 | 14.3 | 8.4 |
| Owners' profit | 0 | 0 | 39 | 15 | 0 |
| EPS, as reported (₹) | 4.04 | 18.09 | 5.99 | 2.28 | 0.77 |
| ROE % · ROCE % | — · — | 25.2 · 31.4 | 30.1 · 31.8 | 10.8 · 13.5 | 3.5 · 5.6 |
| Debt / equity (x) | — | 0.03 | 0.10 | 0.12 | 0.13 |
| Cash from operations | 4 | (15) | 6 | 32 | 26 |
| Capex | (4) | (9) | 0 | (28) | (19) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 45 | 42 | 42 | 41 | 49 | 38 | 60 | 49 |
| Profit before tax | 7 | 2 | 1 | 3 | 2 | (1) | 4 | 4 |
| Net profit | 5 | (0) | 1 | 2 | 2 | (1) | 3 | 3 |
| EPS (₹) | 0.74 | 0.00 | 0.17 | 0.33 | 0.26 | (0.22) | 0.40 | 0.42 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| DIXON TECHNO (INDIA) LTD | 69,349 | 33.0 | 12.87 | 26.8 | 30.5 | 31.7 | 49.9 | 6.4 |
| HAVELLS INDIA LIMITED | 64,354 | 39.4 | 6.80 | 24.0 | 17.8 | 21.5 | 16.6 | 8.0 |
| PG ELECTROPLAST LTD | 15,336 | 74.5 | 5.03 | 36.0 | 6.4 | 7.5 | 49.7 | 7.7 |
| IKIO TECHNOLOGIES LIMITED | 1,269 | 25.9 | 2.08 | 14.0 | 6.8 | 8.3 | — | 15.5 |
| CWD Limited | 589 | 13.8 | — | — | — | 13.8 | — | — |
| FOCUS LIGHTG & FIXTRS LTD ◆ | 350 | 60.5 | 2.39 | 19.2 | 3.5 | 4.8 | — | 14.9 |
| SONAM LIMITED | 285 | 31.6 | 3.98 | — | 10.2 | 12.9 | — | 8.1 |
| VETO SWITCHGEAR CABLE LTD | 236 | 8.6 | 0.82 | 6.5 | 8.5 | 11.2 | 16.4 | 11.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 60.5 | 31.6 | 9 of 11 | 20% |
| P/B | 2.4 | 2.4 | 6 of 11 | 50% |
| ROCE | 4.8 | 8.3 | 9 of 13 | 33% |
| ROE | 3.5 | 6.5 | 7 of 11 | 40% |
| Debt / Equity | 0.1 | 0.1 | 6 of 11 | 50% |
| EBITDA margin | 14.9 | 8.0 | 3 of 11 | 80% |
| Revenue growth | 17.9 | 33.3 | 10 of 13 | 25% |
| Profit growth | 32.9 | 32.9 | 6 of 11 | 50% |
| Market cap | 350 | 261 | 6 of 14 | 62% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Routine quarterly compliance certificate filed with NSE | compliance | minimal | — | — |
| 8 Oct 2026 · Statutory Auditor M/s Patwa and Shah resigns mid-term | management changes | high | — | — |
| 8 Oct 2026 · Statutory Auditor M/s. Patwa and Shah resigns mid-term | management changes | high | — | — |
| 28 Sept 2026 · Trading Window closure from Oct 1 for Q2 results | compliance | minimal | — | — |
| 18 Sept 2026 · All 8 resolutions passed at 21st AGM with 100% approval | compliance | minimal | — | — |
| 16 Sept 2026 · Focus Lighting AGM held on Sept 16, 2026 - key resolutions passed | board shareholder meetings | low | — | — |
| 12 Sept 2026 · Focus Lighting secures Rs 5-10 cr order from Ingka Centres India | business updates | high | — | — |
| 12 Sept 2026 · Focus Lighting bags Rs 5-10 cr LED lighting order from Ingka Centres India | business updates | medium | — | — |
| 12 Sept 2026 · Focus Lighting secures Rs 5-10 cr order from Ingka Centres | business updates | high | — | — |
| 12 Sept 2026 · Focus Lighting bags Rs 5-10 cr order from Ingka Centres for LED fixtures | business updates | medium | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.