NSE: IKIO · BSE: 543923
IKIO TECHNOLOGIES LIMITED
Designs and manufactures lighting and electronics products on an ODM (original design manufacturer) basis for B2B brand customers across five verticals: home and commercial lighting, hearables/wearables, energy solutions, electronic components, and automotive lighting. The product mix has shifted decisively away from lighting — non-lighting categories (hearables, wearables, energy, electronics) made up 71% of FY26 revenue versus 57% a year earlier, and reached 77% of Q4 FY26 revenue. Hearables/Wearables alone grew 53% YoY to ₹426 crore in FY26 and ₹127 crore in Q4 FY26, while the legacy lighting ODM business shrank as a share of the total. Revenue from outside India grew 53% to ₹110 crore in FY26, or about 18% of the total, spanning roughly 20 countries. Manufacturing runs across three locations in India; Block I of a greenfield expansion was commissioned in May 2024 and Block II (~2 lakh sq ft) is due in Q1 FY27, backed by ~₹300 crore of capex that management says could support up to ~₹1,500 crore of revenue at full utilisation. ODM accounts for about 80–85% of work across all verticals, with the company acting as a Make-in-India alternative to Chinese suppliers; a freshly acquired 88% stake in Gravus Tech targets high-end project lighting and initial automotive sales began in February 2026. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Hearables / Wearables, Other non-lighting (Energy Solutions, Electronic Components), Lighting (Home, Commercial, Auto). Asset-heavy contract manufacturer diversifying from LED lighting ODM into multiple electronics verticals; capex-intensive with a net debt-free balance sheet.
Exhibit 1: Financial summary, FY23–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | 359 | 438 | 486 | 595 |
| EBITDA (ex other income) | 77 | 93 | 60 | 78 |
| margin % | 21.6 | 21.2 | 12.3 | 13.0 |
| Owners' profit | 0 | 61 | 31 | 38 |
| EPS, as reported (₹) | 7.70 | 8.09 | 4.19 | 4.89 |
| ROE % · ROCE % | 35.2 · 48.8 | 11.0 · 16.6 | 5.8 · 8.6 | 6.8 · 9.6 |
| Debt / equity (x) | 0.86 | 0.13 | 0.04 | 0.07 |
| Cash from operations | 57 | (5) | 35 | 16 |
| Capex | (20) | (84) | (96) | (82) |
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 | 125 | 122 | 112 | 120 | 164 | 146 | 165 | 169 |
| Profit before tax | 17 | 9 | 1 | 4 | 13 | 15 | 21 | 17 |
| Net profit | 13 | 8 | (1) | 2 | 11 | 11 | 18 | 11 |
| EPS (₹) | 1.67 | 1.01 | (0.09) | 0.31 | 1.41 | 1.39 | 2.13 | 1.40 |
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 | 68,634 | 32.7 | 12.74 | 26.5 | 30.5 | 31.7 | 49.9 | 6.4 |
| HAVELLS INDIA LIMITED | 63,293 | 38.7 | 6.68 | 23.6 | 17.8 | 21.5 | 16.6 | 8.0 |
| PG ELECTROPLAST LTD | 14,295 | 69.4 | 4.69 | 33.6 | 6.4 | 7.5 | 49.7 | 7.7 |
| IKIO TECHNOLOGIES LIMITED ◆ | 1,284 | 26.3 | 2.11 | 14.2 | 6.8 | 8.3 | — | 15.5 |
| CWD Limited | 607 | 14.3 | — | — | — | 13.8 | — | — |
| FOCUS LIGHTG & FIXTRS LTD | 363 | 62.7 | 2.48 | 19.9 | 3.5 | 4.8 | — | 14.9 |
| SONAM LIMITED | 287 | 31.8 | 4.01 | — | 10.2 | 12.9 | — | 8.1 |
| VETO SWITCHGEAR CABLE LTD | 231 | 8.4 | 0.80 | 6.3 | 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) | 26.3 | 31.8 | 5 of 11 | 60% |
| P/B | 2.1 | 2.5 | 4 of 11 | 70% |
| ROCE | 8.3 | 8.3 | 7 of 13 | 50% |
| ROE | 6.8 | 6.5 | 5 of 11 | 60% |
| Debt / Equity | 0.1 | 0.1 | 3 of 11 | 80% |
| EBITDA margin | 15.5 | 8.0 | 2 of 11 | 90% |
| Revenue growth | 40.9 | 33.3 | 4 of 13 | 75% |
| Profit growth | 364.5 | 32.9 | 2 of 11 | 90% |
| Market cap | 1284 | 259 | 4 of 14 | 77% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · IKIO Technologies files quarterly share capital audit report for Sep 2026 | compliance | minimal | — | — |
| 8 Oct 2026 · IKIO Tech's UAE arm signs vendor exclusivity deal with Danube Home | strategic transactions | medium | — | — |
| 6 Oct 2026 · Submission of Regulation 74(5) Depositories Certificate for Sep 2026 quarter | compliance | minimal | — | — |
| 24 Sept 2026 · Trading window closed ahead of Q2 and H1 FY26 results | compliance | minimal | — | — |
| 11 Sept 2026 · Genuity Capital visits IKIO Technologies plant in Noida | investor communications | low | — | — |
| 10 Sept 2026 · Group investor and analyst meet outcome disclosed | investor communications | low | — | — |
| 7 Sept 2026 · Analyst and investor meeting scheduled for September 10, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · Plant visit for analysts and investors on September 11, 2026 | board shareholder meetings | low | — | — |
| 7 Sept 2026 · IKIO Tech postpones investor meeting with Genuity Capital | board shareholder meetings | low | — | — |
| 3 Sept 2026 · IKIO to meet Genuity Capital investors on Sept 8 | board shareholder meetings | low | — | — |
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.