IKIO Lighting Ltd Company Fundamental Analysis

IKIO IKIO Lighting Ltd operates in the LED lighting and electronics manufacturing space. Its business includes LED lighting products, lighting components and electronic manufacturing services (EMS), serving customers through both its own product portfolio and manufacturing relationships. The company’s performance depends on demand for LED lighting, execution of customer orders, product mix and its ability to scale manufacturing efficiently. The company’s business is evolving beyond traditional home lighting. It is positioning itself as an ODM and electronics manufacturing services (EMS) player, expanding into commercial lighting, automotive lighting, electronic components, energy solutions and wearables. Its investor presentation highlights a presence in more than 20 countries, with overseas revenue growing 53% YoY to ₹110.1 crore in FY26. Q2 FY27 performance: Consolidated revenue from operations increased 27% YoY to ₹208.7 crore. EBITDA rose 52% to ₹27.9 crore, with the EBITDA margin improving from 11.2% to 13.4%. Net profit increased 18% to ₹12.9 crore. For H1 FY27, revenue grew 33% to ₹378 crore, EBITDA increased 71% to ₹50.8 crore and PAT rose 80% to ₹23.9 crore. This is a positive trend: operating profit is growing faster than revenue, indicating improving operating leverage. At around ₹197 per share (November 6 closing data), the market capitalisation is approximately ₹1,500 crore. Valuation data providers show differing P/E figures, ranging roughly from 27x to 40x, so the exact multiple should be verified against the latest earnings and share count. ROE is around 7%, ROCE around 10%, and debt-to-equity is relatively low at approximately 0.07.