FIEMIND

: Illuminating a High-Growth EV & LED Future

is capitalizing heavily on the industry-wide shift from conventional automotive lighting to advanced LED systems. Because almost all new orders are LED-based, including premium features like daytime running lights (DRLs) and signature lighting, the company is significantly increasing its content and revenue value per vehicle. EV Market Leadership: Fiem has secured an early, dominant foothold in India's electric two-wheeler ecosystem. By supplying major players like Ola and Okinawa, the company stands to gain disproportionately as EV adoption expands, since electric models standardly adopt higher-value LED lighting from inception. Diversification into Passenger Vehicles: While two-wheeler lighting remains its primary engine, Fiem is strategically expanding its addressable market by entering the passenger vehicle (PV) space. It has successfully delivered components to Mercedes-Benz, secured further development projects, and established initial relationships with key OEMs like Mahindra & Mahindra. Financial Outperformance & Resilience: Demonstrating strong operational execution, the company outpaced the underlying two-wheeler industry in FY26, posting an approximate 16% revenue growth compared to the industry's 12% production growth. Management has also guided for a stable and resilient ~14% EBITDA margin for FY27. Favorable Valuation & Structural Runway: At roughly 17x FY28e earnings, Fiem presents a compelling and reasonably valued investment case. Domestically focused operations shelter the company from global tariff disruptions, while converging tailwinds in premiumisation, EV penetration, and export growth provide a long runway for sustainable expansion.