IKIO Technologies Ltd (IKIO)

Consumer Durables · Consumer Durables · NSE · Updated 13 September 2026

By StockFin Research Team • AI-Assisted Analysis • Source: BSE/NSE Filings

₹224.45 ↓ 0.04% (1Y)

🎯 Key Takeaways

IKIO Technologies is in a strategic transition phase, shifting from a job-work ODM model to a higher-margin ODM and diversified product portfolio with ambitions to achieve 17-18% EBITDA margins and full asset utilization within 3-3.5 years.
Revenue grew 2.4% QoQ to ₹169 in Q1FY27.
⚠️ Margin pressure from raw material inflation and geopolitical disruptions remains a near-term concern despite long-term margin targets.

Market Cap

₹1,735

P/E Ratio

35.5

P/B Ratio

2.88

ROE

8.3%

ROCE

11.4%

Debt/Equity

0.07

Promoter

72.5%

✨ Ask AI About IKIO 📊 Interactive Charts

📖 The Story

IKIO Technologies is in a strategic transition phase, shifting from a job-work ODM model to a higher-margin ODM and diversified product portfolio with ambitions to achieve 17-18% EBITDA margins and full asset utilization within 3-3.5 years. Despite strong top-line growth and improved profitability in recent quarters, the company remains in an investment phase with elevated CAPEX and margin pressure from external cost headwinds. The narrative is one of deliberate scaling and structural transformation rather than mature cash generation.

📰 What's Happening

In Q1FY27, IKIO reported 41% YoY revenue growth to ₹169 crores, driven by 53% growth in non-ODM businesses and 16% growth in home lighting ODM. EBITDA surged 94% YoY to ₹22 crores (13% margin), and PAT rose 550% YoY to ₹11 crores. Management highlighted progress in diversifying into automotive lighting, commercial refrigeration, and wearables, while reducing customer concentration and expanding geographically across 20+ countries. The company reaffirmed FY26 revenue growth guidance of 18-20% and announced CAPEX of ₹20-25 crores for the year, targeting long-term margin expansion and asset efficiency.

Source: Stock Announcements

📊 Quarterly Results (₹ Cr)

Metric	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue	164	146	165	169
Operating Profit	11	14	18	15
OPM %	6.7%	9.5%	10.6%	8.6%
Net Profit	11	11	18	11
EPS	₹1.41	₹1.39	₹2.13	₹1.40

Revenue has grown sequentially from ₹146 crores in Dec 2025 to ₹165 crores in Mar 2026 and ₹169 crores in Jun 2026, indicating accelerating growth momentum. However, net profit declined from ₹18 crores in Mar 2026 to ₹11 crores in Jun 2026, despite strong YoY gains, reflecting ongoing margin pressure from raw material costs and geopolitical disruptions. Operating profit margin dipped to 8.6% in Q1FY27 from 10.6% in the prior quarter, suggesting that profitability improvements are being reinvested or compressed by external factors. The trend underscores a phase of scaling with temporary earnings volatility.

🔮 Management Outlook & What's Next

Management has provided clear long-term targets, including achieving 17-18% EBITDA margins and full asset utilization within 3-3.5 years. They have maintained FY26 revenue growth guidance of 18-20% and outlined CAPEX of ₹20-25 crores to support expansion. No new forward-looking financial guidance was issued in the latest investor meeting, but the strategic focus remains on diversification beyond traditional ODMs, geographic expansion, and reducing reliance on low-margin job work to drive sustainable profitability.

Extracted from official company announcements. Not StockFin.ai's opinion.

🏦 Balance Sheet (₹ Cr)

Item	Mar 2025	Mar 2025	Mar 2026	Mar 2026
Equity Capital	77	77	77	77
Reserves	473	483	499	525
Borrowings	59	53	59	41
Total Liabilities	682	676	728	767
Fixed Assets	176	200	200	204
Investments	0	0	0	0
Total Assets	682	676	728	767

The balance sheet shows a strong equity base of ₹77 crores and growing reserves, with borrowings remaining low and stable at around ₹50-60 crores. Total assets have increased from ₹676 crores to ₹767 crores over the past two years, indicating active capital deployment. The company is investing in capacity expansion and strategic initiatives without relying on debt, suggesting a conservative and self-funded growth model. Equity and reserves growth alongside controlled leverage reflects a stable capital structure during the scaling phase.

💰 Cash Flow Statement (₹ Cr)

Item	Mar 2026
Operating	+16
Investing	-13
Financing	+6
Net Cash Flow	+10

👥 Shareholding Pattern

Category	Q2FY26	Q3FY26	Q4FY26	Q1FY27
Promoters	72.5%	72.5%	72.5%	72.5%
FII	0.6%	0.6%	0.9%	0.7%
DII	1.7%	1.7%	1.2%	0.9%
Public	21.9%	21.9%	22.2%	22.5%
# Shareholders	1,02,392	98,726	95,552	94,478

Promoter holding remains stable at 72.55%, indicating confidence and alignment. FII and DII ownership have slightly increased over recent quarters (from 0.6% to 0.9% for FII and 1.21% to 0.88% for DII), though still low in absolute terms. The number of public shareholders has gradually increased, suggesting broadening retail interest. No significant selling by promoters or institutional investors is evident, and the shareholder base remains stable with high retail dispersion.

⚖️ Peer Comparison — Consumer Durables

Company	MCap (₹ Cr)	P/E	ROCE	ROE	D/E
LGEINDIA	1.11 L Cr	60.9	33.0%	23.8%	0.00
DIXON	82,454	39.3	52.5%	44.5%	0.10
HAVELLS	69,961	42.8	22.9%	17.3%	0.00
VOLTAS	38,532	85.8	9.9%	6.9%	0.15
BLUESTARCO	32,076	63.0	18.7%	15.0%	0.18
AMBER	25,524	265.3	12.6%	5.4%	0.85
KAYNES	23,462	67.8	16.7%	12.2%	0.31
PGEL	15,554	75.5	10.3%	6.6%	0.16
AVALON	15,139	113.2	26.3%	21.9%	0.23
CROMPTON	14,874	—	-0.7%	-7.2%	0.00

🔗 Peer Stock Analyses

LGEINDIA DIXON HAVELLS VOLTAS BLUESTARCO

⚠️ Risk Factors

1. Margin pressure from raw material inflation and geopolitical disruptions remains a near-term concern despite long-term margin targets. 2. The transition from low-margin job work to higher-margin ODM and new segments requires sustained investment and execution capability, with no guarantee of timely scale or profitability. 3. Geographic expansion across 20+ countries introduces execution and regulatory complexity. 4. Low institutional ownership (FII/DII under 2% combined) may limit liquidity and investor interest, especially if broader market attention wanes.

📋 Recent Filings

🧠 Analyst's Read

IKIO is executing a clear but capital-intensive transformation from a volume-driven ODM to a diversified, margin-accretive manufacturer with long-term structural ambitions. While financial results show strong growth and improving profitability trends, near-term volatility in earnings and low institutional interest suggest the stock may remain range-bound until clearer signs of margin recovery or capital efficiency emerge. Investors should monitor execution progress on asset utilization targets and margin trajectory in upcoming quarters.

Based on filing content and financial data. Not a recommendation.

Read the full analysis

Quarterly trends, balance sheet, cash flow, peer comparison, and AI insights — sign up free to unlock.

2 free AI queries per day.

✨ Deep Dive with AI on IKIO

Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-13.

Editorial & Data Transparency Notice

This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.

📡 Get AI alerts when IKIO files new disclosures

Track IKIO filings, board meetings, and corporate actions. Free email alerts at 5 PM.

Track IKIO — Free

Free account · 2 AI queries/day

About · Privacy Policy · Terms of Service · Pricing

Today's Announcements · Screener · Insights · AI Chat

Data provided by CMOTS Internet Technologies Pvt Ltd