Fiem Industries Limited (FIEMIND) Financial Results — Revenue ₹2,790.65 Cr

Investor Takeaways

Revenue reached ₹2,790.65 crores (+16% YoY) and PAT rose to ₹253.87 crores (+24% YoY) in FY26.

EBITDA was ₹393.34 crores at a 14% margin, supported by 24% growth in automotive lighting.

Board recommended a 400% dividend (INR 40 per share) following record financials.

Capacity utilization stood at 75% with ₹108 crores allocated for debottlenecking capex.

LED penetration reached 63% with near-100% pipeline, and RFQ pipeline valued at ₹700 crores but not yet converted.

FY27 revenue guidance for 4-wheeler segment is ₹100-150 crores; FY28 target is ₹200-250 crores.

₹200 crores committed for 4-wheeler expansion over two years; EMI/EMC validation facility to accelerate development.

Leadership transition completed with Vineet Sahni succeeded by Rajesh Sharma and Rahul Jain.

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹2,790.65 Cr	+16%
Net Profit	₹253.87 Cr	+24%
EBITDA	₹393.34 Cr	14% margin
EPS	₹17.86	(Q3FY25)
OPM	13.08%	(Q3FY25)

What Changed

Fiem Industries reported record FY26 financials with revenue of ₹2,790.65 crores (+16% YoY) and PAT of ₹253.87 crores (+24% YoY), driven by 16% revenue growth in Q4 to ₹744.35 crores and 22% PAT growth to ₹70.59 crores. Full-year EBITDA reached ₹393.34 crores at a 14% margin, supported by strong automotive lighting growth of 24% and 19% LED growth. The company expanded capacity with ₹108 crores in debottlenecking capex and secured new wins with Hero, Mahindra, and Mercedes. Board recommended a 400% dividend (INR 40 per share). Management highlighted 75% capacity utilization, 63% current LED penetration with near-100% pipeline, and neutral 4-wheeler margin outlook over 2-3 years. Capex plans include ₹200 crores over two years for 4-wheeler expansion, with FY27 revenue guidance of ₹100-150 crores and FY28 of ₹200-250 crores. Sustainability efforts include solar adoption and EMI/EMC validation facility development.

The filing reflects improved profitability and operational scale, with margin discipline maintained despite expansion. However, the 4-wheeler segment’s revenue guidance remains modest relative to capex commitments, and new product timelines remain uncertain despite ₹200 crores investment. The RFQ pipeline of ₹700 crores has not yet converted into orders, indicating execution risk. Leadership transition is complete, but strategic clarity on 4-wheeler growth trajectory is still evolving.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
Fiem Industries Limited	29.68	Not available	Not available	5,706.63
TVS Motor Company Limited	393.51	N/A	N/A	8,23,516
Maruti Suzuki India Limited	27.84	15.51%	19.82%	4,15,671.64
Mahindra & Mahindra Limited	22.17	20.41%	14.57%	3,88,366.49

Fiem Industries trades at a P/E of 29.68, lower than TVS Motor’s 393.51 but higher than Maruti Suzuki’s 27.84 and Mahindra’s 22.17. ROE and ROCE data are not available for Fiem, while peers show ROE of 15.51% (Maruti) and 20.41% (Mahindra) with ROCE of 19.82% and 14.57% respectively. Market capitalization of Fiem is ₹5,706.63 crores, significantly smaller than Maruti (₹4,15,671.64 Cr) and Mahindra (₹3,88,366.49 Cr), but comparable to TVS Motor’s scale in absolute terms.