IKIO Technologies Q2 FY27: PAT ₹11 & Rev ₹169 Cr

Investor Takeaways

Revenue grew 41% YoY to ₹169 crores in Q1 FY27, 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 increased 550% YoY to ₹11 crores.

Non-ODM revenue share fell below 20% of total revenue.

Target EBITDA margin set at 17-18% and full asset utilization target within 3-3.5 years.

FY26 revenue growth guidance maintained at 18-20%; CAPEX planned at ₹20-25 crores for the year.

Overall Tone: Neutral

Key Financial Highlights

Metric	Value	YoY Change
Revenue	₹169 Cr	+41%
Net Profit	₹11 Cr	+550%
EBITDA	₹22 Cr	+94%
EBITDA Margin	13%	N/A
EPS	₹1.01 (Q3FY25)	N/A

What Changed

IKIO Technologies reported a significant turnaround in Q1 FY27, with revenue rising 41% YoY to ₹169 crores, supported by robust growth in non-ODM segments (53%) and home lighting ODM (16%). EBITDA jumped 94% YoY to ₹22 crores, reflecting improved operational efficiency, while PAT surged 550% YoY to ₹11 crores. The company highlighted progress in diversifying into automotive lighting, commercial refrigeration, and hearables/wearables, aligning with long-term strategic targets of achieving 17-18% EBITDA margins and full asset utilization within 3-3.5 years. Geographic expansion across 20+ countries and reduced customer concentration were noted as positive developments. Despite margin pressure from raw material costs and geopolitical disruptions, the company reaffirmed its FY26 revenue growth guidance of 18-20% and planned CAPEX of ₹20-25 crores. The shift from job work to an ODM model marks a structural change in the business, with margin improvement targets signaling confidence in sustainable profitability, though near-term challenges persist.

Peer Comparison

Company	P/E	ROE	ROCE	Market Cap (₹ Cr)
IKIO Technologies Limited	28.12	Not available	Not available	1,205.97
Titan Company Limited	77.59	41%	34.34%	3,70,126.93
Asian Paints Limited	64.95	19.82%	25.99%	2,49,928.58
LG Electronics India Limited	N/A	N/A	N/A	1,07,232.46

IKIO’s P/E ratio of 28.12 is lower than Titan and Asian Paints, suggesting relatively lower valuation multiples compared to established peers, though direct ROE and ROCE comparisons are limited due to data unavailability.

Risks & Concerns

Near-term margin pressure persists due to raw material cost inflation and geopolitical disruptions.

Non-ODM revenue share fell below 20%, indicating ongoing transition from job work, which may affect predictability of earnings.

No specific risks identified beyond macroeconomic and input cost volatility.

Quarterly Trend

Quarter	Revenue (₹ Cr)	Net Profit (₹ Cr)	OPM%
Q3FY25	121.52	7.8	12.24
Q2FY25	125.04	12.92	17.77
Q1FY25	127.04	12.37	13.15
Q4FY24	94.79	9.52	17.87

The latest quarter’s revenue of ₹169 crores significantly outperforms the previous four quarters, which ranged between ₹94.79 crores and ₹127.04 crores. Net profit in Q1 FY27 (₹11 crores) is consistent with earlier quarters’ profitability levels, though OPM has fluctuated between 12.24% and 17.87% over the period. The current EBITDA margin of 13% is below the company’s target of 17-18%, indicating room for improvement. The PAT growth of 550% is an outlier compared to prior quarters, suggesting non-recurring or one-time benefits may have contributed, though not specified in the data. Revenue growth accelerated sharply in Q1 FY27, breaking the flat-to-moderate growth trend seen in the previous four quarters. The company’s margin profile remains volatile, with higher OPM observed in Q2 and Q4 of FY25, but the latest quarter’s 13% EBITDA margin reflects ongoing investment or cost pressures. No quarterly data beyond Q3FY25 is provided for trend analysis beyond the latest reported period.

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About IKIO Technologies Limited (IKIO)

Consumer Durables · Consumer Durables · Listed on NSE

Market Cap: ₹1,205.97 Cr P/E: 28.1

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Source: Stock Announcements. Analysis by StockFin.ai. For informational purposes only — not investment advice.

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