{"id":182262,"date":"2026-05-04T07:28:05","date_gmt":"2026-05-04T11:28:05","guid":{"rendered":"https:\/\/alphastreet.com\/india\/ikio-technologies-ltd-ikio-q4-2026-earnings-call-transcript\/"},"modified":"2026-05-04T07:28:05","modified_gmt":"2026-05-04T11:28:05","slug":"ikio-technologies-ltd-ikio-q4-2026-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/ikio-technologies-ltd-ikio-q4-2026-earnings-call-transcript\/","title":{"rendered":"IKIO Technologies Ltd (IKIO) Q4 2026 Earnings Call Transcript"},"content":{"rendered":"

Note:<\/strong> This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.<\/em><\/p>\n

IKIO Technologies Ltd (NSE: IKIO) Q4 2026 Earnings Call dated May. 04, 2026<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Hardeep Singh<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Suyash Samant<\/strong> \u2014 Stellar Investor Relations Advisors<\/em><\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Sanjeet Singh<\/strong> \u2014 Whole-time Director<\/em><\/p>\n

Analysts:<\/h2>\n

Unidentified Participant<\/strong><\/p>\n

Unidentified Participant<\/strong><\/p>\n

Presentation:<\/h2>\n

Hardeep Singh<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Ladies and gentlemen. Good day and welcome to the ICO Technologies Limited Q4FY26 earnings conference call. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing start and zero on your touchstone phone. Please note that this conference is being recorded. I now hand the conference over to Mrs. Suresh Salman from Stellar Investor Relation Advisors.<\/p>\n

Thank you. And over to you sir.<\/p>\n

Suyash Samant<\/strong> \u2014 Stellar Investor Relations Advisors<\/em><\/p>\n

Thank you. Good afternoon everyone and thank you for joining us today. We have with us today the senior management team of IKO Technologies Limited Mr. Hardeep Singh, Chairman and Managing Director. Mr. Sanjeev Singh, Full Time Director, CEO and CFO who will represent iCure Technologies Limited. On the call, the management will be sharing the key operating and financial highlights for the quarter and full year ended 31st March 2026 followed by a question and answer session. Please note this call may contain some of the forward looking statements which are completely based upon the company’s beliefs, opinions and expectations as of today.<\/p>\n

These statements are not a guarantee of the company’s future performance and involves unforeseen risk and uncertainties. The Company also undertakes no obligation to update any forward looking statement to reflect developments that occur after a statement is made. I now hand over the conference to Mr. Hartish Singh. Thank you. And over to you sir.<\/p>\n

Hardeep Singh<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Sorry to interrupt. This is the operator. We are enabled to hear management.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Hello.<\/p>\n

Hardeep Singh<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Yes sir. Please go ahead.<\/p>\n

Unidentified Speaker<\/strong><\/p>\n

Good afternoon everyone. Thank you all for joining the Q4 and FY26 earning call. Our presentation has been uploaded on the Stocks Exchange and I hope you have had a chance to look at it. I would like to briefly highlight a few key developments before handing over the call to Mr. Sanjeet Singh. For further detail, I would like to start the IQ transitioning from lighting to integrated technology solutions. First continuous effort to expand our portfolio beyond lighting. We have evolved from our core home lighting segment to move devastee plane on offering across home and commercial lighting, hairable and wearable energy solutions, electronic components and automotive lighting supported by our strong R and D and ODM capabilities.<\/p>\n

Second aim to globalize our business model, we have expanded our footprints to over approximately 20 countries with strong traction in overseas market. Revenue from outside India grew by 53% to rupees 110 crores with contribution increasing to 18% in FY26 from 50% in FY25. Third, to scale our manufacturing capabilities, we are enhancing capacity by approximately 5 lakhs square feet through a green fleet project funded by IPO proceeds to support New Age products, exports, backward integration, priority efficiencies and margins with block 1 of 2 lakh square feet commercialized in 5-24-24 and block 2nd a similar size also expected to be commercialized by the end of Q1 FY27.<\/p>\n

To conclude, our vision is to be preferred manufacturing and solution providing for lighting and energy efficient products, electronic components, hardware components in the global marketplace. Now I will request Mr. Sanjeev Singh to provide his thoughts on the quarter and financial year. Thank you.<\/p>\n

Sanjeet Singh<\/strong> \u2014 Whole-time Director<\/em><\/p>\n

Thank you. Let me briefly highlight the key strategic initiatives undertaken during the quarter and full year to accelerate growth along with the strong progress achieved. In line with our strategy of diversifying the revenue mix, our other business contribution increased to 77% in quarter four FY26 from 66% in quarter four FY25 and to 71% in FY26 from 57% in FY25. This was supported by strong growth in the segment with revenues rising 72% year on year and 26% quarter on quarter to rupees 127 crores in quarter four FY26 and up 53% to rupees 426 crores for full year 2026.<\/p>\n

Revenue from outside India increased to rupees 110 crores up 53% year on year in FY26 driven by sustained growth supported by our diversification in the Middle east market. Despite a slowdown in the US amid tariff uncertainty, our hairable and wearable segment continued to maintain strong momentum during the period driven by new client orders. On the marketing and distribution front, we acquired an 88% stake in Gravis Tech to strengthen our go to market capabilities, leveraging experienced leadership to expand reach with minimal capital outlay.<\/p>\n

Additionally, the hairables and wearables segment has been brought directly under the parent company from end of quarter one FY27 to streamline operations, improve efficiency and drive growth in our consumer electronics business. Now coming to our financial performance for quarter four and FY26, we sustained strong growth momentum in quarter four FY26 with revenue increasing 47% year on year and 14% quarter on quarter to rupees 165 crores. EBITDA stood at rupees 26 crores, up 19% quarter on quarter versus rupees 6 crore in quarter four FY25 with margins expanding to approximately 16%.<\/p>\n

Profitability improved with PAT at rupees 18 crores up 63% quarter on quarter translating into a PAT margin of approximately 11%. Cash PAT stood at rupees 26 crores, up 38% quarter on quarter versus 5 crores in quarter four FY25. For FY26. Revenue stood at rupees 595 crores reflecting a robust 23% year on year growth. EBITDA stood at rupees 78 crores, up 29% year on year with margins expanding to approximately 13%. CACC stood at rupees 42 crores which is up 28% year on year with a margin of around 7% while cash back stood at rupees 72 crores, also up 28% year on year.<\/p>\n

As we scale into the next phase of growth, we have front loaded certain strategic expenses which remain elevated and expect them to normalize with scale and operating leverage. In closing, our continued focus on diversification, global expansion and strategic investments positions us strongly for sustained growth. With that, we conclude the presentation and request the moderator to open the floor for Q and A.<\/p>\n

Hardeep Singh<\/strong> \u2014 Chairman and Managing Director<\/em><\/p>\n

Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on the touchtone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants to ask a question. Please press Star and one. Now. Anyone who wishes to ask a question, please press star and 1.<\/p>\n

The first question is from the line of Ritesh Biladia from Girig Capital. Please go ahead.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Yeah, thanks for the opportunity. So I just wanted to know what’s our headcount on console basis.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So. Right. Currently the headcount including the the staff and labor, it is currently 2500 plus all factories put together.<\/p>\n

Operator<\/strong><\/p>\n

Okay. And I believe<\/p>\n

Unidentified Participant<\/strong><\/p>\n

At your time it was 1600, right?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Approximately. Yeah, approximately.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay, just one request. I think this is a key monitorable. So if we can include this number in our annual report as well as in quarterly presentation, it would be worth to track this number as one can also get the idea of this. What’s the Utilization level.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So currently, I mean, you know, every time this question is put up, I always tell, you know, you know, the people that it’s very hard to comment on the utilization level on a console basis because we have multiple verticals, multiple product lines. And some of the verticals are, or product lines are very, very new. So that is why, you know, that onboarding of expenses, which has been happening since the past couple of years, as you can now see the trajectory of margins, you know, the EBITDA margins have been constantly increasing quarter on quarter since the last, I would say maybe five, four or five quarters.<\/p>\n

That is because of the efficiencies that we are achieving. We are still not there in terms of where we intend to, in terms of the efficiencies, because like I said, you know, a lot of the verticals are very new, like automotive lighting, which we started, you know, a few months back, that is relatively very new that we started. We have now achieved a certain level of efficiencies in that as the numbers are constantly progressing and there’s been good growth and traction within that segment. So I think to answer that question, maybe I would invite you to come to visit our facility.<\/p>\n

So the mature units are working at good efficiency levels, close to around anywhere, you know, if I have to give a number, vaguely around 70% plus. But the new ones are relatively lower in terms of the efficiencies. That is something that automatically with volumes, you know, it will rise.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay,<\/p>\n

Operator<\/strong><\/p>\n

Surely<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I’ll explain little bit more so because now all the first, like wherever we have entered into the new ventures, the all the first class are already in the market, already went to the customers, they went to the market and they are getting the market reports and feedback. For feedback we will have like if we have the surge we should have for that we need infra and team. So that is why we are taking the precautions.<\/p>\n

Operator<\/strong><\/p>\n

As you said, you have multiple lines of business now. So how is the capacity dedicated to each line? Or is it a very fungible that you can shift from say, home lighting to soba products?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, that is why we have electronics and hardware. So we can like I’ll give you the example. Automobile lamp can make the normal LED light. The same line can do that. And the electronic SMT lines can do any other electronic product. So these are interchangeable. So wherever we will have, we can take the leverage of that equipment team and the cost<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

And how we have designed the entire system. Is that because we have multiple units, we have, you know, five factories. So in each factory, each factory has Their own set of verticals and responsibilities. And the way we manage those product categories or verticals is to make sure that it is, you know, in terms of efficiencies also and in terms of whether if we have to change a product from, you know, add a product to a line. So it is all designed as per that only. So these multiple factories help us in making sure that you know, a category of product which is similar to what we are doing in one factory, we add on to that factory only.<\/p>\n

And that is how we’ve been progressing.<\/p>\n

Operator<\/strong><\/p>\n

Yeah, that explains. Well, sir, on another question.<\/p>\n

Suyash Samant<\/strong><\/p>\n

Mr.<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Ritesh, we are unable to hear you sir.<\/p>\n

Operator<\/strong><\/p>\n

Yeah, sorry,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I. I got muted. Sir, the question is on how do I put it? I. I believe you have some long term contracts or whenever you get the contract to produce it would be multi months or something. So do you have a order book kind of a situation if you can share something on that? Or how do we foresee the revenue trajectory for the company?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So we don’t have an order book kind of situation with our customers. It is more to do with the planning that we get. And our USP has always been that we are ODMs. So we design and manufacture. So whenever we design a new product, a new category or let’s say a completely new vertical, also whenever we are in the design development phase for any customer. So before we enter that particular category, before investing our time, development time and all of our energies, we always understand what is the feasibility of that category.<\/p>\n

What are the basic idea on the EBITDA margins, what EBITDA margins we’ll be able to earn and what is the value addition that we’ll be able to do in that particular product segment or category so that the customer stays with us for a very long period of time. So these are some of the factors which we initially investigate and then we make sure and obviously we do get a plan from the customer. What is the outlook of let’s say a new product or a category? What are the numbers that they expect from us, you know, in terms of productions volumes and that is how we plan the space lines, development time.<\/p>\n

All of that then goes into, you know, your distinct plate.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure. But I believe<\/p>\n

Operator<\/strong><\/p>\n

Your ODM business is majorly on home lighting basis. Right. Or is<\/p>\n

Unidentified Participant<\/strong><\/p>\n

The<\/p>\n

Operator<\/strong><\/p>\n

Other business also have ODM aspect on it?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, yeah. We are now we are from ODM lighting to we are going enter into ODM automobile lighting. We are entering to ODM services for company like Honeywell for their public address Systems, their sensors, etc. And we are right now we have started with the Indian market. We are talking like to how to expand that our capabilities on that part.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So if you talk of our ODM capability. So not just the home lighting that is ODM apart from home lighting, our commercial lighting, the refrigeration lighting and electronics automotive lighting like Hadith sir, just mentioned hairable and wearable segment. Most of. I mean hairable and wearable. When we started it was all OEM to begin with. But now slowly and steadily we are converting the products to oem. That was our strategy when we started lighting home lighting also around 15 years back. So same strategy we are applying to this segment as well.<\/p>\n

So if I have to put a number then I guess just a vague idea. Around 80 to 85% of what we do are in that sense ODM products.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, what kind of investment is needed to develop this ODM for a particular category or new products?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So whatever we developed as of now. So the infrastructure that we we already had before the IPO also and post IPO whatever we have expanded. So we are utilizing the same infrastructure for different verticals and product categories. So we are very mindful and cautious whenever we decide to develop a new category of product which we are not doing. And the basic I would say in intention or the reason why we want to do or yes or no depends on our existing infrastructure. So if we feel that our let’s say 80 to 90% of the existing infrastructure is capable of handling that new category.<\/p>\n

So we eventually, you know and if the margins are decent enough we enter that particular vertical. So that is been categorizing the products and selecting the verticals that we are doing. So for us, value addition, utilization of our existing infrastructure which we have created over the past 10, 15 years and EBITDA margins are the main driving factors when we select a vertical.<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Sorry to interrupt. May we request Mr. Ritesh to please rejoin the queue. We have participants waiting for the turn.<\/p>\n

Operator<\/strong><\/p>\n

Sure.<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Thank you. The next question is from the line of Madhurathi from Countercyclical Investments. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Rahul. I wanted to understand regarding the products where we are the ODM supplier. What would be our market share with the customers<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Like lighting. What we are doing right now, like as a ODA partner we are working with all the major brands in India. Before we were working with only one brand. Now we are working with all the top five brands. We have already started with them. So this is the first journey we have started with all the new brands. And we are focusing to develop more and more products for Them as well. Secondly, we are into like automobile segment there also we have all three or four major banks. We enter into aftermarket with them.<\/p>\n

Like they are all multinational banks and we entered with them as a single vendor with them and are developing the new products for them for the automobile segment. Similarly for like the our other electronic, they are the key players in the industry. Like we are not touching the C or D or E grade customer. All we are working with maximum with the multinational functions.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So you know, around the IPO time there was a report by Frost and Sullivan and honestly we also got to know around that time only that around 2023 when they did the the survey, we were contributing close to around 23 to 24% of the functional decorative side of the home lighting segment. So you know the down lights and the spotlight that goes into the market because we supply to, you know, the biggest players in the industry. So we were indirectly contributing or had the contribution of around 23 to 24% of that space in the home lighting segment.<\/p>\n

Home lighting is quite a big, big segment, but I’m talking about the functional decorative side where the downlights and spotlights come into play for rest of the verticals. I do not have a percentage figure with me, but all I can say is that in commercial and rep we are one of the largest, if not the largest. According to me, we are the largest in these two categories as well. And the remaining categories are relatively new to talk about, you know, the market share. But definitely hairable wearable has been growing steadily and we are quite strong in that particular segment too.<\/p>\n

But like I said, it’s too early to talk about percentages for the new verticals.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

And sir, would we be the single source supplier or what would be our customer wallet share in these segments? You mentioned that in automotive and some of the categories we are the single source vendors for these clear show if you give us a representation on that<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Either they were importing or we had a big program. So slowly and slowly like we have done in lighting, our motive impact because now we have developed the product, it is the market. We will straight out their reports and we will continue.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

In automotive, you know, right now there is a transition happening from your conventional lighting to the LED lights. So that. So I think for us the timing has been good and we’ve got the right set of partners for this particular market. And this is something new that we have started. But definitely we see a lot of potential in the automotive segment going forward.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I’m sure in other segments like home, the decorative lighting and all what would be our market share, volume share with the customer?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

It varies a lot because you know, so if I talk of home, so you know, historically we’ve been the largest supplier in that, you know, in the same personal decorative category side to signify. And we continue to have that, you know, status with them in the home lighting segment. And we are developing more customers also in the same segment. And when it comes to the other segments like refrigeration, electronics and you know, the commercial lighting. So there whomsoever we are dealing with, either we are their largest supplier or in a lot of cases we are also the single source as well.<\/p>\n

Because we have a diverse customer base, especially when it comes to the commercial space. So there are customer base is quite high, you know, approximately around 200 or more than 200 customers. But all I can say is that with the most prominent names in the industry, we are either there largest supplier or in some cases single source as well.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So I wanted to understand firstly that our lighting revenue has reduced quite a bit in our mix in Q4 it’s barely 23%. So going forward has it bottomed out or lighting mix will further reduce? And how about the profitability in lighting versus non lighting?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Actually one thing I want to clarify the downward trend that you see right now, that is only in the ODM home lighting where the concern was for the single customer to, you know, when we, I think three years back, if you look at our share of revenue from the single customer in home lighting segment, that was pretty high. That was close to around from what I remember, I think around 50%. And before that it was around 70% also. But if you look at it today, there has been steady growth. The company is doing well in terms of the top line.<\/p>\n

And also looking at the conditions geopolitically, whatever is happening, we are also now in that growth trend in terms of the EBITDA margin also. So that downward trend that you see is because of one reason is because of the sales going relatively down. So if you look at the numbers from last year to this year, there has been a decline also in the sales in the home lighting segment. But to counter that we are already adding more and more customers because you must be aware of signify going through that joint venture and they have now come up with another entity.<\/p>\n

So now we are also adding more customers. But if you look at the, you know, the silver lining, our other verticals are doing really well. And as a result of that, even with the decline in this particular segment, our overall business has been growing steadily. And that was all. You know, always the thought going forward to derisk dependency and add more and more business verticals customers.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I will explain you one more thing. We are expanding like we have expanded to Middle East. There we get very good response. And you can say in the first year we gained about more than 50% almost our revenue was tremendous. I think about 43 crores we have done in the first year. So this is how we are going in that part of world. And that part of world also. We are entering into commercial and residential high end residential lighting. And that again in the Indian market also that our in store EP lighting that is also like anything that is also very good.<\/p>\n

So lighting is will be major always. Maybe that one we are. That is why we are putting another business in our main company to increase the revenue and profitability. So we are adding more businesses into that. Because ODM lighting business will be only dependency on one customer. We are just nullifying with the expanding the arms in other vehicles.<\/p>\n

Operator<\/strong><\/p>\n

Understood sir. So what I understood that one is the home lighting ODM business which is basically signify. Apart from that there is an auto lighting business wherein we are competing with Lumax industries and theme. And then there is a in storage.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

We are not competing with bluemax or any other industry because we are making the source lamp. We are not making the complete light. You try to understand. We are. We are making the source which fix in the Lumix light. You understand? Lumix type of light. Okay. So we are basically a tier 2 supplier. We are supplying to Lumax and CM and they are basically. Right now we are supplying to the aftermarket with all multinational drugs. We cannot. Because we have signed the NDAs with them. We cannot take their name.<\/p>\n

Right now we are. That is for aftermarket replacement of normal HID lamp to LED lamp. So understood. You understand we are not making the headlight or we are not making the indicator light. We are making the source. Like if it is put in the. You put in the indicator, it will work as an indicator. If you put it in a headlamp, it will work as a headband. And right now we have started for aftermarket with all big brands who are already there for their normal lens. But. And they are importing the these type of lens from China before.<\/p>\n

Now they are starting to buy from us.<\/p>\n

Operator<\/strong><\/p>\n

Okay, so in auto after market this Lumax and VM are not there that we are selling.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, they are making the complete light like. Like if the polycarbonate cover with injection molding and all I am talking. We are Making the source behind that light.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So there are basically other players who are very big into the aftermarket where they sell the LED or you can say the light, the source of the light that goes inside the headlights. So we are right now supplying these products. We’ve recently started, I mean we’ve been into development for almost eight to 10 months now,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Almost a<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Year now. And it’s just been a couple of months since we started actual sales to them. But we, to begin with we already have, you know, the biggest names in the market who are there in the aftermarket sales of these products.<\/p>\n

Operator<\/strong><\/p>\n

Please request<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Mr. Rathi to please rejoin the queue, sir. We have participants waiting for the turn.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Thank you Mr. Rathi.<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Thank you. The next question is from the line of Majid Ahmed from Pinpoint X Capital. Please go ahead.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Yeah.<\/p>\n

Operator<\/strong><\/p>\n

Yes, thank you for the opportunity. Very good set of numbers, sir. My first question is regarding the non lighting portfolio, sir. So post this Q1 commissioning, like what type of revenue are we expecting sir for FY27?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So when we talk of non lighting, you know, then we have multiple products that we are currently also doing like in the refrigeration category, commercial refrigeration, we are already doing some non lighting products apart from the lighting products that we do. And then we also have started the EMS business. It’s been a while which is a new development, you know, in the tower one which we commercialized last year. So there also we are doing EMS business which is again non lighting. And we are also stepping into the, you know, the energy segment.<\/p>\n

So we’ve started some new product categories. In fact that’s also a very recent development that is again non lighting. But all of these put together, they are relatively still not very substantial. And that is why we don’t segment, you know, give, give out the numbers in segment wise because each vertical or segment has some part of non lighting stuff which is happening. But definitely they will continue to grow in the, you know, in the coming times. But if I have to give you an idea, I think out of the overall revenue share.<\/p>\n

Around around maybe around 25% is non lighting. But then again like I said, it’s not a single category which is contributing to 25%. It’s a mix of a few categories. And vertical like automobile,<\/p>\n

Unidentified Participant<\/strong><\/p>\n

We are getting a few sensors that give us very good revenue on that. And now we are coming up with the Honeywell for their systems, public address systems for their sensors. So they are all now rolling out. We now we have developed some solar based products as well. So that inverters as well for. Along<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

With the batteries. Along<\/p>\n

Unidentified Participant<\/strong><\/p>\n

With the batteries. So things are moving in whatever because people are coming to us because of we have the total backward and end to end solution. We are not just offering the battery, we are not just offering the ems. We are not just offering them the sheet metal. We are offering them the black box. So that is the advantage what we have developed with the, with our infrastructure.<\/p>\n

Operator<\/strong><\/p>\n

Just wanted to know of that. How much would that incrementally contribute? Sir, can you give some color on that?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So currently in the product, I mean the revenue mix is let’s say approximately 75 to 20, 25%. So our lighting business will also continue to grow because that has been our core strength going forward. But definitely this will also continue to grow. So like for next year, I can say maybe it may come to around from 25 to let’s say 30, 32%. That is because everything is growing simultaneously. So in proportion to previous year to the next year, the jump is going to be bigger compared to, you know, the 30 versus 70 what I am referring to right now.<\/p>\n

Because each segment will continue to grow.<\/p>\n

Operator<\/strong><\/p>\n

So what is the typical margin? Especially hairable and wearable segment.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So in hairable, wearable, you know, like I said earlier also we started with the oem. You know, we started with OEM products because that was like an entry point with our, you know, with the customers because we were new to this category. But at the same time those customers also saw, you know, our capability. And going forward, everybody knows that, you know, that make in India push is eventually going to come to each category. Whether the products right now are coming from other countries to India.<\/p>\n

But going forward, everything in electronics, the future is going to be everything make in India. So they also saw that, you know, that USP of getting the products made in our factory. So that is how the journey has started. So currently around 60% of the product that we do in that category are OEM products where the margins are relatively low. It is lower than the average that you see on the console level. But going forward our strategy is to add more and more OEM products. And that is where while utilizing our manufacturing capabilities, we will be able to add more margins while utilizing the processes, all the manufacturing processes.<\/p>\n

So our intention is to bring this particular unit is to the level where the console figures that you see currently. But right now it is relatively lower. So I would say it is in higher single digits. But if I talk of the EBITDA margins, but going forward our intention is to bring it to double digits.<\/p>\n

Operator<\/strong><\/p>\n

But how do you see the working capital cycle in the variable and variable settings versus the in the lighting business?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So our working capital cycle is, if I have to give a generic statement is as per. In. In line, you know, with our other businesses. So in terms of numbers I can say that it is around 60 to 75 days<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Because all the. Advances remaining within 30 to 45 days. All<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Tier one companies we are working with.<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Sorry to interrupt.<\/p>\n

Operator<\/strong><\/p>\n

Question, if you.<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Sure. Please go ahead, sir.<\/p>\n

Operator<\/strong><\/p>\n

Yes. Just want to understand how are we looking for the US expansion so especially in the solar products.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, yeah, we are going to expand this in a big way because before we were working in like that is why we are bringing this business in our in IoT technologies and again US expansion. US expansion is right now. The right time is there and we are working very hard to come back with that and you will see the result in next two or three quarters.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

We are working<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Very hard on those.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So. So we are, you know, if you look at the past one year. So I think it is something that we also would like to forget when it comes to the US market because we had really good and big plans for the US market and everything was, you know, laid out quite practically in order to achieve what we had planned for. But then everybody knows that, you know, every single second day something new used to come up in the news and those disruptions were something that nobody had thought of that anticipated that this is going to happen.<\/p>\n

So that is why the momentum right now is slow. But at the same time we are happy to say that we’ve made some very good advancements in terms of getting some very good customers on board. So business has not yet started because again of whatever, you know, was happening geopolitically and now with the war situation. So all of that. But we are, we have a ready set plan which, which will definitely, you know, move into action once all of these things subside. So we’ve made some very good advancements in terms of getting the new customers new products and all of that has already been so last few months we’ve been utilizing for this only.<\/p>\n

Operator<\/strong><\/p>\n

Thank you sir, and all the very best. Thank you.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Thank you. Thank you. Thank you.<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Thank you. The next question is from the line of Harsh Gandhi from Mutlal Oswal. Please go ahead.<\/p>\n

Operator<\/strong><\/p>\n

Hi sir. Congratulations on great set of numbers. My first question is how do you see FY27 panning out? And the company has outlined a shift in its business mix. Can management quantify how this will evolve over next two to three years?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So hi Mr. Harsh and thank you, thank you for congratulating us first. And then yes, if you, if I have to look at FY27 and I mean we are also pretty excited for the coming year as we have a lot of, you know, in, I would say in the kitchen right now, which is, which is being cooked or slightly unprepared as of now. But yeah, looking forward for FY27. A lot of new stuff is happening. So. And I’m forgetting the second part to your question.<\/p>\n

Operator<\/strong><\/p>\n

So how do you see the shift in the business mix that we have been currently witnessing? So how do you how this will play out in next two to three years?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So you know, our business mix, if you look at today also lighting and non lighting. So we are diversifying in both the categories when it comes to the products and as well as the geographies. So that is what we’ve been highlighting now, you know, in our presentation this time around because we wanted the investors to have that confidence that what we are doing as of now in terms of the products and in terms of the geographies. So actually, honestly speaking, there is a lot that is happening even if, when I talk of lighting and even if I talk of non lighting, as you know, as you can probably understand from all the discussions that we have had so far.<\/p>\n

So that has been our focus going forward. So non lighting, we are clearly, we are very clear that we want to add those products like we’ve been mentioning about the product that we’ve developed for Honeywell. So again, in that case, what our USP has been that they were earlier sourcing the product from, let’s say two or three factories were involved and now from a single setup they’re getting the complete product. So that is something sort of advantage that we are transferring to our customer. And so whatever we are doing right now, it is all based on the value addition or the niche that we can create for ourselves.<\/p>\n

Likewise in lighting also, the moment we saw that lighting at a certain price segment is getting saturated in the market in terms of, for odm, for you know, that home segment where the prices, the products are quite economical. So that is, we decided that we need to utilize our strengths because our strengths are, I mean, we are much more capable than, you know, the products that we were developing earlier. So now we are utilizing those strengths. And that is why the acquisition that we have recently done is to take advantage of our in house strengths and capture, you know, that part of the market where we can add value to the product and the customer then can enjoy a better looking aesthetically product, a better quality product.<\/p>\n

So see a lot of gaps in these niche areas and that is where we intend to enter.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So this segment like there are so many European brands they are taking like we are taking the advantage of that because the lead time of those products are more like again the sustainability of their brand is difficult. To support their brand they need more means. We are now entering into the very niche market where there is no Indian brand till now entered. So we are entering into the. So still that is that area. That is you can say the top of the pyramid is only held by the European brand or the Japanese brand.<\/p>\n

So we are targeting to make those category of products and enter into that market.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So you know whether it is lighting or non lighting our thought has always been to provide a solution to the customer and not just the product. And that is where our strength lies. Because you know we have that capability to provide a complete solution instead of just providing the product.<\/p>\n

Operator<\/strong><\/p>\n

And this is. Sir, thanks a lot for the answer. In case I have anything I’ll just get into. Thank you. Thanks a lot all the way.<\/p>\n

Suyash Samant<\/strong><\/p>\n

Thank you.<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Thank you. The next question is from the line of Pratap Mariwal from Mount Intra Finance. Please go ahead.<\/p>\n

Operator<\/strong><\/p>\n

Hello. Am I audible?<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Yes, you are. Please go ahead.<\/p>\n

Operator<\/strong><\/p>\n

Can you hear me sir? Yes, sir. Okay. Thanks for taking my question. It’s my first time on the call. I’m new to the company. I just had a few basic questions. Firstly, do we see any effect on our business from the recent geopolitical tensions in the Middle east either in terms of our supply chain or in terms of the failed orders of the customer. Given that we’re trying to expand into those services. Yeah,<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Yeah. So there’s absolutely there. There has been an effect of that. And if I talk of. So it’s the effect it’s been on multiple areas. Supply chain definitely for one. But like you know again being an ODM we have that strength of you know that flexibility of changing a particular design basis on what is available also in the market. And we generally whenever we design something which is like the core of the product for example the drivers that we manufacture for all the lighting products. So we have multiple designs already with us.<\/p>\n

This is something.<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Ladies and gentlemen, please stay connected. Ladies and gentlemen, we have management reconnected over to you. Sir.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

The question. Mr. Pratap. So yeah, I was saying that it has affected in multiple ways. Like for example I was referring to you know the supply. Supply chain because of whatever is happening and the option as being an odm, the options that we currently have in our system. So that is why we are very, you know, for us it becomes really fast for us to change the design from let’s say design A to design B in terms of the electronics and because we buy only the raw material, you know, when it comes to the product that we make, we buy let’s say all electronic components, plastic granules and for that matter, metal sheets, aluminum extrusions and all of those things.<\/p>\n

So we don’t really rely on the semi finished or finished products, you know, which generally people rely on. So therefore for us to make small changes and adapt to the existing scenario becomes relatively easier. And that is what we’ve been doing. We did the same during the COVID years and we were one of the very few companies, you know, who were growing during peak Covid times. So yeah, this has been affected, but we are countering that with our strengths. Prices are definitely going up because as if you are following the industry.<\/p>\n

So metals have gone up like aluminum, copper, everything is. The prices are rising. So we are in constant touch with our customers to make sure that we are able to maintain certain gross margins and lead times have also gone up for a lot of components. But we are planning well in advance to make sure that it does not affect the supply chain.<\/p>\n

Operator<\/strong><\/p>\n

Okay, so thanks for that. Now just one other question here. I understand that I just want to have a broad expectation, as I understand from the PCB that we are trying to diversify away from signify picking up new customers in lighting. There’s going to be a pickup in Hereables Auto lighting and I believe we have a new facility coming online in June, FY27 as well. So given all of this, what kind of growth are we expecting in FY27?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So I mean just to give you a rough idea in terms of the top line, what we are expecting is somewhere close to around 20 to 22% growth in FY27. Because you know, like I said, US market has been sort of been slow because of the geopolitical issues. And so every day something new sort of comes up in the news. So we are being cautious as of now. So a 20 to 22% with if you look at the EBITDA margins, it should be in line to what we have achieved, you know, this time around.<\/p>\n

Operator<\/strong><\/p>\n

Understood, understood. And can I just ask another question here just from understanding, when I look at our standalone result is that when you said the downward trend was in the ODM home lighting. So the standalone result to catch that is that correct?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Absolutely, absolutely.<\/p>\n

Operator<\/strong><\/p>\n

And<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Yeah, please go ahead.<\/p>\n

Operator<\/strong><\/p>\n

Yes, thank you. So I was just saying that now that we’re seeing the downward trend, has that been kind of arrested? I know the diversifying away from other customers as well. But in terms of that business itself signify after the JV they formed, do we expect any more leakage, can it stabilize or do we expect it to reduce substantially? Give some understanding.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So this is, you know, honestly speaking, we are also monitoring right now. We still have steady plans to when the JV happened. We also thought maybe it’s going to come down drastically. That didn’t happen. And right now also we have stable plans going forward. So we always have a tentative idea of what is to come in the next at least 6 months as per the discussions that we have on a constant basis. So the plans are still steady. And at the same time we are adding more and more customers within this category.<\/p>\n

And like we said during our opening remarks, also we are adding the wearable category to the, you know, the standalone company. The reason why we are doing that is because we were short on space. We were not expecting the kind of growth that, you know, to that we got within such a short span of time. So we were in, you know, short on space. So we are now shifting that particular business physically as well. And that is how now we intend to add that to the, you know, the standalone company.<\/p>\n

Operator<\/strong><\/p>\n

Understood. Just one last confirmation that the margin expectation for MHSA is roughly about 15 to 16% EBITDA level. Is that correct?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Yeah, around the same line, 15 to 16.<\/p>\n

Operator<\/strong><\/p>\n

Okay, sure. Thanks for taking my question.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Thank you. Thank you. Thank you.<\/p>\n

Hardeep Singh<\/strong><\/p>\n

The next question is from the line of from Sequent Investments. Please go ahead.<\/p>\n

Operator<\/strong><\/p>\n

Yeah, congratulations for good set of numbers. So again my question is on the margin. So considering before IPO somewhere around FY23, we used to do a margin roughly around 23, 22%. Our gross margin used to be around 63, 64%. So what led to this sharp decline in the margin post FY25? I understand we have done a lot of capex as well as the initial hiring you mentioned in the opening remark. But what led to this sharp decline in the margin? And are we again going to go back to this 20, 22% kind of margin in near future as the new capacities ramp up considering the new developments you spoke about?<\/p>\n

Couple of minutes back? Yeah. That’s all.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Yeah. Thank you Mr. Hiten, for asking. So basically, you know, in, during sorry, pre ipo, like you said, the margins were in the line of around 20 to 22% EBITDA margins. And since the IPO, we’ve, you know, been doing a lot of onboarding of expenses for all the new product categories. So if you look at the business, you know, set up or the verticals that we had before 2023 or up to 2023, we were only doing the home lighting segment, the commercial, you know, lighting in the retail space, the retail store lighting and the refrigeration commercial lighting and products.<\/p>\n

So apart from that, whatever we’ve been discussing during this call, whether it is hairable, wearable, automotive, then, you know, the product that we are doing for Honeywell, the EMS setup that we have started, and then the products in the energy segment like your inverters, solar and hybrid inverters and the batteries along with that. So all of that is new. And in order to get just a single product line or new vertical added, it takes a lot of effort, manpower and as you can see, the growth in number of people that we’ve had from around 1500 people to around more 25, 20, 600 people.<\/p>\n

So it’s only due to the onboarding of expenses. And like I said that all these verticals are fairly small right now. They are definitely contributing to the top line. They are doing well compared to the time that we have invested in them. And in a very short span of time they are really doing well in terms of the efforts that we’ve put in. So by the time till the time they start generating decent enough numbers, so the margins are going to look like this only. And it is pretty evident if you look, if you had a chance to look at the presentation also that we have uploaded that post the ipo, our margins were falling constantly quarter on quarter.<\/p>\n

And now since the last four to five quarters, you can see an upward trend in the EBITDA margins. And we believe that this trend will continue, although now that we’ve reached a level of around 15, so it will be around 13, 14%. So it will take some time to maybe another couple of years to. So our target is also to reach around 18 to 20%. So I was asked the same question, you know, a couple of earnings call back. So my answer has always been that our intent and our strategy has always been to stay somewhere around that 18% mark.<\/p>\n

And we are working in that direction only<\/p>\n

Unidentified Participant<\/strong><\/p>\n

When the like the development phases, like development is such a thing, which will continue, it will not stop now whatever we are putting but what we have developed and which are already we are started selling, it will improve their sales, boost their Sales because our overheads will be fixed and the once these products give their more revenue, it will automatically increase the profit.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Just want to add on to what Hardeep Ji is mentioning. So when we start just giving you an example, when we started the automotive lighting segment, the development of the automotive lighting segment, it took us almost eight to nine months or maybe 10 months to do our first sale. But eight to 10 months back we required the team, the development team even for that matter to do the trials and everything. We needed a line set up with people having the knowledge of that product category. So that is where onboarding of expenses come into play.<\/p>\n

And eventually once the sales start, it starts giving you the desired results.<\/p>\n

Operator<\/strong><\/p>\n

Yeah, thank you. Thank you for the understanding. So one follow up on this. As you mentioned, we have done a lot of developments and we are moving to other segments like auto and battery energy, etc. Etc. So what kind of R and D expense do we do? Can you like give a ballpark number?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

I honestly don’t have that number right now in front of me. But what I can say is that like you see the growth in the number of people. Our R and D team has been constantly growing. Like three years back we probably had a team of, you know, all electrical, mechanical, everyone put together maybe around, let’s say 40 people in the development side. And today that number is going to be somewhere close to around 80 people with you know, some seniors also being added into the system. So for some critical verticals we, you know, generally create a separate team which who can, you know, independently take care of that.<\/p>\n

But I’ll keep that in mind and probably we’ll have the figure from next time on the spendings on the R D.<\/p>\n

Operator<\/strong><\/p>\n

No worries, no worries. I’ll get back in the future. Thank you.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Thank you. Mr.<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Thank you. The next question is from the line of Ritesh Piladia from Girac Capital. Please go ahead. Mr. Ritesh, please go ahead with the question. Your line is unmuted.<\/p>\n

Operator<\/strong><\/p>\n

Yeah, I missed out on revenue and profit guidance. If you can repeat. Also on backward integration, I believe you were somewhat backward integrated on non electronic side on the lighting business. What about non lighting? If you can explain a bit on that also<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I’ll explain you like we like I take the example of Honeywell. So we make the plastic modes, we have the complete two room in house, two room, we make some metal modes, we have the complete setup for that. For fabrication, we have the complete setup for like the Armada vending machines, Amada laser cutting machine, your machine centers, everything we have similarly, the surface finishing, we have the liquid paint shop, we have the powder coating shop. So this is injection molding. We have all the mold making facility, we have the injection molding machines, we have the plastic extrusion machines.<\/p>\n

So everything we are doing in house. So for that I need wish that anybody who is interested to visit us please bear. Everyone is welcome. So once you see that what we are doing, it will be grateful for us as.<\/p>\n

Operator<\/strong><\/p>\n

A non lighting side. If you can give some example and what kind of backward integration you will be doing.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

This is what I have explained. This is for non lighting. Like, for. If you say like the sheet button, sheet button is not lighting. Sheet metal and sheet metal we are doing processing all the sheet with CNC machines, powder coating making the tools. Similarly, injection molding plastic components is not lighting. So it is all. And all the businesses we are getting because we have the backward integration.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So that is how we are utilizing our existing strengths and adding more capabilities to our backward integration. So that, you know, all the different verticals can be, you know, serviced from us from a single setup where we are doing anything to do with metal, plastics, you know, and electronics also, which is, which is non lighting. So all the entire setup can be used for both lighting and non lighting. Obviously there are certain machines which are dedicated for lighting. Some certain machines and teams and capabilities which are dedicated for non lighting.<\/p>\n

So that is how we’ve, you know, devised the entire thing.<\/p>\n

Operator<\/strong><\/p>\n

And if you can repeat your revenue and margin guidance,<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

That was the first part of your question. So yeah, revenue we are expecting somewhere close to around a 20 to 22% jump from this year to the next one. That is what we are expecting. And in terms of the margins, EBITDA margins, we expect them to stay in line to what we have achieved right now. That is again due to the fact that, you know, onboarding of expenses and all of that, that is still continuing. So we are on that phase of developing more and more new verticals and categories and probably every quarter or two you’ll get to hear certain new products, new categories that we’ve been talking about, you know, so every quarter I think if you look at the, if you, if you’ve been a part of our earnings call, so I’m sure you must have heard something new in every one or two quarters.<\/p>\n

So it takes a lot of time and effort to, you know, develop these products. So that is why the margins are going to stay in line with what we achieved.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sure, that’s it. From my side. Thank you very much.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Thank you. Thank you. Mr. Ritesh,<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Thank you. The next question is from the line of Madhurati from Countercyclical Investments. Please go ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you. For the opportunity of one sir, if I compare our cost to the Chinese or the importer, how would we compare? And sir, what is our thinking? Like would we like to be the comparable to Chinese or would we like to be the best Indian supplier or Indian vendor to these OEMs or brands for our product addition?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So you know, so to answer this question, I’ll give you one example of when we entered the, you know, the Middle east market. So I’ve had this question before also in some of the earlier earnings call, maybe a couple of quarters back. So when we entered the Middle east market. So you know, that market as you must be aware that you know it’s completely open to anybody in the world. So it’s quite an open space. So all the Chinese players, all the European players, they’re all there in the Middle east, the entire region.<\/p>\n

So when we ventured into that market we were, you know, competing with all of them. So where we are winning in terms of the orders is because like I said earlier during the call that we are not supplying just the product, it’s a solution that we are supplying and the ecosystem that we have built. So that ecosystem, even if you go to China, you will see that you know, all the companies, they rely on an ecosystem which is, which has been there. So let’s say for a fixture, a lighting supplier, he might be doing only the assembly and the branding and all of that and he might not be doing the entire backward integration because they already have a ecosystem set in place.<\/p>\n

But in India that is not there. So we had to create that ecosystem in house. So if you look at these trends, strength that we carry, you know, and again we work on products which are sort of solution based and not just run of the mill products which anybody can do with the, you know, a factory setup. So that has been our strength and that has been our strategy that we want to enter only into those products or categories where we are not, you know, just doing the runoff mill products where there is some value addition, where there is some level of dependency from the customer side to us and the customer is facing certain issues right now where we are able to help the customer in developing such a product where we take care of all those issues or whatever problems that the customer is facing.<\/p>\n

So that has been the strategy, strategy all along. And that is why if you look at the end result, compare the end result apple to Apple, we are Even at times cheaper than, you know, the Chinese.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood sir. Also, what is the capex that we are looking to incur in FY27 and post Q1? Once this phase two comes on stream, what will be our maximum revenue potential? If we operate at full utilization, what kind of top line can we achieve and by when do you expect to reach there?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So if I talk of the, you know, the capex first then we are I think left with around, it’s from the IPO proceeds somewhere around 35, 36 crores of CapEx which we intend to utilize in this financial year. And this is as per the RHP as well. And your next part of the question was the revenue side, if we utilize the entire capex, right?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

That’s right,<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Yeah. So if, if you know, if you look at us historically we’ve, we were always around four, four and a half to five times of the, the asset return. If you look at the business historically as well, when we were like I mentioned earlier, we were doing only 2, 3, 3, 4 verticals at that point in time. So now there is actually a lot on the plate and the plate is getting bigger day by day. We are adding more and more stuff, verticals and products. But to hypothetically answer your question again you know the amount of investment that we have put in which is close to around 300 crores, you know, everything put together.<\/p>\n

So you can assume the, you know, similar four and a half to five times of the asset return once we achieve.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So somewhere around 1500 crore top line we would be able to achieve provided if we post, post the commissioning of this capex at full utilization.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Yeah, I mean you can, you can say that that is what our intent is also you know, to reach where we were earlier.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. And what about the working capital? If you could just take us through that on a steady state basis. What is the credit period that we are offering to our customers? What is the steady state inventory days and the payable days and the net working capital<\/p>\n

Operator<\/strong><\/p>\n

Days.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So you know, honestly for the working capital, for the working capital I would say that we are not in the right time right now because whatever is happening, like I said earlier, the lead times have gone up. We have, we are now you know, having multiple inventories because say a certain design we are not able to produce because of shortage of a certain component. Then we have to go for a completely new design in order to fulfill the requirement of you know, our customers. So working capital has been sort of got, you know, a slight hit because of whatever is happening.<\/p>\n

Geopolitically in first, you know, one entire year I would say in the US market and now even in the Gulf because of the current war situation. But yeah, going forward that is something that we intend to bring back to, you know, the normal numbers that used to be there a couple of years back. And yeah, so basically that is what our intent is to bring, bring it, bring it down. But for another at least 2\/4 to 3\/4, we definitely see the impact of whatever has been happening till now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Now if we compare our company with other EMS players though, it is not a like to like comparison but just for comparison sake, we are doing far higher operating margins of around 15, 16% versus low to mid single digit margin margins that other EMS players are doing, like Dixon for example. But our working capital is quite significant. Whereas those players, they are operating at negative working capital. So I mean is this a trade off? And now that we have diversified from lighting to non lighting business, then how do we hope to take on those kind of EMS giants which have huge scale.<\/p>\n

So then how do we compete with them on products like let’s say lithium ion battery and even the variables etc. So would they not enjoy edge in terms of costing due to<\/p>\n

Operator<\/strong><\/p>\n

Their economies of scale?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I’ll just simplify your answer. We are not a small company. We are providing the solution and the end to end black box product. We are not just ascending, that is for sure. Any even, even if we do the ems, we are value adding something onto that.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So basically in your question also, you know, I can find all the answers in your question only like you said that you know, the EMS companies work on very thin margins and at the same time their working capital is also relatively, you know, the number of days are much, much lower. That is only because you know, they, they don’t really invest in the, I would say the, the raw material because the designs, they don’t have the designs with them, they don’t own the designs. Whereas in our case, you know, that is, I would say a trade off that we were aware of from the very day we started all these verticals and business categories.<\/p>\n

That is because like I said earlier, we don’t want to do the product which all the EMS products which everybody else is doing and I mean it will be unfair for us to be compared to the EMS giants but that you are talking of because their way of working, their business strategy is completely different to our business strategy and our way of working. So like, you know, like what he was referring to that we design, manufacture, do everything in house and in Order to do that, you have to invest in the raw materials and everything.<\/p>\n

But at the same time, we are very mindful of the customers that we choose in order to make sure that our payments are secure. And if you know the situation, all the geopolitical situation would have been normal, then our working capital also would have looked quite reasonable and in line with the kind of business that we are doing. And when it comes to, you know, like you took an example of the battery products. And also that is where our again strength comes into play. We just don’t supply the battery to any customer.<\/p>\n

We build a product around it, around the battery. And that is where again you know, our strength comes into play. So if we would have been supplying, let’s say a battery or a single component component to someone and a similar component or product, if someone else is doing in millions of pieces, obviously they are going to be more efficient in terms of costing. But that is where our strength is, that we build a complete product solution around it and that is how we get the margins.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Just to be clear now for taking the battery example only, have we made the battery from the chemical composition onward or the customer gave us<\/p>\n

Operator<\/strong><\/p>\n

The basic chemical composition and then we made an assembly out of it? Which one of the two is it?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

I am talking about the battery. We are not making the battery first of all we are making the solution like the complete inverter. In inverter there is a metal housing battery, there is an electronic PCB assembly, there is a firmware, then there is a final assembly. So we are managing the whole thing like the firmware. We also design ourselves electronics, we also manufacture ourselves. It’s metal body. Also we make ourselves and we are selling the complete product and we are not making the battery sales ourselves<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Cells. I think a lot of, I mean, correct me if I’m wrong, a lot of players anyway depend for the cells, you know, from imports only. But we are doing the packaging of those cells also in house. The bms, the entire packaging around it. So we do that too. So we don’t, we don’t buy the complete battery as a battery solution. We create the solution in our factories.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood? So now that we, you have explained how we are different from the run of the mill EMS player. So which closest peers would you consider that our business is comparable with like for example Focus Lighting which is doing in house, in store lighting or Qualcomm Vision which is also into contract manufacturing, LEDs etc. So are these comparable to us business wise?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So maybe some of the companies in bits and pieces. But I think it will be, you know, I’ll be probably in a better position to explain once you visit the facility and see for yourself, you know, the kind of stuff that we do in our, in our ecosystem and the variety of products and categories that we are taking care of. So. But yeah, in bits and pieces you can compare us to a lot of players but if you look at the entire ecosystem then I mean honestly I don’t have any name in my mind as of now.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Even in China, like the way we are working 41 minutes each and is something to like. So they also do in the segment wise. Segment wise, Segment wise. But once you see, that is why I say I want to invite the team, Sir. Definitely we’ll visit. Sir, one last question. So what is the pricing arrangement that we have with our customers? Is it a fixed price contract or is it a formula based pricing wherein the let’s say forex and etc. Raw material prices are passed through?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So most of the cases, it’s the second, second, you know, scenario which you mentioned, it’s most of the cases it is bomb plus. But in certain cases where, you know, especially I would say in store lighting business, there it’s not a bomb plus system. It’s. It’s the prices are driven by, you know, let’s say the market solution. What is the expectation of the customer? Because that itself is a highly customized business, highly customized solution that we provide to the customers. But apart from that, everywhere else it’s mostly BOM plus and we keep a close watch on how the market is progressing, how the raw materials are in terms of pricing, dollar fluctuations and all of that.<\/p>\n

But there is always a gap between whenever there is a change and by the time we get that effect in our books. So there’s always a gap of let’s say about two to three months. That is the time that it takes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. So just one question, sir. Our gross margins are currently at the 45% range and you mentioned that we would like our EBITDA margins to be the 80 to 20%. So is this the ideal level? And with operating leverage I think our margin should move to the 1820 range. And whatever incremental margin improvement that we can see from moving from OEM to ODM will either invest into new product development or R D, is that understanding correct? Or we can give further gross margin improvement on this current day.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So basically gross margins are going to probably remain around where we are right now, but the improvement in the EBITDA margins are going to come from the efficiencies that we will achieve in the near future. And again because of the point that a lot of the products are currently very new and the fixed cost to build that team for that new vertical, you know, is from always from day one. And when the production or volumes start, that is where the fixed cost starts to, you know, get fully utilized.<\/p>\n

So it is majority of the improvement is going to come from the, you know, product once we start producing from the efficiency of these new categories and maybe a slight upward tick from the, you know, the change in the way we are expecting the new verticals to grow.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So do we have any annual price reduction contract with our customers that as the volume of take increases we will reduce the price per unit?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

No, no. It’s generally from, you know, from day one it is like I said, most of the cases it is bomb class. So irrespective of what the costing is, irrespective of what our fixed costs are today, the product pricing is done basis on the BoM costing.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

In our investor presentation page number it is mentioned that we have acquired Gravis Tech to Shandon Marketing and Distribution. So are we planning to enter the B2C segment?<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

No, no, no. So that we’ve always said that B2C is something that we don’t intend to enter. So this is again going to be B2B. So project basically project business and project business is driven by, you know, all the, the architects, the designers and that kind of space. So the intent of acquiring Gravis with you know, the partnership that we’ve acquired is basically for entering that particular niche, high end segment and for the export market.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Understood. So like you mentioned that 75% of the total revenues from lighting business, out of which Roughly, let’s say 23% is your lighting ODM business. So roughly the remaining 50% of the revenue that is there, that is basically in store lighting for the most part.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So that is not in store lighting, it is a mix of in store lighting, it is a mix of other commercial lighting project that we do. The refrigeration, commercial refrigeration category that we do and the exports also. So the exports to, you know, the lighting products to the entire Middle east, in fact to the US market also. So all of that put together. So again that there are multiple categories and you know, geographies.<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Sorry to interrupt. We have a request, Mr. Rati to please rejoin the queue, sir.<\/p>\n

Operator<\/strong><\/p>\n

Sure.<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Thank you. The next question is from the line of Divyansh Thakur from Pinterest Capital. Please go ahead. Mr. Thakur, please go ahead with a question.<\/p>\n

Operator<\/strong><\/p>\n

So your<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Voice is breaking a lot.<\/p>\n

Operator<\/strong><\/p>\n

Okay. Is it audible now?<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Yes. Please go ahead.<\/p>\n

Operator<\/strong><\/p>\n

To get the clarity on the EBITDA margin. So we are expecting to continue the quarter four margins or the margins of fiscal year 20, 20, 26, going ahead into fiscal year 27.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

So when I was referring to the EBITDA margins, so I was referring to actually the year, year round margins that we have achieved. Hello?<\/p>\n

Operator<\/strong><\/p>\n

Okay, sir, thank you so much. Thank you so much for the certificate. Thank you so much.<\/p>\n

Sanjeet Singh<\/strong><\/p>\n

Thank you. Thank you so much.<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Thank you. Ladies and gentlemen. That was the last question for today. With that, I now hand the conference over to Mr. Hardeep Singh for closing comments.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Thank you all for making it to our quarterly earning calls for Q4FY26. If there are any further queries, please feel free to reach out to stellar IR Advisors. Thank you again, one and all. Have a nice day. Thank you very much. Thank you. Thank you, everyone.<\/p>\n

Hardeep Singh<\/strong><\/p>\n

Thank you on behalf of IQ Technologies limited. That concludes this conference. Thank you for joining us. And you may now disconnect your lines.<\/p>\n","protected":false},"excerpt":{"rendered":"

Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon. IKIO Technologies Ltd (NSE: IKIO) Q4 2026 Earnings Call dated May. 04, 2026 Corporate Participants: Hardeep Singh \u2014 Chairman and Managing Director Suyash Samant \u2014 Stellar Investor Relations Advisors Unidentified Speaker Sanjeet Singh \u2014 Whole-time […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-182262","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":179421,"url":"https:\/\/alphastreet.com\/india\/ikio-technologies-ltd-ikio-q3-2026-earnings-call-transcript\/","url_meta":{"origin":182262,"position":0},"title":"IKIO Technologies Ltd (IKIO) Q3 2026 Earnings Call Transcript","author":"News desk","date":"February 3, 2026","format":false,"excerpt":"IKIO Technologies Ltd (NSE: IKIO) Q3 2026 Earnings Call dated Feb. 02, 2026 Corporate Participants: Suyash Samant \u2014 Stellar Investor Relations Advisors Hardeep Singh \u2014 Chairman and Managing Director Sanjeet Singh \u2014 Whole-time Director Analysts: Unidentified Participant Nilesh Sharma \u2014 Analyst Presentation: operator Ladies and gentlemen, good day and welcome\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 1.5x"},"classes":[]},{"id":164814,"url":"https:\/\/alphastreet.com\/india\/ikio-lighting-ltd-q1fy25-14-fall-in-profits\/","url_meta":{"origin":182262,"position":1},"title":"IKIO Lighting Ltd Q1FY25; 14% fall in Profits","author":"Divyansh_Kasana","date":"October 10, 2024","format":false,"excerpt":"Incorporated in 2016, IKIO Lighting Limited is an Indian manufacturer of light-emitting diode (LED) lighting solutions. Financial Results: IKIO Lighting Ltd reported Revenues for Q1FY25 of \u20b9127.00 Crores up from \u20b9108.00 Crore year on year, a rise of 17.59%. 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Chief Financial Officer Analysts: Suyans Samant \u2014 Analyst Vipul Goyal \u2014 Individual Investor Darshil Jhaveri \u2014 Analyst Pawan Katariya \u2014 Analyst Nilesh Sharma \u2014 Analyst Devesh\u2026","rel":"","context":"In "Earnings Call Transcripts"","block_context":{"text":"Earnings Call Transcripts","link":"https:\/\/alphastreet.com\/india\/category\/transcripts\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg?resize=525%2C300&ssl=1 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IKIO Technologies Ltd (NSE: IKIO) engages in the manufacture of light emitting diode (LED) lighting solutions. The company is headquartered in Noida, Uttar Pradesh and currently employs 762 full-time employees. The company went IPO on 2023-06-16. 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