IKIO Technologies Ltd(IKIO)

NSE: IKIOBSE: 543923

₹ 166.2-1.31%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 1,284 crWebsite: www.ikio.inUpdated: 24 Oct 2026

About

IKIO Technologies Ltd is an Indian electronics ODM and contract manufacturer, primarily in LED lighting and diversified consumer electronics including hearables & wearables, automotive LED lamps, and professional electronics. IKIO manufactures from a greenfield campus in India and has a commercial presence in over 20 countries, with international revenue reaching 18% of FY26 revenue.^[1][2][3]

Business segments

Other Business segment (in-store lighting, hearables & wearables, automotive LED, professional electronics) was 73% of Q1FY27 consolidated revenue and 71% of FY26 consolidated revenue, up from 57% in FY25.^[2][3]
Home Lighting ODM segment has fallen from ~60% of consolidated revenue historically to below 20% in Q1FY27; revenue was Rs 448 Mn in Q1FY27, up 16% YoY.^[2]
Other Business segment delivered a ~54% revenue CAGR over FY23 - FY26, and grew 53% YoY to Rs 1,244 Mn in Q1FY27.^[2]

Products and verticals

Hearables & Wearables is a portfolio of ~40 products manufactured for leading Indian brands; the vertical is just over one year old and contributed 15 - 16% of consolidated Q1FY27 revenue.^[2][4]
~50% of Hearables & Wearables revenue in Q1FY27 comes from ODM products designed in-house, up from near-zero at segment launch, supporting margin improvement.^[2]
Automotive LED lamps (aftermarket replacement category): production commenced May/June 2026 after ~10 months of development; supplies to five top-tier aftermarket brands.^[2][3]
Professional electronics: manufactures amplifiers, public address systems, and fire alarm panels for Honeywell; SKU count expected to grow 3 - 4x from current levels by end of FY27.^[2]
Acquired 88% stake in Gravus Tech to strengthen distribution of high-end/premium lighting products targeting architects, consultants, and lighting designers.^[3][5]

Manufacturing operations

Block I (~2 lakh sq ft) has been operational since May 2024; utilisation was 15 - 20% as of Q2FY26, up from ~3 - 4% three quarters earlier.^[4]
Block II (~2 lakh sq ft): civil construction was complete as of Q3FY26; partially commercialised in Q2FY27, with two floors in use for hearables & wearables.^[2][5]
Block III (~1 lakh sq ft): construction progressing as planned as of Q1FY27.^[2]
Total investment base across the campus is ~Rs 300 crores; management estimates full-utilisation revenue potential of ~Rs 1,500 crores (4.5 - 5x asset turn) within 3 - 3.5 years.^[2][3]

Key operating numbers

Gross margin: 41.2% in Q1FY27 (+460 bps YoY); 40.2% for full FY26; 44.6% in Q4FY26.^[2][3]
EBITDA margin: 13.0% in Q1FY27 (+360 bps YoY); 13.0% for full FY26; 15.7% in Q4FY26.^[2][3]
ODM Home Lighting EBITDA margin: 8.4% in Q1FY27; Other Business EBITDA margin: ~15% in Q1FY27.^[2]
PLI scheme benefit of ~4 - 4.5% of qualifying revenue (~Rs 5 - 6 crores) expected to accrue in FY27.^[5]

Customers and distribution

Home Lighting ODM customer concentration reduced from ~95% single-customer historically to 3 - 4 active customers in Q1FY27, with more in pipeline.^[2]
Revenue from outside India grew 53% YoY to Rs 1,101 Mn in FY26, reaching 18% of consolidated revenue (vs 15% in FY25); the company operates in 20+ countries.^[2][3]
Middle East (Dubai subsidiary) has been the primary export growth driver; US market ramp did not materialise in FY26 due to tariff and geopolitical uncertainty.^[3]

Expansion and capex

Remaining capex for FY27 is ~Rs 20 - 25 crores, primarily directed at Block III (Tower 3); Block II capex is substantially complete.^[2]
Remaining IPO proceeds of ~Rs 35 - 36 crores are to be deployed as capex in FY27 per the RHP.^[3]
Automotive OEM onboarding (two-wheeler/four-wheeler) is planned as Phase 2 of the automotive strategy, targeting FY28 as the execution horizon.^[2]

Recent developments

Hearables & Wearables segment moved directly under the standalone parent company IKIO Technologies Ltd from end of Q1FY27 due to space constraints and faster-than-expected growth.^[3]
Automotive LED production commenced in May/June 2026 for five major aftermarket customers; these brands had previously imported products from China.^[2]
Block II partially commercialised in Q2FY27 (slipped from Q1FY27 target); depreciation on two operational floors began from Q2FY27.^[2]
FY27 consolidated revenue growth guidance: 18 - 20% YoY; full-year EBITDA margin guided at 13 - 14%, with long-term target revised to 17 - 18% at full utilisation within 3 - 3.5 years.^[2]

Market Cap

₹1,284 Cr

High / Low

₹239 / 104

Stock P/E

29.9

Price / Book

2.3

Book Value

₹78

EPS

₹4.9

No. of Shares

7.73 Cr

ROCE

9.5%

ROE

6.5%

OPM

10.0%

Debt / Equity

0.07

Sales

₹595 Cr

Net Profit

₹42 Cr

Promoter holding

72.5%

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