IKIO Technologies Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript IKIO Technologies Ltd filed with BSE on 08 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
IKIO Technologies reported Q4 FY26 revenue of INR165 crores, up 47% year-on-year, with EBITDA margins expanding to approximately 16% and PAT margin of approximately 11%. For full year FY26, revenue grew 23% year-on-year to INR595 crores with EBITDA margins of approximately 13%. Management discussed diversification beyond lighting into Hearables/Wearables, Automotive Lighting, Electronic Components and Energy Solutions, alongside continued capacity expansion funded by IPO proceeds.
Numbers mentioned
Revenue: INR165 crores (Q4 FY26)
p. 4
“We sustained strong growth momentum in quarter 4 FY '26 with revenue increasing 47% year-on-year and 14% quarter-onquarter to INR165 crores.”
Sanjeet Singh, page 4 of the filed PDF · View the filing
EBITDA: INR26 crores (Q4 FY26)
p. 4
“EBITDA stood at INR26 crores, up 19% quarter-on-quarter versus INR6 crores in quarter 4 FY '25, with margins expanding to approximately 16%.”
Sanjeet Singh, page 4 of the filed PDF · View the filing
PAT: INR18 crores (Q4 FY26)
p. 4
“Profitability improved with PAT at INR18 crores, up 63% quarter-on-quarter, translating into a PAT margin of approximately 11%.”
Sanjeet Singh, page 4 of the filed PDF · View the filing
Cash PAT: INR26 crores (Q4 FY26)
p. 4
“Cash PAT stood at INR26 crores, up 38% quarter-onquarter versus INR5 crores in quarter 4 FY '25.”
Sanjeet Singh, page 4 of the filed PDF · View the filing
Revenue: INR595 crores (FY26)
p. 4
“For FY '26, revenue stood at INR595 crores, reflecting a robust 23% year-on-year growth.”
Sanjeet Singh, page 4 of the filed PDF · View the filing
EBITDA: INR78 crores (FY26)
p. 4
“EBITDA stood at INR78 crores, up 29% year-onyear, with margins expanding to approximately 13%.”
Sanjeet Singh, page 4 of the filed PDF · View the filing
PAT: INR42 crores (FY26)
p. 4
“PAT stood at INR42 crores, which is up 28% year-on-year with a margin of around 7%, while cash PAT stood at INR72 crores, also up 28% year-on-year.”
Sanjeet Singh, page 4 of the filed PDF · View the filing
Revenue from outside India: INR110 crores (FY26)
p. 4
“Revenue from outside India increased to INR110 crores, up 53% year-on-year in FY '26, driven by sustained growth supported by our diversification in the Middle East market despite a slowdown in the U.S. amid tariff uncertainty.”
Sanjeet Singh, page 4 of the filed PDF · View the filing
Other business (non-Home Lighting) revenue contribution: 77% (Q4 FY26)
p. 4
“our other business contribution increased to 77% in quarter 4 FY '26 from 66% in quarter 4 FY '25 and to 71% in FY '26 from 57% in FY '25.”
Sanjeet Singh, page 4 of the filed PDF · View the filing
Headcount: 2,500 plus
p. 5
“So right currently, the headcount, including the staff and labor, it is currently 2,500 plus, all factories put together.”
Sanjeet Singh, page 5 of the filed PDF · View the filing
Working capital cycle: 60 to 75 days
p. 12
“So in terms of numbers, I can say that it is around 60 to 75 days.”
Sanjeet Singh, page 12 of the filed PDF · View the filing
Remaining IPO CapEx: INR35-36 crores (FY27)
p. 19
“we are, I think, left with around -- from the IPO proceeds, somewhere around INR35 crores, INR36 crores of CapEx, which we intend to utilize in this financial year.”
Sanjeet Singh, page 19 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Revenue growth — 20% to 22% · FY27
stated conditionally by Sanjeet Singh
p. 15
“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 FY '27 because like I said, the U.S. market has been sort of been slow because of the geopolitical issues.”
Sanjeet Singh, page 15 of the filed PDF · View the filing
EBITDA margin — 15% to 16% · FY27
stated firmly by Sanjeet Singh
p. 16
“Yes, around -- yes, same line, 15% to 16%.”
Sanjeet Singh, page 16 of the filed PDF · View the filing
EBITDA margin — 18% to 20% · medium term
stated as an aspiration by Sanjeet Singh
p. 16
“So it will take 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%.”
Sanjeet Singh, page 16 of the filed PDF · View the filing
Non-lighting revenue share — 30% to 32% · next year
stated as an aspiration by Sanjeet Singh
p. 11
“So like for next year, I can say maybe it may come to around from 25% to, let's say, 30%, 32%.”
Sanjeet Singh, page 11 of the filed PDF · View the filing
U.S. expansion results — next 2 or 3 quarters
stated as an aspiration by Hardeep Singh
p. 12
“U.S. 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 results in next 2 or 3 quarters.”
Hardeep Singh, page 12 of the filed PDF · View the filing
Working capital normalization — normal levels · 2 to 3 quarters
stated conditionally by Sanjeet Singh
p. 20
“But for another at least 2 quarters to 3 quarters, we definitely see the impact of whatever has been happening till now.”
Sanjeet Singh, page 20 of the filed PDF · View the filing
Revenue potential at full CapEx utilization — INR1,500 crores
stated as an aspiration by Sanjeet Singh
p. 19
“Yes. I mean you can say that. That is what our intent is also to reach where we were earlier.”
Sanjeet Singh, page 19 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management stated headcount is 2,500 plus and said utilization is hard to comment on at console level due to multiple new verticals, with mature units around 70% efficiency.
Answered by Sanjeet Singh
Asked by Ritesh Poladia: What is the company's consolidated headcount and utilization level?
p. 5
“So currently, I mean, every time this question is put up, I always tell 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.”
Sanjeet Singh, page 5 of the filed PDF · View the filing
Management clarified the decline is specific to ODM Home Lighting tied to a single customer, while other verticals are growing and offsetting the decline.
Answered by Sanjeet Singh
Asked by Madhur Rathi: Has the lighting revenue mix bottomed out and what explains its decline?
p. 9
“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.”
Sanjeet Singh, page 9 of the filed PDF · View the filing
Management guided to 20-22% revenue growth with EBITDA margins in line with current levels, citing caution due to US geopolitical issues.
Answered by Sanjeet Singh
Asked by Pratap Maliwal: What growth is expected in FY27 given diversification efforts?
p. 15
“So a 20% to 22% with if you look at the EBITDA margins, it should be in line to what we have achieved this time around.”
Sanjeet Singh, page 15 of the filed PDF · View the filing
Management explained margins fell due to onboarding of expenses for new verticals since the IPO, and expects gradual improvement toward an 18-20% target over a couple of years.
Answered by Sanjeet Singh
Asked by Hiten Boricha: What caused the sharp decline in margins from pre-IPO levels and will margins return to 20-22%?
p. 16
“So it will take 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%.”
Sanjeet Singh, page 16 of the filed PDF · View the filing
Management said remaining CapEx from IPO proceeds is INR35-36 crores and historically the business generates about 4.5-5x asset turns, implying a large revenue potential once fully utilized.
Answered by Sanjeet Singh
Asked by Madhur Rathi: What is the CapEx plan for FY27 and revenue potential post Phase 2 commissioning at full utilization?
p. 19
“So if you look at us historically, we were always around 4, 4.5 to 5x of the asset return.”
Sanjeet Singh, page 19 of the filed PDF · View the filing
Management confirmed impact on supply chain and rising input prices but said their ODM flexibility allows quick design changes to adapt.
Answered by Sanjeet Singh
Asked by Pratap Maliwal: Has there been any impact from Middle East geopolitical tensions on supply chain or sales?
p. 14
“Yes, yes. So absolutely, there has been an effect of that. And if I talk of the effect, it's been on multiple areas.”
Sanjeet Singh, page 14 of the filed PDF · View the filing
Risks flagged
Slowdown in U.S. market due to tariff uncertainty and geopolitical issues
p. 4
“driven by sustained growth supported by our diversification in the Middle East market despite a slowdown in the U.S. amid tariff uncertainty.”
Sanjeet Singh, page 4 of the filed PDF · View the filing
Geopolitical disruptions delaying U.S. market expansion plans
p. 12
“But then everybody knows that every 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.”
Sanjeet Singh, page 12 of the filed PDF · View the filing
Rising raw material prices due to metals cost increases
p. 15
“Prices are definitely going up because as -- if you are following the industry, so metals have gone up like aluminum, copper, everything is -- the prices are rising.”
Sanjeet Singh, page 15 of the filed PDF · View the filing
Elevated lead times for components affecting supply chain planning
p. 15
“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.”
Sanjeet Singh, page 15 of the filed PDF · View the filing
Working capital deterioration due to geopolitical situation in US and Gulf war situation
p. 20
“So working capital has been sort of got a slight hit because of whatever is happening geopolitically in first one entire year, I would say, in the U.S. market and now even in the Gulf because of the current war situation.”
Sanjeet Singh, page 20 of the filed PDF · View the filing
Elevated strategic expenses from onboarding new verticals
p. 4
“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.”
Sanjeet Singh, page 4 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.