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Revenue
₹685.81 Cr
verified against source
Revenue YoY
16.22%
reported change
EBITDA
₹97.7 Cr
latest reported figure
Source
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record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Fiem Industries delivered a strong Q3 FY26 with revenue of ₹685.81 crore (+16.2% YoY) and EBITDA margin crossing 14.25% for the first time, driven by operating leverage, efficiency gains, product mix, and escalations. PAT grew 33.8% YoY to ₹63.45 crore. The two-wheeler industry backdrop remains supportive with 15% production growth, and Fiem continues to outperform or match key OEM growth rates. Management guides for 15-20% revenue growth and sustained 14%+ EBITDA margins, supported by a ₹200 crore capex plan over 24 months for capacity expansion and four-wheeler entry. Four-wheeler business is gaining traction with Mahindra, Force Motors, and Mercedes (approved as potential supplier). Risks include potential market share loss in certain models to competitors and execution challenges in scaling the four-wheeler segment.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects to maintain 15-20% revenue growth, outperforming the industry.
- Management targets sustaining EBITDA margins at 14% or above going forward.
- Planned capital expenditure of approximately ₹200 crore over the next two years for capacity expansion and four-wheeler projects.
- Management will present a detailed business plan and revenue impact from four-wheeler segment at the next investor meet in May 2026.
Risks flagged
- Competitors like Lumax are growing faster in HMSI, potentially indicating market share loss in certain models.
- Two fire incidents in recent years raise safety concerns; insurance claims are under process.
- Four-wheeler revenue contribution remains negligible despite prolonged discussions; meaningful impact may take years.
- Company is entirely dependent on the automotive sector, which could be cyclical.
Key quotes
- We believe that we should ideally be at 14% plus margin in future as well. That's the kind of target we are setting for ourselves.
- Our plant and other things stand approved as a potential supplier to Mercedes globally for small lamps. Probably we are the only lighting suppliers at this moment to reach this place with Mercedes.
- We are open for acquisition and high growth route. However we are also conservative in acquiring any organization because it has to be a right fit with our philosophy.
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