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A source-linked quarter view: reported numbers, management language, guidance, and the risks that should carry forward.
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Revenue
₹165 Cr
verified against source
Revenue YoY
47%
reported change
EBITDA
₹26 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
IKIO delivered a strong Q4 FY26 with revenue of ₹165 crore (+47% YoY) and PAT of ₹18 crore (+63% QoQ). EBITDA margin expanded to ~16% (vs ~13% FY26 full year), driven by a favorable mix shift toward non-lighting segments (now 77% of Q4 revenue) and operating leverage. The company guided for 20-22% revenue growth in FY27 with EBITDA margins sustaining at ~13-16% as new verticals (automotive lighting, EMS, energy solutions) ramp up. Key risk: geopolitical disruptions in the Middle East and US tariff uncertainty could delay export momentum and pressure working capital.
Colored figures show movement against the previous available record.
Guidance to track
- Management expects 20-22% YoY revenue growth in FY27, driven by new verticals and Middle East expansion, tempered by US uncertainty.
- FY27 EBITDA margins expected to remain in line with FY26 full-year levels (~13%) as onboarding expenses for new verticals continue.
- Second block of 2 lakh sq ft will be operational by end of Q1 FY27, adding capacity for new products and exports.
- Long-term margin target of 18-20% as new verticals mature and operating leverage improves.
Risks flagged
- Management acknowledged that Middle East tensions and US tariff uncertainty have slowed export momentum and increased supply chain costs.
- Working capital days have increased due to longer lead times and inventory buildup from design changes; normalization expected in 2-3 quarters.
- Home lighting ODM revenue (23% of mix) remains concentrated on Signify; management is adding customers but transition is gradual.
- New verticals like herables/variables have lower margins (high single-digit EBITDA) vs company average; ramp-up to double-digits may take time.
Key quotes
- We are not a screwdriver company. We are providing the solution and the end-to-end blackbox product.
- Our intent and our strategy has always been to stay somewhere around that 18% mark and we are working in that direction only.
- We are even at times cheaper than the Chinese.
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