Non-lighting revenue share
77%
+11pp YoY
Non-lighting contributed 77% of Q4 revenue vs 66% in Q4 FY25, driven by 72% YoY growth.
IKIOTECHNOLOGIES
Information Technology
2026-04-??
IKIO Technologies Ltd — Q4 FY26
IKIO delivered a strong Q4 FY26 with revenue of ₹165 crore (+47% YoY) and PAT of ₹18 crore (+63% QoQ).
✓ Verified against BSE filing
2-Min Summary
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.
Key Numbers
Export revenue
₹110 cr
+53% YoY
Export revenue grew 53% in FY26, with Middle East traction offsetting US slowdown.
Employee headcount
2,500+
+56% vs IPO time
Headcount increased from ~1,600 at IPO to 2,500+, reflecting investment in new verticals.
Asset turnover potential
4.5-5x
N/A
Management targets 4.5-5x asset turnover on ₹300 cr capex, implying ~₹1,500 cr revenue potential.
Management Guidance
FY27 revenue growth of 20-22%
Management expects 20-22% YoY revenue growth in FY27, driven by new verticals and Middle East expansion, tempered by US uncertainty.
revenueEBITDA margins to sustain at ~13-16%
FY27 EBITDA margins expected to remain in line with FY26 full-year levels (~13%) as onboarding expenses for new verticals continue.
marginsBlock 2 of greenfield facility to commercialize by Q1 FY27 end
Second block of 2 lakh sq ft will be operational by end of Q1 FY27, adding capacity for new products and exports.
capexTarget 18-20% EBITDA margin in 2-3 years
Long-term margin target of 18-20% as new verticals mature and operating leverage improves.
marginsKey Risks
Geopolitical disruption in Middle East and US tariffs
Management acknowledged that Middle East tensions and US tariff uncertainty have slowed export momentum and increased supply chain costs.
high · management_commentaryWorking capital pressure from geopolitical issues
Working capital days have increased due to longer lead times and inventory buildup from design changes; normalization expected in 2-3 quarters.
medium · analyst_questionDependence on single large customer in home lighting ODM
Home lighting ODM revenue (23% of mix) remains concentrated on Signify; management is adding customers but transition is gradual.
medium · analyst_questionMargin dilution from new verticals
New verticals like herables/variables have lower margins (high single-digit EBITDA) vs company average; ramp-up to double-digits may take time.
medium · data_observationNotable 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.