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Geopolitical disruption in Middle East and US tariffs
View Risks →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).
bullish
medium
✓ Verified against BSE filing
2-Minute Summary
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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.
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Non-lighting revenue share
77%
+11pp YoY
Non-lighting contributed 77% of Q4 revenue vs 66% in Q4 FY25, driven by 72% YoY growth.
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.
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Guidance and risk preview
Management expects 20-22% YoY revenue growth in FY27, driven by new verticals and Middle East expansion, tempered by US uncertainty.
Management acknowledged that Middle East tensions and US tariff uncertainty have slowed export momentum and increased supply chain costs.
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