IKIO Lighting Limited (IKIO) AI Stock Analysis

• Market Cap: ₹10.37B
• Dividend Yield: 0.55%
• Average Volume (3M): 30.72K
• Price to Earnings (P/E): 38.2
• Beta (1Y): 1.71
• Revenue Growth: 11.73%
• EPS Growth: -64.05%
• Country: IN
• Employees: 604
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 1.19
• Shares Outstanding: 77,280,700
• 10 Day Avg. Volume: 3,531
• 30 Day Avg. Volume: 30,717
• PEG Ratio: -1.22
• Price to Book (P/B): 3.24
• Price to Sales (P/S): 3.74
• P/FCF Ratio: -29.85
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: ₹137.00 ▼(-25.99% Downside)
• Action: Reiterated Date: 11/25/25
• Date: Action: Reiterated 11/25/25

The overall stock score of 54 reflects the company's strong financial performance, tempered by bearish technical indicators and a high valuation. The financial stability is a positive factor, but liquidity challenges and potential overvaluation pose risks. The absence of earnings call and corporate events data limits further insights.

Positive Factors

Revenue Growth

Sustained ~15.8% revenue growth indicates durable demand for IKIO’s manufacturing-led lighting solutions and expanding commercial traction. Over 2-6 months this trend supports scale economies, stronger supplier negotiating power, and the ability to invest in capacity or product development to deepen B2B relationships.

Healthy Equity Position & Strong ROE

A high equity ratio and strong return on equity point to a resilient capital structure and efficient use of shareholder funds. This foundation reduces insolvency risk, permits incremental debt if needed, and supports long-term investments in tooling and R&D typical of contract/ODM manufacturing.

Improving Cash Conversion (Operating Cash Flow)

The shift to positive operating cash flow reflects better cash conversion from revenue and healthier working-capital management. Over several months this trend materially improves the company’s ability to fund operations and capital expenditure internally, easing reliance on external financing if sustained.

Negative Factors

Negative Free Cash Flow

Persistently negative free cash flow constrains IKIO’s ability to self-fund growth, pay down debt, or return capital. For a manufacturing business this can necessitate repeated external financing, raise cost of capital, and limit strategic flexibility over the medium term if capital expenditures remain high.

Net Profit Margin Decline

A falling net margin despite revenue gains signals pressure from rising operating costs, pricing compression, or higher interest/one-off items. If structural, margin erosion undermines cash generation and ROE, making it harder to fund expansion or absorb commodity or wage inflation in the lighting manufacturing sector.

Moderate Financial Leverage

Moderate leverage increases fixed obligations and sensitivity to interest-rate moves, limiting balance-sheet flexibility. For a capital-intensive manufacturer, this raises refinancing and covenant risk during slower demand periods and can constrain capital allocation to new product tooling or capacity expansion.

IKIO Lighting Limited Business Overview & Revenue Model

Company Description

IKIO Technologies Limited designs, develops, and produces light emitting diode (LED) lighting and energy solutions in India. The company offers ODM for LED lights, switches and hardware components, LED refrigeration lights and controls, recreational vehicle components, and LED drivers. It also provides LED lighting, which includes lights, fittings, fixtures, accessories, and components; lighting solutions, including lights, drivers, and controls, to commercial refrigeration equipment manufacturers; non-lighting solutions, such as solar panels, ABS pipes, IPS controllers, rotary switches, fan regulators and assembly, lithium battery, USB chargers; and other products, including client-designed fan regulators, light strips, mouldings, and other components and spares. Its equipment and systems are used in various industries, including residential, industrial, and commercial lighting. The company was formerly known as IKIO Lighting Limited and changed its name to IKIO Technologies Limited in March 2025. IKIO Technologies Limited was incorporated in 2016 and is based in Noida, India.

How the Company Makes Money

IKIO generates revenue through the sale of its diverse range of LED lighting products, which includes both standard and customized solutions tailored to the needs of various industries. Key revenue streams include direct sales to commercial enterprises, partnerships with distributors and retailers, and contracts for large-scale projects such as government and municipal lighting upgrades. Additionally, IKIO may benefit from strategic partnerships with technology firms to integrate smart lighting solutions, which can further enhance its product offerings and attract new customers. The company also focuses on cost-effective manufacturing processes to maintain competitive pricing, thereby driving sales volume.

IKIO Lighting Limited Financial Statement Overview

Summary

IKIO Lighting Limited demonstrates solid revenue growth and profitability potential. While the balance sheet shows financial stability, cash flow management needs to be addressed to ensure sustainable growth. The firm should focus on improving net margins and maintaining a balance between debt and equity to bolster its financial resilience.

Income Statement

IKIO Lighting Limited shows strong growth in revenue and profitability. Gross profit margin improved, indicating efficient production cost management. However, the net profit margin decreased in the latest year, reflecting potential pressures on net income despite revenue growth.

Balance Sheet

The company has a healthy equity position with a high equity ratio, suggesting stability. However, the debt-to-equity ratio indicates a moderate level of leverage that should be monitored. Return on equity is strong, showcasing effective use of equity capital to generate profits.

Cash Flow

Free cash flow improved but remains negative, indicating potential liquidity challenges. However, operating cash flow has turned positive, which is an encouraging sign of improving cash conversion. The company needs to continue focusing on enhancing its cash flow management to support growth.

Breakdown	TTM	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	4.79B	4.86B	4.38B	3.59B	3.32B	2.13B
Gross Profit	2.04B	2.05B	1.76B	1.27B	1.38B	922.78M
EBITDA	659.68M	750.81M	1.01B	759.95M	795.59M	490.31M
Net Income	208.98M	309.11M	605.71M	500.38M	505.16M	288.06M
Balance Sheet
Total Assets	0.00	6.76B	6.58B	3.11B	2.65B	1.74B
Cash, Cash Equivalents and Short-Term Investments	1.07B	1.14B	1.88B	30.11M	27.26M	36.27M
Total Debt	0.00	527.37M	703.28M	1.23B	1.16B	813.64M
Total Liabilities	-5.62B	1.14B	1.05B	1.69B	1.58B	1.14B
Stockholders Equity	5.62B	5.61B	5.53B	1.42B	1.09B	608.61M
Cash Flow
Free Cash Flow	0.00	-608.26M	-889.04M	371.64M	-246.55M	-150.25M
Operating Cash Flow	0.00	350.67M	-52.02M	568.14M	-154.84M	-86.38M
Investing Cash Flow	0.00	-40.77M	-2.49B	-498.52M	-92.08M	-61.14M
Financing Cash Flow	0.00	-331.57M	2.66B	-77.45M	235.89M	102.76M

IKIO Lighting Limited Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 185.10
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IN:IKIO, the sentiment is Negative. The current price of 185.1 is above the 20-day moving average (MA) of 148.59, above the 50-day MA of 160.71, and below the 200-day MA of 195.93, indicating a bearish trend. The MACD of -5.31 indicates Positive momentum. The RSI at 31.56 is Neutral, neither overbought nor oversold. The STOCH value of 14.85 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IN:IKIO.

IKIO Lighting Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
RRKABEL	74 Outperform	₹168.10B	34.73	―	0.49%	17.36%	52.81%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
DYCL	61 Neutral	₹14.03B	18.05	―	0.07%	28.58%	54.67%
HIRECT	58 Neutral	₹23.32B	49.83	―	0.13%	35.05%	99.65%
SALZERELEC	58 Neutral	₹11.18B	24.44	―	0.36%	21.51%	-17.75%
ELIN	57 Neutral	₹6.32B	56.01	―	―	12.53%	119.28%
IKIO	54 Neutral	₹10.37B	38.21	―	0.55%	11.73%	-64.05%