IKIO Lighting Limited (IN:IKIO)
:IKIO
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IKIO Lighting Limited
(IKIO)
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Rating:63Neutral
Price Target:
₹183.00
▼(-1.13% Downside)
Action:Reiterated
Date:05/12/26
Overall score is held back primarily by weak cash generation (negative free cash flow in 2024–2026) and recent margin erosion despite continued revenue growth. These risks are partially offset by a stronger balance sheet with low leverage and supportive technical momentum, while valuation at ~22x earnings is reasonable but not clearly undervalued.
Positive Factors
Steady revenue growth
Consistent top-line growth, including +14.9% in 2026, indicates durable demand for IKIO's lighting products and solutions. Over a 2–6 month horizon this supports scale benefits, production planning, and the ability to invest in product development and customer programs, underpinning sustainable business expansion.
Negative Factors
Sustained negative free cash flow
Persistent negative free cash flow over multiple years signals structural cash-generation issues driven by reinvestment and working-capital drag. This reduces financial flexibility, may force external funding or slower capital returns, and constrains the company's ability to self-fund growth or weather further margin shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady revenue growth
Consistent top-line growth, including +14.9% in 2026, indicates durable demand for IKIO's lighting products and solutions. Over a 2–6 month horizon this supports scale benefits, production planning, and the ability to invest in product development and customer programs, underpinning sustainable business expansion.
Read all positive factors
IKIO Lighting Limited (IKIO) vs. iShares MSCI India ETF (INDA)
Market Cap
₹11.91B
Dividend Yield0.55%
Average Volume (3M)30.72K
Price to Earnings (P/E)21.9
Beta (1Y)1.88
Revenue Growth22.52%
EPS Growth16.07%
CountryIN
Employees604
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)2.30
Shares Outstanding77,280,700
10 Day Avg. Volume3,531
30 Day Avg. Volume30,717
Financial Highlights & Ratios
PEG Ratio1.31
Price to Book (P/B)1.38
Price to Sales (P/S)1.39
P/FCF Ratio-13.13
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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, recreation...
How the Company Makes Money
IKIO primarily makes money by selling lighting products and solutions to its customers. Revenue is generated from the manufacture and supply of lighting fixtures/components and from associated services such as product design, engineering, and buil...
IKIO Lighting Limited Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
78
Positive
Cash Flow
39
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.18B | 5.95B | 4.86B | 4.38B | 3.59B | 3.32B |
| Gross Profit | 1.78B | 1.22B | 2.05B | 1.76B | 1.27B | 1.38B |
| EBITDA | 633.38M | 775.35M | 750.81M | 1.01B | 759.95M | 795.59M |
| Net Income | 179.44M | 378.26M | 309.11M | 605.71M | 500.38M | 505.16M |
Balance Sheet | ||||||
| Total Assets | 7.28B | 7.67B | 6.76B | 6.58B | 3.11B | 2.65B |
| Cash, Cash Equivalents and Short-Term Investments | 882.94M | 576.23M | 1.14B | 1.88B | 30.11M | 27.26M |
| Total Debt | 590.38M | 696.99M | 527.37M | 703.28M | 1.23B | 1.16B |
| Total Liabilities | 1.49B | 1.58B | 1.14B | 1.05B | 1.69B | 1.58B |
| Stockholders Equity | 5.76B | 6.02B | 5.61B | 5.53B | 1.42B | 1.09B |
Cash Flow | ||||||
| Free Cash Flow | -227.10M | -632.24M | -608.26M | -889.04M | 371.64M | -246.55M |
| Operating Cash Flow | 51.02M | 185.91M | 350.67M | -52.02M | 568.14M | -154.84M |
| Investing Cash Flow | -28.79M | -196.14M | -40.77M | -2.49B | -498.52M | -92.08M |
| Financing Cash Flow | -20.60M | 108.61M | -331.57M | 2.66B | -77.45M | 235.89M |
IKIO Lighting Limited Technical Analysis
Negative
185.10
Price Trends
140.53
Positive
150.24
Positive
176.66
Negative
Market Momentum
4.00
Positive
50.02
Neutral
11.00
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 159.41, above the 50-day MA of 140.53, and above the 200-day MA of 176.66, indicating a neutral trend. The MACD of 4.00 indicates Positive momentum. The RSI at 50.02 is Neutral, neither overbought nor oversold. The STOCH value of 11.00 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
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | ₹221.92B | 21.77 | ― | 0.49% | 27.62% | 57.80% | |
66 Neutral | ₹14.48B | 13.83 | ― | 0.07% | 16.82% | 28.25% | |
63 Neutral | ₹11.91B | 21.95 | ― | 0.55% | 22.52% | 16.07% | |
63 Neutral | ₹33.49B | 50.39 | ― | 0.13% | 52.45% | 21.13% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
58 Neutral | ₹12.39B | 24.44 | ― | 0.36% | 21.24% | -23.99% | |
53 Neutral | ₹5.94B | 56.01 | ― | ― | 11.99% | 150.40% |
* Technology Sector Average
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IKIO Lighting Limited Corporate Events
IKIO Technologies Declares It Is Not Classified as a Large Corporate Under SEBI Norms
May 5, 2026
IKIO Technologies Limited has notified stock exchanges that, for the financial year ended March 2026, it does not qualify as a Large Corporate under the relevant SEBI operational and debt market circulars. The company’s disclosure, including...
IKIO Technologies Files SEBI Compliance Certificate on Share Demat Activity
Apr 6, 2026
IKIO Technologies Limited has reported that, for the quarter ended 31 March 2026, it has complied with Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 regarding the handling of its dematerialized and rematerialized s...
IKIO Technologies Announces Resignation of Independent Director Rachana Chowdhary
Apr 4, 2026
IKIO Technologies Limited has announced that independent director Ms. Rachana Chowdhary has resigned from the board, effective at the close of business on 4 April 2026. The company has formally notified the stock exchanges of this governance chang...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.