IKIO Lighting Limited (IKIO) AI Stock Analysis

• Market Cap: ₹9.16B
• Dividend Yield: 0.55%
• Average Volume (3M): 30.72K
• Price to Earnings (P/E): 38.2
• Beta (1Y): 1.66
• 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: 62 Neutral
• Price Target: ₹140.00 ▼(-24.37% Downside)
• Action: Reiterated Date: 03/10/26
• Date: Action: Reiterated 03/10/26

The score is primarily supported by solid financial performance (growth and balance-sheet stability), but is held back by weak price momentum (below key moving averages with negative MACD) and a relatively high P/E with no dividend yield data to offset valuation risk.

Positive Factors

Revenue Growth

Sustained revenue growth (~15.8%) reflects expanding product demand and effective B2B manufacturing execution. Over 2–6 months this trend supports scaling benefits, stronger negotiating power with suppliers, and a platform for further margin improvement as fixed costs spread across higher volumes.

Margin & Capital Efficiency

Improved gross margins plus strong return on equity and a healthy equity ratio indicate durable operational efficiency and effective capital use. These traits support reinvestment, resilience to competitive pricing, and longer-term profitability if maintained alongside disciplined cost control.

Operating Cash Flow Recovery

Positive operating cash flow signals the core manufacturing business is generating cash from operations, a durable sign of improving cash conversion. If maintained, it reduces reliance on external funding and helps transition to consistently positive free cash flow over the medium term.

Negative Factors

Negative Free Cash Flow

Persistently negative free cash flow constrains the company's ability to self-fund capex, working capital, or acquisitions. Over months this raises dependence on external financing, limits financial flexibility, and could force trade-offs between growth investment and balance-sheet repair.

Earnings Volatility

A sharp decline in EPS (~-51.7%) signals pressure on net profitability that may stem from higher costs, margin compression or one-offs. Sustained EPS weakness reduces retained earnings, undermines reinvestment capacity and raises questions about consistent long-term profit generation.

Moderate Leverage

Moderate leverage increases financial risk, especially if cash flows are uneven. Over a 2–6 month horizon, elevated debt servicing can constrain capital allocation, increase sensitivity to interest rates or sales slowdowns, and limit ability to pursue growth without additional capital.

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

Financials are solid overall: strong revenue/profitability trends (Income Statement score 75) and a stable equity position with strong ROE (Balance Sheet score 68). The main drag is cash generation—free cash flow remains negative despite operating cash flow turning positive (Cash Flow score 62).

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	5.18B	4.86B	4.38B	3.59B	3.32B	2.13B
Gross Profit	1.78B	2.05B	1.76B	1.27B	1.38B	922.78M
EBITDA	633.38M	750.81M	1.01B	759.95M	795.59M	490.31M
Net Income	179.44M	309.11M	605.71M	500.38M	505.16M	288.06M
Balance Sheet
Total Assets	7.28B	6.76B	6.58B	3.11B	2.65B	1.74B
Cash, Cash Equivalents and Short-Term Investments	882.94M	1.14B	1.88B	30.11M	27.26M	36.27M
Total Debt	590.38M	527.37M	703.28M	1.23B	1.16B	813.64M
Total Liabilities	1.49B	1.14B	1.05B	1.69B	1.58B	1.14B
Stockholders Equity	5.76B	5.61B	5.53B	1.42B	1.09B	608.61M
Cash Flow
Free Cash Flow	-227.10M	-608.26M	-889.04M	371.64M	-246.55M	-150.25M
Operating Cash Flow	51.02M	350.67M	-52.02M	568.14M	-154.84M	-86.38M
Investing Cash Flow	-28.79M	-40.77M	-2.49B	-498.52M	-92.08M	-61.14M
Financing Cash Flow	-20.60M	-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: Positive
• 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 137.75, above the 50-day MA of 150.96, and below the 200-day MA of 191.46, indicating a bearish trend. The MACD of -7.81 indicates Positive momentum. The RSI at 23.49 is Positive, neither overbought nor oversold. The STOCH value of 6.59 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	₹157.44B	34.73	―	0.49%	17.36%	52.81%
IKIO	62 Neutral	₹9.16B	38.21	―	0.55%	11.73%	-64.05%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
DYCL	61 Neutral	₹13.12B	18.05	―	0.07%	28.58%	54.67%
HIRECT	58 Neutral	₹25.40B	49.83	―	0.13%	35.05%	99.65%
SALZERELEC	58 Neutral	₹9.63B	24.44	―	0.36%	21.51%	-17.75%
ELIN	57 Neutral	₹5.97B	56.01	―	―	12.53%	119.28%