IKIO Lighting Limited (IKIO) AI Stock Analysis

• Market Cap: ₹9.02B
• Dividend Yield: 0.55%
• Average Volume (3M): 30.72K
• Price to Earnings (P/E): 38.2
• Beta (1Y): 1.70
• 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: ₹124.00 ▼(-33.01% 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 trend

Sustained ~15.8% revenue growth indicates expanding demand for IKIO's manufactured lighting products and validates its B2B/ODM manufacturing model. Over a 2–6 month horizon this supports scale benefits, stronger supplier leverage, and continued top-line momentum versus peers.

Improving gross margins

An improving gross profit margin signals better production efficiency and cost control in manufacturing operations. This durability supports margin sustainability, competitive pricing flexibility, and the potential to reinvest savings into product development or customer-specific ODM services.

Healthy equity position and strong ROE

A high equity ratio and strong ROE reflect balance-sheet resilience and efficient use of shareholder capital. This durable financial foundation improves access to financing, underpins continuity of operations, and supports strategic investments without immediate dilution.

Negative Factors

Negative free cash flow

Persistently negative free cash flow, despite operating cash flow turning positive, constrains internal funding for capex, working capital, or debt reduction. Over months this elevates reliance on external financing and limits financial flexibility during industry slowdowns or expansion initiatives.

Declining net profit margin

A falling net profit margin suggests rising operating, financing, or extraordinary costs that erode bottom-line resilience. If structural, this can reduce retained earnings, weaken cash conversion, and diminish the ability to sustain investments or absorb input-cost shocks over a medium-term horizon.

Moderate leverage on the balance sheet

Moderate debt levels increase financial risk, especially given negative free cash flow and margin pressure. Over 2–6 months, leverage can raise interest burdens, restrict strategic moves, and amplify earnings volatility if demand softens or working capital needs rise.

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 primarily makes money by manufacturing and supplying lighting products for customers and recognizing revenue from the sale of these manufactured goods. Key revenue streams typically include (i) product sales to B2B customers (such as lighting brands, distributors, and retailers) based on purchase orders or supply agreements, and (ii) value-added manufacturing services bundled into product pricing (e.g., design/engineering support, assembly, quality testing, and packaging) when provided as part of an ODM/contract-manufacturing arrangement. Revenue is generally earned when goods are delivered/accepted under contractual terms. Specific customer concentration details, pricing structure (fixed vs. cost-plus), aftermarket/service revenue, and named strategic partnerships are null because they are not available from the information provided.

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 133.32, above the 50-day MA of 147.19, and below the 200-day MA of 189.96, indicating a bearish trend. The MACD of -8.63 indicates Positive momentum. The RSI at 26.93 is Positive, neither overbought nor oversold. The STOCH value of 8.25 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	₹157.12B	34.73	―	0.49%	17.36%	52.81%
IKIO	62 Neutral	₹9.02B	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	₹13.10B	18.05	―	0.07%	28.58%	54.67%
HIRECT	58 Neutral	₹25.53B	49.83	―	0.13%	35.05%	99.65%
SALZERELEC	58 Neutral	₹9.73B	24.44	―	0.36%	21.51%	-17.75%
ELIN	57 Neutral	₹5.80B	56.01	―	―	12.53%	119.28%