IKIO Lighting Limited (IKIO) AI Stock Analysis

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IKIO Lighting Limited

(NSE:IKIO)

Select Model

Rating:57Neutral

Price Target:INR 167.00▲(3.44% Upside)

Action:reiterated

Date:08/29/26

The score is held back primarily by weakening profitability and poor free-cash-flow performance despite healthy revenue growth and a conservative recent balance sheet. Technically, the stock is in an uptrend above major moving averages, but mixed momentum indicators and a high P/E without a dividend keep the overall score in the mid-range.

Positive Factors

Revenue GrowthSteady revenue growth, including 14.9% in 2026, indicates continuing demand for IKIO’s manufactured lighting products and supports scale development. A growing top line can improve capacity utilization and reinforce the company’s role as an outsourced production partner over the next several quarters.

Negative Factors

Margin CompressionThe sharp decline in gross margin shows that recent revenue growth is producing less profit per unit than in earlier periods. Unless margins recover, IKIO may have less earnings leverage from additional sales and reduced capacity to fund investment, absorb costs, or strengthen returns.

IKIO Lighting Limited (IKIO) vs. iShares MSCI India ETF (INDA)

Market Cap: INR 12.38B
Dividend Yield: ―
Average Volume (3M): 25.86K
Price to Earnings (P/E): 25.8
Beta (1Y): 2.06
Revenue Growth: 34.55%
EPS Growth: 108.62%
Country: India
Employees: 435
Sector: General
Sector Strength: 55
Industry: Electrical Equipment & Parts

IKIO Lighting Limited Business Overview & Revenue Model

Company Description

Based in Noida, India, IKIO Technologies Limited, founded in 2016 (and formerly known as IKIO Lighting Limited until its name change in March 2025), specializes in the design, development, and production of LED lighting and energy solutions for the I...

How the Company Makes Money

IKIO primarily makes money by manufacturing lighting products and related components for customers on a contract basis. Its revenue model is centered on (1) sale of manufactured goods—earning revenue when it delivers finished lighting products or sub...

IKIO Lighting Limited Financial Statement Overview

Summary

Revenue growth is solid (including +14.9% in 2026) and leverage is low in 2025–2026, but overall quality has weakened due to sharp margin compression (gross margin down to ~20% vs ~40%+ previously) and very weak cash generation, with meaningfully negative free cash flow in 2024–2026.

Income Statement

68Positive

Balance Sheet

78Positive

Cash Flow

39Negative

Financial statement breakdown
Breakdown	TTM	Mar 2026	Mar 2025	Mar 2024	Mar 2023	Mar 2022
Income Statement
Total Revenue	6.44B	5.95B	4.86B	4.38B	3.59B	3.32B
Gross Profit	1.12B	1.22B	2.05B	1.76B	1.27B	1.38B
EBITDA	1.01B	775.35M	750.81M	1.01B	759.95M	795.59M
Net Income	465.00M	378.26M	309.11M	605.71M	500.38M	505.16M
Balance Sheet
Total Assets	0	7.67B	6.76B	6.58B	3.11B	2.65B
Cash, Cash Equivalents and Short-Term Investments	217.51M	576.23M	1.14B	1.88B	30.11M	27.26M
Total Debt	0	696.99M	527.37M	703.28M	1.23B	1.16B
Total Liabilities	-6.09B	1.58B	1.14B	1.05B	1.69B	1.58B
Stockholders Equity	6.09B	6.02B	5.61B	5.53B	1.42B	1.07B
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

Technical Analysis SentimentNegative

Last Price161.45

Price Trends

50DMA194.61Negative

100DMA192.06Negative

200DMA169.52Negative

Market Momentum

MACD-9.47Positive

RSI30.09Neutral

STOCH21.39Neutral

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 161.45 is below the 20-day moving average (MA) of 178.06, below the 50-day MA of 194.61, and below the 200-day MA of 169.52, indicating a bearish trend. The MACD of -9.47 indicates Positive momentum. The RSI at 30.09 is Neutral, neither overbought nor oversold. The STOCH value of 21.39 is Neutral, 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

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

IN:IKIO against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
IN:EVEREADY	67Neutral	INR 22.65B	12.66	―	0.80%	8.74%	113.98%
IN:HAVELLS	65Neutral	INR 635.56B	38.23	―	0.99%	16.50%	13.65%
IN:SERVOTECH	63Neutral	INR 13.96B	37.40	―	0.03%	7.40%	15.11%
IN:VGUARD	62Neutral	INR 122.42B	29.87	―	0.54%	13.36%	26.08%
IN:IKIO	57Neutral	INR 12.48B	25.75	―	―	34.55%	108.62%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
IN:FOCUS	53Neutral	INR 3.43B	57.91	―	―	14.94%	-31.55%

* General Sector Average

Performance Comparison

IN:IKIO and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
IN:IKIO	IKIO Lighting Limited	161.45	-49.90	-23.61%
IN:EVEREADY	Eveready Industries India Ltd	311.60	-66.82	-17.66%
IN:FOCUS	Focus Lighting and Fixtures Ltd	50.96	-34.18	-40.15%
IN:HAVELLS	Havells India Limited	1012.75	-472.63	-31.82%
IN:SERVOTECH	Servotech Power Systems Ltd.	62.09	-57.16	-47.93%
IN:VGUARD	V-Guard Industries Limited	280.20	-88.89	-24.08%

IKIO Lighting Limited Corporate Events

IKIO Technologies Files SEBI Compliance Certificate on Dematerialized Securities

Oct 6, 2026

IKIO Technologies Limited has submitted a compliance certificate for the quarter ended 30 September 2026 under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by its registrar and transfer agent...

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.

Date of analysis: Aug 29, 2026

IKIO Lighting Limited AI Stock Analysis

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