Fiem Industries LimitedAutomobilesFIEMIND
Q1 FY27 concall · earnings callFiem Industries Limited
Fiem delivered strong sales growth in line with record 2-wheeler industry volumes, driven by EV adoption, new model launches, and capacity expansions from key customers.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Sales | ₹769.9 Cr | 18.62% | |
| EBITDA | ₹104.06 Cr | — | |
| EBITDA Margin | 13.5% | — | |
| PAT | ₹65.19 Cr | 16.31% | |
| LED Lighting Share | 63% | — | |
| Capex (Q1) | ₹41.15 Cr | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹593.09 Cr+21.7% YoY-3.2% QoQ | ₹47.02 Cr+16.1% YoY-6.3% QoQ | ₹17.86-42% YoY-6.3% QoQ |
| Q2 FY25 | ₹612.39 Cr+20.2% YoY+6% QoQ | ₹50.17 Cr+15.4% YoY+2.6% QoQ | ₹19.06-42.3% YoY+2.6% QoQ |
| Q1 FY25 | ₹577.70 Cr+21.7% YoY+3.6% QoQ | ₹48.89 Cr+37.7% YoY+5.8% QoQ | ₹18.58-31.1% YoY+5.8% QoQ |
| Q4 FY24 | ₹557.52 Cr+27.8% YoY+14.4% QoQ | ₹46.22 Cr+21.5% YoY+14.1% QoQ | ₹17.56-39.2% YoY-42.9% QoQ |
| Q3 FY24 | ₹487.28 Cr+10.2% YoY-4.3% QoQ | ₹40.50 Cr+26.9% YoY-6.9% QoQ | ₹30.78+26.9% YoY-6.8% QoQ |
TL;DR
- Sales grew 18.6% to INR770 crores with stable EBITDA margin at 13.5%.
- EV segment reached 9% of 2-wheeler volumes, offering higher LED content.
- New supplies commenced for EV models from Ather, River, and Royal Enfield.
- Key customers TVS and Hero are significantly expanding capacities.
- Four-wheeler business contribution remains low (~2.5%), with significant ramp-up now expected from FY28.
- Full-year revenue guidance is 15-20% growth with EBITDA margin around 14%.
Said on the call
“EV adoption is a structural shift and an important opportunity for Fiem because EV platforms typically carry higher LED intensive lighting content.”
From the Q&A
| Topic | What management said |
|---|---|
| Margin Guidance & Cost Pass-through | Full-year margin guidance is around 14%; raw material cost increases are expected to be passed on to customers with a lag of a couple of quarters. |
| Four-Wheeler Business Delay | Revenue contribution remains around 2.5%; significant increase is now expected from FY28 as development and order conversion cycles are taking longer than initially anticipated. |
| Customer Wallet Share & Competition | Management stated wallet share with top four customers remains similar, but declined to provide specific figures due to confidentiality; acknowledged competitive challenges in the 4-wheeler segment. |
| Capacity Expansion & Capex | Full-year capex target is around INR100 crores, focused largely on expanding Hosur capacity for EV demand from TVS and other OEMs. |
| New Technology Initiatives | Light Control Module (LCM) and hands-off detection systems are under development and being presented to customers, but are at preliminary/POC stages awaiting feedback. |
| Cash Allocation & Debt | The company holds ~INR280 crores cash with no debt; priority is to use cash for organic/inorganic growth, capex, and potential opportunities in electronics, but may take debt if required. |
Guidance
- Revenue growth guidance of 15% to 20% for the year.
- EBITDA margin guidance of around 14% for the full year.
- Full-year capex target of around INR100 crores.
- LED share in auto lighting expected to move towards 70% in the next 24 to 30 months.
- Four-wheeler business to become meaningful from FY28 onwards.
Source
Summary written from the transcript filed by Fiem Industries Limited for the call held on 13 Aug 2026; published 21 Aug 2026, 23:15 IST.
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