IKIO other business overtakes home-lighting ODM in FY26

In fiscal year (FY) 2026, IKIO Technologies Ltd’s other business generated Rs 425.5 crore, exceeding home-lighting original design manufacturing (ODM) revenue of Rs 169.8 crore by Rs 255.7 crore. The result followed approximately 54% three-year compound annual growth rate (CAGR) in other-business revenue from FY23 to FY26.

When did IKIO’s other business overtake home-lighting ODM?

IKIO’s other business first exceeded its home-lighting ODM business in FY25, when it reported Rs 278.2 crore against Rs 207.7 crore from home lighting. The gap widened in FY26, as other business rose by Rs 147.3 crore year on year to Rs 425.5 crore, while home-lighting ODM revenue declined by Rs 37.9 crore to Rs 169.8 crore. Other business was therefore about 2.5 times the size of the traditional home-lighting ODM operation in FY26.

Management said it had strategically reduced reliance on traditional home-lighting ODM while expanding other-business segments. Total revenue increased from Rs 358.8 crore in FY23 to Rs 595.3 crore in FY26, whereas home-lighting ODM revenue fell by Rs 71.6 crore over the same three fiscal years. Other business rose by Rs 308.1 crore in that period, exceeding the Rs 236.5 crore expansion in total reported revenue.

How has IKIO’s revenue mix changed since FY23?

IKIO’s revenue mix shifted from home-lighting ODM toward other business between FY23 and FY26. Other-business revenue rose from Rs 117.4 crore to Rs 425.5 crore, while home-lighting ODM declined from Rs 241.4 crore to Rs 169.8 crore. The crossover did not occur immediately: home lighting remained larger in FY24, at Rs 241.0 crore compared with Rs 197.0 crore for other business, before FY25 marked the shift.

The trend continued in the first half (H1) of FY27. Other-business revenue grew about 47% year on year to Rs 289.4 crore in H1FY27 from Rs 196.7 crore in H1FY26, according to management. Home-lighting ODM revenue was Rs 88.6 crore in H1FY27, compared with Rs 87.7 crore a year earlier. Total H1 revenue rose 33% year on year to Rs 378.0 crore, with the reported increase concentrated in other business.

The annual pattern also changed. Other business added Rs 79.6 crore in FY24, Rs 81.2 crore in FY25 and Rs 147.3 crore in FY26. Home-lighting ODM declined by Rs 0.4 crore in FY24, Rs 33.3 crore in FY25 and Rs 37.9 crore in FY26. Management describes the FY23-to-FY26 CAGR for other business as approximately 54%.

Which products support IKIO’s broader business mix?

IKIO’s broader portfolio includes lighting, hearables and wearables, energy solutions, electronic components and automotive lighting. Its product history lists fan regulators and rotary switches around 1999, DVD players and electronic components in 2005, light-emitting diode (LED) lighting products in 2008, and commercial-refrigeration product-display and in-store lighting in 2014. IKIO reports a portfolio of more than 3,000 stock-keeping units (SKUs).

The expansion has included newer categories in FY24 and FY26. IKIO added hearables, including true wireless stereo products, and wearables such as smartwatches in FY24. In FY26, it listed automotive lighting, advanced electronics, printed circuit boards (PCBs), amplifiers, fire-alarm systems and electronics manufacturing services (EMS). The presentation does not provide revenue or profitability for individual product lines within the Rs 425.5 crore other-business total.

The product range sits alongside continuing lighting activities. IKIO states that its lighting capability spans decorative, indoor and outdoor, product-display and recreational-vehicle lighting, while non-lighting activities include hearables, wearables, solar panels and electronic components. The reported other-business line combines multiple activities, rather than separately quantifying non-lighting, automotive, energy and electronics revenue.

How is IKIO extending the mix beyond India?

IKIO is extending its business beyond India through product-display exports to the Gulf and supplies of industrial and solar products to energy services companies in the United States. Revenue from outside India rose 53% to Rs 110.1 crore in FY26 from Rs 71.9 crore in FY25, while its contribution increased to 18% from 15%, according to the presentation.

In H1FY27, outside-India revenue was Rs 56.6 crore and the geographic mix was 85% India and 15% outside India. These figures show that overseas sales remained a minority of reported H1FY27 revenue. The presentation does not disclose country-level revenue, customer names or separate margins for export activities.

Manufacturing expansion is intended to support new products and exports. IKIO is adding about 5 lakh square feet at a greenfield Noida facility funded with initial public offering (IPO) proceeds. Block I, of about 2 lakh square feet, began commercial production in May 2024, while Block II, also about 2 lakh square feet, was partially commercialised in the second quarter (Q2) of FY27. The facility is intended for LED home lighting, hearables, wearables, automotive lighting and other new product lines.

Conclusion

IKIO’s reported revenue mix changed materially from FY23 to FY26. Other business rose from Rs 117.4 crore to Rs 425.5 crore and overtook home-lighting ODM in FY25, while home-lighting ODM declined from Rs 241.4 crore to Rs 169.8 crore. H1FY27 retained the same pattern, with other business at Rs 289.4 crore and home-lighting ODM at Rs 88.6 crore.

The next disclosed operating milestones are the further build-out of the Noida plant and its use for new products and exports. Block II was only partially commercialised in Q2FY27, while Block III, of about 1 lakh square feet, was under construction and progressing as planned. Subsequent disclosures will show the production ramp-up, individual category contributions and whether overseas revenue develops beyond the Rs 56.6 crore reported in H1FY27.