Overview

Detailed Summary

Calcom Vision Limited is an Indian OEM/ODM and EMS manufacturer specialising in LED lighting products and related electronics, with five decades of operations, an integrated Greater Noida manufacturing complex, 11 SMT lines, and a dual focus on branded supply relationships and original design manufacturing for domestic and export customers.
In Q3 FY26 Calcom reported its highest-ever quarterly and nine‑month revenues with 23% YoY growth in Q3 and 55% YoY for 9M, driven by improved product mix, new SKUs and stronger execution; however, margins compressed materially due to elevated raw material costs and higher operating expenses, weighing on EBITDA and quarterly PAT.
The company is actively scaling beyond traditional indoor lighting into outdoor, solar lighting, BLDC fans and EMS projects (including EV chargers and solar inverters), supported by PLI incentives (expected ~Rs.12 crores), a JV for BLDC fans, and a newly formed export subsidiary to accelerate international expansion.
Calcom combines historical product innovation and quality controls—an in-house approbation lab, multiple certifications and low field defect rates—with strategic investments in automation, backward integration and a manufacturing footprint expansion that together underpin management’s target to double revenue by FY27.

Sector: Consumer Durables
Industry: Consumer Electronics
Market Cap: 112 Cr
Volatility: Moderate Risk
P/E Ratio: 70.7
Industry P/E: 48.3
PEG Ratio: 3.6
P/B Ratio: 1.9
52W High: 147.50
52W Low: 67.01

Sales CAGR

1Y: -1.84%
3Y: 16.27%
5Y: 27.13%
10Y: 29.92%

Profit CAGR

1Y: 8.33%
3Y: 19.28%
5Y: 25.88%
10Y: 40.53%

ROE

TTM: 1.86%
3Y: 3.78%
5Y: 3.12%
10Y: 5.07%

ROCE

TTM: 6.53%
3Y: 9.22%
5Y: 8.16%
10Y: 9.49%

Technicals

‌

Forecasts

Peers

Consumer Discretionary Consumer Durables Consumer Durables Consumer Electronics

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
KORE		134.00	162 Cr	15.79	1.94	0.00	12.29	10.04	5.08
PROFX		80.00	140 Cr	9.23	1.57	0.00	17.04	22.82	13.54
CALCOM		79.16	111 Cr	70.07	1.91	0.00	1.86	6.53	0.90
FONEBOX		85.00	73 Cr	47.39	2.50	0.00	0.00	0.00	3.57
KHAITANLTD		135.00	64 Cr	10.61	1.91	0.00	18.04	19.44	7.74
PULZ		23.40	51 Cr	11.00	1.34	0.00	12.21	16.91	10.35
Median: 6 Co.	—	82.50	92 Cr	13.39	1.91	0.00	12.25	13.47	6.41

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	41	47	18	34	45	60	45	50	55	68
Expenses	39	44	18	32	40	56	41	46	53	65
Operating Profit	1.93	2.59	0.30	2.57	4.29	4.51	3.79	3.89	1.91	3.16
OPM %	4.72	5.50	1.64	7.54	9.61	7.48	8.41	7.77	3.46	4.64
Other Income	0.24	0.99	0.11	1.61	-1.81	0.21	0.21	1.96	0.15	0.22
Interest	1.32	1.34	1.25	1.48	1.38	1.69	1.69	1.73	1.81	1.73
Depreciation	0.76	0.79	0.96	0.96	0.93	1.10	1.37	1.39	1.39	1.43
Profit Before Tax	0.09	1.44	-1.81	1.74	0.17	1.93	0.94	2.73	-1.14	0.21
Tax %	55.56	43.75	0.00	0.00	-82.35	37.82	25.53	22.71	25.44	123.81
Net Profit	0.04	0.81	-1.81	1.74	0.31	1.19	0.70	2.11	-0.85	-0.05
EPS in Rs	0.03	0.54	-1.28	1.16	0.16	0.78	0.46	1.40	-0.67	-0.06

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	160	160	157	184
Expenses	147	152	146	169
Operating Profit	13	8.63	12	15
OPM %	8.00	5.39	7.42	8.24
Other Income	0.88	1.43	0.12	0.22
Interest	3.19	4.91	5.81	6.24
Depreciation	2.41	2.99	3.96	4.36
Profit Before Tax	8.09	2.16	2.03	4.78
Tax %	30.17	38.91	29.37	17.57
Net Profit	5.65	1.32	1.43	3.94
EPS in Rs	—	—	0.82	1.13
Dividend Payout %	0.00	0.00	0.00	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2023	Mar 2024	Mar 2025
Equity Capital	13	13	14
Reserves	51	63	69
Borrowings	32	47	62
Other Liabilities	34	30	43
Total Liabilities	129	153	189
Fixed Assets	54	64	84
CWIP	0.03	0.00	1.03
Investments	0.00	0.26	0.15
Other Assets	76	88	103
Total Assets	129	153	189

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-1.17	-3.88	11
Cash from Investing Activity	-9.28	-17	-26
Cash from Financing Activity	10	22	15
Net Cash Flow	-0.19	0.62	-0.42

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Oct 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	63.85%	63.85%	64.00%	64.00%	63.70%	64.51%	64.44%	64.44%	64.44%	64.32%	64.32%	64.32%
FIIs	7.56%	7.56%	7.56%	7.56%	7.53%	7.30%	7.29%	7.29%	7.29%	7.28%	7.28%	7.28%
DIIs	3.18%	3.18%	3.18%	3.18%	3.17%	3.07%	3.07%	3.07%	3.07%	3.06%	3.06%	3.06%
Public	25.40%	25.40%	25.25%	25.25%	25.61%	25.12%	25.21%	25.21%	25.21%	25.35%	25.35%	25.35%
Total Shareholders	7,112	7,119	7,013	6,968	7,651	7,651	7,661	7,600	7,527	7,435	7,080	7,067

Market Transactions

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Projection

Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

Available on Pro Plan