FIEM Industries Ltd. - Strong Execution and Margin Resilience - Company Update
01 Jun 2026
Companies Updates
FIEM’s 4QFY26 performance was largely in line with our estimates and outperformed its customer weighted average production growth (driven by high proportion of LED lighting and new model launches). Further, they reported robust margins at 14.6% due to operating leverage, which is expected to sustain, despite addition of new products and operational expenses on the 4W business. RFQs for new product development of Mercedes, new order wins with Force Motors, showcases product acceptance and development capabilities. Foray into ambient lighting, robust pipeline of new 2W projects, tailwinds in the domestic 2W industry, shift to LED lightings and best in industry margins, should drive re-rating for FIEM. We downward revise our FY27E/FY28E earnings estimates by 4.0/2.9% respectively, to factor in slower 2W industry growth after the strong FY26 base. We value FIEM at 21x FY28E EPS (unchanged) to arrive at a TP of Rs 2,790/share (Rs 2,770 previously) and maintain our BUY rating due to attractive valuations.
Fiem Industries ltd. Stock Price Chart
Outperformance vs the underlying 2W industry continues:
FIEM reported robust revenue growth of 17.5% yoy at Rs 7.5bn, in-line with our estimates, outperforming customer weighted average growth of 16.6% yoy. The outperformance was driven by continued shift to LED lighting and new model additions across key OEMs. FY26 revenue stood at Rs 28.2bn, up 16% yoy.
Maintain robust margins:
FIEM reported EBITDA margins of 14.6%, up 125bps yoy and down 21bps qoq (beating our estimate of 14.0%), aided by operational efficiencies. This translated into EBITDA of Rs 1.1bn, up 28.5% yoy and 7.3% qoq, while PAT came in at Rs 710mn, up 28.8% yoy and 4.5% qoq. FY26 EBITDA stood at Rs 4bn, up 23% yoy, with full-year margins at 14.1%, up 82bps yoy. FY26 PAT at Rs 2.6bn, up 27.6% yoy.
2w segment in the fast lane due to LED gains, 4w to sustain its trajectory:
FIEM’s execution of the second order for Mercedes leading to RFQ’s for new product development, receipt of new orders (stop lamps) for M&M’s Bolero variant, order for Force motors, number plate lamps for all models of Mahindra demonstrates solid product acceptance and development capabilities in the 4W space. The shift towards LED technology is progressing strongly, with the share of LED lighting increasing from 40% of lighting revenue in FY21 to 62% in 4QFY26, contributing massively to the value growth. This growth trajectory is expected to continue, supported by a robust order book, which is completely LED-focused, including new Yamaha models and multiple new projects under development for TVS, Hero and Royal Enfield. FIEM is currently working on futuristic technologies out of which it has received RFQ for ambient lighting. We have trimmed our FY27E/FY28E estimates (4.0%/2.9%) to account for a likely slowdown in 2W production growth after the high base in FY26.
Valuation and risks:
We forecast a Revenue/EBITDA/PAT CAGR of 13%/15%/17% over FY26-28E. We value FIEM at 21x FY28E earnings (unchanged) to arrive at TP of Rs 2,790 (Rs 2,770 previously). The increase in TP is mainly due to valuation roll forward which is partially offset by earnings cut. We maintain BUY rating due to attractive valuations. Risks: Slowdown in ICE/ EV 2W sales, delay in 4w business.
Company website: https://fiemindustries.com/
| Rating | BUY |
|---|---|
| CMP* | INR 2,236 |
| Target Price | INR 2,790 |
| Upside | 25% |
*CMP is as per report published date
Click to download the full FIEM Industries Ltd Q4FY26 Company Update
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Analyst:
- Sahil Sanghvi - Research Analyst, Institutional Equities (NISM-201900004744)
- Uvais Khatri - Research Associate, Institutional Equities (NISM-202300049054)
FAQs on FIEM Ltd Q4FY26 Company Update
These FAQs highlight key takeaways from MNCL’s institutional equity research on FIEM Industries, covering performance trends, growth drivers and risk factors relevant for long-term investors.
1. What were the key highlights of FIEM Industries' Q4FY26 performance?
FIEM reported 17.5% YoY revenue growth and EBITDA margin of 14.6%, supported by LED lighting penetration, new model launches and operational efficiencies.
2. Why is LED lighting important for FIEM’s growth?
LED products generate higher value addition and margins. LED lighting contribution has increased significantly and continues to benefit from premiumization trends across vehicle categories.
3. What opportunities exist in the passenger vehicle segment?
FIEM has secured orders from leading OEMs including Mercedes-Benz, Mahindra and Force Motors, demonstrating growing acceptance of its technology and product capabilities.
4. What are the major growth drivers for FIEM Industries?
Growth is expected from increasing LED adoption, new two-wheeler projects, expanding four-wheeler business, ambient lighting opportunities and strong OEM relationships.
5. What are the key risks for FIEM Industries?
Risks include slowdown in two-wheeler demand, weaker EV or ICE vehicle sales, delays in passenger vehicle program execution and industry-wide production volatility.
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We upgrade Wonderla Holidays to BUY from HOLD, as we revise earnings estimates upward by ~5% and roll forward our valuation to Q3FY28E. The company continued to deliver ARPU-led growth at mature parks during the quarter, while footfall growth remaine...
Rashi Peripherals Ltd: Stellar quarter - Company Update
We retain "BUY" rating and raise our target price to Rs. 610 (vs Rs 505 earlier). Rashi reported topline growth of 42.6% YoY in a seasonally weak quarter, on the back of strong sales volume & prices across PES segment (56% of revenue) and LIT (44...
Triveni Turbine: Worst likely behind, recovery pending - Company update
We upgrade our rating on Triveni Turbine to BUY, supported by improving execution visibility and a gradual recovery in order inflows. While new applications such as CO₂-based energy storage, MVR, and turbine servicing are likely to be incrementally...
The Anup Engineering: Through the Trough, Recovery in the offing - Company Update
We upgrade our rating on The Anup Engineering to BUY (previously HOLD) and revise our target price to Rs 2,515. The company is not yet out of the woods, with the market awaiting clear signs of a recovery in order inflows. That said, we believe the wo...
Saksoft Ltd: Temporary headwinds, normalization in sight - Company Update
We maintain our "BUY" rating with a revised target price of Rs 285 (vs 325). Saksoft delivered weak results – a) topline growth saw a de-growth of 3% despite the favourable currency mix, b) Top 2 clients have cut spends in Q3, the pain co...
Mayur Uniquoters: Riding export momentum - Company Update
We maintain our BUY rating on Mayur Uniquoters with a revised target price of Rs. 825 (earlier Rs. 770), as we roll forward our valuation to Q3 FY28E and upgrade our FY27E/FY28E earnings estimates by ~4%. The company delivered a robust operating perf...
Scoda Tubes Ltd.: Slight miss; structural thesis intact - Company Update
We retain BUY rating on Scoda Tubes but upward revise target price of Rs 250 (previously Rs 240). Increase in target price is mainly due to valuation rollover. Q3FY26 was a strong performance on offtake, marginally offset by pricing weakness and dela...
TD Power Systems: Global demand fuelling growth visibility - Company Update
We upgrade TD Power to BUY / revise our target price upwards to Rs 875 (vs. Rs 840 earlier). Q3-FY26 results were a tad lower than our expectations and reflect timing issues rather than demand or competitive weakness. Going ahead, the Tumkur facility...
SJS Enterprises Ltd - Premiumisation and Export-led Outperformance - Company Update
We revise our target price on SJS Enterprises upwards to Rs2,190 to account for an increase in revenue/ margin estimates, and valuation roll-forward to Dec’27E. SJS delivered another quarter of strong industry outperformance, with record profitabil...
Sundram Fasteners Ltd.: Exports spoil the show - Company Update
We lower target price to Rs 1035 (previously Rs 1085) and maintain Accumulate rating for Sundram Fasteners Ltd. (SFL). We downward revise our multiple to account for extended weakness on exports including delay in EV order to North America, in turn l...
ASK Automotive Ltd. - Firing on all cylinders - Company Update
We upgrade ASK Automotive to BUY rating on attractive valuation and increase our TP to Rs590 (Rs525 previously). The increase in TP is largely driven by valuation rollover. ASK delivered a strong Q3, materially ahead of our expectations, led by broad...
Kirloskar Ferrous Ind. - Casting and tubes outperform, spreads spoil the show | Company Update
We lower our target price to Rs 620 (previously Rs690) and retain BUY rating for Kirloskar Ferrous Industries Ltd. (KFIL). The decrease in TP is mainly to account for weak commodity spreads and realization across end products . KFIL’s 2QFY26 perfor...
IFGL Refractories Ltd. - Domestic focus continues to payoff; overseas improving gradually | Company Update
We decrease target price to Rs 280 (previously Rs 300) but maintain BUY rating. The change in TP is mainly due to cut of earnings estimates. IFGL delivered another quarter of strong standalone growth as its domestic-focused strategy continues to gain...
Borosil Ltd. - Glassware ignites growth; levers to power margins | Company Update
We reiterate our BUY on Borosil Ltd and revise our target price upwards to Rs. 460 (vs. Rs. 420 earlier), driven by strong demand momentum and emerging structural growth and margin levers. The company continues to deliver robust growth in its glasswa...
Venus Pipes & Tubes Ltd. - Export and welded drives confidence | Company Update
We increase Target Price to Rs 2040 (previously Rs1,950) and retain BUY for Venus Pipes & Tubes (VENUS) due to attractive valuations. Increase in TP is primarily due to valuation roll forward. Revenue in 2QFY26 was strong, supported by a sharp re...
ESAB India - Encouraging quarter; growth in focus | Company Update
We retain Buy on ESAB India with TP revised upwards to Rs 6,850 (vs Rs 6,554 earlier) on valuation rollover. The company delivered a strong quarter, with overall growth hinting at signs of recovery supported by margin gains. ESAB continues to o...
The Anup Engineering - All eyes on cash conversion | Company Update
We maintain our HOLD rating on Anup Engineering but increase TP to Rs 2,475 (vs Rs 2,375 earlier) considering steady operational performance and an unchanged growth outlook coupled with valuation rollover. The impact from higher taxes was anticipated...
Rashi Peripherals Ltd – Turns cashflow positive
We retain "BUY" rating with a Target Price of Rs. 505 (vs Rs 525 earlier). Rashi Peripherals ltd reported decent topline growth, on the back of strong sales from the PES segment (PCs, Desktops). Our dealer checks suggest demand is improving for AI-en...
Wonderla Holidays - Chennai on Track; Expansion Visibility Low | MNCL Research Update
We reiterate our HOLD rating on Wonderla Holidays Ltd while revising our target multiple downwards to 18x (from ~20x) and rolling forward our valuation to Q2FY28E. In a seasonally weak quarter, the company delivered a better-than-expected topline, pr...
R Systems International - Strong growth tempered by higher SG&A & RSU costs | MNCL Research Update
We maintain our "BUY" and retain our target price to Rs 620. R Systems delivered higher than expected topline growth (7.9% vs our estimate of 3.5% in INR terms). EBITDA was in line with our estimates / margins dipped 70bps QoQ on the back of higher R...
SJS Enterprises Ltd - Designed to outperform | MNCL Research Update
We revise our target price on SJS Enterprises upwards to Rs1,930 to account for an increase in revenue/ margin estimates, valuation roll-forward to Sept’27E and target multiple expansion. SJS delivered another quarter of strong industry outperforma...
Channel checks - Opalware and Glassware - Borosil Sets the Benchmark in Opalware Retail
We conducted channel checks across key markets in Western and Northern India to gauge demand trends (qualitative aspects) in the Opalware and Glassware categories. We also analysed balance sheet / profitability trends (quantitative parts) across key ...
Goldiam International - LGD Momentum builds; ORIGEM scaling | Company Update
We reiterate our BUY rating on Goldiam International with a target price of Rs. Rs.470. Despite near-term uncertainty around U.S. tariff implications, the company has delivered an exemplary performance driven by robust topline growth and increasing w...
ASK Automotive Ltd – Meets Expectations; ALPS & Aftermarket to Drive Growth | MNCL Research Company Update
We retain ACCUMULATE on ASK Automotive while lowering our target price to Rs 525. The lowering of TP follows downward revision in our revenue and margin estimates, partially offset by valuation rollover. ASK delivered a strong Q2, broadly in line wit...
Sundram Fasteners Ltd. - Steady Domestic Momentum Offsets Export Weakness; upgrade to Accumulate - Company Update
We increase target price to Rs 1085 (previously Rs1030) and upgrade our rating to Accumulate for Sundram Fasteners Ltd. (SFL) due to steep correction in share price. Increase in TP is mainly due to valuation roll forward. SFL’s performance in 2QFY2...
JNK India Ltd – End of Overhang, Execution to Drive Growth | Q2FY26
Our interaction with JNK India led to the following conclusions: JNK India’s legacy low-margin orders (NRL, IOCL) delayed by site and client issues are expected to conclude largely by Q2FY26, with minor spillover into Q3FY26. From Q3FY26, high-marg...
Ratnamani Metals and Tubes Ltd. - Subsidiaries outperform | Company Update
We increase target price to Rs 2710 (previously 2690) and upgrade to Accumulate rating. Increase in target price is due to valuation roll forward. In 2QFY26, the core pipes business saw modest growth as strong offtake was offset by weak realizations....
