• Event Type: Q2 and H1 FY27 Earnings Conference Call held on Friday, November 06, 2026. The call included a presentation of financial results followed by a question-and-answer session.
  • Date and Time: The conference call was held on November 06, 2026 (specific time not mentioned in the transcript).
  • Purpose: Discussion of quarterly and half-yearly operating and financial highlights for the period ended 30th September 2026, including strategic updates and future outlook.
  • Management Participants:
  • Mr. Hardeep Singh - Chairman and Managing Director
  • Mr. Sanjeet Singh - Whole Time Director, Chief Executive Officer and Chief Financial Officer
  • Moderator: Mr. Suyash Samant - Stellar IR Advisors
  • Presentation Availability: The transcript of the conference call was disclosed to the exchanges and is hosted on the company's website. No specific mention of presentation decks or recordings being made available.
  • UPSI Statement: The call contained forward-looking statements based on the company's beliefs, opinions and expectations, with the company noting that these statements are not a guarantee of future performance and involve unforeseen risks and uncertainties.
  • Financial Period Discussed: Q2 FY27 (Quarter ended September 2026) and H1 FY27 (Half year ended September 2026)
  • Financial Highlights:
  • Revenue from operations grew 27% YoY to INR209 crores in Q2 FY27 (up 23% QoQ)
  • H1 FY27 revenue grew 33% YoY to INR378 crores
  • EBITDA increased 52% YoY and 22% QoQ to INR28 crores in Q2 FY27
  • EBITDA margin expanded 220 bps YoY to 13.4% in Q2 FY27 (from 11.2% in Q2 FY26)
  • H1 FY27 EBITDA grew 71% YoY to INR51 crores with margins at 13.4% (vs 10.4% in H1 FY26)
  • Q2 FY27 PAT grew 18% YoY and 16% QoQ to INR13 crores
  • H1 FY27 PAT grew 80% YoY to INR24 crores
  • Strategic Highlights:
  • Company transitioning from traditional lighting to technology-driven manufacturing platform
  • Three strategic pillars: scaling infrastructure, deepening global footprint, expanding product capabilities
  • International revenue reached INR87 crores in H1 FY27, accounting for 50% of total revenue mix
  • Presence spans over 20 countries
  • Non-lighting segments (hearables, wearables, automotive lighting, solar energy, advanced electronics) grew 47% YoY to INR289 crores in H1 FY27
  • Backward integration and R&D capabilities with over 3,000 SKUs and 50+ member R&D team
  • Capacity Expansion:
  • Block 2 (2 lakh sq ft) partially commissioned in Q2 FY27, contributing INR20-22 crores revenue
  • Expected full commercialization by Q4 FY27/Q1 FY28
  • Once fully utilized, Block 2 expected to generate INR150-200 crores revenue
  • Block 3 construction progressing, expected completion by Q3 FY27 with more than 100,000 sq ft capacity
  • Total additional capacity: approximately 3 lakh sq ft
  • Product Diversification:
  • Lighting business constitutes 75% of revenue (including automotive lighting)
  • Other business segments contribute 25% of revenue
  • Automotive lighting business started in Q2 with INR5 crores revenue
  • EV chargers in development phase, expected to launch in 1-2 quarters
  • Dashcams to be added to automotive product portfolio
  • Customer Base:
  • Diversifying beyond single large customer in lighting business
  • Working with major automotive customers including Bosch, Motherson, Sumi, Minda
  • Royalux FZCO (step-down subsidiary) entered exclusive undertaking with large Middle East infrastructure developer
  • Continued relationship with Honeywell with multiple products in pipeline
  • Guidance and Outlook:
  • Long-term consolidated EBITDA margin guidance of 16-18% once new verticals and facilities reach steady-state
  • Expect 35-50% growth in non-lighting business segments for FY27
  • Working capital cycle of 75-90 days for non-lighting business
  • Annual depreciation expected to be around INR15-20 crores once all capex is complete

Additional Notes Section

  • The document includes the full transcript of the earnings conference call with detailed Q&A session covering operational metrics, capacity utilization, customer discussions, and future plans.
  • No financial data was disclosed beyond what was presented in the earnings call. The transcript contains comprehensive discussion of financial performance, strategic initiatives, and operational updates.
  • The company emphasized its diversification strategy across geographies, products, and customers to reduce reliance on any single market or client.