FIEMIND
Micro CapFiem Industries Limited
Auto
Fiem Industries Ltd. (FIEM) is a leading Indian manufacturer of Automotive Lighting & Signalling Equipment and Rear View Mirrors, primarily serving the two-wheeler segment. The company also produces plastic moulded parts and has diversified into LED Luminaires and Integrated Passenger Information Systems (IPIS).
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 85/100Rev +18% YoY · PAT +20% YoY · margin expansion · +9% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹751 Cr | +17.5% | +8.8% |
| EBITDA | ₹110 Cr | +29.4% | +12.2% |
| Operating margin | 15.0% | +200 bps | +100 bps |
| PAT | ₹71 Cr | +20.3% | +12.7% |
| PAT margin | 9.4% | +22 bps | +32 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
FIEM reported robust FY26 standalone net sales growth of 16.03% YoY to INR 27,906 mn, with EBITDA up 22.64% YoY to INR 3,933 mn. EBITDA margin expanded to 14.09% from 13.34% in FY25, and PAT grew 24.46% YoY to INR 2,539 mn.
Strong FY26 financial performance with double-digit growth in sales and profits, coupled with margin expansion, indicates continued operational efficiency and market demand. The focus on EV segment and R&D capabilities supports future growth.
FY26 Revenue by Automotive Segment Product Mix
Latest issuer-disclosed distribution across 5 reported categories.
EV Segment Focus
Company has first mover advantage and is working with all major EV OEMs in India for 2W EV segment.
In-house R&D & Design
Strong R&D, Designing and Testing capabilities with shortest Development time provide competitive advantage.
Diversified Product Portfolio
LED Lighting solutions, Rear View Mirrors, Plastic Parts provide best solutions to OEMs.
Strong OEM Client Base
More than 50 OEMs, supplying to prestigious customers since inception, with significant market share.
New R&D Electronics (EMC) Laboratory
Established new R&D Electronics (EMC) Laboratory, Innovation Centre & Corporate Office at Gurugram (2025).
Japan R&D Facilities Enhancement
Enhanced Japan office in Shiki, Saitama, Japan, with R&D facilities (2024).
Pune Design Centre
Setup New Design Centre Passenger Vehicle at Pune, for Maharashtra (2023).
2W EV Market Growth
2W EV is a big opportunity, which is growing exponentially.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Annual results (FY26) and 5-year CAGRs are crucial for assessing long-term growth and profitability trends. Q4FY26 data provides recent sequential performance and client mix shifts, which are relevant for momentum.
Net Sales Growth (YoY)
FY26 Net Sales grew 16.03% YoY to INR 27,906 mn (FY25: INR 24,050 mn).
EBITDA Margin
FY26 EBITDA Margin was 14.09%, up from 13.34% in FY25.
2-Wheeler Segment Contribution
FY26 Revenue Breakup shows 2-Wheeler segment contributed 97.15% of Automotive Segment revenue.
OEMs (Domestic) Contribution
FY26 Revenue Breakup shows OEMs (Domestic) contributed 93.17% of Automotive Segment revenue.
Innovation & Technology Focus
Management champions innovation, self-reliance, and technological excellence, strengthening R&D and testing infrastructure.
Operational Efficiency Drive
Focus on technology adoption, process optimization, and operational excellence across manufacturing units.
Enhanced Collaboration
New Gurugram office aims for enhanced collaboration, faster innovation, and shared success.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| EBITDA Margin | 14.09% (FY26) | Sustained expansion or stability, indicating cost control and pricing power. |
| Revenue Growth | 16.03% YoY (FY26) | Continued double-digit growth, especially from the EV segment. |
| Trade Receivables | INR 3,875 mn (Consolidated FY26), up from INR 2,424 mn (FY25) | Management commentary on increased receivables and collection efficiency. |
| ROCE & ROE | ROCE 28.02%, ROE 22.62% (FY26) | Maintenance or improvement in capital efficiency ratios. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
53NeutralSMA20 +1.7% / mo
Technical chart
FIEMINDdaily · 6M+2.4%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 56.
- SMA20 roughly flat — short-term momentum stalled.
- RSI(14) at 56 — sideways, no extreme reading.
- MACD above signal but histogram contracting — bullish momentum cooling.
- 10% off 52W high · 23% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 8/9.
- Fair-value margin of safety is positive at 28.4%.
- Growth contributes 20/25 to the score.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Cash flow is weaker at 5/10; verify the latest quarterly trend.
- Balance sheet is weaker at 10/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 97th percentile of the scored universe and 93rd percentile within Auto. No major sub-score weakness stands out.
High Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 4.5%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 93rd pctile, median 71 · Micro: 94th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 2.5%.
- ▸11 years of positive FCF.
- ▸Debt/equity is 0.06.
Trust risks
- ▸Promoter holding fell 4.5%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 23.40
- P/B
- 4.93
- EV/EBITDA
- 12.94
- Market Cap
- 5988.00Cr
Profitability
- ROE
- 22.70%
- ROCE
- 29.40%
- ROA
- 15.05%
- Dividend Y
- 1.76%
Growth (CAGR)
- Revenue 5Y
- 18.00%
- EPS 5Y
- 39.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 22.00%
Balance Sheet
- Debt/Equity
- 0.05
- Interest Coverage
- 132.00×
- Altman Z
- 9.66
- Book Value
- 462.00
Cash Flow
- FCF Yield
- 1.07%
- FCF Positive Y
- 11/5
- OCF
- 161.00 Cr
- EPS TTM
- 97.11
Shareholding
- Promoter Hold
- 54.51%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 64%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.