Fiem Industries Limited (FIEMIND) share price

₹1746.60 on NSE as of 2026-10-08. -2.93% on the day. market cap ₹4,597 Cr. P/E 17.5. 52-week range ₹1746.60 to ₹2645.90. Automobile and Auto Components.

fiemindustries.com

Fiem Industries Q1 FY27: Revenue Up 17.7% to ₹775.4 Cr, PAT ₹64.9 Cr, and 97% of the Business on Two Wheels

At a glance

Fiem Industries makes the lights, mirrors and plastic bodywork that turn a bare two-wheeler frame into something visible in traffic. In the three months to June 2026 the company billed ₹775.4 crore of revenue, up 17.7% on a year earlier. That is a very large number of tail lamps. By the company's own breakdown, the LED lighting line alone now brings in nearly half of automotive revenue.

Operating profit for the quarter was ₹103.9 crore, and profit after tax came in at ₹64.9 crore. Those two figures rose 16.1% and 12.8% respectively against the same quarter a year earlier. Other income added ₹4.8 crore, roughly four days of the main business's operating profit at this quarter's pace. It arrived quietly, sat in its column and asked for nothing further.

The customer list reads like a tour of a two-wheeler showroom: TVS, Honda, Yamaha and Suzuki. Royal Enfield is on it as well, and together the five account for most of automotive revenue. Two-wheelers made up 97.15% of that revenue in the year to March 2026. Four-wheelers are the remaining sliver, and management expects them near 2.5% of revenue through the year to March 2027.

Component makers grow at the speed of their customers' factories. Management notes that TVS is lifting capacity from 6.8 million units to 8.3 million by year-end. It adds that Hero is tripling capacity for its Vida electric scooters, from 15,000 to 45,000 units a month.

The market values the company at ₹5,306 crore. Management's full-year guidance calls for revenue growth of around 15% to 20%. It also guides to a margin near 14%, measured before depreciation, interest and tax.

Introduction

The company began on 6 February 1989 in New Delhi as Rahul Auto Private Limited, founded by J.K. Jain. Fiem describes him as a first-generation entrepreneur who has worked in automotive lighting since the 1970s. The name changed to Fiem Industries Pvt. Ltd. in 1992, and it became a public limited company in 1993. Two identity updates in two years is, in auto-component time, close to a costume change mid-performance.

The first plant opened at Kundli in Sonepat in 1994. A joint venture with Korea's Sung San Co. followed in 1996, making headlamps, rear combination lamps and wheel covers. Those parts went to the Daewoo Cielo and Matiz, cars that now live mainly in the memories of the people who once parallel-parked them. The joint venture was merged into Fiem in 2007.

The 2000s were a plant-building decade. Hosur and Mysore arrived in 2004-05, and Nalagarh in 2006, the year of the public offering and listing on BSE and NSE. A technical support agreement with Japan's Ichikoh Industries brought an office in Isehara, Kanagawa. Rai in Sonepat followed in 2010 and Tapukara in Rajasthan in 2011. In 2012 the company began making automotive lighting for Honda Japan, and exporting lamps to Japan is a little like selling tea to Assam.

The next stretch was spent collecting acronyms with real enthusiasm. A government-approved research centre opened in 2011, and EESL tenders for LED bulbs and streetlights began in 2015. An Ahmedabad plant came in 2016, with NABL accreditation for the company's light-measurement laboratory. In 2017 came a canister line with Aisan Industry and a 50:50 mould-making venture in Hong Kong with Kyowa. A design centre opened in Turin in 2019, followed by design centres in Hosur and Pune. An electronics laboratory for interference testing and a corporate office opened in Gurugram in 2025.

The count today is nine manufacturing units and more than 50 customers among the vehicle makers themselves. Subsidiaries sit in Japan and Italy, and the Hong Kong mould venture enters the consolidated results at 50%.

A leadership reshuffle took effect on 1 June 2026. J.K. Jain was re-designated Executive Chairman and Rahul Jain was elevated to Managing Director. Aanchal Jain was re-designated Joint Managing Director. Earlier, chief executive Vineet Sahni resigned on 19 May 2026, citing personal reasons, with effect from 31 May.

Business model

At its simplest, Fiem makes sure a motorcycle can see, be seen and check what is behind it. Everything after that is detail, and the detail is where the work sits.

Lighting is the empire: head lamps, tail lamps, blinkers and fog lamps, plus warning triangles, interior lamps and beacons. In the year to March 2026, LED lighting was 47.51% of automotive revenue and conventional lighting another 27.70%. Management puts the LED share of lighting at 63% by value in the June quarter. It expects that to move towards 70% over the next 24 to 30 months, slowed by one stubborn passenger. Halogen lamps must stay available for older models for 15 years or more, which makes the humble halogen bulb the industry's most reliably re-employed retiree.

Rear-view mirrors were 10.68% of automotive revenue, made across six plants with every step done in-house. Mirror plates are profile-cut, washed, ground and convexed, then coated with aluminium or chrome. Plastic housings come off Fiem's own injection moulding machines. Rods are machined, bent, welded and powder-coated, and the pieces are then assembled. Objects in the mirror are considerably more manufactured than they appear.

Plastic moulded parts were 9.12%, from machines ranging between 50 and 1,400 tonnes. The parts weigh from 20 grams to 2.5 kilograms, and include front fenders, floor panels, side covers and seat bases. Applying 1,400 tonnes of force to make a 2.5 kilogram seat base is a ratio a bodybuilder would study with interest.

Others accounted for 4.99%, covering sheet-metal fabrication, canisters and the Bank Angle Sensor. The sheet-metal side runs more than 50 presses, a mudguard rolling plant, zinc plating and powder coating. The sensor is named after a motorcycle's most dramatic moment.

Outside vehicles, Fiem makes LED luminaires and integrated passenger information systems for railways and buses. RDSO, the railways' own standards body, granted the railway approval. That segment contributed 0.16% of sales in the year to March 2026, which makes it a boutique.

Quarterly results, balance sheet, cash flow, ratios, shareholding and the filings themselves are on the full page for Fiem Industries Limited.

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