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Latest filing: 2026-10-10 16:20
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Calcom Vision Reports Record Q2 Sales of ₹66.30 Cr, Up 32% YoY
Calcom Vision announced its quarterly sales update for Q2 FY2026-27, clocking ₹66.30 crore compared to ₹50.07 crore in Q2 FY26, representing a 32% YoY growth. This marks the company's highest-ever revenue recorded in any second quarter. H1 FY27 revenue reached ₹126.63 crore, achieving a 33.12% YoY growth over H1 FY26. While top-line growth remains robust, profitability details and operating margins for the quarter were not disclosed in this operational preview.
Confidence: HIGH
What changedCalcom Vision pre-announced quarterly sales of ₹66.30 crore for Q2 FY27, delivering 32% YoY growth.
Why it mattersDemonstrates strong operational scale towards the management's target of ₹250+ crore revenue, although profitability metrics remain to be verified.
Q2 FY27 Sales: ₹66.30 CroresQ2 FY26 Sales: ₹50.07 CroresYoY Growth: 32%H1 FY27 Sales: ₹126.63 CroresH1 FY27 vs TTM Revenue: ~54.3%
📅 Short termPositive sentiment from robust top-line momentum, though markets will await final net profit and EBITDA figures to gauge margin conversion.
📈 Long termValidates the company's progress toward achieving ₹250+ Cr revenue scale via product diversification (BLDC fans, smart/solar lighting) from commoditized indoor LED lighting.
⚠ Risk flags
- Profitability metrics (EBITDA, PAT) not disclosed in this preliminary sales update
- Persistent margin pressure historically due to price erosion in commoditized indoor lighting products
Key Highlights
Q2 FY2026-27 sales reached ₹66.30 crore, growing 32% YoY from ₹50.07 crore in Q2 FY26
Company reports record performance across all historical second quarters since inception
Cumulative H1 FY27 sales stood at ₹126.63 crore, up 33.12% compared to H1 FY26
Company projects an annualized run-rate of ₹253.26 crore based on doubling H1 performance
👀 What to Watch
Track the full quarterly financial results to evaluate whether this 32% revenue surge translates into bottom-line expansion and margin improvement, given historical low PAT margins.
₹60.33 Cr Q1 Revenue: Calcom Vision Reports 34% YoY Growth but Margins Contract to 6.44%
Calcom Vision achieved its highest-ever Q1 revenue of ₹60.33 Cr, up 33.8% from ₹45.08 Cr in Q1 FY26. Despite the strong top-line growth, standalone PAT declined to ₹46.27 Lakhs from ₹69.93 Lakhs YoY, reflecting thin net margins below 1%. EBITDA margins compressed to 6.44% from 8.90% in the year-ago period, likely due to price erosion in the commoditized indoor lighting segment. The company is transitioning to a 'Large Investment Category' under the PLI scheme, targeting a ₹6 Cr incentive for FY26.
Confidence: HIGH
What changedThe company has achieved significant volume-led revenue growth but is facing margin pressure, leading to a year-on-year decline in absolute net profit.
Why it mattersThe business is scaling rapidly but operates on very thin margins; the high debt-to-equity ratio (0.74) and low PAT make it sensitive to even minor operational cost increases or pricing pressure.
Q1 FY27 Revenue: ₹60.33 CrYoY Revenue Growth: 33.8%EBITDA Margin: 6.44%Standalone PAT: ₹46.27 LakhsFY26 PLI Incentive Target: ₹6.00 Cr
📅 Short termThe stock may see mixed sentiment as the market weighs strong revenue growth against declining profitability and compressed margins.
📈 Long termStructural improvement depends on the successful shift from OEM to a higher-margin ODM model and the contribution of new products like BLDC fans and EV chargers.
⚠ Risk flags
- Very low net profit margins (<1%)
- Significant EBITDA margin contraction (246 bps YoY)
- High debt of ₹64 Cr relative to ₹86 Cr net worth
Key Highlights
Record Q1 sales of ₹60.33 Cr, a 33.8% increase over the ₹45.08 Cr reported in Q1 FY26
EBITDA margin contracted to 6.44% in Q1 FY27 compared to 8.90% in Q1 FY26
Eligible to claim ₹6 Cr PLI incentive in FY26 under the new Large Investment Category requiring ₹25 Cr investment
Standalone PAT stood at ₹46.27 Lakhs, representing a very thin net margin of approximately 0.77%
Consolidated PAT for the quarter was lower at ₹27.35 Lakhs, impacted by subsidiary performance
👀 What to Watch
Monitor the company's ability to scale towards its ₹250 Cr FY26 revenue target while stabilizing margins. Investors should specifically track the successful filing and receipt of the ₹6 Cr PLI claim, which is material relative to current profit levels.
Calcom Vision Q1 Standalone Revenue up 34% to ₹60.3 Cr; PAT Declines to ₹0.46 Cr
Calcom Vision reported a 33.8% YoY increase in standalone revenue to ₹60.33 Cr for Q1 FY26, aligning with its FY26 target of ₹250+ Cr. However, standalone PAT declined by 33.8% YoY to ₹0.46 Cr, squeezed by high raw material costs which accounted for 88.6% of revenue. On a consolidated basis, PAT was further reduced to ₹0.18 Cr due to losses in its subsidiary and joint venture. A key positive is the company's transition to a higher PLI investment category of ₹25 Cr, though incentives are yet to be recognized in the financials.
Confidence: HIGH
What changedThe company achieved significant top-line growth but faced margin compression, while successfully upgrading its status under the PLI scheme for IT Hardware/Electronics.
Why it mattersWhile the company is scaling towards its ₹250 Cr annual revenue target, the thin net margins (under 1%) and high material costs highlight the execution risks in its transition from OEM to ODM.
Standalone Revenue (Q1 FY26): ₹60.33 CrRevenue Growth (YoY): 33.8%Standalone PAT: ₹0.46 CrMaterial Cost as % of Revenue: 88.6%PLI Investment Category: ₹25.00 Cr
📅 Short termThe market may focus on the strong revenue growth, but the decline in profitability and high input costs are likely to keep the stock price range-bound in the near term.
📈 Long termLong-term value depends on the successful ramp-up of high-margin ODM products and the realization of the expected ₹13.8 Cr PLI incentive to improve the current low ROCE of 7%.
⚠ Risk flags
- High raw material cost sensitivity
- Loss-making joint venture and subsidiary
- High debt-to-equity ratio (0.74)
Key Highlights
Standalone revenue from operations grew 33.8% YoY to ₹60.33 Cr from ₹45.08 Cr.
Standalone Profit After Tax (PAT) fell to ₹46.28 Lakhs compared to ₹69.93 Lakhs in Q1 FY25.
Cost of materials consumed stood at ₹53.50 Cr, representing 88.6% of standalone revenue.
Consolidated PAT was lower at ₹18.45 Lakhs, impacted by a ₹19.20 Lakh loss from the Joint Venture.
Company transitioned to a higher PLI investment category of ₹25.00 Crores for FY 2025-26.
👀 What to Watch
Monitor the timeline for filing and recognizing PLI incentives, which are critical for margin improvement. Investors should also track the performance of the new BLDC fan and EV charger segments to see if they can offset the commoditization in indoor lighting.
Calcom Vision Q1 Revenue Grows 33.8% YoY to ₹60.33 Cr; PAT Declines to ₹0.46 Cr
Calcom Vision reported a strong 33.8% YoY growth in standalone revenue to ₹60.33 Cr for Q1 FY27, reflecting its shift toward the ODM model and new product categories. However, standalone Profit After Tax (PAT) fell by 33.8% YoY to ₹46.28 Lakhs, primarily due to a 41.6% surge in employee benefit expenses and higher material costs. The company confirmed its transition to a higher PLI investment category of ₹25 Cr for FY26, which is expected to support future incentive claims. Consolidated performance was further impacted by losses in its subsidiary (₹8.63 Lakhs) and joint venture (₹19.20 Lakhs).
Confidence: HIGH
What changedThe company reported its Q1 FY27 financial results, showing robust top-line growth but margin pressure, and appointed Ms. Aditi Ghosh as the new Company Secretary.
Why it mattersThe revenue growth validates the company's strategy to diversify into BLDC fans and Smart Lighting, but the bottom-line decline highlights the challenges of scaling in a commoditized market with rising fixed costs.
Standalone Revenue (Q1 FY27): ₹60.33 CrStandalone PAT (Q1 FY27): ₹46.28 LakhsYoY Revenue Growth: 33.8%PLI Investment Category: ₹25.00 CrEmployee Expense Growth (YoY): 41.6%
📅 Short termThe stock may see mixed sentiment as the market weighs strong revenue growth against declining profitability and consolidated losses.
📈 Long termLong-term value depends on the successful transition to a high-margin ODM model and the realization of PLI benefits to offset high debt (₹64 Cr) and low current ROCE (7%).
⚠ Risk flags
- Net margin compression
- High growth in employee benefit expenses
- Loss-making subsidiary and joint venture
- High debt-to-equity ratio of 0.74
Key Highlights
Standalone Revenue from operations increased 33.8% YoY to ₹60.33 Cr from ₹45.08 Cr.
Standalone Profit After Tax (PAT) decreased 33.8% YoY to ₹46.28 Lakhs from ₹69.93 Lakhs.
Employee benefit expenses rose significantly by 41.6% YoY to ₹7.63 Cr.
Transitioned to a higher PLI investment category of ₹25.00 Crores for FY 2025-26.
Consolidated results include a ₹19.20 Lakhs loss share from the Joint Venture, Calcom Taehwa Techno.
👀 What to Watch
Investors should monitor the company's ability to control rising employee and operational costs as it scales. The key trigger to watch is the successful filing and realization of PLI incentives, which are critical for improving net margins currently below 1%.
CRISIL Reaffirms BB+/Stable Rating for Rs 50 Cr Bank Facilities
CRISIL has reaffirmed Calcom Vision's long-term credit rating at 'BB+/Stable' and short-term rating at 'A4+' for its bank facilities totaling Rs 50 crore. This reaffirmation follows a previous downgrade cycle, suggesting a stabilization in the company's credit profile. The rated facilities account for approximately 78% of the company's total debt of Rs 64 crore. While the outlook remains stable, the company's thin operating margins of 6.2% and a debt-to-equity ratio of 0.74 continue to be key financial metrics for investors to monitor.
Confidence: HIGH
What changedCRISIL has maintained the existing credit ratings for the company's bank loans, indicating no further deterioration in creditworthiness after a previous downgrade.
Why it mattersA stable credit rating ensures continued access to bank funding, which is essential for the company's planned expansion into BLDC fans and EV charging infrastructure.
Total Rated Facilities: Rs 50 CrRated Debt vs Total Debt: ~78%Long-term Rating: CRISIL BB+/StableShort-term Rating: CRISIL A4+TTM Operating Margin: 6.2%
📅 Short termThe reaffirmation is likely to have a neutral impact on the stock price as it reflects the status quo rather than a fundamental improvement.
📈 Long termThe stable outlook is a positive sign for structural stability, but long-term credit health depends on the successful transition from OEM to a higher-margin ODM model.
⚠ Risk flags
- High debt-to-equity ratio (0.74)
- Low operating profit margins (6.2%)
- High dependency on Chinese imports for machinery
Key Highlights
Total bank loan facilities rated at Rs 50 crore
Long-term rating reaffirmed at CRISIL BB+/Stable
Short-term rating reaffirmed at CRISIL A4+
Rated debt represents ~78% of the company's total debt of Rs 64 crore
Largest single facility is a Rs 10.45 crore Term Loan from Shinhan Bank
👀 What to Watch
Investors should monitor the company's progress toward its FY26 revenue target of Rs 250+ crore and its ability to improve operating margins, which will be critical for future credit rating upgrades.
₹60.19 Cr Q1 Sales: Calcom Vision Reports 34% YoY Revenue Growth
Calcom Vision Limited reported its highest-ever Q1 sales revenue of ₹60.19 Crores for the quarter ended June 30, 2026, marking a 34% increase over the ₹45.07 Crores recorded in Q1 FY26. This performance is notable as the company identifies Q1 as a seasonally lean period for the lighting industry due to longer daylight hours. The company has now achieved record sales for five consecutive quarters, driven by a shift toward Professional and Industrial Lighting segments. Management indicates that LED Bulbs and Battens remain core contributors while new product ranges are gaining traction.
Confidence: HIGH
What changedThe company has transitioned from a volatile sales history (e.g., ₹18.26 Cr in Q1 FY25) to a consistent growth phase, delivering its highest-ever Q1 revenue.
Why it mattersThe 34% YoY growth in a seasonally weak quarter suggests strong underlying demand and successful market penetration in new lighting segments, potentially leading to a higher annual revenue base.
Q1 FY27 Sales Revenue: ₹60.19 CroresYoY Sales Growth: 34%Q1 FY26 Sales Revenue: ₹45.07 CroresQ1 FY25 Sales Revenue: ₹18.26 CroresConsecutive Quarters of Growth: 5
📅 Short termThe stock may see positive sentiment in the coming weeks as the market reacts to the strong top-line growth and the 'highest-ever' Q1 performance milestone.
📈 Long termIf the company successfully scales its Professional and Industrial Lighting segments, it could lead to structural margin expansion and a more resilient business model less dependent on consumer LED cycles.
⚠ Risk flags
- Seasonality in the lighting industry
- Execution risk in scaling new product ranges
- Potential margin pressure if raw material costs fluctuate
Key Highlights
Achieved record Q1 sales of ₹60.19 Crores, representing a 34% YoY growth compared to ₹45.07 Crores in FY26.
Maintained a growth trajectory with five successive quarters of record-breaking sales performance.
Significant recovery from Q1 FY25 levels, where sales were only ₹18.26 Crores.
Strategic shift in product mix towards higher-value Professional and Industrial Lighting segments.
Reported Q4 FY26 sales of ₹68.17 Crores, showing that while Q1 is seasonally lower, the YoY growth remains robust.
👀 What to Watch
Investors should monitor the upcoming full Q1 financial results to see if the 34% revenue growth translates into improved EBITDA margins, given the management's focus on a 'better product mix'. Watch for execution updates on the Professional and Industrial Lighting segments in the seasonally stronger Q3 and Q4.
