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Calcom Vision Ltd (517236)

📊 BSE: 517236 🏢 Consumer Electronics 📢 Latest filing: 10 Oct 2026 📝 Analysis written: 13 Nov 2025

Latest quarterly results (Q1 FY27)

In its latest reported quarter, Q1 FY27, Calcom Vision's revenue was ₹60.1 Cr (+33.3% year on year, -11.7% on the previous quarter), and net profit ₹0.1 Cr (-83.1% year on year); the operating margin was 6.0%.

Q1 FY27 (₹ Cr)	Value	YoY vs Q1 FY26	QoQ
Revenue	₹60.1	+33.3%	-11.7%
Operating profit	₹3.6	-5.6%	+13.5%
Net profit	₹0.1	-83.1%	from loss
EPS (₹)	0.09	-80.0%	from loss
Operating margin	6.0%	—	—

Full quarterly financials → Results calendar →

📢 Recent Corporate Announcements

Calcom Vision Reports Record Q2 Sales of ₹66.30 Cr, Up 32% YoY

🟢 POSITIVE ⭐ 6/10

EARNINGS 📅 10 Oct 2026, 04:20 PM

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.

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

💡 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.

Calcom Vision Reports FY26 Revenue Up 38.7% to ₹218.45 Cr, Plans ₹6 Cr PLI Claim

🟡 NEUTRAL ⭐ 3/10

ROUTINE 📅 30 Sep 2026, 04:38 PM

Calcom Vision released the Chairman's speech delivered at its 41st AGM, outlining operational updates and strategic priorities. The company highlighted FY26 revenue growth of 38.71% to ₹218.45 crore compared to ₹157.26 crore in the previous year. Operational updates include the addition of ~20,000 sq. ft. in manufacturing space, five plastic extrusion machines, and an increase in rooftop solar capacity to 525 KW. The company received ₹1.80 crore in PLI incentives during the year and is processing an application for a ₹6 crore claim for FY26.

FY26 revenue rose 38.71% to ₹218.45 crore from ₹157.26 crore in FY25
Received ₹1.80 crore under White Goods PLI scheme and filing a claim of ₹6 crore for FY26
Expanded manufacturing space by ~20,000 sq. ft. and added five plastic extrusion machines
Manufacturing facility rooftop solar capacity enhanced to 525 KW
Onboarded new customers including Gold Medal, Eveready, and R.R. Kabel in FY26

💡 Track the upcoming Q2 FY27 earnings for signs of margin expansion from ODM transition, alongside the cash receipt timeline of the ₹6 crore PLI incentive claim.

₹60.33 Cr Q1 Revenue: Calcom Vision Reports 34% YoY Growth but Margins Contract to 6.44%

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 13 Aug 2026, 02:32 PM

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.

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

💡 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 Updates Contact Details for KMP Materiality Disclosures

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 13 Aug 2026, 10:34 AM

Calcom Vision Ltd has updated the contact details for its Key Managerial Personnel (KMP) authorized to determine the materiality of events under SEBI Regulation 30(5). The designated officials are Mr. Pramod (CFO) and Ms. Aditi Ghosh (Company Secretary). This is a routine administrative filing required by listing regulations and does not impact the company's operations or financial outlook. The company continues to work toward its FY26 revenue target of Rs 250+ Cr through diversification into BLDC fans and EV charging infrastructure.

Updated contact details for 2 Key Managerial Personnel (CFO and Company Secretary)
Filing submitted on 13 August 2026 under SEBI Regulation 30(5)
Company maintains a target of Rs 250+ Cr revenue for FY26
Expected PLI scheme incentive of Rs 13.8 Cr remains a key financial driver

💡 This is a procedural update; investors should focus on the company's execution of its 50,000 sq. ft. factory expansion and the rollout of new ODM products.

Calcom Vision Appoints M/s Neeraj Sharma & Co. as Cost Auditor for FY 2026-27

🟡 NEUTRAL ⭐ 2/10

ROUTINE 📅 11 Aug 2026, 07:35 PM

Calcom Vision Ltd has appointed M/s Neeraj Sharma & Co. as its Cost Auditor for the financial year 2026-27. The appointment was approved by the Board on August 11, 2026, and is subject to remuneration ratification by shareholders at the upcoming Annual General Meeting. This is a standard regulatory requirement for manufacturing companies to ensure cost record compliance. The appointed firm has been established since 2004 with experience in public and private sector audits.

Appointment of M/s Neeraj Sharma & Co. (FRN: 100466) as Cost Auditor.
Term of appointment is for 1 Financial Year (FY 2026-27).
Board approval and appointment date finalized on August 11, 2026.
The audit firm has been operational since 2004 with experience in GST and Internal Audits.

💡 This is a routine administrative filing. Investors should focus on the company's execution regarding its FY26 revenue target of Rs 250+ Cr and the expansion of its 50,000 sq. ft. factory space.

Calcom Vision Q1 Standalone Revenue up 34% to ₹60.3 Cr; PAT Declines to ₹0.46 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 11 Aug 2026, 07:16 PM

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.

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.

💡 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 Appoints Ms. Aditi Ghosh as Company Secretary and Compliance Officer

🟡 NEUTRAL ⭐ 3/10

MANAGEMENT 📅 11 Aug 2026, 07:07 PM

Calcom Vision Ltd has appointed Ms. Aditi Ghosh as the Company Secretary and Compliance Officer, effective August 11, 2026. Ms. Ghosh is highly qualified, holding credentials as both a Company Secretary (ICSI Membership No. A51074) and a Chartered Accountant, in addition to LL.B and B.Com degrees. This appointment fulfills a mandatory regulatory requirement for listed companies under SEBI (LODR) Regulations. The decision was based on the recommendation of the Nomination & Remuneration Committee during the board meeting held on the same day.

Appointment of Ms. Aditi Ghosh effective from August 11, 2026
Appointee holds dual professional qualifications as a Company Secretary and a Chartered Accountant
Board approval granted in a meeting held on August 11, 2026
Ms. Ghosh is an associate member of ICSI with Membership No. A51074

💡 No immediate action required; investors should monitor the company's upcoming statutory filings for consistency in corporate governance and reporting.

Calcom Vision Q1 Revenue Grows 33.8% YoY to ₹60.33 Cr; PAT Declines to ₹0.46 Cr

🟡 NEUTRAL ⭐ 6/10

EARNINGS 📅 11 Aug 2026, 06:43 PM

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).

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.

💡 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%.

Calcom Vision Reaffirms Credit Rating with 'Stable' Outlook; Explains 9-Day Reporting Delay

🟡 NEUTRAL ⭐ 3/10

REGULATORY 📅 06 Aug 2026, 05:18 PM

Calcom Vision Ltd received a credit rating reaffirmation with a 'Stable' outlook from CRISIL Ratings on July 27, 2026. The company failed to disclose this within the SEBI-prescribed timeline, eventually filing on August 5, 2026, after a query from the BSE. The company attributed the 9-day delay to an administrative oversight and stated that no material change occurred in its credit profile. With a debt of ₹64 Cr against a market cap of ₹110 Cr, maintaining a stable rating is crucial for its ongoing expansion into IoT lighting and EV chargers.

CRISIL Ratings reaffirmed the existing credit rating with a 'Stable' outlook on July 27, 2026
Disclosure to the stock exchange was delayed by 9 days, eventually submitted on August 5, 2026
Company maintains a debt of ₹64 Cr, representing a Debt-to-Equity ratio of 0.74
Internal compliance mechanisms have been reinforced following this isolated reporting lapse

💡 Investors should monitor for any potential regulatory penalties from the exchange regarding the LODR non-compliance. The stable rating reaffirmation suggests no immediate deterioration in the company's ability to service its ₹64 Cr debt.

Aug 11 Board Meeting to Approve Q1 FY27 Financial Results

🟡 NEUTRAL ⭐ 3/10

BOARD_MEETING 📅 05 Aug 2026, 12:05 PM

Calcom Vision Ltd has scheduled a board meeting on August 11, 2026, to approve unaudited financial results for the quarter ended June 30, 2026. The company is coming off a fiscal year (FY26) where it achieved Rs 218 Cr in revenue but maintained thin margins with a PAT of only Rs 2 Cr. Investors will be looking for signs of growth in new segments like BLDC fans and EV charging infrastructure. The trading window for insiders remains closed until 48 hours after the results are declared.

Board meeting scheduled for August 11, 2026, to approve Q1 FY27 results
Financial results cover the three-month period ending June 30, 2026
Trading window for insiders has been closed since June 23, 2026
Company reported a revenue of Rs 45.08 Cr in the same quarter last year (Jun 2025)

💡 Monitor the results on August 11 to evaluate if the company is maintaining the revenue momentum seen in Mar 2026 (Rs 68.17 Cr) and if operating margins are improving from the current 6.2%.

CRISIL Reaffirms BB+/Stable Rating for Rs 50 Cr Bank Facilities

🟡 NEUTRAL ⭐ 5/10

ROUTINE 📅 05 Aug 2026, 11:48 AM

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.

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

💡 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.

Calcom Vision Wins Panasonic Star Performer Quality Award for Second Consecutive Year

🟢 POSITIVE ⭐ 3/10

ROUTINE 📅 21 Jul 2026, 10:12 AM

Calcom Vision Limited has been awarded the 'Star Performer Quality Award' at the Panasonic Supplier QC Convention held on July 8, 2026. This marks the second consecutive year the company has received quality recognition from Panasonic, following the Platinum Quality Award in the previous cycle. While the announcement does not specify a new contract, it validates the company's manufacturing standards as it targets a revenue of Rs 250+ Cr for FY26. Given the company's current TTM revenue of Rs 218 Cr and thin margins (OPM 6.2%), maintaining high-quality ratings with Tier-1 clients like Panasonic is essential for business retention.

Awarded the Star Performer Quality Award by Panasonic on July 8, 2026
Recognition marks the second consecutive year of winning quality awards from this major client
Company is targeting a revenue milestone of Rs 250+ Cr in FY26, representing ~15% growth over TTM revenue
Maintains a promoter holding of 64.32% as of March 2026

💡 Monitor upcoming quarterly results to see if this quality recognition translates into higher order allocations or entry into new product categories (like BLDC fans or EV chargers) for Panasonic.

₹60.19 Cr Q1 Sales: Calcom Vision Reports 34% YoY Revenue Growth

🟢 POSITIVE ⭐ 7/10

EARNINGS 📅 10 Jul 2026, 01:27 PM

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.

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.

💡 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.

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💰 Financial Performance

Revenue Growth by Segment

Revenue from operations was INR 157.3 Cr in FY25, a slight decline of 1.8% from INR 160.2 Cr in FY24. H1 FY26 revenue reached INR 95.1 Cr. Segment contribution in FY25 was dominated by LED Bulbs at 65%, Battens at 24%, and 2x2 Panels at 11%. For FY26, the company is shifting focus to Street/Flood Lights (expected 14% share) and Solar/Industrial Lights (expected 8% each) to offset the decline in LED Bulbs, which are projected to drop to 38% of revenue.

Geographic Revenue Split

Not disclosed in available documents, though the company has a historical export background to Russia and the USA.

Profitability Margins

Gross margins are under pressure due to 40-60% price erosion in commoditized indoor lighting. Net Profit Margin improved to 2.7% in H1 FY26 (INR 2.6 Cr) compared to 0.7% in FY25 (INR 1.1 Cr) and 0.8% in FY24 (INR 1.3 Cr).

EBITDA Margin

EBITDA margin stood at 7.4% in FY25 (INR 11.7 Cr), up from 5.4% in FY24 (INR 8.6 Cr). H1 FY26 EBITDA margin further improved to 8.1% (INR 7.7 Cr) due to better fixed cost absorption and a shift toward higher-margin outdoor lighting products.

Capital Expenditure

Fixed assets (including PPE, CWIP, and ROU assets) increased by 34.5% from INR 60.2 Cr in FY24 to INR 81.0 Cr in FY25. As of H1 FY26, fixed assets stood at INR 86.4 Cr, reflecting ongoing investments in SMT lines and a new 50,000 sq. ft. factory space.

Credit Rating & Borrowing

The company faces stretched liquidity with bank limit utilization at approximately 90% of the INR 22.5 Cr limit. Rating sensitivity factors require cash accruals to exceed INR 15 Cr for an upgrade; current FY25 performance was below the initial CRISIL expectation of INR 180-200 Cr revenue.

⚙️ Operational Drivers

Raw Materials

Electronic components for SMT lines, plastic for moulding/extrusion, and specialized machinery for solar street lights. Specific percentage breakdown per material is not disclosed.

Import Sources

China (specifically for manufacturing machinery and SMT equipment).

Capacity Expansion

The company is adding 50,000 sq. ft. of factory space, installing a new plastic extrusion plant, and upgrading SMT lines and tool rooms to support the transition to ODM (Original Design Manufacturer) status.

Raw Material Costs

Cost of Goods Sold (COGS) was INR 120.7 Cr in FY25, representing 76.7% of revenue, down from 78.3% in FY24. Procurement is impacted by delays in importing machinery from China, which hindered solar street light execution.

Manufacturing Efficiency

Automation of bulb production is being implemented to increase output and offset a 40-60% drop in market prices for LED products.

📈 Strategic Growth

Expected Growth Rate

60%

Growth Strategy

The company plans to achieve INR 250+ Cr revenue in FY26 by diversifying into BLDC fans, Smart Lighting (IoT), and Solar Lighting. It is leveraging the PLI scheme (expected incentive of INR 13.8 Cr) and expanding its ODM business by adding 50,000 sq. ft. of infrastructure and new assembly lines.

Products & Services

LED bulbs, battens, 2x2 panels, street lights, flood lights, industrial lights, solar street lights, BLDC fans, EV chargers, and solar inverters.

Brand Portfolio

Calcom (primarily operates as an ODM/OEM for brands like Philips, LG, and Samsung).

New Products/Services

BLDC fans, EV chargers, and Solar Inverters are expected to drive the next level of growth, with new products projected to contribute significantly to the FY26 revenue target of INR 250+ Cr.

Market Expansion

Expansion into the Smart/IoT lighting vertical and the EV charging infrastructure market.

Strategic Alliances

Joint Venture with Calcom Taehwa Techno Private Limited; historical collaborations with Samsung Korea.

🌍 External Factors

Industry Trends

The lighting industry is shifting from 'Driver Type' to 'DOB (Driver on Board) Type' products, causing sharp price drops. The company is positioning itself for the USD 270 billion household electronics market projected by 2030.

Competitive Landscape

Faces stiff competition from both domestic and international players in the commoditized LED segment, leading to significant price erosion.

Competitive Moat

Moat is based on 40+ years of electronics manufacturing experience and backward integration in plastic moulding and SMT. Sustainability depends on the successful transition from OEM to a high-margin ODM model.

Macro Economic Sensitivity

Highly sensitive to government electronics spending, with the PLI budget for electronics expected to rise to INR 8,885 Cr in FY26.

Consumer Behavior

Rising demand for energy-efficient and 'smart' household electronics (IoT) is driving the shift toward BLDC fans and connected lighting.

Geopolitical Risks

Trade and import dependencies on China for manufacturing equipment pose a risk to timely capacity expansion and order fulfillment.

⚖️ Regulatory & Governance

Industry Regulations

Beneficiary of the Production Linked Incentive (PLI) Scheme for Large Scale Electronics Manufacturing with an approved incentive of INR 13.8 Cr.

Environmental Compliance

Focus on environment-friendly and energy-efficient lighting solutions; specific ESG costs not disclosed.

Taxation Policy Impact

Effective tax rate resulted in a tax expense of INR 0.9 Cr in H1 FY26.

Legal Contingencies

The company disclosed pending litigations in Note 43 of the financial statements. A significant internal governance issue occurred where an employee bypassed password security to divert funds to unauthorized payees; the company performed a forensic audit and terminated the employee.

⚠️ Risk Analysis

Key Uncertainties

Technological shifts to DOB products could further erode margins by 40-60%. Execution risk exists for the INR 250+ Cr revenue target if new product lines (BLDC fans, EV chargers) face slow adoption.