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IKIO Technologies Ltd

| Quarterly Financial Results Q3 FY 2025-26

NEUTRAL SENTIMENT

Report Source

⬤31st Jan 26

Summary : IKIO Technologies Limited reported unaudited Q3 and 9M FY26 consolidated and standalone financial results, including board re-designations and IPO proceeds utilization, with a limited review by auditors.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Consolidated: Cost of materials consumed (Rs. 822.01M Q3), Employee benefits expense (Rs. 214.98M Q3), Finance costs (Rs. 20.46M Q3), Depreciation (Rs. 80.15M Q3), Other expenses (Rs. 209.16M Q3).
  2. Standalone: Cost of materials consumed (Rs. 341.69M Q3), Employee benefits expense (Rs. 54.36M Q3), Finance costs (Rs. 8.11M Q3), Depreciation (Rs. 6.59M Q3), Other expenses (Rs. 25.99M Q3).
  3. Consolidated Revenue from operations: Q3 FY26 - Rs. 1,455.88 million; 9M FY26 - Rs. 4,299.41 million.
  4. Standalone Revenue from operations: Q3 FY26 - Rs. 441.65 million; 9M FY26 - Rs. 1,318.67 million.
  5. Paid-up equity share capital: Rs. 772.81 million (Consolidated and Standalone).
  6. Consolidated Other equity: Rs. 4,832.45 million.
  7. Standalone Other equity: Rs. 3,992.20 million.
  8. Mr. Hardeep Singh's remuneration from Royalux Lighting Private Limited (RLPL) and IKIO Technologies Limited (ITL) is subject to shareholders' approval and Companies Act, 2013 limits.
  9. Disclosure of relationship between Directors: Mrs. Surmeet Kaur (Wife), Mrs. Ishween Kaur (Daughter), Mr. Sanjeet Singh (Son-in-Law) are directors in subsidiaries.
  10. Both standalone and consolidated financial results are presented and reviewed.
  11. Consolidated results include IKIO Technologies Limited and its six subsidiaries.

Corporate Overview

  1. Registered Office: New Delhi, India.
  2. Corporate Office: Noida (GB Nagar), India.
  3. Works: Sidcul Haridwar, India.
  4. Subsidiaries include Royalux LLC and Royalux FZCO (Step-down Subsidiaries), indicating international presence.
  5. Assessing financial impact of new Labour Codes.
  6. Manufacturing of LED Lighting.
  7. Formal and factual, reporting financial results and board decisions.
  8. Focus on regulatory compliance and operational updates.
  9. Revenue from operations.
  10. Funding capital expenditure for manufacturing facilities (Rs. 1,583.99 million utilized out of Rs. 2,123.12 million).

Risk Factors

  1. Uncertainty from new Labour Codes.
  2. Auditor's limited review, not full audit.
  3. Reliance on other auditors for subsidiaries.
  4. Managerial remuneration structure complexity.

Key Drivers

  1. Strong consolidated profit after tax.
  2. Key leadership re-designation for compliance.
  3. Significant capital expenditure for growth.
  4. Effective utilization of IPO funds.

Auditor’s Report

  1. Limited Review report; auditors do not express an audit opinion on interim financial information.
  2. Review of unaudited consolidated and standalone financial results for the quarter and nine months ended December 31, 2025.
  3. Conclusion on the statement is not modified regarding subsidiaries whose financial results were reviewed by other auditors.

Board Commentary

  1. Mr. Hardeep Singh re-designated as Non-Executive Director in IKIO Solutions Private Limited (ISPL) effective January 30, 2026.
  2. Mr. Hardeep Singh re-designated as Managing Director in Royalux Lighting Private Limited (RLPL) effective January 31, 2026, subject to shareholder approval.
  3. Impact of new Labour Codes on financial statements.
  4. Compliance with Companies Act, 2013, and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
  5. Re-designation of Mr. Hardeep Singh to ensure compliance with Companies Act, 2013.
  6. IPO proceeds utilized for debt repayment (Rs. 500.00 million fully utilized).
  7. IPO proceeds utilized for capital expenditure (Rs. 1,583.99 million utilized out of Rs. 2,123.12 million).
  8. IPO proceeds utilized for general corporate purposes (Rs. 637.78 million utilized out of Rs. 638.29 million).

Corporate Governance

  1. Mr. Hardeep Singh re-designated as Non-Executive Director in IKIO Solutions Private Limited.
  2. Unaudited financial results reviewed by the Audit Committee and approved by the Board of Directors.

Management Discussion & Analysis

Operational Focus Areas

  1. Monitoring finalization of Central/State Rules for Labour Codes.

Risk Control Measures

  1. Company has assessed incremental impact as immaterial.
  2. Continues to monitor finalization of Central/State Rules and clarifications from Government.

Critical Risks

  1. Potential financial impact from new Labour Codes (Code on Wages, Industrial Relations Code, Social Security, Occupational Safety, Health and Working Conditions Code).