Electric Equipment · Founded 2005 · www.focuslightingandfixtures.com · NSE · ISIN INE593W01028
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Business
Focus Lighting & Fixtures Ltd. is an Indian company engaged in the design, manufacturing, and supply of an extensive range of LED lighting solutions. The company primarily caters to architectural, retail, commercial, hospitality, and high-end residential segments. They specialize in high-quality, aesthetically driven, and functionally superior lighting products, including downlights, spotlights, track lights, linear lights, outdoor lighting, and custom solutions. Their core business model revolves around offering lighting design expertise, customized product development, and project-based sales to architects, interior designers, consultants, and direct clients. They make money by selling their manufactured lighting fixtures and solutions.
Revenue Mix
While specific revenue contribution breakdowns by segment are not consistently detailed in public reports, Focus Lighting's business can be broadly understood through its client focus:
Architectural & Commercial Projects: This likely forms the bulk of their revenue, involving bespoke lighting solutions for large-scale commercial buildings, offices, retail spaces, museums, and public infrastructure.
Hospitality: Providing specialized lighting for hotels, resorts, and restaurants, often emphasizing ambiance and design.
High-end Residential: Catering to premium homes with sophisticated and integrated lighting systems.
Their product portfolio is diverse, spanning various fixture types, but their strength lies in integrated solutions rather than just standalone product sales.
Industry
The Indian lighting industry is undergoing a significant transition from traditional lighting to energy-efficient LED solutions, driven by government initiatives, growing environmental awareness, and decreasing LED prices. The market is competitive, comprising large organized players (e.g., Havells, Bajaj Electricals, Wipro Lighting, Philips India), smaller domestic manufacturers, and unorganized players.
Focus Lighting positions itself in the premium, design-centric, and project-based segment of the market. They differentiate themselves through product quality, design innovation, customization capabilities, and strong relationships with architects, interior designers, and lighting consultants. They are generally not in the mass-market consumer lighting space, which is dominated by larger players.
MOAT
Focus Lighting's competitive advantages primarily stem from:
Design & Customization Capability: Their ability to offer highly aesthetic and customized lighting solutions tailored to specific project requirements helps them secure high-value projects and build strong client relationships with architects and designers.
Product Quality & Reliability: A focus on premium quality and performance in their niche builds trust and repeat business, especially crucial in project-based environments where reliability is paramount.
Niche Expertise & Relationships: Deep expertise in architectural and design-driven lighting, coupled with established relationships within the professional design community, acts as a barrier to entry for generalist lighting companies.
Growth Drivers
Key factors that can drive Focus Lighting's growth over the next 3-5 years include:
Growth in Real Estate & Infrastructure: Continued urbanization, expansion of commercial spaces (offices, retail, malls), hospitality sector growth, and high-end residential development in India.
Increased Adoption of LED & Smart Lighting: Ongoing shift towards energy-efficient LED technology and the emerging trend of smart lighting systems offers a continuous upgrade cycle.
"Make in India" Initiatives: Government impetus on domestic manufacturing can support local players.
Rising Disposable Income & Aesthetic Focus: Increasing affluence leads to higher spending on sophisticated interior designs and premium lighting solutions in both commercial and residential spaces.
Export Opportunities: Potential expansion into international markets, leveraging their design and quality strengths.
Risks
Economic Slowdown: A downturn in the real estate, construction, and commercial development sectors can directly impact project pipelines and revenue.
Intense Competition: The lighting market is highly competitive, with both established large players entering niche segments and smaller specialized firms. Price wars or aggressive market entry by competitors could impact margins.
Raw Material Price Volatility: Fluctuations in prices of key components (e.g., LED chips, aluminum, copper, plastic) can affect manufacturing costs and profitability, especially if not fully passed on to customers.
Technological Obsolescence: Rapid advancements in LED technology and smart lighting systems require continuous R&D investment to stay relevant, posing a risk if the company cannot adapt quickly.
Project Dependency: Reliance on large, lumpy projects can lead to revenue variability and impact cash flow if projects are delayed or cancelled.
Management & Ownership
Focus Lighting & Fixtures Ltd. is promoted by Dayal Singh and Shivani Singh, who are key figures in the company's management. Dayal Singh serves as the Managing Director. The promoters hold a significant stake in the company, demonstrating their commitment and direct interest in the company's long-term performance. Their background and experience are rooted in the lighting industry, contributing to the company's design and operational expertise.
Outlook
Focus Lighting & Fixtures is positioned in a growing segment of the Indian lighting market, benefiting from the broader shift towards LEDs and increasing demand for sophisticated, design-led lighting solutions. The company's focus on quality, customization, and strong relationships with architects provides a foundation for continued growth. However, its performance remains sensitive to the health of the real estate and construction sectors, and it faces ongoing competitive pressures from both large diversified players and other niche specialists. Success hinges on continued innovation, maintaining design leadership, and effectively managing cost pressures while expanding its market reach.
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| #(Fig in Cr.) | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 60 | 55 | 45 | 42 | 42 | 41 | 49 | 38 | 60 | 49 |
| Other Income | 1 | 0 | 1 | 2 | 0 | 1 | 1 | 1 | 1 | 1 |
| Total Income | 60 | 55 | 46 | 43 | 42 | 42 | 49 | 39 | 61 | 50 |
| Total Expenditure | 46 | 43 | 37 | 39 | 38 | 37 | 44 | 36 | 54 | 43 |
| Operating Profit | 14 | 12 | 9 | 4 | 4 | 5 | 5 | 2 | 7 | 7 |
| Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1 | 1 |
| Depreciation | 2 | 1 | 2 | 2 | 3 | 2 | 2 | 3 | 3 | 3 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 | 0 |
| Profit Before Tax | 12 | 11 | 7 | 2 | 1 | 3 | 2 | -1 | 4 | 4 |
| Provision for Tax | 1 | 1 | 2 | 2 | -0 | 0 | 1 | 0 | 1 | 1 |
| Profit After Tax | 10 | 9 | 5 | -0 | 1 | 2 | 2 | -1 | 3 | 3 |
| Adjustments | 0 | 0 | 0 | 0 | -0 | 0 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 11 | 9 | 5 | 0 | 1 | 2 | 2 | -1 | 3 | 3 |
| Adjusted Earnings Per Share | 1.6 | 1.4 | 0.7 | 0 | 0.2 | 0.3 | 0.3 | -0.2 | 0.4 | 0.4 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Sales | 79 | 92 | 121 | 99 | 60 | 105 | 169 | 224 | 183 | 188 | 196 |
| Other Income | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 8 | 3 | 3 | 4 |
| Total Income | 80 | 93 | 122 | 100 | 61 | 107 | 170 | 231 | 186 | 191 | 199 |
| Total Expenditure | 73 | 82 | 105 | 92 | 59 | 96 | 135 | 179 | 157 | 172 | 177 |
| Operating Profit | 7 | 11 | 16 | 9 | 1 | 10 | 35 | 53 | 29 | 19 | 21 |
| Interest | 1 | 0 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 |
| Depreciation | 0 | 1 | 2 | 4 | 3 | 3 | 5 | 7 | 8 | 10 | 11 |
| Exceptional Income / Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -0 | 0 |
| Profit Before Tax | 6 | 10 | 13 | 4 | -2 | 6 | 29 | 45 | 20 | 8 | 9 |
| Provision for Tax | 2 | 4 | 4 | 2 | -0 | 1 | 7 | 6 | 5 | 3 | 3 |
| Profit After Tax | 4 | 6 | 10 | 2 | -2 | 5 | 23 | 39 | 15 | 5 | 7 |
| Adjustments | 0 | 0 | 0 | 0 | 0 | -0 | 1 | 0 | 0 | 0 | 0 |
| Profit After Adjustments | 4 | 6 | 10 | 2 | -2 | 4 | 24 | 39 | 15 | 5 | 7 |
| Adjusted Earnings Per Share | 1.1 | 1.2 | 1.9 | 0.5 | -0.4 | 0.8 | 3.6 | 5.9 | 2.3 | 0.8 | 0.9 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | 3% | 4% | 26% | 0% |
| Operating Profit CAGR | -34% | -18% | 80% | 0% |
| PAT CAGR | -67% | -40% | 0% | 0% |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Share Price CAGR | -40% | -32% | 34% | NA% |
| ROE Average | 4% | 17% | 20% | 21% |
| ROCE Average | 6% | 20% | 25% | 30% |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Shareholder's Funds | 12 | 22 | 32 | 33 | 31 | 35 | 90 | 129 | 140 | 146 |
| Minority's Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Borrowings | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 11 | 11 | 9 |
| Other Non-Current Liabilities | -0 | 0 | 0 | -0 | -1 | 3 | 4 | 3 | 3 | 1 |
| Total Current Liabilities | 14 | 18 | 20 | 27 | 25 | 39 | 31 | 46 | 46 | 55 |
| Total Liabilities | 26 | 40 | 51 | 60 | 56 | 78 | 125 | 189 | 200 | 212 |
| Fixed Assets | 2 | 3 | 13 | 13 | 11 | 15 | 21 | 21 | 38 | 38 |
| Other Non-Current Assets | 0 | 4 | 1 | 1 | 1 | 3 | 15 | 27 | 27 | 37 |
| Total Current Assets | 24 | 31 | 37 | 47 | 44 | 61 | 90 | 140 | 134 | 136 |
| Total Assets | 26 | 40 | 51 | 60 | 56 | 78 | 125 | 189 | 200 | 212 |
| #(Fig in Cr.) | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Opening Cash & Cash Equivalents | 0 | 2 | 3 | 1 | 1 | 1 | 1 | 7 | 3 | 6 |
| Cash Flow from Operating Activities | 0 | 2 | 6 | 3 | 2 | 6 | -14 | 6 | 32 | 26 |
| Cash Flow from Investing Activities | 0 | -6 | -9 | -3 | -1 | -3 | -10 | -20 | -25 | -20 |
| Cash Flow from Financing Activities | 0 | 5 | 0 | 0 | -0 | -3 | 31 | 9 | -4 | -2 |
| Net Cash Inflow / Outflow | 0 | 2 | -2 | -0 | 1 | -1 | 7 | -5 | 3 | 4 |
| Closing Cash & Cash Equivalent | 0 | 3 | 1 | 1 | 2 | 1 | 7 | 3 | 6 | 10 |
| # | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Per Share (Rs) | 1.08 | 1.18 | 1.92 | 0.45 | -0.37 | 0.81 | 3.62 | 5.95 | 2.28 | 0.77 |
| CEPS(Rs) | 1.18 | 1.33 | 2.39 | 1.15 | 0.24 | 1.56 | 4.18 | 6.9 | 3.48 | 2.22 |
| DPS(Rs) | 0 | 0 | 0.2 | 0 | 0 | 0.1 | 0.3 | 0.5 | 0 | 0 |
| Book NAV/Share(Rs) | 3.16 | 3.99 | 6.22 | 6.6 | 6.2 | 6.95 | 13.78 | 19.42 | 20.88 | 21.73 |
| Core EBITDA Margin(%) | 7.55 | 11.43 | 12.92 | 7.78 | 0.95 | 8.52 | 19.85 | 20.15 | 14.28 | 8.48 |
| EBIT Margin(%) | 8.39 | 11.02 | 11.59 | 5.1 | -2.81 | 6.43 | 17.95 | 20.51 | 11.43 | 4.75 |
| Pre Tax Margin(%) | 7.66 | 10.68 | 11.1 | 4.37 | -3.71 | 5.64 | 17.34 | 19.97 | 10.89 | 4.04 |
| PAT Margin (%) | 5.11 | 6.46 | 8.06 | 2.31 | -3.14 | 4.32 | 13.46 | 17.3 | 8.27 | 2.7 |
| Cash Profit Margin (%) | 5.57 | 7.31 | 10 | 5.85 | 1.99 | 7.51 | 16.18 | 20.33 | 12.67 | 7.94 |
| ROA(%) | 15.56 | 17.99 | 21.27 | 4.11 | -3.23 | 6.77 | 22.28 | 24.64 | 7.8 | 2.46 |
| ROE(%) | 34.22 | 37.34 | 37.74 | 7.07 | -5.82 | 13.67 | 36.25 | 35.52 | 11.34 | 3.55 |
| ROCE(%) | 54.11 | 59.43 | 49.82 | 14.1 | -4.58 | 18.35 | 46.3 | 39.17 | 14.03 | 5.52 |
| Receivable days | 63.4 | 61.78 | 54.86 | 81.32 | 130.16 | 72.8 | 60.97 | 95.66 | 154.45 | 123.55 |
| Inventory Days | 27.43 | 26.78 | 30.97 | 52.55 | 103.19 | 72.48 | 67.27 | 66.91 | 90.72 | 97.4 |
| Payable days | 69.62 | 62.36 | 54.68 | 81.61 | 149.04 | 112.08 | 85.38 | 72.41 | 100.88 | 91.4 |
| PER(x) | 0 | 8.78 | 5.91 | 9.05 | 0 | 21.53 | 28.27 | 24.19 | 34.12 | 75.77 |
| Price/Book(x) | 0 | 2.59 | 1.83 | 0.62 | 0.77 | 2.5 | 7.42 | 7.41 | 3.72 | 2.68 |
| Dividend Yield(%) | 0 | 0 | 0.59 | 0 | 0 | 0.57 | 0.29 | 0.35 | 0 | 0 |
| EV/Net Sales(x) | 0.02 | 0.55 | 0.49 | 0.24 | 0.46 | 0.86 | 3.93 | 4.28 | 2.89 | 2.14 |
| EV/Core EBITDA(x) | 0.19 | 4.65 | 3.65 | 2.83 | 19.68 | 8.9 | 19.02 | 18.2 | 18.26 | 21.23 |
| Net Sales Growth(%) | 0 | 17.24 | 31.22 | -17.93 | -39.63 | 75.77 | 59.96 | 32.76 | -18.09 | 2.43 |
| EBIT Growth(%) | 0 | 54 | 38.01 | -63.86 | -133.24 | 502.12 | 346.61 | 51.73 | -54.34 | -57.43 |
| PAT Growth(%) | 0 | 48.44 | 63.65 | -76.47 | -182.14 | 341.67 | 398.01 | 70.63 | -60.84 | -66.56 |
| EPS Growth(%) | 0 | 8.9 | 63.65 | -76.47 | -182.14 | 317.39 | 347.28 | 64.36 | -61.67 | -66.32 |
| Debt/Equity(x) | 0.04 | 0.09 | 0.09 | 0.13 | 0.15 | 0.07 | 0.03 | 0.1 | 0.12 | 0.13 |
| Current Ratio(x) | 1.66 | 1.71 | 1.88 | 1.71 | 1.76 | 1.55 | 2.86 | 3.06 | 2.89 | 2.47 |
| Quick Ratio(x) | 1.24 | 1.3 | 1.22 | 1.14 | 1.04 | 0.94 | 1.64 | 2.11 | 1.87 | 1.51 |
| Interest Cover(x) | 11.55 | 32.79 | 23.7 | 6.98 | -3.14 | 8.16 | 29.28 | 37.81 | 20.98 | 6.63 |
| Total Debt/Mcap(x) | 0 | 0.03 | 0.05 | 0.2 | 0.19 | 0.03 | 0 | 0.01 | 0.03 | 0.05 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 56.09 | 56.09 | 55.28 | 55.28 | 55.28 | 55.28 | 55.28 | 55.31 | 55.42 | 55.42 |
| FII | 0.01 | 0.49 | 0.85 | 0.19 | 0.37 | 0.1 | 0 | 0.01 | 0 | 0.03 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 43.9 | 43.42 | 43.87 | 44.53 | 44.35 | 44.62 | 44.72 | 44.68 | 44.57 | 44.55 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 3.72 | 3.72 | 3.72 | 3.72 | 3.72 | 3.72 | 3.72 | 3.74 | 3.74 | 3.74 |
| FII | 0 | 0.03 | 0.06 | 0.01 | 0.02 | 0.01 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 2.91 | 2.88 | 2.95 | 2.99 | 2.98 | 3 | 3.01 | 3.02 | 3.01 | 3 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 6.63 | 6.63 | 6.73 | 6.73 | 6.73 | 6.73 | 6.73 | 6.76 | 6.74 | 6.74 |
| # | 1 Year | 3 Year | 5 Year | 10 Year |
|---|---|---|---|---|
| Sales CAGR | +3% | +4% | +26% | — |
| Operating Profit CAGR | -34% | -18% | +80% | — |
| PAT CAGR | -67% | -40% | — | — |
| Share Price CAGR | -40% | -32% | +34% | — |
| ROE Average | +4% | +17% | +20% | +21% |
| ROCE Average | +6% | +20% | +25% | +30% |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 56.09 | 56.09 | 55.28 | 55.28 | 55.28 | 55.28 | 55.28 | 55.31 | 55.42 | 55.42 |
| FII | 0.01 | 0.49 | 0.85 | 0.19 | 0.37 | 0.1 | 0 | 0.01 | 0 | 0.03 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 43.9 | 43.42 | 43.87 | 44.53 | 44.35 | 44.62 | 44.72 | 44.68 | 44.57 | 44.55 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 |
| # | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Promoter | 3.72 | 3.72 | 3.72 | 3.72 | 3.72 | 3.72 | 3.72 | 3.74 | 3.74 | 3.74 |
| FII | 0 | 0.03 | 0.06 | 0.01 | 0.02 | 0.01 | 0 | 0 | 0 | 0 |
| DII | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Public | 2.91 | 2.88 | 2.95 | 2.99 | 2.98 | 3 | 3.01 | 3.02 | 3.01 | 3 |
| Others | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total | 6.63 | 6.63 | 6.73 | 6.73 | 6.73 | 6.73 | 6.73 | 6.76 | 6.74 | 6.74 |
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