Focus Lighting & Fixtures Ltd.

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focuslightingandfixtures.comBSE: -NSE: FOCUS

Market Cap₹ 427 Cr.

Current Price

High / Low₹ 100 / 57

Stock P/E66.7

Book Value₹ 18

Price to Book3.22

Dividend Yield0.00 %

ROCE6.5 %

ROE4.4 %

Face Value₹ 2

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ABOUT

KEY POINTS

Revenue Breakup Mar 2024 • Manufacturing: 72.6% • Trading: 27.4%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

View full sector analysis →

PROS

Latest quarter profit grew 82.2% YoY, showing strong momentum
Company has delivered good sales growth of 28.2% CAGR over last 5 years
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.85x)
Working capital cycle has improved - days down from 144 to 108
Company generates healthy free cash flow
Company comfortably covers its interest (6.8x coverage)

CONS

Company has a low return on equity of 9.8% over last 3 years
Operating margins have contracted to 9.7% from 21.1%
Though reporting repeated profits, the company pays out little dividend (0.0%)

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsElectric Equipment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ABB	7419.90	52.62	157233.90	0.53	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	SIEMENS	3976.00	43.23	141593.51	0.45	214.31	-49.38	4713.70	8.44	21.42	9.14
3.	POWERINDIA	31650.00	122.63	141071.53	0.03	2941.50	2135.18	24936.90	1586.18	28.73	14.58
4.	CGPOWER	893.95	112.67	140837.36	0.15	308.28	15.52	3280.81	13.99	27.94	12.11
5.	ENRIN	3114.90	74.55	110927.98	0.13	440.90	67.83	2485.60	39.28	40.19	23.56
6.	GVT&D	4325.00	593.01	110740.13	0.23	362.99	24.65	1836.14	38.04	75.51	25.10
7.	WAAREEENER	2636.00	19.87	75824.89	0.15	891.87	15.39	7931.79	79.22	37.92	18.15
8.	APARINDS	17412.20	61.71	72908.95	0.34	4674.50	1677.98	65910.60	1191.31	31.84	11.50
9.	HAVELLS	1156.00	44.42	72546.13	0.87	289.71	-16.64	6518.19	19.48	25.74	7.15
10.	SUZLON	45.38	19.84	62377.70	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1233.30	160.47	29488.70	0.00	12.44	-69.84	651.36	4.78	31.01	5.23
12.	FOCUS	63.37	73.93	427.40	0.00	2.87	32.90	48.86	17.89	5.52	12.68

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	44	45	30	36	31	44	39	40	41	45	36	58	46
	37	37	29	33	27	36	36	36	37	41	34	51	43
Operating Profit	7	8	2	4	4	8	3	5	4	4	2	7	3
OPM %	15.84%	17.32%	5.52%	9.89%	14.40%	17.20%	6.54%	11.18%	9.95%	9.78%	5.70%	11.89%	6.04%
	1	1	1	0	0	1	8	-0	0	0	1	-0	1
Interest	0	0	0	0	0	0	0	0	0	0	0	1	1
Depreciation	1	1	2	2	1	2	2	3	2	2	3	3	3
Profit before Tax	7	7	1	2	3	6	8	1	2	2	-0	4	4
Tax %	32.47%	23.59%	60.36%	69.47%	25.76%	27.04%	22.86%	-5.56%	23.65%	26.48%	-210.00%	26.63%	26.64%
Net Profit	5	6	0	1	2	4	6	2	2	2	-1	3	3
	3.62	4.26	0.07	0.10	0.37	0.68	0.89	0.22	0.23	0.24	-0.10	0.39	0.40

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	79	91	110	90	52	102	162	156	154	180	185
	73	81	94	80	50	93	129	137	135	163	169
Operating Profit	6	10	16	10	1	8	33	19	19	17	16
OPM %	7.55%	11.46%	14.27%	10.87%	2.84%	7.99%	20.62%	12.00%	12.39%	9.68%	8.71%
	1	0	1	1	0	1	1	6	8	1	2
Interest	1	0	1	1	0	1	1	1	1	1	2
Depreciation	0	1	2	3	3	3	4	6	8	10	10
Profit before Tax	6	10	13	6	-2	5	29	17	19	8	9
Tax %	33.37%	39.84%	27.42%	32.53%	21.99%	28.44%	22.55%	34.57%	22.64%	31.98%	31.65%
Net Profit	4	6	10	4	-1	3	22	11	14	5	6
EPS	0.00	0.00	0.00	0.00	0.00	2.87	17.16	1.72	2.15	0.76	—
Dividend Payout %	0.00%	0.00%	3.47%	0.00%	0.00%	14.50%	8.73%	29.15%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: 11%
5 Years:: 28%
3 Years:: 4%

COMPOUNDED PROFIT GROWTH

10 Years:: 6%
5 Years:: —
3 Years:: -39%

STOCK PRICE CAGR

10 Years:: —
5 Years:: 39%
3 Years:: -26%
1 Year:: -33%

RETURN ON EQUITY

10 Years:: 20%
5 Years:: 15%
3 Years:: 10%
Last Year:: 4%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	2	3	3	10	10	10	13	13	13	13
	9	18	28	25	24	27	78	89	101	108
	0	2	3	4	5	6	7	14	18	19
Trade Payables	11	12	12	16	16	26	17	10	13	24
	3	4	4	5	4	12	10	10	13	20
Total Liabilities	26	40	51	61	59	81	125	137	159	184
	2	3	13	13	11	15	20	21	38	38
Capital Work in Progress	0	4	1	0	1	1	2	19	22	32
	0	0	0	1	1	1	1	6	4	4
	6	7	12	14	16	21	35	42	45	50
	0	0	0	0	0	0	0	34	32	39
Cash & Bank	2	3	1	0	1	0	6	1	2	1
	16	22	24	32	30	44	62	13	15	21
Total Assets	26	40	51	61	59	81	125	137	159	184

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	6	10	5	2	6	-6	5	31	21
Cash from Investing	-6	-9	-3	-1	-4	-9	-20	-25	-19
Cash from Financing	5	0	0	-0	-1	29	9	-4	-3
	1	-2	-0	0	-0	6	-6	1	-1

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	16.20	17.39	28.80	4.19	-1.18	3.45	17.19	1.72	2.15	0.76
Book Value (₹)	47.34	59.74	92.91	34.75	33.58	36.18	69.74	15.49	17.18	18.04
Dividend per Share (₹)	0.00	0.00	1.00	0.00	0.00	0.50	1.50	0.50	0.00	0.00
Cash EPS (₹)	1.18	1.31	2.37	1.52	0.35	1.34	4.09	2.60	3.36	2.21
PROFITABILITY
Operating Margin %	8.85%	11.88%	14.82%	11.62%	3.73%	8.92%	21.06%	12.00%	12.39%	9.68%
Net Margin %	5.11%	6.43%	8.86%	4.71%	-2.30%	3.44%	13.83%	7.27%	9.33%	2.85%
ROE %	41.29%	36.81%	37.73%	12.75%	-3.45%	9.88%	35.14%	11.71%	13.26%	4.35%
ROCE %	54.21%	58.91%	49.80%	19.04%	-2.70%	14.78%	44.88%	17.55%	15.75%	6.48%
	16.95%	17.86%	21.48%	7.61%	-1.99%	5.00%	21.76%	8.64%	9.74%	2.99%
EFFICIENCY
Debtor Days	54	63	62	93	169	91	73	82	79	72
Inventory Days	27	27	32	53	108	67	62	89	103	97
Payable Days	57	62	59	88	170	111	85	57	50	65
	24	28	34	59	107	47	50	115	132	104
FINANCIAL HEALTH
Debt to Equity (x)	0.04x	0.09x	0.09x	0.12x	0.14x	0.07x	0.03x	0.12x	0.15x	0.16x
Interest Coverage (x)	11.55x	33.13x	24.11x	9.84x	-2.21x	6.60x	32.35x	17.20x	21.42x	6.84x
	1.66x	1.73x	1.87x	1.78x	1.81x	1.53x	2.84x	4.37x	3.03x	2.01x
GROWTH
Revenue Growth %	18.70%	16.07%	20.34%	-17.92%	-42.41%	95.52%	59.69%	-4.05%	-1.05%	16.98%
Operating Profit Growth %	26.48%	55.82%	50.14%	-35.65%	-81.52%	367.78%	276.90%	-29.15%	13.73%	-32.05%
Net Profit Growth %	37.67%	46.28%	65.63%	-56.37%	-128.11%	392.85%	541.94%	-49.57%	27.04%	-64.29%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-90.02%	25.59%	-64.57%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	83.86x	36.10x	76.18x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	9.29x	4.53x	3.22x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.35%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	39.69x	19.39x	21.89x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	56.09	55.28	55.28	55.28	55.28	55.28	55.31	55.42	55.43
	0.49	0.85	0.19	0.37	0.09	0.00	0.01	0.00	0.03
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	43.42	43.87	44.53	44.35	44.63	44.72	44.68	44.58	44.55

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-22

Copy of Newspaper Publication

2026-08-22 - Focus Lighting and Fixtures Limited has informed the Exchange about Copy of Newspaper Publication pertaining to the Notice of 21st Annual General Meeting and e-voting instructions for the Financial Year 2025-26.

2026-08-21

General Updates

2026-08-21 - Focus Lighting and Fixtures Limited has informed the Exchange regarding dispatch of physical letters to the shareholders of the Company, whose email addresses are not registered for circulating the web-link of the Annual report for the financial year 2025-26.

2026-08-21

Record Date

2026-08-21 - Focus Lighting and Fixtures Limited has informed the Exchange that Record date for the purpose of Annual General Meeting is September 04, 2026.

2026-08-21

Shareholders meeting

2026-08-21 - Focus Lighting and Fixtures Limited has informed the Exchange regarding Notice of 21st Annual General Meeting to be held on Wednesday, September 16, 2026.

2026-08-17

Press Release

2026-08-17 - Focus Lighting and Fixtures Limited has informed the Exchange regarding a press release dated August 17, 2026, titled "Focus Lighting And Fixtures Limited successfully completes Landmark Lighting Project at Kankaria Lake, Ahmedabad".

2026-08-12

Copy of Newspaper Publication

2026-08-12 - Focus Lighting and Fixtures Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-11

Acquisition

2026-08-11 - Focus Lighting and Fixtures Limited has informed the Exchange about Acquisition

2026-08-11

Outcome of Board Meeting

2026-08-11 - Focus Lighting and Fixtures Limited has informed the Exchange regarding Acquisition.

2026-08-11

General Updates

2026-08-11 - Focus Lighting and Fixtures Limited has informed the Exchange about Acquisition.