IKIO Technologies Ltd.

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ikiotech.inBSE: 543923NSE: IKIO

Market Cap₹ 1,697 Cr.

Current Price

High / Low₹ 249 / 104

Stock P/E36.5

Book Value₹ 78

Price to Book1.39

Dividend Yield0.00 %

ROCE10.0 %

ROE7.2 %

Face Value₹ 10

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ABOUT

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%

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PROS

Company is almost debt free
Latest quarter profit grew 364.5% YoY, showing strong momentum
Company has consistently been profitable over the last 5 years
Company has delivered good sales growth of 22.8% CAGR over last 5 years
Working capital cycle has improved - days down from 225 to 173
Company generates healthy free cash flow

CONS

A large part of profit comes from other income (27.4% of PBT)
Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT 0.34x)
Total debt has risen sharply - up 73.3% year on year
Equity base is being diluted - shares outstanding up 18.9%
Operating margins have contracted to 13.1% from 22.5%
Company has delivered a poor profit growth of 7.6% over past five years

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

Peer comparison

Capital GoodsElectricalsElectronics - Components

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

S.No.	Name
1.	SYRMA	1622.10	84.97	31279.03	0.09	105.69	111.72	1588.62	68.29	17.70	10.17
2.	KAYNES	3606.20	69.93	24174.04	0.00	56.43	-24.37	946.02	40.47	13.38	15.60
3.	AVALON	2292.85	114.78	15335.11	0.00	34.87	145.31	484.41	49.83	20.34	11.96
4.	UTLSOLAR	451.20	47.05	13847.41	0.00	577.94	—	13456.93	—	40.63	18.94
5.	CYIENTDLM	944.05	91.28	7494.19	0.00	16.29	118.21	373.80	34.25	10.41	9.93
6.	VIKRAMSOLR	166.60	16.92	6036.82	0.00	19.78	-85.17	1563.09	37.89	34.07	8.06
7.	SAATVIKGL	415.55	21.29	5281.85	0.00	5.36	-95.49	511.01	-44.20	55.18	6.62
8.	WEBELSOLAR	78.27	11.22	3398.20	0.32	77.79	—	372.60	115.39	63.74	33.70
9.	KERNEX	1713.80	15.10	2879.80	0.00	109.85	1382.00	503.58	800.38	23.69	32.33
10.	INA	90.74	9.99	2000.38	0.00	380.25	796.94	7406.98	1766.82	34.98	9.74
11.	MODINSULAT	422.25	21.14	1990.65	0.00	29.60	94.43	188.30	33.19	10.53	16.89
12.	IKIO	219.65	36.51	1697.47	0.00	11.05	364.51	169.29	40.91	10.02	12.97

Detailed Comparison with:

Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

	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
	108	118	117	95	127	125	122	112	120	164	146	165	169
	86	91	91	78	110	103	107	106	109	146	124	139	157
Operating Profit	23	27	26	17	17	22	15	6	11	18	22	26	13
OPM %	20.99%	22.66%	22.50%	17.88%	13.15%	17.76%	12.24%	5.51%	9.41%	11.20%	15.03%	15.71%	7.48%
	1	6	4	4	6	3	4	2	2	4	3	5	4
Interest	3	3	3	2	2	2	2	2	2	2	2	2	2
Depreciation	2	4	2	4	5	7	7	6	7	7	8	8	7
Profit before Tax	19	26	25	15	16	17	9	1	4	13	15	21	17
Tax %	25.82%	30.00%	23.58%	36.36%	21.36%	21.79%	16.86%	180.72%	43.74%	19.15%	27.20%	14.57%	34.64%
Net Profit	0	0	0	0	12	13	8	-1	2	11	11	18	11
	1.79	2.36	2.56	1.27	1.60	1.67	1.01	-0.30	0.31	1.41	1.39	2.13	1.40

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	220	213	332	359	438	486	595	644
	183	166	254	281	345	426	517	566
Operating Profit	38	48	77	78	93	60	78	79
OPM %	17.07%	22.44%	23.33%	21.62%	21.21%	12.36%	13.08%	12.24%
	2	1	2	3	15	15	15	17
Interest	5	4	5	9	12	8	9	8
Depreciation	4	5	5	6	12	24	31	31
Profit before Tax	30	40	69	66	85	42	53	66
Tax %	29.06%	27.77%	27.28%	23.98%	28.33%	23.63%	21.59%	23.52%
Net Profit	21	29	51	50	61	32	42	50
EPS	8.56	11.52	20.21	7.70	7.84	4.00	4.89	—
Dividend Payout %	0.00%	0.00%	0.00%	0.00%	12.76%	0.00%	0.00%	—

COMPOUNDED SALES GROWTH

10 Years:: —
5 Years:: 23%
3 Years:: 18%

COMPOUNDED PROFIT GROWTH

10 Years:: —
5 Years:: 6%
3 Years:: -9%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: -15%
1 Year:: 11%

RETURN ON EQUITY

10 Years:: —
5 Years:: 26%
3 Years:: 10%
Last Year:: 7%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Equity Capital	0	0	25	65	77	77	77
Minority Interest	0	0	0	0	0	2	7
	36	63	84	77	476	479	517
	56	79	115	126	66	49	64
Trade Payables	32	23	23	24	21	34	45
	19	8	16	18	16	23	39
Total Liabilities	144	173	263	310	655	664	749
	54	59	60	65	106	200	199
Capital Work in Progress	1	4	9	27	72	44	96
	37	58	110	121	135	139	201
	0	0	0	0	97	113	133
Cash & Bank	8	4	3	3	191	110	58
	44	49	81	94	55	59	62
Total Assets	144	173	263	310	655	664	749

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	35	3	0	76	-5	35	16
Cash from Investing	3	-6	-9	-50	-249	-4	-13
Cash from Financing	-21	10	24	-8	266	-33	6
	5	-4	-1	-1	12	-2	10

Ratios

Consolidated Figures in Rs. Crores / View Standalone

	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	72.50	72.50	72.50	72.50	72.50	72.50	72.50	72.55	72.55
	0.71	0.69	0.66	0.61	0.60	0.61	0.61	0.91	0.69
	5.12	1.71	1.74	1.69	1.69	1.69	1.71	1.21	0.88
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	21.67	25.10	25.10	25.20	25.21	25.21	25.18	25.34	25.88

Documents

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

2026-09-10

General Updates

2026-09-10 - IKIO Technologies Limited has informed the Exchange about Disclosure under Regulation 30 of the SEBI (LODR) Regulations, 2015 Group Investors/Analysts meet Outcome

2026-09-07

General Updates

2026-09-07 - IKIO Technologies Limited has informed the Exchange about Intimation of plant visit of Analyst(s) / Investor(s) under Regulation 30 of the SEBI (LODR) Regulations, 2015

2026-09-07

General Updates

2026-09-07 - IKIO Technologies Limited has informed the Exchange about Intimation of Schedule of Analyst (s) /Institutional Investor Meeting under the SEBI (LODR), Regulations 2015

2026-09-07

General Updates

2026-09-07 - IKIO Technologies Limited has informed the Exchange about General Updates- Intimation of Postponement of Analyst/Institutional Investor Meetings dated September 08, 2026 under the SEBI (LODR), Regulations 2015

2026-09-03

General Updates

2026-09-03 - IKIO Technologies Limited has informed the Exchange about General Updates- Intimation of Schedule of Analyst/Institutional Investor Meetings under the SEBI (LODR), Regulations 2015

2026-09-02

Change in Management

2026-09-02 - IKIO Technologies Limited has informed the Exchange about change in Senior Management Personnel of the Company

2026-09-02

Resignation of Director/KMP/SMP

2026-09-02 - IKIO Technologies Limited has informed the Exchange about Resignation of Director/KMP/SMP

2026-08-31

General Updates

2026-08-31 - IKIO Technologies Limited has informed the Exchange about General Updates- Clarification on Volume Movement Letter- BSE Letter Ref. No.: L/SURV/ONL/PV/SG/ 2026-2027 / 323 dated August 31, 2026

2026-08-31

Price movement

2026-08-31 - Significant movement in price has been observed in IKIO Technologies Limited. The Exchange, in order to ensure that investors have latest relevant information about the company and to inform the market place so that the interest of the investors is safeguarded, had written to the company. IKIO Technologies Limited has submitted their response.

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