Calcom Vision is an Original Design Manufacturer (ODM) that designs and builds electronics for the brands you see on shop shelves - it does not sell to you directly. Born in 1976 making calculators, it once became India’s largest television manufacturer before a technology shift wiped out that business in 2002; the company pivoted to LED lighting in 2013 and has since rebuilt itself around a single idea: own the design, own the tooling, and make almost everything in-house so that branded customers get a reliable product at a cost they cannot easily replicate. # Business segments Two engines at different stages - a high-volume LED lighting cash generator that carries the company, and a fledgling electronics services business built on the same factory floor - both running on one integrated manufacturing backbone. ## 1. LED lighting: the factory that rebuilt the company **Calcom designs and mass-manufactures LED bulbs, battens and street lights for India’s biggest electrical brands, competing on cost and reliability in a market where prices have fallen more than 40%.** - **Paid per unit, not per brand** - the company earns revenue by manufacturing finished LED products and selling them to brands like Panasonic, Bajaj and Amazon Basics, who then distribute under their own names; it also sells a small portion under its own label at trade shows. - **The Panasonic seal of approval** - its largest customer has publicly stated that Calcom’s field return rates are the lowest among its LED bulb vendors, which makes Calcom the preferred supplier in a relationship where reliability is worth more than a low quote. - **Backward integration is the cost defence** - the Greater Noida plant houses plastic extrusion, injection moulding, pressure die casting, powder coating and a tool room for dyes and moulds under one roof, so the company makes its own plastic housings and metal parts instead of buying them from suppliers. - **Automation fights commoditisation** - with indoor LED bulbs becoming a low-margin, high-volume product, an in-house automation team has built automatic bulb assembly lines and adopted Driver-on-Board technology to strip cost out of each unit while keeping field defects below 0.5%. - **Moving up the value ladder** - to escape price erosion in basic bulbs, the company has expanded into outdoor street lights, solar street lights, smart IoT-enabled bulbs and professional entertainment lighting, where design ownership matters more than raw unit cost. ## 2. Electronics Manufacturing Services: the spare capacity play **Using the same SMT lines and testing labs that run the lighting business, Calcom builds electronic goods for other manufacturers - an opportunistic business that fills the factory during festival-season demand spikes.** - **Shared factory, separate customers** - the EMS business runs on the same 11 SMT lines, 10 assembly lines and 3D automated optical inspection systems as the lighting operation, producing smart energy meters, wearables, hearables and BLDC drivers for equipment makers who need extra production capacity. - **Seasonal surge filler** - demand peaks in the third and fourth quarters when consumer goods manufacturers look for additional lines ahead of the festival season, making EMS a flexible way to sweat the factory assets when lighting orders are not consuming all the capacity. - **EV chargers as the next bet** - the company has developed 25 samples of an EV Type-2 charger, planning to manufacture the complete product including electronics and testing in-house for an MNC customer, though it is still awaiting approvals before large-scale production can begin. # Group structure and partners **A promoter-led listed company with a Korean joint venture for BLDC fans, a new export subsidiary, and a customer list that reads like a who’s-who of Indian electricals.** - **Listed since 1990, promoter-held** - Calcom Vision trades on the Bombay Stock Exchange with promoters holding a 67% stake; it raised INR 15 crore from investors including MIT and Old Bridge Capital. - **Korean JV for fan motors** - Calcom Taehwa Techno Private Limited is a 50:50 joint venture with South Korea’s Taehwa Enterprises India Private Limited, set up in 2023 to manufacture BLDC fans; Calcom supplies raw materials and rents factory space to the JV, which is still in its early stages with sales of INR 61.73 lacs in FY25. - **Export subsidiary for the next geography** - Calcom Astra Private Limited was incorporated in January 2025 as a 70%-owned subsidiary to export BLDC fans, EV charging solutions and IoT devices to the US and European markets. - **A related-party marketing arm** - Calcom Electronics Limited, an entity controlled by the promoter group, provides marketing services to Calcom Vision at 2% of the net sales it brings in.