Most Indian lighting companies sell cheap bulbs by the million. Focus Lighting & Fixtures Ltd does the opposite - it designs and manufactures high-end LED luminaires for the showrooms of Mercedes and Tata Motors, the façade of a new international airport, and the coaches of Indian Railways, competing on technology and precision rather than price. The company was born in 2005 when its founders brought European CDM (ceramic discharge metal-halide) technology to India, transforming retail lighting, and within three years it became the first Indian lighting company to exhibit at Euroshop in Düsseldorf with products designed in Germany and made in India. That same approach - scout advanced European technology, bring it to India, manufacture it in-house, and sell it as a complete solution at a competitive cost - recurs across every business it has built since. # Business segments Four engines at different stages - a high-end retail and architectural lighting core, a fast-growing outdoor and infrastructure vertical, a specialised railways business, and an early-stage home lighting brand - all powered by a shared technology and manufacturing backbone. ## 1. Retail and architectural lighting: the founding core **The company acts as a complete solution provider for premium retail and commercial spaces, designing and manufacturing luminaires that clients like Mercedes-Benz approve at their German headquarters before a single order is placed.** - **Complete solution, not a commodity** - it designs and sells recessed spotlights, track-mounted systems, wall washers, and suspended downlights, making it a one-stop provider for retail lighting rather than a seller of individual bulbs. - **Deeply embedded with auto brands** - in the two years to mid-2024, it supplied roughly 1,800 to 2,000 Tata Motors stores alone, and also serves BMW, Mercedes-Benz, Volvo, and Citroën, with Mercedes requiring approval from its designer in Germany before orders flow. - **Products that sell for decades** - the development cycle is long and painstaking, but once a luminaire is designed, it can generate revenue for 10 to 20 years, creating a long-tail income stream from each design investment. - **Designers across three countries** - as of early 2023, the design team comprised three designers in Germany, one in Belgium, and four in-house product designers in India, supported by two electronic designers, two PCB (printed circuit board) designers, and two 3D designers. - **Trading that is really controlled manufacturing** - when the company reports “trading” revenue, it often means products made to its specifications by third parties using its own dies, tools, and designs, which is distinct from the fully outsourced trading of mass-market peers. ## 2. Outdoor and infrastructure lighting: the growth engine **The company is building an outdoor vertical from scratch, starting with a proprietary lens technology that can narrow a beam to an unprecedented 3 degrees, and has already won contracts for an airport, a smart-city light-and-sound show, and a temple complex.** - **A lens that changes the game** - the “Optical” technology, unveiled in late 2023, uses a single lens to adjust beam angles seamlessly from narrow to wide without changing fixtures, and achieves a 3-degree beam that was previously unheard of in outdoor lighting. - **Landmark projects as proof** - it won a ₹13.50 crore contract from Surat Smart City Development for a 3-D mapping light-and-sound show at Surat Castle, its first government project, and a ₹15.50 crore order to supply and install over 3,000 fixtures at the Bade Baba Jain Temple in Kundalpur. - **Airport on the client list** - in April 2024, it secured a ₹7.5 crore order from Navi Mumbai International Airport to manufacture, supply, and deliver lighting and fixtures, scheduled for completion within the financial year. - **A bollard that eliminates light pollution** - the Razor Outdoor Bollard uses patented optics to generate zero upward light spill and reduces the number of fixtures needed by less than one fourth, marking the company’s first architectural outdoor product. ## 3. Railways lighting: the regulated niche **The company supplies approximately 16 Indian Railways-approved lighting products - from passenger lights to berth reading lights - and is transitioning from a development vendor to a regular vendor in a procurement system with high entry barriers.** - **Approved and audited** - the company’s Ahmedabad factory is approved as a supplier for Indian Railway Coach Factories, a prerequisite for participating in this segment. - **From development to regular vendor** - as of the Q4 FY23 earnings call (late May/June 2023), the company stated it was moving from “development vendor” status, which involves prototyping and testing, to “regular vendor” status, which opens the door to recurring production orders. - **A concentrated competitive field** - the organised competition in railway lighting is limited to a handful of players, including Kay Light in Chennai and Evergreen in Vasai, Mumbai, making it a relatively uncrowded niche. - **IoT on the tracks** - the company began focusing on railways as a new segment in the five years to FY23, with an emphasis on innovative technologies like IoT (Internet of Things) for connected lighting. ## 4. Home lighting and the TRIX brand: the early-stage bet **The company is building a residential and hospitality brand called TRIX, recently expanded from indoor architectural lights into landscape and garden lighting, and is entering B2C trade through digital channels rather than traditional dealer networks.** - **A brand for homes and hotels** - TRIX caters to the residential and hospitality range, and its portfolio was extended in FY25 with landscape and garden lights including bollards, wall washers, and garden spikes. - **Digital-first distribution** - the company launched a trade (B2C) vertical in mid-2024, marketing through Facebook, Instagram, and LinkedIn rather than print or television, and rolling out zone by zone starting with Maharashtra. - **OEM as a parallel track** - alongside its own brand, the company is entering an OEM (original equipment manufacturer) business vertical, with a first-year client commitment that is expected to double year-on-year. - **Minimalist design language** - designs for both retail and home lighting are rooted in minimalism, emphasising simplicity and essential quality. # Technology and R&D backbone **The company’s competitive moat is built on in-house optical engineering, a rare NABL-accredited testing lab, and partnerships with European design and optics firms - capabilities that serve every business segment and create barriers competitors of similar size cannot easily replicate.** - **One of only a handful of self-certifying labs** - the in-house NABL-accredited Focus Testing Laboratory in Ahmedabad is one of only five or six such labs in the Indian lighting industry, allowing the company to self-certify products for safety and performance, which is accepted worldwide and saves both cost and time versus external agencies. - **Patented optics from a German partner** - a strategic partnership with Bartenbach GmbH provides unique focus lenses and reflectors with complex surface facets that enable perfect beam control and multiple beam angles from the same luminaire type. - **Wireless control built in** - a partnership with L&B enables Bluetooth and DALI (Digital Addressable Lighting Interface) control, with accessories including wireless sensors for daylight harvesting, motion triggers with 128-bit encryption, and cloud-connected bridge devices for remote management. - **Award-winning industrial design** - Belgian designer Sege Cornelissen has been developing products for Plus since 2021, and the Magnus series of high-performance luminaires won both the Red Dot Design Award and the German Design Award in 2020. - **R&D spending that builds assets** - the company spends roughly ₹4 to 5 crore annually on R&D, including over 20 SolidWorks software licenses and ongoing lab investments, and produces half of its required electronics in-house, reducing supplier dependency. # Group structure and partners **The listed parent company operates through three wholly owned subsidiaries in the UAE, Singapore, and India, supported by European technology partners and a six-member board led by the founding Managing Director.** - **Global sales hubs** - Plus Light Tech in the UAE and Focus Lighting & Fixtures Pte. Ltd in Singapore serve as strategic hubs for the Middle East and broader Asian regions, selling products manufactured in Ahmedabad as well as trading goods procured from China or local markets. - **A domestic subsidiary yet to launch** - Xandos Lighting And Fixtures Private Limited, incorporated in India in 2022 and made a wholly owned subsidiary in April 2025, was set up to manufacture and deal in lighting products but had not yet commenced operations as of late 2024. - **Founder-led with independent oversight** - the board comprises Managing Director Amit Vinod Sheth, Executive Director Deepali Sheth, three independent directors, and one non-independent non-executive director, with a total workforce of 179 employees operating without a union. - **Employee ownership** - the company runs an ESOP plan with options vesting over three years; as of March 2026, employees had subscribed to 22,56,500 shares through the employee welfare trust.