IKIO Technologies is an Original Design Manufacturer that acts as the invisible factory behind global brands - it designs, engineers and builds complex electronic and lighting products that other companies sell under their own names. Founded in 1999 making fan regulator switches, the company spent two decades expanding from audio components into LED lighting, then listed in 2023 and deliberately broadened into a multi-vertical technology platform, formalised by renaming itself from IKIO Lighting to IKIO Technologies in 2025. The recurring approach that explains everything else is a philosophy of providing a complete solution, not just a product - designing around supply-chain constraints, manufacturing almost every mechanical component in-house, and targeting niche categories currently held by European or Japanese brands. # Business segments A single integrated manufacturing platform powering five verticals - a foundational LED lighting cash cow, two consumer and energy hardware engines scaling on shared infrastructure, and two early-stage bets in automotive and electronic manufacturing services - all built on the same backward-integrated factory floor. ## 1. LED lighting: the factory that built the company **A premium ODM lighting business serving global brands with over 2,000 in-house-designed products, built on full backward integration that keeps quality in its own hands.** - **Designs for other people's labels** - the company earns revenue on a "BOM plus" basis (bill of materials plus a margin), designing and manufacturing LED lights that brand owners sell under their own names, except in store lighting where pricing follows the custom solution provided. - **Makes almost everything itself** - powder coating, injection moulding, CNC machining, press shop and tool-room work are all done in-house, so the company controls quality directly and posts an in-process rejection rate below 0.68%. - **Plays at the top end** - the portfolio covers high-end home decorative lighting, commercial refrigeration display lighting, and RV lighting, positioning the company above basic and mid-range competitors. - **An 11-year anchor customer** - Signify (Philips) has been a customer for over a decade, and the company won a "Game Changer" award from Philips for replacing imported LED lighting products with locally manufactured alternatives. - **Bought distribution, not just built it** - the acquisition of an 88% stake in Gravus Tech in FY26 added marketing and distribution muscle for premium B2B lighting, giving access to architect- and designer-led projects with minimal capital outlay. ## 2. Hearables and wearables: the consumer-electronics extension **An ODM vertical making wireless earbuds, neckbands, smartwatches and Bluetooth speakers for leading Indian brands, running on the same factory platform as the lighting business.** - **Audio roots, new form** - the company's origin in DVD-player manufacturing before LED lighting provides the engineering foundation for its current push into personal audio. - **Seven to eight Indian brands onboarded** - since entering the category in FY24, the company has signed white-label ODM partnerships with a roster of leading domestic brands, designing and building products those brands sell as their own. - **Shared factory, separate space** - roughly 60% of the greenfield Block II facility (about 1.2 lakh square feet) is allocated to hearables and wearables, but the vertical draws on the same integrated manufacturing and engineering platform that serves lighting. - **Moved under the parent roof** - effective April 2026, the hearables and wearables business shifted from subsidiary Royalux Lighting to the listed parent company IKIO Technologies, with an investment of roughly INR 20 crores to support the transition. ## 3. Energy solutions and RV products: the single-source supplier **A vertical that bundles solar panels, lithium batteries, USB chargers and ABS pipes for American RV manufacturers and energy-services companies, turning a fragmented supply chain into one purchase order.** - **One supplier instead of many** - customers previously bought lighting, solar panels, chargers and batteries from separate vendors; IKIO's USP is delivering the whole mix from a single source, which increases customer dependence. - **ABS pipes as a foot in the door** - the company began manufacturing ABS piping (an alternative to PVC for RV plumbing) in Fiscal 2022, supplying the distributor for Forest River, the largest RV player in the US and a Berkshire Hathaway subsidiary. - **Direct US access, tariffs and all** - the US subsidiary Royalux LLC now works directly with the market rather than through distributors, and has signed an MOU with Texas-based Metco Engineering to supply energy-saving products to ESCOs, though tariff headwinds have slowed the ramp-up. - **Backward integration serves two masters** - the same factory setup covering metals, plastics and electronics supports both lighting and non-lighting verticals, with some machines and teams dedicated to each. ## 4. Electronic manufacturing services: the horizontal platform **An OEM and ODM manufacturing engine that builds fire-alarm systems, wiring devices, fan regulators and power electronics for customers like Honeywell, while also qualifying for government production incentives.** - **Safety-critical electronics for Honeywell** - the company manufactures fire alarm panels, mixer amplifiers, Evac-Pro systems and PIR sensors, demonstrating the ability to handle technically complex, high-value electronics for globally recognised customers. - **Design flexibility as a supply-chain shield** - during the global semiconductor shortage, the R&D team reengineered products to work with available components, a capability that comes from being an ODM with control over design rather than a build-to-print contractor. - **PLI scheme participant** - the company is a recognised beneficiary under the government's Production Linked Incentive scheme for white goods, specifically for LED components, with benefits tied to incremental production targets. - **Multi-vendor sourcing, single-roof assembly** - specialised electronics are sourced from approved vendors while final assembly and packaging are managed entirely in-house, though the company does not hedge foreign currency exposure, leaving costs open to commodity and freight swings. ## 5. Automotive lighting: the early-stage bet **A newly launched vertical designing and manufacturing LED lighting for vehicle exteriors and interiors, with first orders already coming from Honeywell.** - **Months old, first sales booked** - the automotive lighting vertical started only a few months before May 2026, and February 2026 marked the first month of initial sales with what management describes as a healthy order pipeline. - **Honeywell as the launch customer** - the company has obtained approvals and started receiving orders from Honeywell in the automotive segment, extending a relationship that already spans fire-safety electronics and wiring devices. - **Forty percent of Block II earmarked** - around 40% of the greenfield Block II facility (roughly 80,000 square feet) is allocated to automotive lighting and electronics, with in-house testing equipment including spectrometers, goniophotometers and thermal chambers already in place. - **Ramping up, so utilisation is low** - as a very new vertical still building volumes, capacity utilisation is lower than in the established lighting business. # Group structure and partners **A listed Indian parent with eight subsidiaries that split the world into manufacturing, exports and regional market access - North America, the Middle East and India each get a dedicated vehicle.** - **The listed parent runs the show** - IKIO Technologies Limited, headquartered in Noida and listed on NSE and BSE since June 2023, directly owns two subsidiaries and has six indirect subsidiaries. - **IKIO Solutions runs the factory floor** - this wholly owned subsidiary is the primary domestic manufacturing arm, handling design, fabrication and assembly for lighting, solar and EMS categories, and it commercialised Block I of the greenfield facility in May 2024. - **Royalux Lighting handles refrigeration and display** - formed through an amalgamation that came into effect on April 15, 2024, this subsidiary focuses on product-display lighting and IPS controllers for commercial refrigeration, and previously housed the hearables business until it moved to the parent in April 2026. - **Three vehicles for the US and Middle East** - Royalux LLC (US) provides local client servicing and logistics for North America; Ritech Holdings (UAE) is the Middle East gateway; and Royalux FZCO (UAE, 51% held) trades high-end chandeliers and lighting fixtures through a joint venture with AG Investment Holdings. - **Gravus Tech opens doors to projects** - acquired at 88% on January 02, 2026, this subsidiary is led by a marketing veteran with over a decade of experience in electronic and LED products, and is used to distribute IKIO group products and expand market reach.