Dear Shareholders,
FY 2024 25 was a defining chapter in Fiem Industries' journey marked by our
highest-ever revenue and profits, a sharper innovation focus, and deeper customer trust.
At a time when the industry witnessed a strong recovery, your Company led from the front,
setting new benchmarks in performance, delivery, and product leadership.
This achievement reflects not just favorable industry conditions, but the strength of
our strategic direction, our agility in innovation, and our deep engagement with leading
OEM partners. We continued to scale new heights in our core business while also laying the
foundation for long-term value creation through investments in R&D, electronics, and
global capabilities.
Industry Landscape
FY 2024 25 saw encouraging growth across the Indian automobile industry, backed by
stronger rural demand, easing inflation, and a continued government focus on
infrastructure and consumption. The two-wheeler segment the backbone of our business grew
by 11% year-on-year to 23.9 million units - supported by a recovery in entry-level demand
and a surge in exports. The electric two-wheeler category, too, posted a healthy 21%
growth, underscoring its long-term potential despite short-term policy adjustments.
Performance Highlights
Your Company recorded another year of strong growth across all financial parameters:
Net Sales increased by 19.39% to Rs. 2,404.96 crore.
EBITDA stood at Rs. 320.73 crore, with a margin of 13.34%.
Profit After Tax rose by 23.09% to Rs. 204.14 crore.
LED Lighting now accounts for nearly 60% of our total automotive lighting revenues, up
from 52% last year, highlighting our strong technology transition.
These results affirm the resilience of our business model and our disciplined focus on
cost, quality, and innovation.
Strategic Milestones
In April, 2025, we have opened our new Electronics R&D and Innovation Centre in
Gurugram. This integrated facility consolidates Mechanical, Optical, Electronics, and CAE
capabilities under one roof, while also housing our Corporate Office enabling faster
decision-making and better synergy between technology and leadership.
We are also building advanced prototyping capabilities, including SMT Line for quick
prototype building, and a cutting-edge EMI/EMC Validation Lab, which will significantly
accelerate our product development, particularly in high-value electronic products.
Our overseas subsidiaries FRT Italy and FIEM Japan have scaled up their design and
innovation capabilities, expanding our global footprint and bringing us closer to customer
needs in key markets.
OEM Engagements and Product Launches
During the year, we launched several new products with our long-standing OEM partners,
further deepening our integration across key models. Some of the examples are:
Honda Activa EV with Fiem's rear combination lamp, front position lamp, license lamp,
and mirrors.
Yamaha Tracer 700 & NovaFactor featuring our headlights and position lights for
global markets.
Royal Enfield Classic 350 (facelift) with full lighting solutions by Fiem.
Hero Xtreme 250 with Fiem's LED headlamp.
TVS i-Qube & Apache 4G, where we continue to supply full lighting and mirror
solutions.
These engagements reaffirm our position as a trusted supplier of full lighting systems,
mirrors, and high-performance LED components to India's most respected two-wheeler brands.
Foray into the Four-Wheeler Passenger Vehicle Market
FY 2024 25 also marked a strategic inflection point in Fiem Industries' evolution with
our formal entry into the four-wheeler passenger vehicle segment a move that reflects both
our growing technological prowess and our vision for long-term diversification.
We began commercial production for Mahindra & Mahindra, supplying our first product
an LED license plate lamp which has now been approved across their vehicle lineup. In
addition, we have secured development orders for three new products for their flagship
Bolero model, including a high-mounted stop lamp.
Internationally, our capabilities were acknowledged by Mercedes-Benz (Germany), where
we successfully executed our initial order and have now received a fresh order for a
headlamp for a new development vehicle. These breakthroughs represent a significant
endorsement of our design, validation, and manufacturing standards by globally respected
automakers.
This foray into four-wheeler passenger vehicles is not just an expansion of our product
portfolio it is a major leap forward in our aspiration to become a multi-segment, global
supplier. We are confident that our investments in R&D, Design, rapid prototyping, and
systems engineering position us well to build on these early successes and scale
meaningfully in this high-value segment.
Creating Shareholder Value
In line with our philosophy of sharing success, the Board has recommended a dividend
payout of 300%, representing 39% of profits our highest-ever dividend. This underscores
both our financial strength and our long-term commitment to Value Creation for our
shareholders.
Looking Ahead
As we move into FY 2025 26, we remain confident and future-ready. With increasing
traction in EV lighting, deeper integration in electronics, and strong OEM relationships,
we are well-positioned to sustain our growth momentum. Our continued investments in
R&D, infrastructure, and talent will enable us to stay ahead of the curve in a rapidly
evolving industry.
On behalf of the Board and Management, I express my sincere appreciation for your
unwavering support and trust. We remain committed to delivering excellence and creating
long-term value for all stakeholders.
Warm regards,
J.K. Jain
Chairman & Managing Director
Fiem Industries Ltd.