1. At a Glance
Ladies and gentlemen, hold your mobile phones tight—Optiemus Infracom Ltd (NSE: OPTIEMUS, ₹554, Market Cap ₹4,867 crore) is no longer just that Nokia distributor from 1995. It’s now a full-blown electronics and telecom manufacturing powerhouse, juggling smartphones, tempered glass, IoT wearables, drones, and even “engineered by Corning” glass like it’s a Bollywood multistarrer.
In Q2 FY26 (Sep 2025), sales came in at ₹418 crore, down12.2% QoQ, while PAT grew22.2% QoQto ₹16.8 crore. That’s right—the company somehow made more profit on fewer sales. Classic Indian jugaad or just operating leverage magic? You decide.
At aP/E of 70.8x,ROCE of 14.4%, andROE of 11.6%, Optiemus looks like that overachieving student who keeps reminding you he’s “just getting started.” Thebook valuesits at ₹81.1 per share, and the stock trades at6.83x book—because why not? It’s 2025, and India now manufactures its own tempered glass. Dividend yield? 0%. Because apparently, love for shareholders is also made in India—slowly.
2. Introduction – From Nokia Ringtone to Manufacturing Symphony
If you’ve been around since the 2000s, you probably remember “Nokia: Connecting People.” Optiemus Infracom was literally connecting those people—by distributing Nokia phones back when Snake was the only gaming addiction. Fast forward 30 years, and this same company now manufactures smartphones, tempered glass, wearables, and drones. Yes, drones. The only thing they haven’t manufactured yet is your next excuse for missing profits.
The journey from Delhi’s general trade markets to global manufacturing partnerships with brands likeCorning, Nothing, OnePlus, and Wistronis not just impressive—it’s meme-worthy. Optiemus now operates3 factories in Noidacapable of producing1.5 million handsets per yearand500,000 tempered glass units per month, and recently addeddrone productionthrough its new division—Optiemus Unmanned Systems.
In the last 5 years, sales grew at41.5% CAGR, while PAT grew22.4% CAGR, showing the company’s transformation from a trading house to a manufacturing-led player under thePLI scheme. But before we start clapping, remember:sales fell 12% QoQ, and profit margins are still tighter than a new pair of jeans.
Still, with a slew of joint ventures and a growing domestic electronics ecosystem, Optiemus has become a fascinating case study—part success story, part startup chaos, and part PSU-like patience test.
3. Business Model – WTF Do They Even Do?
Optiemus has one of those business models that can confuse even a finance professor after lunch. Let’s simplify:
1. Trading & Distribution (42%)– Their OG business. They distribute mobile handsets from brands like Nokia, Samsung, and HTC. They run27 regional branches, connect with650 distributors, over10,000 retail partners, and manage700 service centers. Basically, if you bought a phone in India in the 2000s, chances are they touched it before you did.
2. Manufacturing (58%)– This is where things got spicy. Optiemus manufactures smartphones, tempered glass, and wearables. Through subsidiaries and associates, they produce millions of units annually fromthree Noida-based facilities. They also make screen glass under aCorning licensing deal, which means they can officially say “Engineered by Corning” without being sued.
3. Retail (Mobiliti World)– Their own retail brand launched in 2013. Around220 retail touchpoints, selling products from everyone—Apple, Samsung, Oppo, and even BlackBerry (yes, that’s still a thing somewhere).
4. Drones (Optiemus Unmanned Systems)– The latest toy in the box. They’re now building “high-precision drones,” with an initial₹25 croreinvestment. Because why stop at phones when you can make flying cameras too?
5. PLI-Driven Manufacturing Push– Through subsidiariesOptiemus Electronics (OEL)andGDN Enterprises, the company is milking India’s Production Linked Incentive (PLI) schemes for mobile and telecom products.
In short, Optiemus is now India’s multi-device manufacturing ecosystem in motion—phones, wearables, glass, and drones. A one-stop tech shop with desi DNA and global dreams.
4. Financials Overview
| Metric (₹ Cr) | Q2 FY26 (Sep 2025) | Q2 FY25 (Sep 2024) | Q1 FY26 (Jun 2025) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 418 | 477 | 435 | -12.4% | -3.9% |
| EBITDA | 34 | 29 | 27 | 17.2% | 25.9% |
| PAT | 16.8 | 14 | 15 | 20.0% | 12.0% |
| EPS (₹) | 1.90 | 1.60 | 1.67 | 18.7% | 13.8% |
Note: Figures are consolidated; EPS annualised = ₹7.6; thus, P/E = 554 / 7.6 =72.9x.
Commentary:Optiemus is like that kid who keeps scoring higher every semester despite losing half the syllabus notes. Revenues fell 12% YoY, but profits still rose 20%. The OPM has expanded to8%, proving that either they’ve finally mastered cost control or discovered Indian-style “discount-less” pricing.
5. Valuation Discussion – Fair Value Range (Educational Purpose Only)
Let’s calculate some rough (but sexy) valuation ranges:
a) P/E Method:EPS (annualised): ₹7.6Industry P/E: 54.8Company P/E: 70.8
Fair P/E Range = 50x – 65x→ Fair Value Range = ₹380 – ₹495 per share
b) EV/EBITDA Method:EV = ₹5,016 Cr; EBITDA (FY25): ₹117 CrEV/EBITDA = 42.8xSector average = ~30x→ Fair Value Range ≈ ₹3,510 – ₹4,000 Cr → ₹430 – ₹490 per share
c) DCF Method (simplified):Assuming 20% CAGR PAT growth for 5 years, terminal growth 5%, cost of equity 12%:→ Intrinsic Range = ₹400 – ₹520
⚠️ Disclaimer:This fair value range is foreducational purposes onlyandnot investment advice.
6. What’s Cooking – News, Triggers, Drama
Oh boy, where do we begin?
- Sep 2025:Optiemus signed abinding JV with Nothing, promising a$100M investmentand1,800 new jobsover 3 years. Because even Nothing is now making something.
- Sep 2025:Another JV withOrdinary Theory LLC (USA)to make “smart enterprise hardware.” Finally, an Indian company making “smart” hardware instead of “hardly working” hardware.
- Aug 2025:Inaugurated atempered glass plant in Noida– ₹70 crore initial investment, scalable to ₹800 crore. Target capacity: 200 million units and 4,500 jobs.
- Jun 2025:PartneredOnePlusto locally manufacturepremium IoT devices, starting with Bullets Wireless Z3. Desi earbuds, global swagger.
- Apr 2025:Partnered withASRock(Taiwan) to manufacturegaming motherboardsin India. Gamers, rejoice—no more import anxiety.
- Oct 2023:LaunchedOptiemus Unmanned Systemsfor drones with a ₹25 Cr budget.
- Jan 2024:Subsidiary signed MoU withTamil
