Artemis Electricals & Projects Ltd — the small-cap LED manufacturer turned multi-utility electrical drama — just dropped a set of numbers that look like they were written by an over-caffeinated intern who accidentally hit “×4” on the calculator. The company reported Q2 FY26 standalone sales of ₹15.8 crore and PAT of ₹3.56 crore, clocking a 293% YoY and 345% profit jump. The market, however, doesn’t seem entirely impressed — the stock currently trades at ₹22.5, down 13.6% in the last 3 months and 16% in the past year, despite a market cap of ₹565 crore.
But let’s be real — when your stock P/E is 49.2, price-to-book ratio is 6.18, and promoters hold 72.5%, you’re basically telling investors, “Trust us bro, we’re building the next Bajaj of LEDs.”
With a ROE of 9.26% and ROCE of 11.7%, Artemis isn’t exactly setting accounting records on fire — though, speaking of fire, there was one at its factory this June. No casualties, but the damage report was “under assessment” and (of course) uninsured. Nothing says small-cap India like “oops, fire, no insurance.”
2. Introduction
Let’s rewind. Incorporated in 2009, Artemis Electricals & Projects Ltd started with a noble mission — light up the world. Fourteen years later, they’re lighting up Vasai (and a few financial statements) while planning to make lithium-ion batteries because apparently, everyone in 2025 wants to be “green.”
Their business is split between manufacturing LED lights and doing electrical work contracts. The latest filings reveal 100% of FY23 revenue came from work contract income, which basically means they’re contractors first, manufacturers second, and dreamers always.
And yet, Artemis managed to achieve a 179% TTM sales growth and a jaw-dropping 272% profit growth. Either they’ve found a golden LED filament or their accountants are playing Sudoku with profit margins.
It’s a company that went from ₹34 crore sales in FY22 to ₹91 crore in FY25, with operating profit margins dancing around 17%. For context, that’s higher than most mid-tier PSU contractors who spend half their life chasing payments.
But here’s the fun twist — the company is now setting up a 12,000 sq ft lighting store in Vasai, and working on a lithium-ion battery manufacturing facility. Because why stop at LEDs when you can join the EV FOMO train?
3. Business Model – WTF Do They Even Do?
Artemis’ business model is what you get when an LED manufacturer meets an EPC contractor at a Diwali party and decides to “collaborate.”
On paper, they:
Design and manufacture LED lights (focus lights, panel lights, street lights, and every other glowing rectangle imaginable).
Undertake turnkey contracts — meaning they’ll handle procurement, installation, testing, and maintenance.
OEM for brands like Bajaj, supplying finished lighting solutions.
Sell under their own brand via 62 distributors across five states.
In reality, Artemis seems to operate more like a project integrator than a pure manufacturer. Their top line is driven by work contracts, not product sales. The MoA amendment in FY23 shows ambition — they’ve added everything from electrical projects to civil construction and green power projects.
So, what do they really do?
Imagine a company that installs streetlights, manufactures LEDs, occasionally sells to Bajaj, and one fine morning says, “Chalo, battery plant banate hain.” That’s Artemis — a business model powered by curiosity and caffeine.
4. Financials Overview
Let’s crunch the fresh quarterly numbers:
Metric
Latest Qtr (Sep’25)
YoY Qtr (Sep’24)
Prev Qtr (Jun’25)
YoY %
QoQ %
Revenue (₹ Cr)
15.80
4.02
19.75
293%
-20%
EBITDA (₹ Cr)
4.72
1.36
2.21
247%
113%
PAT (₹ Cr)
3.56
0.80
1.37
345%
160%
EPS (₹)
0.14
0.03
0.05
367%
180%
Commentary:
That’s not growth — that’s a resurrection.
QoQ revenue dipped slightly (post a strong June quarter), but profits more than doubled.
OPM for the quarter stood at a flashy 29.87%, suggesting they’re either executing high-margin projects or have found a magical
