1. At a Glance – The Telecom Comeback Kid or Overpriced Optimism?
Optiemus Infracom is trading at ₹417 with a market cap of ₹3,706 crore, a stock P/E of 56.2, and a price-to-book of 5.17. In the last 3 months, the stock is down 26.3%. Six months? Down 28.6%. One year? Down 15.9%. Meanwhile, ROCE stands at 14.4% and ROE at 11.6% — respectable but not champagne-popping.
Q3 FY26 consolidated numbers show revenue of ₹430 crore and PAT of ₹12.23 crore, down 18.5% YoY in profit and 8.8% YoY in sales. EPS for the quarter stands at ₹1.38.
Debt is ₹247 crore with a debt-to-equity of 0.35. Sounds manageable. But here’s the twist: promoters have slowly trimmed stake to 72.17%, and auditors have flagged inventory issues in the latest board announcement.
So what are we looking at? A company transitioning from mobile distributor to electronics manufacturing services (EMS) player under PLI schemes — with drones, glass factories, and global JVs in the mix.
The big question: Is this transformation real earnings power or just PowerPoint ambition?
Let’s dig.
2. Introduction – From Nokia Distributor to Drone Manufacturer?
Once upon a time in 1995, Optiemus started by distributing Nokia phones in Delhi’s general trade market. Yes, the same Nokia that survived snake games and then almost disappeared.
Fast forward 25+ years, and Optiemus now distributes Nokia, Samsung, HTC — and also manufactures smartphones, hearables, wearables, tempered glass, and apparently, drones.
In India’s electronics ecosystem, this is called “vertical integration.” In Bollywood terms, it’s called “multi-genre acting.”
They operate:
- 27 regional branches
- ~650 distributors
- 10,000+ retail partners
- 700+ service centers
And now, 3 manufacturing units in Noida with capacities reaching:
- 1 million hearables/wearables per month
- 9 lakh high-end smartphones per month
- 24 lakh hearables/wearables per month (exclusive unit)
This isn’t
