1. At a Glance – LED Company or Voltage Drop?
At ₹19.9 per share and a market cap of ₹500 crore, Artemis Electricals & Projects Ltd is trading at a spicy P/E of 52.1 while delivering a Q3 FY26 (Dec 2025) revenue of just ₹4.26 crore — down a dramatic 76.9% YoY. PAT came in at ₹0.84 crore, down 69.4% YoY.
ROCE stands at 11.7%, ROE at 9.26%, and the stock has corrected 12.9% in the last 3 months. Debt? Almost negligible at ₹2.09 crore. Promoters hold 72.5% — but 20.7% of that is pledged.
Quarterly EPS is ₹0.03. Annualised, that’s ₹0.12.
So the question is simple:
Are we looking at a turnaround-in-progress LED OEM with lithium-ion ambitions… or a company whose revenue flickers more than a tube light in a horror movie?
Let’s open the circuit board.
2. Introduction – From LED Bulbs to Lithium Dreams
Artemis Electricals started in 2009. That’s the year when most of us were still downloading songs via Bluetooth. Since then, the company has evolved into an OEM LED lighting manufacturer and work contract player.
They design, procure, manufacture, repair, maintain — basically do the full jugaad-to-delivery LED cycle. They even supply to Bajaj as an OEM partner.
But here’s the plot twist:
In FY23, 100% of revenue came from work contracts.
Wait. What happened to LED manufacturing?
They’ve also expanded their MoA to include everything from electrical goods to green power projects to civil construction contracts. Basically, if it has wires or cement, Artemis wants in.
And now — lithium-ion batteries.
Ambition level? Elon Musk vibes.
Balance sheet size? Vasai warehouse vibes.
So what exactly are we dealing with here?
3. Business Model – WTF Do They Even Do?
Artemis wears multiple hats:
1️ OEM LED Manufacturer
They manufacture LED focus lights, panel
