1. At a Glance – The “LED Company That Forgot to Switch On Revenue”
Imagine a company that claims to be in LED lighting, talks about lithium batteries, dreams about exports, but currently earns 100% of its revenue from work contracts. Now imagine that same company suddenly reports quarterly sales falling 76.9% and profits dropping nearly 70%… yet trades at almost 50x earnings like it’s the next Tesla of Thane.
Welcome to Artemis Electricals & Projects Ltd — where the business model looks like a buffet menu, but the kitchen seems to be serving only one dish: work contracts.
Let’s highlight the red flags before you get blinded by the LED glow:
Revenue completely dependent on work contracts
Sudden massive quarterly decline in both sales and profit
Auditor resignation
Fire incident at factory (no insurance, by the way)
Frequent management exits
Promoter pledge at ~20.7%
Yet market says: “50x P/E is totally fine boss”
This isn’t just a company — it’s a Bollywood thriller with plot twists every quarter.
And the real question is: Are we looking at a turnaround story… or just a well-lit illusion?
2. Introduction – LED Business or Contracting Company in Disguise?
Let’s break this down like a middle-class uncle analyzing IPL stats.
On paper, Artemis Electricals is:
An OEM LED lighting manufacturer
A supplier to big brands like Bajaj
A company with its own product portfolio
A future lithium battery player
Sounds impressive, right?
Now reality check:
FY23 revenue: 100% from work contracts
Manufacturing? Secondary
Branding? Minimal
Export dreams? Still dreams
So basically, this is like someone introducing themselves as a chef… but earning all money from Swiggy delivery commissions.
The company can manufacture LED products — no doubt. But where is the actual product-led revenue?
Instead, what we see is:
Engineering contracts
Infrastructure-type work
Project-based income
And that’s why revenue looks like a rollercoaster designed by an intern.
Now ask yourself:
Do you want a stable business… or a contractor with mood swings?
3. Business Model – WTF Do They Even Do?
Let’s simplify this for your cousin who still thinks stock market is gambling.
Artemis has THREE identities:
1. OEM LED Manufacturer
They design and manufacture LED lighting products:
Panel lights
Street lights
Downlights
Commercial lighting
They even supply to partners like Bajaj.
Sounds legit.
2. Own Brand Seller
They sell products through:
62 distributors
Across 5 states
So they are trying to build a brand.
But scale? Very small.
3. Work Contract King (Actual Revenue Driver)
This is where the money comes from.
Government contracts
Infrastructure lighting
Installation projects
100% revenue from this segment (FY23)
So essentially:
“We make lights… but earn from installing lights for others.”
Bonus Level: Future Dreams
Lithium-ion battery plant (under development via CWIP)
Large lighting store in Mumbai
Export ambitions
This is like someone saying:
“I’m currently unemployed… but planning to launch a startup, open a café, and go global.”
Now ask yourself honestly:
Is this a focused business… or a confused startup with multiple LinkedIn bios?
4. Financials Overview – Numbers That Need Therapy
Quarterly Comparison (₹ Crores)
Metric
Latest (Dec 2025)
YoY (Dec 2024)
QoQ (Sep 2025)
YoY %
QoQ %
Revenue
4.26
18.45
15.80
-76.9%
-73.0%
EBITDA
1.30
3.94
4.72
-67.0%
-72.5%
PAT
0.84
2.75
3.56
-69.4%
-76.4%
EPS (₹)
0.03
0.11
0.14
-72%
-79%
Annualised EPS:
₹0.03 × 4 = ₹0.12
Current Price:
₹19
Implied P/E:
₹19 / ₹0.12 = ~158x (based on latest quarter run-rate)
