Fiem Industries Limited Q2 FY26 Concall Decoded: Highest-ever sales, margins flirting with 14%, and management quietly telling you LEDs still have a long way to run

1. Opening Hook

While half the auto ancillary universe is still blaming demand cycles, Fiem Industries casually printed its best quarter ever. No drama, no excuses—just lamps, LEDs, and a growing obsession with animation lighting.

Q2 FY26 came with record revenues, record profits, and a management team that sounded unusually relaxed. Rural demand is back, OEMs are launching models like it’s 2019 again, and Fiem is riding shotgun in most of them.

Sure, there was a fire incident, some accounting confusion, and the eternal “when will 4-wheelers matter?” question. But none of that stopped margins from inching toward 14% or PAT from hitting a new high.

Read on. Because behind all the calm commentary, Fiem is quietly preparing for a much bigger lighting bill.

2. At a Glance

• Revenue up 17% – ₹711 crore, the highest quarter ever, no festival-season excuses needed.
• EBITDA margin at 13.9% – Almost touched 14%, management trying not to sound too happy.
• PAT up 28% – ₹64 crore, LEDs doing what LEDs do best: print money.
• LED share at 64% – Still rising, halogen officially on borrowed time.
• Capex ₹38 cr in H1 – Another ₹50–60 cr coming, capacity doesn’t build itself.
• 2W still 97% of revenue – 4W invited to the party, still standing near the door.

3. Management’s