Fiem Industries (FIEMIND) Q2 24/25 earnings summary

Executive summary

• Q2FY25 standalone sales rose 20.08% YoY to ₹607.45 crore and PAT increased 18.9% to ₹49.83 crore; H1 sales grew 20.94% and PAT 26.39%.

• Two-wheeler demand, LED mix and new model launches supported growth; capacity expansion and passenger-vehicle technology programs support longer-term plans.

Financial highlights

• Standalone revenue from operations was ₹612.36 crore in Q2FY25 and ₹1,190.06 crore in H1FY25; PBT was ₹67.65 crore and ₹134.35 crore, respectively.

• Q2FY25 EBITDA was ₹80.27 crore and EBITDA margin 13.21%; H1 EBITDA was ₹159.04 crore and margin 13.47%.

• H1FY25 standalone financial-presentation figures were total income ₹11,970mn, EBITDA ₹1,660mn, PBT ₹1,343mn and PAT ₹990mn.

• Consolidated Q2FY25 PAT was ₹50.17 crore versus ₹43.48 crore YoY; H1 PAT after joint-venture share was ₹99.06 crore versus ₹78.98 crore.

• Q2 capex was ₹43.42 crore and H1 capex ₹71.84 crore.

Outlook and guidance

• Medium-term growth ambition remains 15%-20%; management expects H2 to be decent and sees growth opportunity over the next 18-24 months.

• EBITDA margin guidance remains 13%-14%; quarterly movements may reflect timing of OEM price markups, with raw-material costs passed through cost-to-cost.

• FY25 capex is expected at ₹120-125 crore, including ₹50 crore in H2; the broader capacity-expansion plan is ₹250-280 crore.

• Passenger-vehicle revenue contribution is expected to take time; management reiterated a three-year lead time and set no revenue target while programs develop.