Signify Innovations India Ltd

Platform	Last Traded Price	Min Quantity

Strengths & Weaknesses

Strengths

Leading market position: The company is a market leader in home, commercial, and professional lighting despite competition from Havells and Bajaj Electricals. It holds the highest market share among organized players and has capitalized on the growth of digital and professional lighting products.

Healthy financial risk profile: With no debt, steady operating performance, and cost-cutting measures, the company’s EBITDA margin improved to 13.6% in fiscal 2023. Minimal gearing and strong interest coverage are expected to continue.

Strong support from parent: The parent company, Signify NV, provides technical and operational support, with India being a key market in its global growth strategy. New products are launched simultaneously in India to drive growth.

Dividend payouts and liquidity: Despite expected dividend payouts of Rs 350 crore in fiscal 2024, the company’s liquidity remains comfortable, with no impact on its capital structure anticipated.

Weaknesses

Technological shifts: Rapid transition from traditional lighting to LED affects the company, but growth in LED and professional segments helps balance the decline.

High competition: Strong competition, including from Chinese imports, has lowered LED prices, but the company’s leadership and efficiency offer a competitive edge.

Balance Sheet	FY2024	FY2023	FY2022	FY2021	FY2020
Equity Capital	57.5	57.5	57.5	57.52	57.52
Reserves	491.5	584.9	535.2	663.4	442
Total Equity	549.0	642.4	592.7	720.9	499.8
Borrowings	0	0	0	0	0
Other Non-Current Liabilities	127.6	124.9	122.7	132.6	110.1
Total NC Liabilities	127.6	124.9	122.7	133	110.1
Borrowings	0	0	0	0	0
Other Current Liabilities	926.3	943.3	875.8	1,011.8	721.8
Total Current Liabilities	926.3	943.3	875.8	1,012	721.78
Equity + Liabilities	1,602.9	1,710.6	1,591.2	1,865.3	1,331.7
Fixed Assets (incl. WIP)	298.6	321.7	288.9	289.5	265.5
Other Non Current Assets	134.2	122.1	41.5	46.8	65.2
Total NC Assets	432.8	443.8	330.4	336.3	330.7
Trade Receivables	242.4	268.8	232.8	228	250.2
Cash & Cash Equivalents	484.4	565.5	576.4	876.6	276.8
Other Current Assets	443.3	432.5	451.6	424.4	453.2
Total Current Assets	1170.1	1266.8	1260.8	1,529	980.2
Assets classified as held for sale	0	0	0	0	20.8
Total Assets	1,602.9	1,710.6	1,591.2	1,865.3	1,331.7

Profit & Loss	FY2024	FY2023	FY2022	FY2021	FY2020
Revenue from Operations	3068.7	3106.3	2794.6	2500.8	2898.4
Growth %	-1%	11%	12%	-14%	0
Operating Expenses	2621	2674.9	2420.1	2191.5	2575.8
Growth %	-2%	11%	10%	-15%	0
Operating Profit	447.7	431.4	374.5	309.3	322.6
Op. Profit Margin %	14.6%	13.9%	13.4%	12.4%	11.1%
Other Income	29.2	23.3	29.8	14.8	21.1
Finance Costs	10.7	8.8	8.8	6.4	6.3
Depreciation	96.1	79.7	60.6	63.5	60.8
Exception Items	5.5	13	19.9	88.3	-0.6
Profit Before Tax	364.6	353.2	315.0	342.5	276.0
Tax	95.6	86.5	83.1	75	94.3
Tax %	26%	24%	26%	22%	34%
Profit After Tax	269.0	266.7	231.9	267.5	181.7
Growth %	0.9%	15.0%	-13.3%	47.2%	0
PAT %	9%	9%	8%	11%	6%
Diluted EPS	46.77	46.36	40.32	46.5	31.6

Shareholding Pattern

Color	Shareholder	Holding
	Indian Farmers Fertilisers Cooperative Ltd	96.13%
	Others	3.87%

Fundamentals

Quick Insights

Leading market position: The company is a market leader in home, commercial, and professional lighting despite competition from Havells and Bajaj Electricals. It holds the highest market share among organized players and has capitalized on the growth of digital and professional lighting products. Healthy financial risk profile: With no debt, steady operating performance, and cost-cutting measures, the company’s EBITDA margin improved to 13.6% in fiscal 2023. Minimal gearing and strong interest coverage are expected to continue. Strong support from parent: The parent company, Signify NV, provides technical and operational support, with India being a key market in its global growth strategy. New products are launched simultaneously in India to drive growth. Dividend payouts and liquidity: Despite expected dividend payouts of Rs 350 crore in fiscal 2024, the company’s liquidity remains comfortable, with no impact on its capital structure anticipated.

Market Cap₹7,621.03 Cr

PE Ratio28.33

EPS₹46.77

Dividend Yield-

Book Value₹95.45 Cr

Debt/Equity-

Price/Book13.88

Price/Sales-

Industry PE-

Sales₹3,068.7 Cr

Profit After Tax₹269 Cr

Share Capital₹549 Cr

Shares Outstanding-

ISININE045U01015

SectorLighting

Symbol-

About Company

Signify Innovations India Limited (SIIL), originally incorporated as Philips Lighting India Limited (PLIL) on April 22, 2015, was established as part of Koninklijke Philips NV's (KPNV) plan to separate its lighting business from its health-tech division. On December 13, 2018, the company changed its name from PLIL to SIIL.

Quick Insights

Leading market position: The company is a market leader in home, commercial, and professional lighting despite competition from Havells and Bajaj Electricals. It holds the highest market share among organized players and has capitalized on the growth of digital and professional lighting products. Healthy financial risk profile: With no debt, steady operating performance, and cost-cutting measures, the company’s EBITDA margin improved to 13.6% in fiscal 2023. Minimal gearing and strong interest coverage are expected to continue. Strong support from parent: The parent company, Signify NV, provides technical and operational support, with India being a key market in its global growth strategy. New products are launched simultaneously in India to drive growth. Dividend payouts and liquidity: Despite expected dividend payouts of Rs 350 crore in fiscal 2024, the company’s liquidity remains comfortable, with no impact on its capital structure anticipated.

Market Cap₹7,621.03 Cr

PE Ratio28.33

EPS₹46.77

Dividend Yield-

Book Value₹95.45 Cr

Debt/Equity-

Price/Book13.88

Price/Sales-

Industry PE-

Sales₹3,068.7 Cr

Profit After Tax₹269 Cr

Share Capital₹549 Cr

Shares Outstanding-

ISININE045U01015

SectorLighting

Symbol-

About Company

Strengths

Dividend payouts and liquidity: Despite expected dividend payouts of Rs 350 crore in fiscal 2024, the company’s liquidity remains comfortable, with no impact on its capital structure anticipated.

Weaknesses

Technological shifts: Rapid transition from traditional lighting to LED affects the company, but growth in LED and professional segments helps balance the decline.

High competition: Strong competition, including from Chinese imports, has lowered LED prices, but the company’s leadership and efficiency offer a competitive edge.

Annual Reports

FY 2021 FY 2022 FY 2023 FY 2024

Balance Sheet	FY2024	FY2023	FY2022	FY2021	FY2020
Equity Capital	57.5	57.5	57.5	57.52	57.52
Reserves	491.5	584.9	535.2	663.4	442
Total Equity	549.0	642.4	592.7	720.9	499.8
Borrowings	0	0	0	0	0
Other Non-Current Liabilities	127.6	124.9	122.7	132.6	110.1
Total NC Liabilities	127.6	124.9	122.7	133	110.1
Borrowings	0	0	0	0	0
Other Current Liabilities	926.3	943.3	875.8	1,011.8	721.8
Total Current Liabilities	926.3	943.3	875.8	1,012	721.78
Equity + Liabilities	1,602.9	1,710.6	1,591.2	1,865.3	1,331.7
Fixed Assets (incl. WIP)	298.6	321.7	288.9	289.5	265.5
Other Non Current Assets	134.2	122.1	41.5	46.8	65.2
Total NC Assets	432.8	443.8	330.4	336.3	330.7
Trade Receivables	242.4	268.8	232.8	228	250.2
Cash & Cash Equivalents	484.4	565.5	576.4	876.6	276.8
Other Current Assets	443.3	432.5	451.6	424.4	453.2
Total Current Assets	1170.1	1266.8	1260.8	1,529	980.2
Assets classified as held for sale	0	0	0	0	20.8
Total Assets	1,602.9	1,710.6	1,591.2	1,865.3	1,331.7

Profit & Loss	FY2024	FY2023	FY2022	FY2021	FY2020
Revenue from Operations	3068.7	3106.3	2794.6	2500.8	2898.4
Growth %	-1%	11%	12%	-14%	0
Operating Expenses	2621	2674.9	2420.1	2191.5	2575.8
Growth %	-2%	11%	10%	-15%	0
Operating Profit	447.7	431.4	374.5	309.3	322.6
Op. Profit Margin %	14.6%	13.9%	13.4%	12.4%	11.1%
Other Income	29.2	23.3	29.8	14.8	21.1
Finance Costs	10.7	8.8	8.8	6.4	6.3
Depreciation	96.1	79.7	60.6	63.5	60.8
Exception Items	5.5	13	19.9	88.3	-0.6
Profit Before Tax	364.6	353.2	315.0	342.5	276.0
Tax	95.6	86.5	83.1	75	94.3
Tax %	26%	24%	26%	22%	34%
Profit After Tax	269.0	266.7	231.9	267.5	181.7
Growth %	0.9%	15.0%	-13.3%	47.2%	0
PAT %	9%	9%	8%	11%	6%
Diluted EPS	46.77	46.36	40.32	46.5	31.6

Shareholding Pattern

Color	Shareholder	Holding
	Indian Farmers Fertilisers Cooperative Ltd	96.13%
	Others	3.87%

Board of Directors

Mr. Vinayak Kashinath DeshpandeChairman and Independent & Non-Executive Director

Mr. Sumit Padmakar JoshiVice- Chairman, Managing Director & CEO

Mr. Vikas MalhotraWhole-Time Directors

Mr. Dibyendu Raychaudhury (CFO)Whole-Time Directors

Ms. Sangeeta TanwaniIndependent & Non-Executive Directors

Mr. Dilip Jose PuthiyidathuIndependent & Non-Executive Directors

Senior Management

Mr. Sumit Padmakar JoshiManaging Director & CEO

Mr. Dibyendu Raychaudhury CFO

Mr. Nitin MittalHead of Legal & Company Secretary

Mr. Harvinder KumarDeputy Company Secretary