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Hella India Lighting Unlisted Shares
DRHP Status : Not Filed
925
Fundamentals About Hella India Lighting
Downloads & Investor Documents
All documents are provided for informational purposes and are subject to regulatory disclosures.
Key Financials of Hella India Lighting
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 193 | 303 | 382 | 411 |
| Cost of Material Consumed | 113 | 185 | 235 | 247 |
| Change in Inventory | -1 | -3 | 2 | -3 |
| Gross Margins | 41.45 | 38.94 | 38.48 | 39.9 |
| Employee Benefit Expenses | 25 | 33 | 40 | 49 |
| Other Expenses | 44 | 52 | 59 | 66 |
| EBITDA | 12 | 36 | 46 | 52 |
| OPM | 6.22 | 11.88 | 12.04 | 12.65 |
| Other Income | 3 | 3 | 9 | 6 |
| Finance Cost | 4 | 4 | 5 | 5 |
| D&A | 8 | 10 | 11 | 13 |
| EBIT | 4 | 26 | 35 | 39 |
| EBIT Margins | 2.07 | 8.58 | 9.16 | 9.49 |
| PBT | 2.78 | 24 | 39 | 39 |
| PBT Margins | 1.44 | 7.92 | 10.21 | 9.49 |
| Tax | 2.75 | 7 | 12 | 10 |
| PAT | 0.03 | 17 | 27 | 29 |
| NPM | 0.02 | 5.61 | 7.07 | 7.06 |
| EPS | 0.1 | 56.67 | 85.17 | 77.96 |
| Financial Ratios | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 6.22 | 11.88 | 12.04 | 12.65 |
| Net Profit Margin | 0.02 | 5.61 | 7.07 | 7.06 |
| Earning Per Share (Diluted) | 0.1 | 56.67 | 85.17 | 77.96 |
| P&L Statement | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Revenue | 193 | 303 | 382 | 411 |
| Cost of Material Consumed | 113 | 185 | 235 | 247 |
| Change in Inventory | -1 | -3 | 2 | -3 |
| Gross Margins | 41.45 | 38.94 | 38.48 | 39.9 |
| Employee Benefit Expenses | 25 | 33 | 40 | 49 |
| Other Expenses | 44 | 52 | 59 | 66 |
| EBITDA | 12 | 36 | 46 | 52 |
| OPM | 6.22 | 11.88 | 12.04 | 12.65 |
| Other Income | 3 | 3 | 9 | 6 |
| Finance Cost | 4 | 4 | 5 | 5 |
| D&A | 8 | 10 | 11 | 13 |
| EBIT | 4 | 26 | 35 | 39 |
| EBIT Margins | 2.07 | 8.58 | 9.16 | 9.49 |
| PBT | 2.78 | 24 | 39 | 39 |
| PBT Margins | 1.44 | 7.92 | 10.21 | 9.49 |
| Tax | 2.75 | 7 | 12 | 10 |
| PAT | 0.03 | 17 | 27 | 29 |
| NPM | 0.02 | 5.61 | 7.07 | 7.06 |
| EPS | 0.1 | 56.67 | 85.17 | 77.96 |
Financial Ratios |
2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| Operating Profit Margin | 6.22 | 11.88 | 12.04 | 12.65 |
| Net Profit Margin | 0.02 | 5.61 | 7.07 | 7.06 |
| Earning Per Share (Diluted) | 0.1 | 56.67 | 85.17 | 77.96 |
About Company
The following table shows a 10-point analysis of Hella India Lighting Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ~₹1,050–1,100 cr PAT ~₹85–95 cr PAT margin ~8–9% |
Leading automotive lighting and electronics manufacturer in India, subsidiary of HELLA GmbH, Germany. Produces headlamps, tail lamps, fog lamps, interior lighting, sensors and electronic control units. Serves major OEMs such as Maruti Suzuki, Tata Motors, Mahindra, Hyundai, and Honda. Strong focus on LED & adaptive lighting technologies; benefits from vehicle production growth and evolving safety regulations. |
| Industry & Market Position | Key player in organized automotive lighting Strong OEM & export presence |
Competitive edge via global technology transfer, quality certifications, and localization. Resilient demand from auto sector capex and safety norms; protected by HELLA brand & long-term contracts. Faces competition from Valeo, Stanley, Motherson; exposed to auto cyclicality and raw material volatility (plastics, LEDs). |
| Revenue Growth Trend | FY23–FY25 CAGR ~12–15% FY25 YoY growth ~10–12% |
Steady growth from higher vehicle volumes, new model launches and increased LED adoption. Supported by OEM expansions and export orders; aligned with India's auto production recovery and EV lighting transition. |
| Profitability & Margins | EBITDA margin ~14–16% PAT margin ~8–9% ROE positive |
Healthy margins from operational efficiencies, localization, and premium products. PAT growth consistent with revenue; earnings quality moderate amid input cost pressures, supported by cost pass-through and scale benefits. |
| Cash Flow Quality | OCF positive (from operations & advance payments) Dividend policy: consistent payouts |
Reliable cash generation supporting dividends and reinvestment. Low working capital intensity in OEM supply model; advance collections and minimal volatility enhance cash quality. |
| Balance Sheet Strength | Net worth strong Debt low/moderate (gearing controlled) |
Conservative structure with liquidity buffers. Downside protected by OEM contracts and parent backing; minimal leverage risk. |
| Valuation Comfort | Unlisted price ~₹1,400–1,600 (Feb 2026) P/E ~25–30x (EPS ~₹50–55 est.) Market cap ~₹2,800–3,200 cr |
Premium multiple justified for a quality auto ancillary leader with global technology and stable margins. Supported by auto sector tailwinds and parent synergy; attractive versus listed peers. |
| Management & Governance | HELLA GmbH subsidiary Professional Indian team Clean disclosures |
Strong execution with multinational standards, transparent reporting, and excellent governance. Benefits from global R&D, compliance, and parent oversight; no major regulatory issues. |
| Growth Triggers & Catalysts | Auto production & EV lighting demand New model wins & localization LED/adaptive tech ramp-up No confirmed IPO/DRHP plans |
Organic growth from vehicle output, evolving safety norms, and EV transition. Incremental upside from export orders, technology adoption, and operational efficiency. |
| Liquidity & Exit Visibility | OTC liquidity only No confirmed IPO plans |
Moderate unlisted trading; capital partially locked. Exit via OTC or strategic/parent interest; liquidity risk exists, but asset is high-quality auto ancillary business. |
Hella India Lighting Limited is the Indian arm of HELLA GmbH & Co. KGaA, Germany, a globally renowned automotive lighting and electronics major. HELLA is known for setting international benchmarks in quality, innovation, and customer orientation, supplying to leading vehicle manufacturers across the world.
HELLA entered India in 1959 through a joint venture with JMA Industries, marking over 50 years of presence in the Indian automotive market. In 2005, HELLA ended the JV and established Hella India Lighting Limited as an 81% subsidiary of HELLA Germany.
The company primarily operates in the automotive lighting and allied components space, supplying products to both OEMs (Original Equipment Manufacturers) and the automotive aftermarket. Hella India was delisted in 2015 at an exit price of ₹52.39 per share, which was accepted by shareholders.
Business Model & Operations
Hella India operates on a dual-channel business model:
- OEM Business: Direct supply of automotive lighting and components to vehicle manufacturers such as Maruti Suzuki, Tata Motors, and other OEMs.
- Aftermarket Business: Supply of replacement parts, accessories, chemicals, and lighting products used after the sale of vehicles.
The company manufactures and supplies technologically advanced automotive products, aligning with global HELLA standards, while adapting to Indian market requirements.
Products & Portfolio
Hella India offers a diversified range of automotive products, including:
- Projector Lamps
- LED Lamps
- Auxiliary Lamps
- Automotive Lubricants
- Spark Plugs
- Coolants
- Filters
- Horns
- Bulbs for two-wheelers and commercial vehicles
The product portfolio caters to passenger vehicles, two-wheelers, commercial vehicles, and electric vehicles (EVs).
Manufacturing & Technology
The following outlines Hella India’s manufacturing and technology capabilities:
- Local development and manufacturing of LED headlamps at the Derabassi plant
- First-ever 5.75” LED headlamp developed and manufactured locally
- Capability to support global EV OEMs, including exports facilitated through HELLA’s international sales network
The company leverages HELLA’s global R&D and engineering expertise while maintaining localized production capabilities.
Shareholding Structure
The following explains the ownership structure of Hella India Lighting Limited:
- Hella Holding International GmbH (Germany): 69%
- Hella India Automotive Private Limited: 31%
HELLA Germany remains the ultimate holding company.
Capital & Recent Corporate Actions
The following highlights key capital-related developments:
Equity Share Issuance – August 2023
- Issued 5,52,313 equity shares
- Issue price: ₹986 per share (including premium)
- Allotted to Hella Holding International GmbH
- Total funds raised: ₹54.46 crore
- Purpose: Buying out minority shareholders
- Issuance done pursuant to NCLT-approved Composite Scheme
- Funds currently invested in Fixed Deposits with Deutsche Bank, pending further NCLT directions
Industry Position & Growth Drivers
The following outlines industry trends and growth drivers:
- Strong positioning in automotive lighting, a critical safety and design component
- Entry into EV lighting systems, especially for two-wheelers
- Expanding aftermarket portfolio with filters, lubricants, horns, and accessories
- Recovery potential aligned with the automobile industry cycle
Business Highlights (FY21–22)
The following summarises key operational achievements.
- Entered LED front lighting systems for electric two-wheelers with 5 OEM partnerships
- Successfully launched LED marker lamps for a global EV OEM in the USA
- Expanded aftermarket offerings across multiple categories
- Recognised by Great Place To Work Institute as
“India’s Best Leaders in Times of Crisis 2021” (Mid-size category)
Financial Review
The following summarises recent financial performance.
- Revenue grew from ₹195 Cr (FY21) to ₹305 Cr (FY22)
- Gross margin stood at ~45% in FY22
- EBITDA increased from ₹17 Cr (FY21) to ₹40 Cr (FY22)
- PAT improved significantly from ₹3 lakh (FY21) to ₹16 Cr (FY22)
- EPS for FY22: ₹50 per share
Indicative Market Capitalisation:
- ₹126 Cr at ₹400 per share
Challenges & Risks
The following outlines key risks associated with the business.:
- High dependence on the automobile industry demand cycles
- Revenue sensitivity to OEM production slowdowns
- Competitive pressure from global and domestic auto component players
- EV transition requires continuous technology upgrades
Promoters & Management
The following lists promoter details:
- Hella Holding International GmbH
- Hella India Automotive Pvt. Ltd.
Quick Summary
This section summarises Hella India Lighting Limited in brief:
- Indian subsidiary of global automotive major HELLA Germany
- Strong presence in OEM and aftermarket automotive lighting
- Early mover in EV lighting solutions
- Significant turnaround in profitability in FY22
- Delisted but actively consolidating promoter ownership
Shareholding Pattern of Hella India Lighting
Latest News
Latest Post
Frequently Asked Questions
Hella India Lighting Limited manufactures and supplies automotive lighting and allied components to OEMs and the aftermarket.
No, the company was delisted in 2015.
The promoter is Hella Holding International GmbH, Germany.
Yes, the company has entered LED lighting systems for electric two-wheelers and global EV OEMs.
The company reported strong growth in FY22, with revenue of ₹305 Cr and PAT of ₹16 Cr.
+91-9599071664
amit@unlistedkraft.in