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Signify Innovations (Previously Phillips Lighting) India Limited Unlisted Shares
DRHP Status : Not Filed
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Fundamentals About Signify Innovations (Previously Phillips Lighting) India Limited
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Key Financials of Signify Innovations (Previously Phillips Lighting) India Limited
| P&L Statement | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | 2795 | 3106 | 3069 | 3114 |
| Cost of Material Consumed | 1499 | 1715 | 1563 | 1610 |
| Change in Inventory | 17 | -23 | 14 | -37 |
| Gross Margins | 45.76 | 45.52 | 48.62 | 49.49 |
| Employee Benefit Expenses | 420 | 469 | 577 | 626 |
| Other Expenses | 485 | 514 | 467 | 467 |
| EBITDA | 374 | 431 | 448 | 448 |
| OPM | 13.38 | 13.88 | 14.6 | 14.39 |
| Other Income | 10 | 10 | 24 | 23 |
| Finance Cost | 9 | 9 | 11 | 12 |
| D&A | 60 | 80 | 96 | 93 |
| EBIT | 314 | 351 | 352 | 355 |
| EBIT Margins | 11.23 | 11.3 | 11.47 | 11.4 |
| PBT | 315 | 352 | 365 | 366 |
| PBT Margins | 11.27 | 11.33 | 11.89 | 11.75 |
| Tax | 83 | 86 | 96 | 96 |
| PAT | 232 | 266 | 269 | 270 |
| NPM | 8.3 | 8.56 | 8.77 | 8.67 |
| EPS | 40.35 | 46.26 | 46.78 | 46.96 |
| Financial Ratios | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating Profit Margin | 13.38 | 13.88 | 14.6 | 14.39 |
| Net Profit Margin | 8.3 | 8.56 | 8.77 | 8.67 |
| Earning Per Share (Diluted) | 40.35 | 46.26 | 46.78 | 46.96 |
| Assets | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Fixed Assets | 183 | 206 | 181.5 | 151 |
| CWIP | 9 | 5 | 2 | 0.8 |
| Investments | 0 | 1 | 1 | 1 |
| Trade Receivables | 233 | 269 | 242 | 268 |
| Inventory | 256 | 297 | 292 | 292 |
| Other Assets | 910 | 932 | 884.5 | 378.2 |
| Total Assets | 1591 | 1710 | 1603 | 1091 |
| Liabilities | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Share Capital | 57.5 | 57.5 | 57.5 | 57.5 |
| FV | 10 | 10 | 10 | 10 |
| Reserves | 535 | 585 | 491.5 | 372 |
| Borrowings | 0 | 0 | 0 | 0 |
| Trade Payables | 615 | 656 | 621 | 618 |
| Other Liabilities | 383.5 | 411.5 | 433 | 43.5 |
| Total Liabilities | 1591 | 1710 | 1603 | 1091 |
About Company
The following table shows a 10-point analysis of Signify Innovations India Limited. We will discuss each point in detail after this table.
| Parameter | Key Numbers | Insights |
|---|---|---|
| Business Overview | FY25 Revenue ~₹4,200–4,300 Cr · PAT ~₹350–380 Cr · PAT margin ~8–9% | Leading lighting company in India under the Signify/Philips brand. Offers LED lamps, luminaires, professional lighting (office, retail, hospitality, outdoor), connected and smart lighting (Interact), and specialty solutions. Strong focus on energy-efficient and sustainable products; benefits from LED transition and smart lighting adoption. |
| Industry & Market Position | Market leader in organized LED lighting · Strong professional & consumer presence | Dominant positioning supported by Philips brand, innovation and distribution reach. Competitive edge over peers through global technology, quality certifications and project capabilities. Exposed to input cost volatility (LED chips, drivers) and competition from low-cost imports. |
| Revenue Growth Trend | FY23–FY25 CAGR ~10–15% · FY25 growth ~8–12% YoY | Steady growth driven by LED penetration, professional lighting projects and smart solutions. Moderated by maturity in basic LED segment; long-term tailwinds from smart cities, infrastructure and sustainability initiatives. |
| Profitability & Margins | EBITDA margin ~12–14% · ROE positive · PAT margin ~8–9% | Healthy margins supported by premium product mix, scale efficiencies and brand strength. Stable PAT growth despite raw material pressures; earnings quality high with recurring professional revenue streams. |
| Cash Flow Quality | OCF strong · Consistent dividend payouts | Robust operating cash generation with efficient working capital management. Supports dividends and reinvestment; low volatility and strong financial discipline. |
| Balance Sheet Strength | Net worth strong · Near debt-free | Conservative capital structure with high liquidity buffers. Significant downside protection from strong equity base and multinational backing; minimal financial risk. |
| Valuation Comfort | Unlisted price ~₹1,200–1,400 (Feb 2026) · P/E ~35–45x · Market cap ~₹12,000–14,000 Cr | Premium valuation reflecting brand strength, profitability and stability. Justified relative to organized lighting peers given margins and sector tailwinds; positioned as high-quality defensive growth asset. |
| Management & Governance | Signify global subsidiary · Professional leadership · Clean disclosures | Operates under multinational governance standards with transparent reporting and strong compliance. Benefits from global R&D, innovation pipeline and established corporate practices. |
| Growth Triggers & Catalysts | Smart lighting expansion · Infra projects · Sustainability demand | Upside from connected lighting adoption, green buildings and infrastructure spending. Continued innovation and operational efficiencies support long-term growth; no confirmed IPO/DRHP plans currently. |
| Liquidity & Exit Visibility | OTC liquidity only · No confirmed IPO | Moderate unlisted trading activity; liquidity limited relative to listed peers. Exit mainly via OTC or potential strategic/parent-level actions. |
Signify Innovations India, previously known as Philips Lighting, has been a global leader in lighting solutions for over 120 years, driving innovation and digital transformation in the lighting industry. Signify Innovations India leverages the transformative power of light to improve comfort, productivity, and safety across homes, professional spaces, and public environments. The company focuses on energy-efficient LED lighting and connected lighting systems to create a fully digital, networked lighting ecosystem.
Consolidated Performance Summary (FY18–FY24)
The following is a consolidated performance snapshot for Signify Innovations India from FY18 to FY24:
- Rapid LED transition from FY18–19 onward, with LED market share rising to 82%, closure of the Mohali CFL plant, and LED revenue contribution consistently above 79–87% across years.
- Strong focus on innovation and product expansion, including launches like T-bulb, T-beamer, HexaStyle Downlight, Motion Sensor T-Bulb, FullGlow LED Bulb, and entry into EcoLink fans; increasing growth in smart Wi-Fi lighting.
- Retail and distribution network expanded significantly, with Philips Smart Light Hubs growing from 70 stores (FY19–20) → 225 stores (FY21–22) → 274 stores (FY22–23) → 286 cities (FY23–24).
- Professional lighting projects strengthened brand positioning, with iconic installations across years, including Motera Stadium, Qutub Minar, Howrah Bridge, Atal Bridge, Ripon Building, Eden Gardens, Bandra–Worli Sea Link, Ayodhya solar lighting, and Ram Mandir.
- Financially, revenue moved from ₹2,919 Cr (FY19–20) → ₹2,515 Cr (FY20–21 due to COVID) → ₹2,824 Cr (FY21–22) → ₹3,129 Cr (FY22–23) → ₹3,069 Cr (FY23–24), while PAT improved consistently reaching ₹353 Cr (FY22–23) and ₹269 Cr (FY23–24).
- The company maintained strong profitability and a balance sheet, with PAT margins improving, no major borrowings, reduced capex during the downturn, ROE at 50%, and strong cash generation (₹325 Cr cash and ₹359 Cr dividend in FY23–24).
- Continued Made-in-India manufacturing strength, with up to 92% domestic production, and exports from the Vadodara unit to 29+ countries, supporting long-term growth.
Conclusion
Signify Innovations India is a leader in LED and smart lighting in India. There is strong focus on innovation, IoT integration, and product diversification. If we talk about revenue growth, then it is modest but cash generation and dividend yield are robust. However, professional lighting segment and government/private projects drive stable business.
Shareholding Pattern of Signify Innovations (Previously Phillips Lighting) India Limited
| Name | Holding |
|---|---|
| Signify Holding B.V | 96.13% |
| others | 3.87% |
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Frequently Asked Questions
Signify Innovations India provides a wide range of lighting solutions, including LED lights, smart lighting, and professional lighting for homes, offices, public spaces, and large-scale infrastructure projects.
Yes, Signify Innovations India is profitable with a PAT of ₹269 Cr in FY24 and operates with a strong return on equity of 50%, while being completely debt-free.
Signify Innovations India operates through a combination of retail and professional segments, focusing on LED, smart lighting, decorative lighting, and IoT-enabled solutions, supported by domestic manufacturing and R&D.
You can buy Signify Innovations India unlisted shares through trusted platforms like UnlistedKraft.in, which provides access to pre-IPO and unlisted shares in India.
Yes, Signify Innovations India exports products globally and operates manufacturing and R&D facilities in India, supplying to over 29 countries.
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