FIEM – Strong Q3-FY18 with Healthy Topline & 40% YoY Growth in PAT – Maintain Investment Thesis

FIEM - In-Line Q4-FY18 / FY18 Results, Re-Iterate Thesis

Independent Research Analyst

Mamta Verma

DC India Research

DC India Research LLP (DCIR) is based out of Mumbai, India.

We specialize in providing customized, independent research across listed and unlisted companies in India across equities and credit including sectoral research. Our customers include India focussed PE funds, special situation funds, domestic AMCs, Wealth Advisory& PMS firms, Rating Agencies & Investment Advisors. 

The DCIR board consists of prominent names from the industry as well as CIO’s of Hedge funds.

Equity Bottom-Up

<p><strong>Background –</strong> Incorporated in 1989, it is one of the largest manufacturers of automotive lighting and signalling equipment &amp; rear-view mirrors in India. The company is 2W-focused accounting for ~95% of revenue. Its product offerings cover head &amp; tail lamps, signalling lamps, roof lamps, rear-view mirrors, wheel covers, rear fender &amp; frame assembly, mudguards and various sheet metal and plastic parts. The automotive segment accounted for ~90% of overall revenues in FY17. FIEM has diversified its…</p>

Background – Incorporated in 1989, it is one of the largest manufacturers of automotive lighting and signalling equipment &amp; rear-view mirrors in India. The company is 2W-focused accounting for ~95% of revenue. Its product offerings cover head &amp; tail lamps, signalling lamps, roof lamps, rear-view mirrors, wheel covers, rear fender &amp; frame assembly, mudguards and various sheet metal and plastic parts. The automotive segment accounted for ~90% of overall revenues in FY17. FIEM has diversified its…

FIEM- Strong & Sust. Growth in Core Auto 2W Lighting, Recent MoU on Canister +ve; Worst over in LED

Fiem Industries

FIEM- Strong & Sust. Growth in Core Auto 2W Lighting, Recent MoU on Canister +ve; Worst over in LED