Fiem is breaking into cars. It just gave its first numbers.
Record FY26 results are old news. The new story is a ₹100-150 crore four-wheeler revenue target for FY27, backed by Mahindra & Mahindra orders and a management reshuffle.
— 2 earlier stories on Fiem Industries Ltd. →What's new
- Fiem guided for four-wheeler revenue of ₹100-150 crore in FY27, scaling to ₹200-250 crore by FY28.
- Mahindra & Mahindra orders will start contributing this year; Mercedes-Benz validation is underway.
- A ₹200 crore capex plan over two years was confirmed, alongside a new CEO and joint MD.
Why this matters
Fiem's core two-wheeler lighting business is mature. The new four-wheeler stream, even at the lower end of guidance, would represent nearly 5% of last year's ₹2,790.7 crore revenue. This is the company's first concrete step toward diversification, making the guidance number the benchmark for judging if the strategic shift is real.
What we're watching
- Actual four-wheeler revenue realization in Q1-Q2 of FY27.
- Mercedes-Benz validation timeline and potential order size.
- Impact of the ₹200 cr capex on the balance sheet and debt levels.
The full read
Fiem Industries just closed a record year. Revenue hit ₹2,790.7 crore and net profit was ₹253.9 crore. But the call was about the future. Management put a number on its four-wheeler push: ₹100-150 crore in FY27 revenue, rising to ₹200-250 crore by FY28. Mahindra & Mahindra orders will begin contributing this year, and Mercedes-Benz validation is in progress. To support this, Fiem will spend ₹200 crore on capex over two years. The strategic pivot comes alongside a leadership change, with Rahul Jain now managing director. For a company whose revenue has been overwhelmingly two-wheeler focused, the ₹100-150 crore car component target is the first hard evidence of diversification. The next test is whether Fiem can win and ramp up orders at the pace its guidance implies.
Questions answered
- What is Fiem's new four-wheeler revenue target?
- Management guided for ₹100-150 crore in revenue from four-wheelers in FY27. This is expected to double to ₹200-250 crore by FY28, with initial orders from Mahindra & Mahindra starting during the year.
- How does the new capex plan fit with the guidance?
- Fiem confirmed a ₹200 crore capital expenditure plan over two years. This will likely fund the capacity required to serve the new four-wheeler clients like Mahindra and the potential Mercedes-Benz business.
- What happened to the company's leadership?
- The earnings call followed the resignation of CEO Vineet Sahni. Rahul Jain was appointed managing director, and Aanchal Jain became joint managing director.
- Was there any news on profitability targets?
- Management maintained its guidance for consolidated EBITDA margins to remain above 14%. This applies to the overall business, including the expected new four-wheeler revenue.
Story so far
All notes on FIEMIND →- 6 Jun 2026 · 12:58 PM IST Fiem is breaking into cars. It just gave its first numbers.
- 5d ago Fiem guides ₹100-150 cr from four-wheelers in FY27 after record year
- 7d ago Fiem posts 24% profit growth, hikes dividend 33% to ₹40