Calcom Vision Limited, a key player in India’s Electronics Manufacturing Services (EMS) and Original Design Manufacturer (ODM) segment, has reported impressive quarterly earnings for Q4 FY25, reflecting robust operational performance and strategic execution. The Delhi/NCR-based company’s results, announced on May 26, 2025, revealed a strong uptick in profit, revenue, and EBITDA.

Q4 FY25 Performance: Record Revenue and Profit Surge

Calcom Vision recorded its highest-ever quarterly revenue in Q4 FY25 at ₹60.26 crore, marking a 28.03% year-on-year (YoY) growth compared to ₹47.06 crore in Q4 FY24. This growth was attributed to strong volume expansion and an increasingly diverse product portfolio.

The Profit After Tax (PAT) for the quarter stood at ₹1.20 crore, a 48.14% YoY increase over ₹0.81 crore in Q4 FY24. The significant profit jump underlines the company’s improved operational efficiency and scaling capabilities.

EBITDA Growth and Margin Improvement

The company’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) also showed robust performance. EBITDA for Q4 FY25 increased by 31.04% YoY to ₹4.68 crore, up from ₹3.57 crore in Q4 FY24.

Importantly, the operating EBITDA margin improved to 7.77% in Q4 FY25, compared to 7.59% in Q4 FY24, indicating better cost control and efficiency.

FY25 Full-Year Performance: Modest Growth Amid Market Dynamics

While quarterly numbers were strong, the full-year performance presented a more measured picture. For FY25, revenue from operations stood at ₹157.26 crore, showing a slight decline of 1.82% YoY from ₹160.20 crore in FY24. However, the annual PAT rose 9.72% to ₹1.44 crore, compared to ₹1.32 crore in the previous year.

This combination of modest revenue contraction and profit growth suggests that Calcom Vision is navigating headwinds effectively, likely by managing its product mix, reducing costs, and focusing on high-margin segments.

Commentary by Leadership

Sushil Kumar Malik, Chairman and Managing Director of Calcom Vision, expressed optimism over the company’s performance. He noted:

“This quarter marks yet another milestone in Calcom’s journey as we recorded the highest quarterly sales in our history, reflecting our growing scale and sustained market traction.”

He attributed the success to the successful execution of strategic initiatives, including the completion of a ₹25 crore investment under the Government of India’s PLI scheme, which has upgraded Calcom Vision into the ‘Large Investment’ category.

This shift has unlocked broader opportunities in segments like outdoor lighting, solar solutions, and electric vehicle (EV) chargers, enabling the company to diversify and future-proof its business.

PLI Scheme Impact: Growth Catalyst for Calcom

Calcom Vision's inclusion in the Large Investment category under India’s Production Linked Incentive (PLI) scheme marks a turning point. The ₹25 crore investment has allowed the company to access a wider product portfolio, increased scale of operations, and better eligibility for government incentives.

This strategic positioning will be crucial in accelerating Calcom’s growth in high-demand sectors, including renewable energy products and EV infrastructure, both of which are priority areas under national development goals.

Export Potential and Global Expansion

With India rapidly positioning itself as a global manufacturing hub, Calcom Vision’s export pipeline is reportedly strengthening, offering it the ability to tap into international markets.

As demand for energy-efficient electronics and smart solutions grows globally, Calcom Vision is well-positioned to benefit, especially given its capabilities in ODM and EMS services.

Business Model: EMS + ODM = Competitive Advantage

Calcom Vision operates on a dual model:

• EMS (Electronics Manufacturing Services): Providing assembly, testing, and production services for third-party brands.

• ODM (Original Design Manufacturer): Designing and manufacturing products that clients can rebrand and sell.

This model provides a diverse revenue base, helping it weather sectoral slowdowns and respond flexibly to market demands.

Segmental Expansion: Lighting, Solar, and EV Chargers

As highlighted in the company’s commentary, Calcom Vision has expanded into three major segments:

1. Outdoor Lighting – Leveraging energy-efficient technology to meet infrastructure demand.

2. Solar Solutions – Meeting India's and global renewable energy goals.

3. EV Chargers – Supporting the electric vehicle revolution with smart charging infrastructure.

This strategic diversification is helping Calcom future-proof its portfolio while participating in fast-growing green tech markets.

Operational Resilience and Scalability

The company’s financials and operational performance signal a high level of resilience, with the ability to scale efficiently. The EBITDA margin improvement, rising PAT, and record quarterly sales are clear indicators of strong execution and financial discipline.

Investor Perspective: A Company to Watch in EMS and ODM Space

For investors and analysts tracking the electronics manufacturing sector, Calcom Vision represents a mid-cap growth story supported by:

• Strong leadership

• Government policy tailwinds

• Robust market demand in smart tech and renewables

• Gradual improvement in profitability metrics

The stock could draw increased attention in FY26 as the export strategy unfolds and new product segments scale up.

Conclusion: Strong Finish to FY25, Poised for Growth in FY26

Calcom Vision has ended FY25 on a high note, with record-breaking Q4 numbers and a clear path forward through its PLI-linked investments and diversified product strategy. As the demand for energy-efficient, smart, and sustainable solutions grows globally, the company’s expansion into outdoor lighting, solar, and EV charging segments will likely fuel sustained growth in FY26 and beyond.

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