Optiemus Infracom Limited (OPTIEMUS)
Micro CapTelecom stocks · Micro cap · NSE
Optiemus Infracom is an Indian electronics manufacturing services (EMS) provider. The company is undergoing a strategic transformation, exiting volatile brand partnerships and focusing on high-potential niche categories. It is diversifying into B2C screen protectors and B2B cover glass manufacturing through a JV with Corning Incorporated.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is mixed.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Good · 62/100Rev +103% YoY · PAT +40% YoY · +82% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹883 Cr | +103.0% | +82.1% |
| EBITDA | ₹30 Cr | +11.1% | +328.6% |
| Operating margin | 3.4% | -260 bps | +190 bps |
| PAT | ₹21 Cr | +40.0% | -4.5% |
| PAT margin | 2.4% | -107 bps | -216 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Q4FY26 shows turnaround with 8% YoY revenue growth and 20.9% YoY EBITDA growth, driven by corrective actions. However, FY26 revenue declined 6.4% YoY due to strategic exits, though full-year EBITDA grew 7% YoY.
Management claims a deliberate transformation in FY26, exiting volatile partnerships and upgrading customer mix, which tempered full-year revenue but structurally strengthened the core. The Q4FY26 results show a visible turnaround, supported by new EMS partnership wins and diversification into high-margin glass segments. The ambitious 40-45% revenue CAGR guidance over three years hinges on successful execution of these new ventures.
New EMS Partnership Wins
Secured partnerships for IoT Modules, AI+ Smartphones, Realme Power Banks, IoT Products, PhonePe Soundbox, POS Devices, and Accton Telecom, expected to drive incremental revenue.
Foray into Screen Protector Segment (B2C)
Opening a B2C business segment with high profitability potential, leveraging existing manufacturing capacity and anticipating mandatory quality certification.
Foray into Cover Glass Segment (B2B)
Entry into a high entry-barrier B2B segment through Bharat Innovative Glass Technologies (BIG Tech), a 70:30 JV with Corning Incorporated.
Focus on Niche & Premium Categories
Reduced over-dependence on local H&W brands, focusing on premium H&W, Routers, IoT, Cameras, Mobiles, Modules & POS/Soundbox.
Screen Protector Manufacturing Capacity
Manufacturing capacity for screen protectors was inaugurated on August 30, 2025, and is already in place.
Cover Glass Facility (BIG Tech JV)
The facility for Bharat Innovative Glass Technologies (BIG Tech) was inaugurated on December 5, 2025, with sampling and trial production completed.
New EMS Unit 3
A new Unit 3 is expected to commence in Q2FY27 to ramp up production for AI+ Smartphones.
Mandatory Quality Certification for Screen Protectors
Government stakeholder consultations held on May 11, 2026, for making quality certification mandatory under the CRO framework, expected by Dec 2026.
PLI 2.0 for Components
PLI 2.0, covering components with 55%+ value addition, is expected to enable brands to onboard BIG Tech as a cover glass supplier.
Challenging Global Environment
Management noted a 'challenging and uncertain global environment' impacting operations.
Memory-Chip Shortage
Production for PhonePe Soundbox is temporarily deferred due to a memory-chip shortage at the customer end.
Execution Risk of New Partnerships
Successful ramp-up and meaningful contribution from numerous new EMS partnerships starting from Q2FY27 is critical for growth.
Customer Onboarding for Cover Glass
Revenue visibility for the Cover Glass segment might take 12–15 months as customer agreements get concluded.
Volatile Brand Partnerships
The company previously exited brand partnerships with inconsistent forecasting that drove production volatility, indicating a past risk.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4FY26 results are crucial for assessing the immediate impact of corrective actions and the 'turnaround' claimed by management, indicating sequential momentum. However, the full-year FY26 results provide context for the strategic transformation and its impact on overall annual performance.
Q4FY26 Operating Revenue Growth
Operating Revenue grew 8.0% YoY to ₹48,498 Lakhs in Q4FY26.
Q4FY26 EBITDA Growth
EBITDA increased 20.9% YoY to ₹3,924 Lakhs in Q4FY26.
Q4FY26 PBT Growth
PBT grew 31.1% YoY to ₹2,757 Lakhs in Q4FY26.
FY26 Operating Revenue Growth
Operating Revenue declined 6.4% YoY to ₹1,76,862 Lakhs in FY26.
Revenue CAGR Guidance
Management is confident of delivering 40–45% overall revenue CAGR over the next three years.
B2C Product Portfolio Development
Actively building a proprietary B2C product portfolio to leverage in-house manufacturing and go-to-market strengths for higher margins and brand equity.
Structural Strengthening of Core Business
Exiting volatile brand partnerships and upgrading customer mix have structurally strengthened the core business.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| New EMS Partnerships Revenue Contribution | Trial production complete/production started for some, billing/off-take from Q2FY27 for most. | Meaningful revenue contribution and ramp-up from IoT Modules, AI+ Smartphones, Realme Power Banks, IoT Products, POS Devices, and Accton Telecom in Q2FY27 onwards. |
| PhonePe Soundbox Production | Temporarily deferred due to memory-chip shortage. | Resumption of production and billing once the memory-chip shortage at the customer end is resolved. |
| CRO Framework for Screen Protectors | Stakeholder consultations held; deadline expected by Dec 2026. | Official notification of the deadline by the Government for mandatory BIS approval, which could boost the company's B2C segment. |
| Cover Glass Customer Agreements | Sampling and trial production completed; revenue visibility expected in 12-15 months. | Leading brands visiting and auditing the BIG Tech facility, and conclusion of customer agreements to drive revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
48NeutralSMA20 -6.2% / mo · MACD −
Technical chart
OPTIEMUSdaily · 1Y · AUTO+53.4%Daily technical trend read
Bearish setupTrend is weak — long-term uptrend intact. RSI 50.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~6.7% over last month) — short-term momentum negative.
- RSI(14) at 50 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 20% off 52W high · 98% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation & score drivers
U-Score 25 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 25 · OVERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
OVERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Balance sheet contributes 8/15 to the score.
- Growth contributes 11/25 to the score.
- Cash flow contributes 3/10 to the score.
Main drags
- Fair-value margin of safety is negative at -188.1%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Quality is weaker at 0/20; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 45th percentile of the scored universe and 50th percentile within Telecom. Main check: cash conversion is weak at 52/100.
Healthy Trust Lite: Promoter holding is 71.4%. Key concern: Operating cash flow is negative at ₹-12 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Telecom: 50th pctile, median 66 · Micro: 27th pctile, median 73
46 documents have extracted text, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 71.4%.
- ▸Promoter pledge is zero.
- ▸8 years of positive FCF.
Trust risks
- ▸Operating cash flow is negative at ₹-12 Cr.
- ▸Promoter holding fell 1%.
- ▸ROCE trend is -2.4%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 70.60
- P/B
- 6.50
- EV/EBITDA
- 43.70
- Market Cap
- 5133.00Cr
Profitability
- ROE
- 9.16%
- ROCE
- 10.90%
- ROA
- 3.97%
- Dividend Y
- —
Growth (CAGR)
- Revenue 5Y
- 58.00%
- EPS 5Y
- 9.00%
- Revenue 3Y
- 15.00%
- EPS 3Y
- 16.00%
Balance Sheet
- Debt/Equity
- 0.48
- Interest Coverage
- 4.21×
- Altman Z
- 4.97
- Book Value
- 87.60
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 8/5
- OCF
- -12.00 Cr
- EPS TTM
- 8.20
Shareholding
- Promoter Hold
- 71.40%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 66%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Telecom, ranked by similarity
Peers
Business-comparable names in Telecom, ranked by similarity
Peers
Business-comparable peers in Telecom — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.