1. Company Overview
Signify Innovations India Limited, formerly known as Philips Lighting India Limited, is the Indian lighting business of the global Signify group. The company was incorporated in 2015 and operates across consumer lighting, professional lighting, connected lighting systems and lighting services. (Signify)
The company is part of Signify N.V., the global lighting group associated with the Philips lighting business. Signify Innovations India remains an unlisted public company. Its CIN is U74900WB2015PLC206100. (Signify)
Official Website: Signify India
Company Profile & Investor Information: Signify Innovations India Company Profile
Registered Office: PS Arcadia Central, 3A, 3rd Floor, 4A Abanindranath Thakur Sarani, Kolkata – 700017
Corporate Office: DLF Tower 9-B, DLF Cyber City, Gurugram – 122002. (Signify)
2. Business Model
Signify operates across the lighting value chain, from conventional and LED lighting products to connected lighting systems and professional lighting solutions.
Major Business Areas
| Segment | Products / Services |
|---|---|
| Consumer Lighting | LED bulbs, lamps, decorative lighting |
| Professional Lighting | Commercial, industrial and infrastructure lighting |
| Connected Lighting | Smart lighting, controls and connected systems |
| Outdoor Lighting | Street, sports, architectural and urban lighting |
| Lighting Services | Lighting-as-a-service and related solutions |
| Digital / IoT | Connected lighting platforms and controls |
The company serves consumer, professional and government/project customers and reports lighting as its operating segment. (PrEqt)
3. Brands
The company’s major consumer-facing brand is Philips Lighting, supported by other Signify brands and product portfolios.
The company has also expanded its Philips Smart Light Hub retail network and its direct-to-consumer digital presence.
According to the FY25 annual report, the company’s D2C website had 1,100+ products across categories, while its Smart Light Hub network continued to expand. (Signify)
4. Manufacturing & Business Transformation
One of the major recent developments is Signify’s shift in its manufacturing model.
In 2025, Signify entered into a proposed joint venture with Dixon Technologies for lighting-product manufacturing. Signify stated that the partnership was intended to combine Signify’s lighting technology with Dixon’s manufacturing capabilities and support the Make in India ecosystem. (Signify)
The transaction is strategically important because it allows Signify to focus more heavily on brands, technology, connected lighting and customer solutions, while leveraging an external manufacturing ecosystem.
5. FY26 Financial Performance
According to the FY2025-26 annual-report data, Signify Innovations India delivered another year of growth.
Financial Highlights
₹ Crore
| Particular | FY25 | FY26 | Change |
|---|---|---|---|
| Revenue | 3,113.6 | 3,288.8 | +5.6% |
| EBITDA | 448.3 | 517.6 | +15.5% |
| EBITDA Margin | 14.4% | 15.7% | Improved |
| PBT | 366.3 | ~488.5 | +33% |
| PAT | ~270.1 | ~375.1 | +39% |
| EPS | ₹46.96 | ~₹65.23 | +39% |
FY26 revenue increased to approximately ₹3,289 crore, while EBITDA rose to approximately ₹518 crore. PAT increased substantially year-on-year. (UnlistedZone)
The FY25 annual report had reported revenue of ₹3,113.6 crore and PAT of approximately ₹270.1 crore, providing the base for the FY26 comparison. (Signify)
Official FY25 Annual Report: Signify Innovations India Annual Report FY25
Annual Reports: Signify India Annual Reports
6. Shareholding Pattern
Signify Holding B.V. is the dominant shareholder of Signify Innovations India.
Shareholding as reported for FY25
| Shareholder | Holding |
|---|---|
| Signify Holding B.V. | 96.13% |
| Public / Others | 3.87% |
| Total | 100% |
Signify Holding B.V. holds 55,290,242 shares out of total equity shares of 57,517,242, giving it approximately 96.13% ownership. (Wealth Wisdom)
This extremely high promoter holding is an important characteristic of the unlisted company.
7. Management
Key Management
Vinayak Deshpande — Chairman
Sumit Padmakar Joshi — CEO & Managing Director
Dibyendu Raychaudhury — Whole-Time Director & CFO
Vikas Malhotra — Whole-Time Director
The company’s official website currently identifies Sumit Joshi as CEO & Managing Director and Dibyendu Raychaudhury as Whole-Time Director & CFO. (Signify)
Management Profile: Signify India Management
8. Product & Technology Focus
Signify is moving beyond traditional lighting towards connected and intelligent lighting.
Its portfolio includes:
- LED lighting
- Smart lighting
- Connected lighting
- Lighting controls
- Professional lighting
- Architectural lighting
- Street lighting
- Sports lighting
- Industrial lighting
- IoT-enabled lighting systems
- Lighting services
The company describes connected offerings as an important part of its growth strategy and has been expanding its connected-lighting portfolio in India. (Signify)
9. Key Growth Drivers
1. LED Conversion
India continues to move away from conventional lighting towards LED products, providing a long-term replacement opportunity.
2. Smart & Connected Lighting
Connected lighting allows Signify to participate in a higher-value technology segment rather than competing only on the price of bulbs and fixtures.
3. Infrastructure Spending
Professional lighting can benefit from spending on airports, roads, metro systems, stadiums, commercial buildings and other infrastructure.
Signify’s FY25 annual report specifically highlighted government infrastructure spending and private capex as potential drivers for professional business growth. (Signify)
4. Philips Brand
The Philips name provides significant consumer recognition in India’s lighting market.
5. Retail Expansion
The company has been expanding its Philips Smart Light Hub network and D2C/e-commerce presence. (Signify)
6. Manufacturing Partnership
The proposed Signify-Dixon partnership could help improve manufacturing efficiency and strengthen India’s lighting manufacturing ecosystem. (Signify)
10. Important Recent Development — Dixon Partnership
In March 2025, Signify and Dixon Technologies announced a proposed 50:50 joint venture focused on lighting manufacturing in India.
The stated objective is to combine:
Signify: technology, product expertise and lighting IP
Dixon: manufacturing capabilities and scale
Dixon’s FY25 annual report also disclosed the proposed relationship and stated that the arrangement would give Dixon rights to Signify’s technological IP for the relevant OEM business. (Signify)
This is an important development to monitor because it changes Signify India’s manufacturing structure and could influence future margins, capital intensity and working-capital requirements.
11. Related-Party / Global Group Business
Because Signify Innovations India is overwhelmingly owned by Signify Holding B.V., transactions with the wider Signify group are an important consideration.
FY26 research based on the company’s annual report indicates significant group-related revenue, including global service activities and exports to Signify group entities.
For an unlisted investor, the key areas to monitor are:
- Related-party revenue
- Royalty payments
- Group service charges
- Dividend payments
- Transfer pricing
- Dependence on the global Signify group
These should be reviewed directly in the latest annual report before making an investment decision.
12. Dividend History
Signify Innovations India has historically distributed dividends to shareholders.
For example, the company has reported dividends in earlier years, including a ₹62.50 per share dividend in 2023.
The high promoter ownership means a significant portion of dividends ultimately accrues to Signify Holding B.V.
13. Unlisted Share Information
Company: Signify Innovations India Limited
Former Name: Philips Lighting India Limited
Status: Unlisted
ISIN: INE045U01015
Face Value: ₹10
Total Shares: 57,517,242
Promoter Holding: ~96.13%
Public Holding: ~3.87%
Indicative unlisted-market prices vary between platforms and are not exchange-quoted prices. One unlisted-market source showed approximately ₹975 per share in September 2026, while another market-data source showed approximately ₹962. These should be treated only as indicative private-market levels, not as an official market price.
At an indicative ₹975/share, the implied equity value would be roughly ₹5,608 crore, based on 57.52 million shares.
14. Key Risks
High Promoter Ownership
With approximately 96.13% held by Signify Holding B.V., the public float is very limited.
Unlisted Share Liquidity
There is no continuous NSE/BSE price discovery, and buyers may face limited liquidity and wider spreads.
Lighting Price Competition
The consumer lighting industry faces intense competition and pricing pressure, particularly in conventional and non-connected products.
Manufacturing Model Transition
The shift towards the Dixon manufacturing partnership changes the company’s cost structure and operating model.
Related-Party Dependence
A meaningful portion of business is connected to the global Signify group, making related-party transactions an important area for investors to monitor.
Technology Changes
The lighting industry is rapidly moving towards connected, IoT-enabled and intelligent systems. Companies need continued investment in technology and innovation.
Valuation Risk
At any unlisted-market purchase price, investors should compare the valuation against earnings, cash generation, dividend history and the potential for future liquidity.
15. Investment Snapshot
Company: Signify Innovations India Limited
Formerly: Philips Lighting India Limited
Founded: 2015
Industry: Lighting / Electrical Equipment / Smart Lighting
Parent: Signify Holding B.V.
Promoter Holding: ~96.13%
Public Holding: ~3.87%
FY26 Revenue: ~₹3,289 crore
FY26 EBITDA: ~₹518 crore
FY26 PAT: ~₹375 crore
FY26 EPS: ~₹65
ISIN: INE045U01015
Face Value: ₹10
Status: Unlisted
Core Brands: Philips / Signify portfolio
Key Themes: LED, smart lighting, connected lighting, infrastructure, professional lighting, D2C
16. UnlistedCart-Style Takeaway
Signify Innovations India Limited is the Indian lighting business of the global Signify group and the successor to Philips Lighting India.
The company combines the Philips brand, established distribution, professional lighting capabilities and connected-lighting technology with a growing focus on smart and energy-efficient lighting.
FY26 showed healthy financial growth, with revenue rising to approximately ₹3,289 crore and PAT increasing to around ₹375 crore. The company is also changing its manufacturing model through its proposed partnership with Dixon Technologies.
For unlisted investors, the major factors to track are FY26 profitability, valuation, dividend potential, promoter ownership, related-party transactions, the Dixon manufacturing partnership and the company’s transition towards connected lighting.
Official Company Website: Signify India
Company Profile & Official Filings: Signify Innovations India — Company Profile
FY25 Annual Report: Download Annual Report FY2024-25
Dixon–Signify Partnership: Signify & Dixon Manufacturing Partnership
Disclaimer: This report is for informational and educational purposes only and should not be considered investment advice or a recommendation to buy or sell unlisted securities. Unlisted shares involve liquidity, valuation and disclosure risks. Investors should independently verify the latest annual report, financial statements, shareholding, related-party transactions and prevailing transaction price before making any investment decision.
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