Sector: Automotive Lighting & Components
Status: Public Unlisted Company
CIN: U74899DL1959PLC003126
ISIN: INE431D01013
Face Value: ₹10 per share
Incorporated: 4 September 1959
Registered Office: Kalkaji, New Delhi
Global Group: FORVIA HELLA / HELLA
Indicative OTC Price: ~₹895–₹925/share
Research Date: September 2026

1. Executive Summary

Hella India Lighting Limited is the Indian lighting business associated with FORVIA HELLA, one of the world’s established automotive lighting and electronics suppliers.

The Indian company has a long operating history dating back to 1959 and manufactures/supplies automotive lighting and related components, including lamps, LED lighting products, switches, horns and other automotive electrical products. The company was historically listed on the BSE but was voluntarily delisted in 2015.

The business operates within a larger global technology ecosystem. FORVIA HELLA currently describes itself as a global automotive-lighting technology leader, with products spanning headlamps, rear lamps, body lighting and interior lighting. Its global lighting business generated approximately €3.7 billion of sales in 2025 and had around 16,750 employees.

For the Indian entity, the latest publicly accessible audited standalone annual report located for this research is FY2023-24. FY24 revenue from operations was ₹410.86 Cr, compared with ₹382.51 Cr in FY23, while PAT increased to ₹29.11 Cr from ₹26.89 Cr. EPS was ₹82.47.

However, the most important corporate development for an unlisted investor occurred in 2025: the HELLA group acquired the remaining non-controlling interests and increased its ownership of Hella India Lighting to 100%. The global HELLA annual report states that the acquisition was completed during the first half of 2025, with the purchase price for the non-controlling interests reported at €6.212 million.

This creates an important distinction:

The company may still appear on unlisted-share platforms with an OTC price, but the actual availability and transferability of shares held outside the HELLA group must be independently verified before any transaction.

2. Company Overview

Hella India Lighting Limited was incorporated in 1959 and is an active public company registered with the Registrar of Companies, Delhi. Its CIN is U74899DL1959PLC003126.

Corporate details

Particular	Details
Company	Hella India Lighting Limited
CIN	U74899DL1959PLC003126
ISIN	INE431D01013
Incorporation	4 September 1959
Face Value	₹10
Company Type	Public Limited
Status	Unlisted
Registered Office	Kalkaji, New Delhi
Sector	Automotive Components
Business	Automotive lighting & electrical components
Global Group	FORVIA HELLA

FORVIA HELLA’s official India website continues to list Hella India Lighting Limited as one of its Indian entities and gives its corporate-office details in Gurugram.

Official resources

FORVIA HELLA India:
FORVIA HELLA India Official Website

FORVIA HELLA Lighting:
FORVIA HELLA Lighting Business

Hella India corporate information:
FORVIA HELLA India Locations & Companies

3. What Does Hella India Lighting Do?

The company’s core business is automotive lighting and related electrical components.

Its historical product portfolio includes:

Automotive lamps
Headlamps
Tail lamps
LED lamps
Fog lamps
Interior lighting
Combination lamps
Switches
Horns
Vehicle lighting components
Special-purpose lighting products

The FY2015-16 annual report described the company as being primarily engaged in manufacturing automotive lamps, switches, blinkers and horns.

The wider FORVIA HELLA lighting portfolio today includes four major product lines:

1. Headlamps

Advanced headlamp systems combining styling, visibility, safety and electronics.

2. Rear lamps

LED-based rear lighting, signature lighting and integrated functions.

3. Car body lighting

Lighting elements integrated into vehicle body design.

4. Interior lighting

Lighting designed around vehicle interiors, ambience and user experience.

FORVIA HELLA says its lighting business focuses on scalable technologies combining safety, design, efficiency and sustainability.

4. Global Parent & Technology Advantage

One of the major advantages of Hella India Lighting is its connection to the global FORVIA HELLA technology ecosystem.

FORVIA HELLA operates globally across automotive lighting and electronics and supplies major vehicle manufacturers.

Its lighting business reported approximately:

€3.7 billion sales in 2025

with:

11 R&D centres

and approximately:

16,750 employees

globally.

This provides the Indian operation with access to:

Global engineering
Product technology
Automotive OEM relationships
R&D
Manufacturing know-how
New lighting platforms
Global vehicle programmes

5. Indian Manufacturing & Engineering Presence

FORVIA HELLA has a significant Indian footprint.

Its India operations include locations such as:

Gurugram
Derabassi
Chennai
Coimbatore
Pune
Mehsana
Other engineering/manufacturing locations

The official India website lists Hella India Lighting’s corporate office in Gurugram.

India is also being used as a development and manufacturing base for global products.

A notable recent example is the LeanLED II programme.

In June 2026, FORVIA HELLA announced the start of series production of LeanLED II at its Derabassi, India site, with initial customer orders secured in Austria and France.

This demonstrates that India is not simply a domestic sales market; the country is also being integrated into FORVIA HELLA’s global manufacturing network.

6. FY24 Financial Performance

The latest publicly accessible audited Hella India Lighting annual report located for this research is FY2023-24.

Income Statement

Particular	FY23	FY24
Revenue from Operations	₹382.51 Cr	₹410.86 Cr
Other Income	₹8.93 Cr	₹6.02 Cr
Total Income	₹391.44 Cr	₹416.89 Cr
PBT	₹39.40 Cr	₹39.19 Cr
PAT	₹26.89 Cr	₹29.11 Cr
EPS	₹84.79	₹82.47

Source: audited FY2023-24 annual report.

Revenue Growth

Revenue increased from:

₹382.51 Cr → ₹410.86 Cr

representing approximately:

7.4% growth

However, PBT remained broadly flat because expenses also increased.

PAT increased around:

8.2%

to ₹29.11 Cr.

7. Margin Analysis

Based on FY24 audited numbers:

EBITDA – approximate

PBT + depreciation + finance costs

≈ ₹39.19 Cr + ₹13.29 Cr + ₹5.17 Cr

≈ ₹57.65 Cr

Approximate EBITDA Margin

₹57.65 Cr ÷ ₹410.86 Cr

≈ 14.0%

PAT Margin

₹29.11 Cr ÷ ₹410.86 Cr

≈ 7.1%

The company therefore generated a reasonably healthy operating margin despite being exposed to the competitive automotive-components industry.

8. Cash Flow

FY24 operating cash flow was approximately:

₹24.34 Cr

compared with operating cash flow of approximately ₹20–21 Cr in FY23 based on the audited cash-flow statement.

The company generated:

₹37.06 Cr

of cash from operations before tax payments during FY24.

However, working capital consumed cash, particularly through higher trade receivables and inventory.

Important observation

Cash generation was positive, but investors should monitor:

Receivable days
Inventory
Customer concentration
Working-capital requirements
Capex
Parent-related transactions

because automotive suppliers often need to maintain significant working capital.

9. Balance Sheet

The FY24 annual report shows that the company had a meaningful equity base and retained earnings.

FY24 retained earnings were approximately:

₹77.33 Cr

versus ₹48.22 Cr in FY23.

The company also had finance costs of:

₹5.17 Cr

in FY24.

This indicates that financing costs were material but not dominant relative to operating profit.

10. Customer & Industry Exposure

Automotive lighting is closely linked to vehicle production.

The company’s end-market exposure includes:

Passenger vehicles
Commercial vehicles
Two-wheelers
Special vehicles
Aftermarket
OEM applications

The larger FORVIA HELLA group supplies lighting technologies across premium and volume vehicle segments.

This provides diversification but also creates exposure to:

Automobile production cycles
OEM pricing pressure
Raw-material inflation
Model changes
Customer concentration
Technology transitions

11. LED & Smart Lighting Opportunity

The automotive lighting industry has moved significantly beyond conventional halogen lamps.

Growth areas include:

LED
Adaptive lighting
Digital lighting
Intelligent headlamps
Matrix lighting
Signature lighting
Interior ambient lighting
Connected lighting
Software-controlled lighting

FORVIA HELLA continues to invest in these technologies globally.

The company describes its lighting business as focused on advanced technologies that improve safety, design, efficiency and sustainability.

12. EV Opportunity

Electric vehicles create additional opportunities for automotive suppliers.

EVs require:

New lighting architectures
Energy-efficient LEDs
Digital controls
Interior ambient lighting
New vehicle-design concepts
Electronic integration

The global FORVIA HELLA group specifically identifies electromobility and automated driving among its important long-term technology areas.

Therefore, the transition toward EVs can create new content opportunities per vehicle, although the benefit depends on product nominations and program wins.

13. Recent Product Development – LeanLED II

One of the most interesting recent developments for India is the launch of LeanLED II.

FORVIA HELLA began series production at its Derabassi facility in India in June 2026.

The product combines front and rear lamp applications into a common product family and includes an integrated reverse-light function in the rear application. Initial orders were secured from customers in Austria and France.

Why it matters

This shows:

Indian manufacturing → global product → export opportunity

rather than India being solely a domestic manufacturing market.

14. Delisting History

Hella India Lighting was historically listed on the Bombay Stock Exchange and Delhi Stock Exchange.

The company was voluntarily delisted from the BSE in 2015.

This is an important part of the company’s history because today’s unlisted shares should not be confused with a recent IPO/pre-IPO company.

It has been an unlisted business for more than a decade.

15. 2024 Capital Reduction

In February 2024, Hella India Lighting undertook a capital-reduction process.

The unlisted-market documentation reports a reduction price of approximately:

₹1,039.17 per equity share.

The NCLT-related proceedings refer to an independent registered valuation of ₹1,039.17/share, along with a fairness opinion from a SEBI-registered merchant banker.

Important

₹1,039.17 was a specific corporate-action valuation/exit price, not necessarily the current fair value of the shares.

It should therefore not automatically be treated as a present-day price target.

16. Major 2025 Development – HELLA Increased Ownership to 100%

This is arguably the most important issue in the current Hella India Lighting unlisted-share story.

FORVIA HELLA’s FY2025 annual report states that it acquired the remaining non-controlling interests in Hella India Lighting during the first half of 2025.

The acquisition increased the HELLA group’s ownership to:

100%

The reported purchase price for the non-controlling interests was approximately:

€6.212 million

The global report states that the minority shares were acquired from the remaining majority shareholders, Hella International Holding GmbH and HELLA India Automotive Private Limited.

The Hella interim report also confirms that the NCLT approved the squeeze-out in March 2025.

17. Why the 100% Ownership Matters

This changes the risk profile for someone trying to purchase Hella India Lighting shares in the OTC market.

Current unlisted-share websites continue to display prices around ₹900–₹925.

However, if the global parent has completed the acquisition of all non-controlling interests, the investor must verify:

Who currently owns the shares being offered?
Is the seller a valid registered shareholder?
Are the shares transferable?
Are they in demat?
Does the ISIN remain active for transfer?
Are there any restrictions arising from the 2025 squeeze-out/corporate restructuring?
Is the quoted OTC price based on actual recent transactions or simply dealer indication?

This verification is more important than the quoted price itself.

18. Current Unlisted Price

Current secondary-market references show a significant range.

Moneycontrol currently shows approximately:

₹896.77/share

while partner references include:

UnlistedZone: ~₹925
Planify: ~₹895
Altius Investech: ~₹870

Moneycontrol’s latest displayed market capitalisation is approximately ₹333.78 Cr.

Planify reported ₹922.20/share on September 11, 2026.

Indicative range

₹895–₹925/share

These are OTC/unlisted references, not NSE/BSE traded prices.

19. Valuation

Using:

₹896.77/share

and FY24 EPS of:

₹82.47

the historical FY24 P/E is approximately:

10.9×

Moneycontrol currently displays a P/E of approximately 11.88×, with EPS of ₹82.47 and book value of ₹496.06.

At ₹925

₹925 ÷ ₹82.47

≈ 11.2× FY24 EPS

Therefore, on the available audited FY24 earnings, the OTC valuation appears to be around:

11×–12× earnings

However, this calculation has an important limitation:

FY24 is not the latest audited Indian financial year publicly located in this research.

Current FY25/FY26 data needs to be independently reconciled with the company’s latest filings before using the historical P/E as the principal valuation metric.

20. Valuation Sensitivity

Using FY24 EPS of ₹82.47:

P/E	Implied Value
8×	₹660
10×	₹825
12×	₹990
14×	₹1,155
16×	₹1,320
18×	₹1,484
20×	₹1,649

At approximately ₹900–₹925, the market is therefore assigning roughly:

11× FY24 earnings

on the available audited numbers.

These calculations are illustrative and are not price targets.

21. Current Global HELLA Performance

The global parent continues to invest heavily in automotive lighting technology.

FORVIA HELLA reported FY2025 group sales of approximately:

€7.855 billion

with operating income of:

€474 million

and operating margin of:

6.0%.

Within the group, the Lighting business generated approximately:

€3.7 billion sales

in 2025.

However, global Lighting sales declined in 2025, while the group is undertaking a transformation programme to improve profitability.

This matters for India because the Indian company is part of the same global technology and customer ecosystem.

22. Competitive Advantages

1. Global technology platform

Hella India benefits from FORVIA HELLA’s global R&D and automotive technology capabilities.

2. Long operating history

The Indian entity has operated since 1959.

3. Automotive OEM relationships

Lighting is a mission-critical component with significant engineering and qualification requirements.

4. Technology transition

The company is positioned toward LED, digital and intelligent lighting.

5. Export potential

The Derabassi LeanLED II programme demonstrates that Indian manufacturing can supply international customers.

6. Global parent ownership

The 100% ownership structure provides strong financial and technological backing from the HELLA group.

23. Key Risks

1. Ownership / liquidity risk

The biggest issue for a new unlisted investor is not necessarily the operating business but share availability and transferability following the 2025 acquisition of the remaining non-controlling interests.

2. Limited public financial disclosure

Unlike a listed company, current quarterly financial information is not readily available through exchange filings.

3. Automotive cyclicality

Lower vehicle production can reduce OEM demand.

4. OEM pricing pressure

Automotive manufacturers negotiate aggressively with suppliers.

5. Technology risk

Lighting technology is rapidly evolving.

6. Parent-company strategy

Strategic decisions are ultimately influenced by the global HELLA/FORVIA group.

7. Unlisted exit risk

There is no continuous NSE/BSE market for these shares.

8. Current valuation uncertainty

OTC quotes range across platforms, and a quoted price does not necessarily mean there is sufficient actual liquidity at that price.

24. IPO / Listing Status

Hella India Lighting is currently:

Unlisted

Moneycontrol currently shows:

DRHP Status: No.

There is no verified current DRHP or confirmed IPO timetable identified in this research.

Therefore, the company should not be marketed as a confirmed pre-IPO opportunity.

The investment thesis should instead be based on the operating business and the terms/availability of the specific unlisted shares being acquired.

25. Important Due-Diligence Checklist Before Buying

Because of the 2025 ownership restructuring, an investor should obtain and verify:

Share documentation

Original share certificate or demat holding
ISIN: INE431D01013
Number of shares
Seller’s name
Current registered ownership
Transfer history

Corporate-action documents

2024 capital-reduction documentation
2025 squeeze-out/NCLT documentation
Latest shareholding structure

Transaction documents

Seller confirmation
Contract note / transfer documentation where applicable
Delivery-versus-payment arrangement
Demat confirmation

Exit feasibility

Ask the intermediary:

“Who is the current buyer for these shares and what is the documented recent transaction price?”

This is particularly important when a company has moved toward 100% ownership by its global parent.

26. Investment Monitoring Framework

For ongoing research, track:

Business

→ Vehicle production
→ LED penetration
→ EV adoption
→ New OEM programmes
→ Export orders

Financial

→ Revenue growth
→ EBITDA margin
→ PAT
→ Operating cash flow
→ Working capital
→ ROCE

Corporate

→ Shareholding
→ Capital reduction
→ Further restructuring
→ Dematerialisation
→ Any future listing proposal

Valuation

→ Normalised EPS
→ P/E
→ EV/EBITDA
→ Book value
→ Recent actual OTC transactions

27. Research Perspective

Hella India Lighting has an interesting combination of:

Long operating history + global automotive technology + lighting expertise + India manufacturing + export potential.

The business is positioned in an automotive component category that is undergoing significant technological change, particularly through LED, intelligent lighting, digital control and EV adoption.

The recent LeanLED II production launch in Derabassi is an example of India’s growing role within the global HELLA manufacturing network.

The financial profile available from FY24 was healthy, with:

₹410.86 Cr revenue
₹29.11 Cr PAT
₹82.47 EPS
₹24.34 Cr operating cash flow

However, the investment case today cannot be analysed solely using FY24 numbers because the company underwent a major ownership change in 2025.

The 100% ownership of the HELLA group is the most important corporate development for an unlisted-share investor.

Consequently, any investor evaluating a ₹895–₹925 OTC quote should first establish that the shares are genuinely available, legally transferable and held by an eligible seller.

28. Overall Assessment

Hella India Lighting is a mature automotive-component company backed by a globally established automotive technology group.

Its key strengths include:

More than six decades of Indian operating history
Automotive lighting specialization
FORVIA HELLA global technology access
LED and intelligent-lighting exposure
OEM relationships
Indian manufacturing
Export potential
Increasing integration with the global HELLA manufacturing network

The FY24 audited financials showed revenue growth and stable profitability, with PAT of ₹29.11 Cr and EPS of ₹82.47.

At the currently referenced OTC level of roughly ₹895–₹925, the valuation based on FY24 EPS is around 11×–12×.

But valuation is not the only issue here.

The more important question for an investor in September 2026 is whether there is actually a freely transferable minority shareholding available after the HELLA group increased its ownership to 100% in 2025.

Accordingly, before considering any transaction, the shareholding, ISIN, demat status, seller ownership and transferability should be independently verified.

29. Key Numbers at a Glance

Parameter	Details
FY24 Revenue	₹410.86 Cr
FY24 PAT	₹29.11 Cr
FY24 EPS	₹82.47
FY24 PBT	₹39.19 Cr
FY24 CFO	~₹24.34 Cr
FY24 Approx. EBITDA	~₹57.65 Cr
FY24 EBITDA Margin	~14.0%
Current OTC Reference	~₹895–₹925
FY24 P/E at ₹900	~10.9×
Face Value	₹10
Shares outstanding shown by current databases	37,23,713
ISIN	INE431D01013
DRHP	Not identified
Global Parent	FORVIA HELLA
Parent Ownership	100% reported in 2025

30. Important Sources & Links

FORVIA HELLA India:
FORVIA HELLA India

FORVIA HELLA Lighting:
FORVIA HELLA Lighting Technology Portfolio

Hella India Lighting Corporate Information:
FORVIA HELLA India – Hella India Lighting

FY2023-24 Audited Annual Report:
Hella India Lighting FY2023-24 Annual Report

Current Unlisted Share Reference:
Hella India Lighting – Moneycontrol

Current Unlisted Market Reference:
Hella India Lighting – Planify

Disclaimer

This report is prepared for research and informational purposes using publicly available company documents, official FORVIA HELLA disclosures, the latest audited Indian financial report located during research, and secondary unlisted-market references.

Unlisted-share prices are indicative OTC references and are not NSE/BSE exchange prices. Actual transaction prices and liquidity can vary significantly.

Particular attention should be given to the company’s 2025 ownership restructuring and reported 100% HELLA group ownership. Investors should independently verify the current registered shareholder, share certificate/demat holding, ISIN, transferability and availability of any shares before entering into a transaction.

Valuation calculations are illustrative and are not price targets or guaranteed returns.

For more such unlisted stocks visit https://unlistedcart.com/unlisted-shares/