Lava International Ltd
The last surviving home-grown Indian handset brand – ₹3,667 Cr revenue, designing and assembling phones in Noida, with an IPO pushed to FY27.
Market cap
₹2,712 Cr
54.78 Cr shares
P/E ratio
235.71
Sector average 35
Book value
₹15.98
P/B 3.10
1-year return
-7.86%
52w ₹37 – ₹59
Currently 57% of the way through its 52-week range.
Indicative price history
1Y change
-8.97% ₹54 → ₹50
52-week band in this window: ₹43.59 – ₹54.50. Weekly indicative marks, not exchange-traded prices.
Key highlights
- FY24 revenue ₹3,667 Cr and PAT ₹11.59 Cr; total assets ₹1,650 Cr with modest debt.
- Fastest-growing brand in sub-₹10,000 smartphones in Q1 FY26 (+156% YoY).
- IPO targeted for FY27 after a planned ₹500–600 Cr PE stake sale; founder stepped back after October 2024 ED arrest.
About Lava
Lava International Ltd designs, manufactures and sells mobile handsets under the Lava brand, from feature phones to the Agni, Blaze, Storm and Yuva smartphone ranges, and also builds phones and tablets as a contract manufacturer for other brands. It was founded in 2009 by Hari Om Rai, Sunil Bhalla, Shailendra Nath Rai and Vishal Sehgal and runs design and assembly operations in Noida, one of the few Indian brands with in-house product design.
Revenue has been volatile: after peaking above ₹5,000 Cr in earlier years it fell more than 10% to ₹3,667 Cr in FY24, when net profit was just ₹11.59 Cr on total assets of ₹1,650 Cr. The company has since regained share in the sub-₹10,000 segment – it was the fastest-growing brand there in April–June 2025, up 156% year on year – on the back of the Storm and Yuva launches and government Make-in-India procurement.
Lava filed a DRHP in September 2021 for an IPO, which SEBI returned in January 2023 asking for updated filings. In October 2024 co-founder and then managing director Hari Om Rai was arrested by the Enforcement Directorate in a money-laundering case linked to Vivo India, after which day-to-day leadership passed to President and Business Head Sunil Raina. Press reports in August 2025 said the company was close to raising ₹500–600 Cr from private-equity funds for a 10–15% stake and had pushed the IPO to FY27.
This profile was compiled from public information already known to the research desk; live registry and dealer pages could not be re-checked at the time of writing, so identifiers that could not be confirmed are left blank and dates of appointment are indicative. Line items are reconstructed around reported totals; treat them as approximate.
Where the revenue comes from
- Smartphones55%
Agni, Blaze, Storm, Yuva and Bold series, largely sub-₹15,000
- Feature phones25%
Keypad phones where Lava is among the top-three sellers
- Contract manufacturing & exports15%
ODM/EMS work for other brands and exports to Africa, Middle East and Asia
- Tablets, accessories & services5%
Tablets, chargers, earphones and after-sales
Products & services
Smartphones
Agni, Blaze, Storm, Yuva and Bold ranges designed in-house and assembled in Noida.
Feature phones
Keypad phones for first-time and rural users, a segment where Lava is a top-three brand.
Contract manufacturing
Design and assembly of handsets and tablets for other brands and export markets.
What works
- • Only Indian handset brand with end-to-end in-house design, giving it PLI eligibility and a role in government and export contract manufacturing.
- • Net cash-light balance sheet: borrowings are small relative to ₹1,650 Cr of assets and ₹870 Cr of net worth.
- • Strong momentum in the sub-₹10,000 segment through 2025 and a planned PE round that would set a reference valuation ahead of the IPO.
What to watch
- • Wafer-thin margins: FY24 net profit was 0.3% of revenue, and revenue is still well below the earlier peak.
- • Governance overhang from the ED case against the founder; the IPO has slipped twice and SEBI returned the first DRHP.
- • Brutal competition from Chinese brands and Samsung in the entry segment where Lava sells most of its volume.