Philips India Ltd (Versuni)
96%-owned Indian arm of Royal Philips: diagnostic imaging, patient monitoring, personal-care devices and a large Bengaluru software campus, with ₹6,542 Cr revenue and ₹309 Cr profit in FY25.
Market cap
₹5,625 Cr
5.75 Cr shares
P/E ratio
18.21
Sector average 45
Book value
₹461.84
P/B 2.12
1-year return
-5.92%
52w ₹782 – ₹1,222
Currently 45% of the way through its 52-week range.
Indicative price history
1Y change
-5.77% ₹1,038 → ₹978
52-week band in this window: ₹946.77 – ₹1,047.36. Weekly indicative marks, not exchange-traded prices.
Key highlights
- Koninklijke Philips NV owns ~96%; the ~4% public float dates from the 2004 delisting.
- FY25 revenue ₹6,542 Cr and PAT ₹309 Cr; EBITDA margin up to 9.0% from 6.1% in FY22.
- Appliances (Versuni India) and lighting (Signify) were separated in 2021 and 2016 respectively.
About Philips India
Philips India Ltd is the Indian subsidiary of Koninklijke Philips NV, which holds about 96% of the equity; the remaining ~4% has stayed with public shareholders since the company delisted from Indian exchanges in 2004 and is what trades in the unlisted market. Incorporated in 1930 in Calcutta, the company today sells health-systems equipment (CT, MRI, ultrasound, cath-lab and patient-monitoring systems), personal-health products (shavers, grooming, oral care, mother-and-child care) and runs the Philips Innovation Campus in Bengaluru, which develops software and engineering for the group worldwide.
Two businesses were carved out over the past decade: lighting was demerged into Philips Lighting India (now Signify Innovations India) in 2016, and the domestic-appliances business was transferred in 2021 to Domestic Appliances India Ltd, sold with Philips's global appliances arm to Hillhouse and renamed Versuni India Home Solutions in 2023. Versuni India (Philips and Preethi kitchen appliances) is a separate unlisted company whose shares also trade through dealers; this profile covers Philips India Ltd, the healthcare and personal-health entity.
Revenue rose from ₹5,481 Cr in FY22 to ₹6,542 Cr in FY25 and profit after tax to ₹309 Cr, with the EBITDA margin improving from 6.1% to 9.0% as the healthcare mix grew. Bharath Sesha is Managing Director for the Indian subcontinent. With about 5.75 Cr shares, the ₹978 rate values the company near ₹5,600 Cr, or roughly 18 times FY25 earnings.
FY25 revenue and profit are from published results; FY23 and FY24 profit, net worth and balance-sheet line items are reconstructed around reported totals; treat them as approximate. The incorporation date is approximate to the year.
Where the revenue comes from
- Health systems50%
Diagnostic imaging, image-guided therapy, ultrasound, patient monitoring and services
- Personal health30%
Male grooming, oral healthcare, beauty and mother-and-child care
- Innovation campus & software services20%
Software, R&D and shared services for the Philips group from Bengaluru and Pune
Products & services
Health systems
CT, MRI, ultrasound, cath-labs, patient monitors and hospital informatics.
Personal health
Shavers, trimmers, Sonicare oral care, hair care and Avent mother-and-child products.
Philips Innovation Campus
Bengaluru and Pune centres delivering software, AI and engineering for the global group.
What works
- • Global parent's technology and brand in medical imaging and monitoring, with growing localisation under 'Make in India' for health systems.
- • Diversified across healthcare equipment, personal-health consumer products and captive software exports.
- • Steady margin expansion: EBITDA margin up from 6.1% (FY22) to 9.0% (FY25) and PAT of ₹309 Cr.
What to watch
- • Minority position: Royal Philips owns ~96%, and decisions on royalties, transfer pricing and dividends are set by the parent.
- • Healthcare equipment demand depends on hospital capex and government tenders; personal health faces intense competition.
- • Thin float and the risk that the parent could squeeze out or restructure minority holdings; dealer quotes vary.