Transcript of Analysts/Investor Earnings Conference Call for all Investor/General Public which was held on Thursday, May 29, 2025 at 03:00 P.M. (IST) to discuss the operational and financial performance of the Company for the 4th Quarter and Year ended March 31, 2025.
LUMAXIND · price
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Lumax Industries reported its highest-ever revenue of INR3,400 crore in FY25, up 29% year-on-year, with Q4 revenue at INR923 crore (24% YoY growth). FY25 EBITDA grew 20% to INR289 crore with margin at 8.7% (manufacturing EBITDA excluding tooling), while PAT rose 26% to INR140 crore. LED lighting now contributes 58% of revenue (up from 39%) and the company has an order book of INR2,275 crore with 88% dedicated to LED, 37% to EVs, and 85% to passenger vehicles. Management guided for 20-25% revenue growth in FY26, margins in the 9.5-10% range, capex of INR180-220 crore, and tooling margins of 12-15%. Growth is driven by wallet share gains at key customers—Mahindra grew 37% (vs OEM's 10%), HMSI grew 27% (vs OEM's 18%), and Maruti is expected to grow 35%+ in FY26.
Strong execution with record revenues and improving wallet share across top OEMs supports the growth story, while the FY26 margin guidance of 9.5-10% and visible order book provide earnings visibility. The Chakan Phase 2 plant ramp-up and EV-heavy order pipeline are positive catalysts, though near-term industry risks from rare earth export curbs and competitive pricing pressure on LED margins warrant monitoring.