Transcript of Analysts/ Investors Earnings Conference call held on Friday, August 08, 2025
LUMAXIND · price
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Awaiting price reaction for this filing.
Lumax Industries reported consolidated revenue of INR923 crores in Q1 FY26, up 20.5% year-on-year, outpacing the muted auto industry. EBITDA grew 20.7% to INR84 crores with margin expanding 10bps to 9.2%, while PAT rose 6% to INR36 crores (margin 3.9%). LED lighting share surged to 61% of revenue (from 45% YoY), with 84% of the INR2,000 crore order book now LED-based. The company began production of Maruti's eVitara at Sanand and expects Chakan Phase 2 (for Skoda/VW) to start in H2 FY26, with peak revenue of INR250–300 crores by FY27. Management retained full-year guidance of 15–20% top-line growth and double-digit EBITDA, with a 30–50bps Q2 margin expansion targeted to reach 9.5–9.8%.
Strong industry-beating growth and improving LED mix support the growth narrative, but a slight PAT margin dip (60bps) and a softer Q2 outlook for two-wheelers temper enthusiasm. The stock may react positively on margin guidance clarity, though investor focus will be on price corrections, SL Lumax performance (which drives ~60% of PAT), and execution at Chakan Phase 2.