NSE: LUMAXTECH · BSE: 532796
LUMAX AUTO TECH LTD
Supplies auto components to Indian vehicle makers across several product areas — advanced plastics, mechatronics, alternate fuels (CNG fittings), structures & control systems, and intelligent ambient comfort (IAC) systems. Q3 FY26 was the highest-ever quarterly revenue at Rs 1,271 crore, up 40% YoY, with FY26 full-year revenue at Rs 4,870 crore. Operates 28 domestic plants and 5 international plants, employs 2,374 permanent staff and 9,088 workers, and supplies Maruti Suzuki, Tata Motors, M&M, and Bajaj. The Greenfuel Energy merger became effective February 3, 2026, with content per vehicle targeted to expand from ~Rs 3,200 to ~Rs 6,700 via localized ferrule-less CNG fittings; the IAC merger first motion has also been completed. Order book stands at Rs 1,450 crore, with execution spread across FY27 (33%), FY28 (44%), and FY29 (23%). Raw materials are the dominant cost at 57.8% of revenue, followed by employees at 12.6% and other operating expenses at 9.7%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Advanced Plastics, Mechatronics, Alternate Fuels, Structures & Control Systems, Intelligent Ambient Comfort (IAC), Telematics (Lumax Alps Alpine JV), Aftermarket. Diversified auto component supplier, cyclical with Indian vehicle production
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,508 | 1,847 | 2,822 | 3,637 | 4,870 |
| EBITDA (ex other income) | 150 | 191 | 368 | 465 | 644 |
| margin % | 9.9 | 10.4 | 13.0 | 12.8 | 13.2 |
| Owners' profit | 69 | 93 | 130 | 178 | 279 |
| EPS, as reported (₹) | 10.18 | 13.63 | 19.10 | 26.08 | 40.91 |
| ROE % · ROCE % | 13.5 · 18.4 | 13.1 · 11.4 | 16.5 · 19.8 | 17.7 · 21.3 | 22.8 · 24.7 |
| Debt / equity (x) | 0.21 | 0.65 | 0.67 | 0.59 | 0.68 |
| Cash from operations | 87 | 137 | 265 | 290 | 460 |
| Capex | (51) | (83) | (104) | (180) | (248) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 842 | 906 | 1,133 | 1,026 | 1,156 | 1,271 | 1,417 | 1,364 |
| Profit before tax | 70 | 74 | 108 | 74 | 104 | 101 | 126 | 132 |
| Net profit | 52 | 56 | 80 | 54 | 78 | 108 | 98 | 99 |
| EPS (₹) | 6.29 | 6.58 | 8.57 | 6.08 | 9.81 | 12.10 | 12.93 | 12.71 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| SAMVRDHNA MTHRSN INTL LTD | 1,69,176 | 38.6 | 3.87 | 15.1 | 9.4 | 8.2 | 17.1 | 9.0 |
| BOSCH LIMITED | 1,39,756 | 59.1 | 9.41 | 34.3 | 18.7 | 24.1 | 15.6 | 17.9 |
| BHARAT FORGE LTD | 83,937 | 118.9 | 8.78 | 30.3 | 11.4 | 13.2 | 21.6 | 8.8 |
| UNO MINDA LIMITED | 63,520 | 52.8 | 8.75 | 29.1 | 17.7 | 15.7 | 25.3 | 10.4 |
| SCHAEFFLER INDIA LIMITED | 56,735 | 45.3 | 9.23 | — | 10.4 | 14.1 | — | 19.4 |
| SONA BLW PRECISION FRGS L | 54,705 | 78.5 | 8.92 | 47.5 | 10.3 | 12.9 | — | 25.1 |
| TUBE INVEST OF INDIA LTD | 41,237 | 67.9 | 2.90 | 15.9 | 7.9 | 12.4 | 30.3 | 10.6 |
| ENDURANCE TECHNO. LTD. | 32,484 | 33.5 | 4.75 | 15.9 | 13.9 | 15.6 | 17.4 | 13.2 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 42.7 | 25.3 | 90 of 119 | 25% |
| P/B | 9.4 | 3.2 | 110 of 117 | 6% |
| ROCE | 19.6 | 12.6 | 28 of 125 | 78% |
| ROE | 22.8 | 11.7 | 11 of 117 | 91% |
| Debt / Equity | 0.7 | 0.3 | 92 of 117 | 22% |
| EBITDA margin | 15.1 | 12.2 | 40 of 118 | 67% |
| Revenue growth | 32.9 | 20.2 | 23 of 113 | 80% |
| Profit growth | 82.7 | 24.4 | 26 of 115 | 78% |
| Market cap | 13848 | 1460 | 21 of 126 | 84% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 27 Oct 2026 · Lumax shares audio recording of Q2 and H1 FY2026-27 earnings call | investor communications | low | — | — |
| 25 Oct 2026 · Q2 and H1 FY27 growth stays strong; order book reaches INR 1,879 crore | investor communications | medium | — | — |
| 25 Oct 2026 · Q2 FY27 revenue up 34%, profit after tax up 50% | compliance | minimal | — | — |
| 24 Oct 2026 · Revenue and profit rise sharply in Q2 and H1 FY27 | compliance | low | — | — |
| 24 Oct 2026 · Lumax plans Rs 150 crore mechatronics plant in Manesar | capex operations | high | — | — |
| 24 Oct 2026 · Lumax to back subsidiary loan with up to Rs 15 crore guarantee | credit debt | medium | — | — |
| 24 Oct 2026 · Q2 profit after tax rises 50%; Lumax plans Rs 150 crore electronics plant | results | high | — | — |
| 21 Oct 2026 · Lumax Auto Tech schedules Q2 FY27 earnings call on Oct 27 at 3 PM | board shareholder meetings | low | — | — |
| 16 Oct 2026 · Earnings call scheduled for Q2 and H1 FY27 on October 27, 2026 | board shareholder meetings | low | — | — |
| 13 Oct 2026 · Board meeting on Oct 24 to consider Q2 and H1 FY26-27 results | results | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.