NSE: LUMAXIND · BSE: 517206
LUMAX INDUSTRIES LTD
Makes automotive lighting — headlamps, tail lamps and signal lamps — for passenger vehicles, two-wheelers and commercial vehicles sold in India. Automotive lighting accounts for 94.29% of turnover, with LED-based products contributing 61% of Q3 FY26 revenue and 81% of that quarter's order book of Rs 1,759 crore. It supplies to Indian OEMs including Tata Motors (Sierra, Punch facelift), Mahindra (e-rickshaws), TVS (Apache RTX300), Maruti Suzuki/Toyota and Skoda VW, with new programmes coming from a Bengaluru plant (SOP Q4 FY27) and Chakan Phase 2 (SOP Q4 FY26). Localization stands at 30–35%, with 70% on bare-board PCB and 100% on SMT. The largest cost line is raw materials at 66.1% of revenue, followed by employees at 11.5%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Automotive lighting (94%). Auto ancillary, revenue tied to Indian OEM production cycles
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 1,751 | 2,320 | 2,637 | 3,400 | 4,184 |
| EBITDA (ex other income) | 118 | 202 | 230 | 279 | 387 |
| margin % | 6.7 | 8.7 | 8.7 | 8.2 | 9.3 |
| Owners' profit | 0 | 103 | 111 | 0 | 0 |
| EPS, as reported (₹) | 43.57 | 110.27 | 118.77 | 149.67 | 184.50 |
| ROE % · ROCE % | 8.3 · 10.2 | 17.7 · 17.2 | 16.5 · 13.8 | 18.1 · 14.3 | 18.8 · 17.8 |
| Debt / equity (x) | 0.74 | 0.65 | 0.89 | 1.00 | 0.88 |
| Cash from operations | 108 | 108 | 132 | 316 | 373 |
| Capex | (124) | (91) | (260) | (324) | (289) |
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 | 812 | 887 | 923 | 923 | 1,009 | 1,053 | 1,200 | 1,223 |
| Profit before tax | 17 | 25 | 34 | 35 | 35 | 39 | 60 | 53 |
| Net profit | 28 | 33 | 44 | 36 | 36 | 47 | 54 | 51 |
| EPS (₹) | 30.25 | 35.81 | 47.04 | 38.71 | 38.13 | 49.79 | 57.87 | 54.64 |
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) | 25.3 | 25.3 | 60 of 119 | 50% |
| P/B | 5.2 | 3.2 | 86 of 117 | 27% |
| ROCE | 12.3 | 12.6 | 66 of 125 | 48% |
| ROE | 18.8 | 11.7 | 26 of 117 | 78% |
| Debt / Equity | 0.9 | 0.3 | 101 of 117 | 14% |
| EBITDA margin | 9.2 | 12.2 | 84 of 118 | 29% |
| Revenue growth | 32.6 | 20.2 | 24 of 113 | 80% |
| Profit growth | 41.2 | 24.4 | 43 of 115 | 63% |
| Market cap | 4741 | 1460 | 38 of 126 | 70% |
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 September quarter profit rises 43% on higher revenue | compliance | minimal | — | — |
| 27 Oct 2026 · Lumax provides Q2 and H1 FY2027 earnings call recording | investor communications | low | — | — |
| 26 Oct 2026 · Q2 revenue rises 33%, but margin contracts; order book reaches INR 2,580 crore | investor communications | medium | — | — |
| 26 Oct 2026 · Q2 FY27 revenue rises 33% and PAT rises 46%, but EBITDA margin contracts | results | high | — | — |
| 26 Oct 2026 · Company Secretary extended; Q2 results and Rs 50 crore paper approved | management changes | medium | — | — |
| 26 Oct 2026 · Q2 FY27 revenue up 33%, consolidated profit up 46% to Rs 52 crore | results | high | — | — |
| 26 Oct 2026 · Lumax consolidated Q2 FY27 revenue rises 33%, profit rises 44% | results | high | — | — |
| 21 Oct 2026 · Lumax Industries Q2 and H1 FY27 earnings call on Oct 27, 2026 | 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 26, 2026 to consider Q2/H1 FY27 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.