NSE: LUXIND · BSE: 539542
LUX INDUSTRIES LIMITED
Manufactures and sells innerwear, hosiery and thermal wear in India across multiple brands organised under three operating verticals. Vertical A, which houses the Lux Cozi brand, generated ₹1,365.22 crore in FY26 segment revenue, equal to 46.6% of the segment total. Vertical B, which includes brands such as ONN, Lux Champion and Lyra and now holds an exclusive Reebok licence for men's and women's innerwear and thermal wear in India, contributed ₹1,235.65 crore (42.2%). Vertical C added ₹327.87 crore (11.2%). A roughly ₹600 crore expansion at Dankuni, West Bengal grows that site from 8 lakh to 20 lakh sq ft and lifts nationwide capacity from about 20 crore to about 36 crore pieces a year. Materials account for 49% of revenue and other operating expenses for 41.8%, and FY26 EBITDA margin stood at 7.0%. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Vertical A (Lux Cozi) (47%), Vertical B (ONN, Lux Champion, Lyra, Reebok) (42%), Vertical C (11%). Multi-brand, multi-vertical innerwear and hosiery manufacturer.
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 2,296 | 2,379 | 2,324 | 2,583 | 2,929 |
| EBITDA (ex other income) | 473 | 214 | 193 | 236 | 173 |
| margin % | 20.6 | 9.0 | 8.3 | 9.1 | 5.9 |
| Owners' profit | 340 | 142 | 130 | 165 | 104 |
| EPS, as reported (₹) | 112.95 | 47.23 | 43.07 | 54.97 | 34.52 |
| ROE % · ROCE % | 25.9 · 35.0 | 9.5 · 14.2 | 8.1 · 12.1 | 9.6 · 13.7 | 5.8 · 9.4 |
| Debt / equity (x) | 0.25 | 0.17 | 0.12 | 0.17 | 0.32 |
| Cash from operations | (228) | 181 | 240 | (81) | (149) |
| Capex | (74) | (84) | (32) | (37) | (55) |
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 | 677 | 553 | 818 | 604 | 779 | 673 | 873 | 609 |
| Profit before tax | 68 | 43 | 66 | 30 | 31 | 19 | 57 | 30 |
| Net profit | 52 | 32 | 48 | 23 | 23 | 13 | 47 | 23 |
| EPS (₹) | 17.02 | 10.66 | 15.99 | 7.84 | 7.80 | 4.29 | 14.59 | 7.36 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Vertical - A | 1,365 | 46.6 |
| Vertical - B | 1,236 | 42.2 |
| Vertical - C | 328 | 11.2 |
| Total, before eliminations | 2,929 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| PAGE INDUSTRIES LTD | 37,812 | 50.0 | 25.16 | — | 50.8 | 58.6 | — | 21.1 |
| ARVIND LIMITED | 13,369 | 32.3 | 3.23 | 14.1 | 10.3 | 11.9 | 12.9 | 9.4 |
| PEARL GLOBAL IND LIMITED | 5,588 | 18.0 | 3.89 | 11.2 | 18.8 | 16.8 | 27.5 | 11.2 |
| GOKALDAS EXPORTS LTD. | 4,744 | 46.0 | 2.20 | 12.9 | 4.6 | 6.0 | 26.9 | 12.1 |
| LUX INDUSTRIES LIMITED ◆ | 3,496 | 32.8 | 1.92 | 19.4 | 5.8 | 7.3 | 8.4 | 8.2 |
| SBC EXPORTS LIMITED | 3,114 | 76.9 | 38.83 | 70.5 | 31.5 | 28.3 | — | 13.9 |
| KEWAL KIRAN CLOTHING LTD | 2,631 | 17.8 | 2.35 | 9.6 | 13.6 | 16.6 | 32.0 | 24.0 |
| KITEX GARMENTS LTD | 2,250 | — | 1.82 | 34.0 | (1.1) | 0.3 | 7.9 | 11.3 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 32.8 | 16.2 | 27 of 37 | 28% |
| P/B | 1.9 | 1.5 | 22 of 35 | 38% |
| ROCE | 7.3 | 8.4 | 24 of 44 | 47% |
| ROE | 5.8 | 5.8 | 18 of 35 | 50% |
| Debt / Equity | 0.3 | 0.3 | 19 of 35 | 47% |
| EBITDA margin | 8.3 | 10.4 | 21 of 35 | 41% |
| Revenue growth | 0.8 | 7.9 | 24 of 37 | 36% |
| Profit growth | (0.7) | 6.8 | 24 of 37 | 36% |
| Market cap | 3496 | 146 | 5 of 44 | 91% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 12 Oct 2026 · Board to consider Q2 and H1 FY27 results on November 3, 2026 | results | low | — | — |
| 3 Oct 2026 · Routine quarterly compliance certificate from registrar for Q2 FY27 | compliance | minimal | — | — |
| 25 Sept 2026 · Lux Industries 31st AGM: All 7 resolutions passed; Rs 2 dividend declared | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Trading window closed for Lux Industries Q2 FY27 results | compliance | minimal | — | — |
| 25 Sept 2026 · Lux Industries 31st AGM: All 7 resolutions passed; Rs 2 dividend declared | board shareholder meetings | medium | — | — |
| 25 Sept 2026 · 31st AGM held; all 7 resolutions passed; record revenue and demerger plan announced | board shareholder meetings | medium | — | — |
| 3 Sept 2026 · Lux Industries informs about AGM newspaper publication notice | compliance | minimal | — | — |
| 3 Sept 2026 · Lux Industries shares web link of FY2025-26 Annual Report with shareholders | compliance | minimal | — | — |
| 2 Sept 2026 · Lux Industries submits BRSR for FY 2025-26 highlighting ESG initiatives | compliance | low | — | — |
| 2 Sept 2026 · Lux Industries 31st AGM notice and Annual Report FY26 filed | board shareholder meetings | 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.