Lumax Industries Q2 FY27 results: net profit up 45.9% to ₹51.99 crore, revenue up 33.0%

How did Lumax Industries perform in Q2 FY27?

Lumax Industries reported consolidated revenue of ₹1,342 crore in Q2 FY27, up ₹333.24 crore or 33.0% from ₹1,009 crore in Q2 FY26. Against Q1 FY27, revenue rose ₹118.61 crore or 9.7% from ₹1,223 crore. On the standalone basis, revenue was ₹1,341.84 crore, up 33.0% year on year.

Consolidated EBITDA was ₹109.62 crore in Q2 FY27, up ₹20.91 crore or 23.6% from ₹88.71 crore a year earlier, while margin declined 0.6 percentage points to 8.2%. Sequentially, EBITDA was nearly unchanged, down ₹0.11 crore or 0.1%, and margin fell 0.8 percentage points from 9.0%.

Profit before tax was ₹53.12 crore, up ₹17.96 crore or 51.1% year on year and ₹0.41 crore or 0.8% from Q1 FY27. Tax expense was ₹17.58 crore, and consolidated net profit was ₹51.99 crore, up 45.9% year on year and 1.8% sequentially. Basic EPS was ₹55.62, compared with ₹38.13 and ₹54.64 in the preceding periods.

What changed in Lumax Industries' costs and profit?

Total expenses increased ₹313.81 crore or 32.2% year on year to ₹1,289.43 crore, broadly tracking the 33.0% rise in revenue. Cost of materials rose ₹269.84 crore or 41.7% to ₹916.90 crore, employee cost increased ₹29.33 crore or 24.3% to ₹149.90 crore, and other expenses rose ₹6.50 crore or 4.4% to ₹153.60 crore.

Finance costs were ₹18.93 crore, up ₹0.13 crore or 0.7% from ₹18.80 crore, while depreciation was ₹38.27 crore, up ₹1.34 crore or 3.6%. Other income fell ₹1.48 crore or 67.9% to ₹0.70 crore, and there was no exceptional item. Tax expense increased ₹6.10 crore or 53.1% to ₹17.58 crore.

Chairman Deepak Jain said new programme launches and ramp-ups, sustained growth with leading OEM customers and scale-up with smaller customers drove revenue. He said geopolitical challenges, including supply-chain disruptions and input-cost volatility, led to operating margins being lower than expected. The company continued to seek cost recovery from customers while focusing on cost discipline and operational efficiency.

How did the first half of FY27 go?

In H1 FY27, Lumax Industries reported consolidated revenue of ₹2,565.07 crore, up ₹633.94 crore or 32.8% from ₹1,931.13 crore in H1 FY26. Total income rose 32.7% to ₹2,569.07 crore, while profit before tax increased 51.5% to ₹105.83 crore.

H1 FY27 PAT was ₹103.07 crore, up ₹31.24 crore or 43.5% from ₹71.83 crore, and basic EPS increased 43.5% to ₹110.26 from ₹76.84. The investor release reported an H1 EBITDA margin of 8.7% and PAT margin of 4.0%.

What do the balance sheet and cash flow show?

At 30 September 2026, total assets were ₹3,903.9 crore, up from ₹3,435.1 crore at 31 March 2026. Total equity increased to ₹969.62 crore from ₹917.5 crore, while borrowings rose to ₹892.83 crore from ₹806.82 crore. Cash and cash equivalents fell to ₹14.8 crore from ₹24.94 crore.

Inventories increased to ₹800.25 crore from ₹643.11 crore, trade receivables rose to ₹812.54 crore from ₹630.03 crore, and trade payables increased to ₹1,225.45 crore from ₹1,034.54 crore. H1 FY27 operating cash flow was ₹124.8 crore, compared with ₹118.65 crore in H1 FY26.

Investing cash flow was negative ₹125.14 crore in H1 FY27 against negative ₹125.45 crore a year earlier, while financing cash flow was negative ₹9.8 crore against positive ₹5.97 crore. Capital expenditure was ₹139.36 crore, compared with ₹125.89 crore in H1 FY26.

How has Lumax Industries done over the last 8 quarters?

Revenue has risen year on year for eight consecutive quarters. Across the provided series, revenue bottomed at ₹887.08 crore in Q3 FY25 and reached ₹1,341.84 crore in Q2 FY27, the latest and highest quarterly figure. The latest increase came after revenue rose to ₹1,223.23 crore in Q1 FY27.

Profit after tax reached its highest quarterly level in the series at ₹51.99 crore in Q2 FY27, compared with ₹54.10 crore in Q4 FY26 on the investor-release basis. EBITDA margin peaked at 10.5% in Q3 FY26 and fell to 8.2% in Q2 FY27 from 9.0% in Q1 FY27.

What else did the company announce?

The board approved the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026. It also approved the issuance of unlisted commercial paper in the form of a usance promissory note for an amount up to ₹50 crore to Kotak Mahindra Bank Limited.

The board extended the term of Company Secretary Raajesh Kumar Gupta for one year with effect from 1 January 2027, following his superannuation on 31 December 2026. It also considered an associate’s proposed name change from SL Lumax Limited to SL India Limited, subject to regulatory approval, with no change to its board structure or Lumax Industries’ shareholding.

What did Lumax Industries' management say?

Management raised FY27 revenue-growth guidance from earlier 20%+ to 25%+. It retained a double-digit full-year EBITDA-margin trajectory and expects H2 FY27 EBITDA margin at 10.5–11%, with Q3 lower and Q4 higher. H2 absolute revenue was expected to be above Q2 sequentially, although year-on-year growth was expected below H1’s roughly 35%.

Management expects most Q1–Q2 input-cost escalations to be recovered in H2, with no significant further raw-material increases assumed. Chief Financial Officer Ravi Teltia said, “We continue to maintain our full year margin trajectory to the double-digit number.” The margin outlook remains sensitive to the timing of customer price recovery.

FY27 capital expenditure guidance was maintained at ₹200–250 crore, with around ₹80 crore spent in H1. Domestic OEM expansion remains the priority, while export revenue was described as a small possibility in two to three years. Management identified geopolitical input-cost volatility, lagged customer recoveries, rupee depreciation, imported-electronics availability and slower auto growth as risks.

How did Lumax Industries shares react?

After the filing appeared, Lumax Industries’ shares fell 2.4% within five minutes, 3.8% within 15 minutes and 4.1% within 30 minutes. On the reaction day, the stock closed 7.6% below the previous close, compared with a 1.2% median rise for other Auto Components & Equipments stocks.

By the next day’s close, the stock was down 6.4% from its pre-results close; the Auto Components & Equipments median was up 2.7%. By the fifth session’s close, Lumax Industries was down 3.3%, while the industry median was up 3.1%. The underperformance versus the industry was 8.8 percentage points on the reaction day, 9.1 percentage points by the next day and 6.4 percentage points by the fifth day.

Earlier reaction-day moves included declines of 3.0% on 8 August 2026, 5.0% on 28 May 2026 and 5.1% on 7 November 2025. Lumax Industries also recorded reaction-day declines of 13.4% on 6 August 2025 and 5.5% on 12 November 2024, against a rise of 19.5% on 10 February 2026.

How did other Auto Components & Equipments companies do?

Lumax Industries’ 33.0% revenue growth was below the 33.9% median revenue growth among the 46 other Auto Components & Equipments companies compared for the quarter. Of those peers, 25 grew revenue faster than Lumax Industries and 21 grew more slowly.

Among the 47 peers for which profit was compared, 37 reported higher profit. These peer figures were available as of 4 November 2026.