Lumax Industries Shines Bright with Strong Q2 & H1 FY26 Performance

Lumax Industries Limited, a leading player in India's automotive lighting sector, has reported a robust financial performance for the second quarter and first half of the fiscal year 2026. The company demonstrated impressive growth, driven by increasing penetration of LED lighting solutions and strong execution capabilities amidst a favorable demand environment in the automotive sector.

For Q2 FY26, Lumax Industries recorded a total operating revenue of Rs. 1,009 crores, marking a significant 24.2% year-on-year increase. The first half of FY26 also saw substantial growth, with revenue reaching Rs. 1,931.1 crores, up 22.4% compared to the same period last year. This growth underscores the company's ability to outperform industry trends and capitalize on market opportunities. EBITDA for Q2 FY26 stood at Rs. 91 crores, a 45.8% jump year-on-year, while H1 FY26 EBITDA was Rs. 175.4 crores, growing 32.6%. Profit After Tax (PAT) for Q2 FY26 increased by 26.0% to Rs. 35.6 crores, and for H1 FY26, it rose by 15.0% to Rs. 71.8 crores.

Financial Highlights (Consolidated)

Strategic Growth and Operational Excellence

Lumax Industries continues to strengthen its market position through strategic initiatives and a relentless focus on technology. The company's order book remains robust, exceeding Rs. 1,800 crores, with an impressive 85% being LED-based. This strong alignment with future market demand provides excellent revenue visibility for the coming quarters. The increasing penetration of LED lighting and the company's capability to supply higher-value, feature-rich lighting solutions have been key drivers of its content per vehicle growth.

To support this growth, Lumax is expanding its manufacturing footprint. A new facility in Bengaluru, Karnataka, with a capital investment of approximately Rs. 140 crores, has been approved. This plant is expected to achieve a peak annualized turnover of around Rs. 450 crores and will cater to new orders from Maruti Suzuki and Toyota. Additionally, the Chakan Phase 2 expansion is on track to commence operations in H2 FY26, primarily serving Skoda and Volkswagen. These expansions highlight Lumax's commitment to strategic capacity building in proximity to its key OEM customers.

Product and Segment Mix

The company's H1 FY26 revenue mix reflects its strong presence across various product categories and vehicle segments. Front Lighting constituted 69% of the total revenue, followed by Rear Lighting at 22%, and other products making up 9%. In terms of vehicle segments, Passenger Vehicles dominated with 65% of revenues, Two Wheelers contributed 29%, and Commercial Vehicles accounted for 6%. This diversified mix showcases Lumax's broad appeal and strong relationships across the automotive industry.

Segmental Revenue Contribution (H1 FY26)

Outlook and Management Commentary

Deepak Jain, Chairman & Managing Director, highlighted the company's continued industry-leading growth and strong execution. He noted that the automotive sector is experiencing favorable demand tailwinds, supported by recent GST rationalization and the festive season, which have bolstered consumer sentiment. Management has revised its full-year FY26 revenue growth guidance to 20-25% (from an earlier 15-20%) and increased CAPEX guidance to Rs. 220-260 crores for FY26. The company aims for a 12-13% EBITDA margin over the next 2-3 years and anticipates a 15-20% CAGR over a 3-5 year horizon.

Despite the positive outlook, management acknowledged that EBITDA margins in Q2 were impacted by exceptional foreign exchange fluctuations. However, excluding this, margins would have been 70-80 basis points higher. The company is also focusing on deeper localization of electronic parts, aiming to increase localization from the current 25-30% to 50-60% going forward, which is expected to mitigate future forex impacts and improve cost efficiencies. Lumax Industries' commitment to technology-led growth, customer engagement, and operational excellence positions it strongly to maintain its leadership in the industry.

Awards and Recognitions

Lumax Industries received several accolades during the quarter, including the GreenPro Ecolabel Certificate for its Bengaluru plant, the Sustainability Excellence Award at the Tata Motors Annual Supplier Conference 2025, and the Best CSR Project of the Year – 2025 (Education) at the Indian CSR Awards 2025. These awards underscore the company's commitment to environmental sustainability and social responsibility.

Lumax Industries Limited continues its journey of evolving, innovating, and transforming for tomorrow, reinforcing investor confidence through disciplined execution and strategic foresight.