Lumax Auto Technologies: Accelerating Towards a Future-Ready Mobility Ecosystem

Lumax Auto Technologies Limited (NSE: LUMAXTECH, BSE: 532796), a prominent automotive component manufacturer, has reported a robust performance for the second quarter and half-year ended September 30, 2025. The company's strategic focus on operational excellence, technology integration, and value-accretive product expansion across its key verticals is clearly yielding positive results, positioning it as a technology-driven mobility partner.

For H1 FY26, Lumax Auto Technologies achieved a consolidated revenue of INR 2,183 crore, marking an impressive 37% year-on-year growth. This strong top-line performance was complemented by enhanced profitability, with EBITDA reaching INR 306 crore for H1 FY26. The EBITDA margins improved to 14.7% in Q2 FY26, reflecting the benefits of scale efficiencies, a richer product mix, and the normalization of customer price corrections that had moderated Q1 performance. Profit After Tax (PAT) before minority interest also saw a significant increase, growing 41% YoY in H1 FY26 to INR 132 crore, underscoring strong operational control and improved asset utilization.

Strategic Initiatives Driving Growth

The company's performance is a testament to its strategic initiatives, particularly its '20.20.20.20' North Star vision and the 'BRIDGE' execution blueprint. A pivotal development was the inauguration of the 'SHIFT' Tech Center in Bengaluru on October 29, 2025. This Smart Hub for Innovation and Future Trends is designed to accelerate product innovation, electronics development, and software integration, reinforcing Lumax's capabilities in embedded electronics, connected systems, and advanced solutions. This center is crucial for its transition towards becoming a Tier 0.5 systems integrator.

In a move to expand its global footprint and technology access, Lumax Auto Technologies is also establishing its first office in China, expected to be operational by January 2026. This office will serve as a group resource center for sourcing, tooling, and technology scouting, ensuring the company stays aligned with the latest manufacturing and electronic trends from one of the world's most advanced automotive ecosystems.

Strategic acquisitions have also played a significant role. The full integration of Lumax IAC, following the acquisition of the remaining minority stake in Q1 FY26, is simplifying the corporate structure and enhancing operational synergies. Additionally, the acquisition of a 60% stake in Greenfuel Energy Solutions in November last year has added a significant business in green and alternate fuels, expanding the product portfolio and tapping into substantial aftermarket opportunities. Greenfuel contributed INR 170 crore in H1 FY26 and has a robust order book of INR 200 crore.

Diversified Portfolio and Future Outlook

Lumax Auto Technologies boasts a well-diversified product portfolio and customer base. In H1 FY26, the passenger vehicle segment accounted for 55% of total revenue, with 2- and 3-wheelers contributing 24%, aftermarket 10%, and commercial vehicles 9%. The product-wise revenue split highlights the company's breadth:

The company's order book stands strong at INR 1,357 crore, providing excellent visibility across the next three fiscal years. This order book is projected to materialize as 7% in FY26, 35% in FY27, 48% in FY28, and the remaining 10% in FY29. Management has revised its revenue growth guidance for FY26 upwards from 20% to 25%, maintaining its 20% CAGR goal. EBITDA margins are expected to remain between 14-15% for the full year FY26.

Lumax is also making significant strides in clean mobility, targeting 40% of its total portfolio to be in future clean mobility solutions as early as FY28. The ongoing commissioning of a mega mechatronics plant at Manesar, which will house four joint ventures by March/April 2026, is expected to drive substantial cost savings and enhance production capabilities, targeting INR 800-1000 crore revenue by FY30 for the mechatronics JVs.

Awards and Financial Health

The company's strong performance and strategic initiatives have been recognized with several accolades. Lumax Mannoh received the CNBC-TV18 SME Champions Award, and Lumax Cornaglia was honored with the Sustainability Excellence Award at the Tata Motor Supplier Conference. CRISIL Ratings Limited reaffirmed the company's credit ratings at CRISIL A1+ and CRISIL AA-, revising the outlook on the long-term rating from 'Stable' to 'Positive', underscoring its strong financial position and improving business fundamentals. The company maintains a healthy balance sheet with INR 391 crore in free cash reserves and a conservative debt-to-equity ratio of 0.57, providing ample financial flexibility for future investments and growth.

In conclusion, Lumax Auto Technologies is demonstrating strategic clarity and disciplined execution, transforming into a future-ready mobility partner. Its robust financial performance, coupled with a clear roadmap for innovation, diversification, and global expansion, positions it well to capture emerging opportunities in the evolving automotive landscape.