Lumax Auto FY26: ₹4,870cr revenue, ₹337cr PAT

Record FY26 performance sets a new high

Lumax Auto Technologies Ltd (BSE: 532796) reported its best-ever financial performance in FY26, supported by strong demand and execution across businesses. The company said FY26 consolidated revenue reached an all-time high of ₹4,870 crore. It also reported record EBITDA of ₹705 crore with a 14.5% margin and record PAT of ₹337 crore. Management linked the year’s growth to sustained customer momentum and disciplined operational focus. The company also pointed to increasing contribution from value-added and technology-led offerings. Another key driver highlighted was strong momentum in the aftermarket business. The FY26 performance was described as faster-than-industry growth with improved profitability.

March 2026 quarter: revenue, profit and EPS rise sharply

For Q4 FY26, Lumax Auto reported a historic high quarterly consolidated revenue from operations of ₹1,416.93 crore. This was up 25.07% year-on-year from ₹1,132.88 crore in Q4 FY25, and up 11.51% quarter-on-quarter from Q3 FY26. Total income in Q4 FY26 stood at ₹1,421.90 crore, up 24.49% YoY from ₹1,142.19 crore. Consolidated net profit for the quarter rose to ₹88.12 crore from ₹58.38 crore, a YoY increase of 50.94%. EBITDA for the quarter was reported at ₹208.18 crore, up 25.45% from ₹165.94 crore. Consolidated EPS increased to ₹12.93 in March 2026 from ₹8.57 in March 2025. The company reported growth across revenue, EBITDA, profit, and EPS on both standalone and consolidated bases.

Margin picture: quarterly expansion and FY26 improvement

On the operating performance side, the company highlighted margin expansion driven by operating leverage, favourable product mix and cost discipline. A quarterly operating margin (excluding other income) of 14.34% was cited as the highest recorded by the company, alongside operating profit (PBDIT excluding other income) rising to ₹203.21 crore from ₹156.64 crore YoY. Separately, a Q4 FY26 EBITDA margin of 14.3% was also reported in the results commentary. FY26 EBITDA increased 42% YoY, with margin improving to 13.5% (up 70 bps YoY) in the annual snapshot shared in the note. The company’s headline FY26 EBITDA margin was also stated at 14.5% alongside the ₹705 crore EBITDA figure. For the quarter, profit before tax (PBT) was reported at ₹126.29 crore, up 17.35% YoY, and up 24.96% QoQ.

Full-year profitability and earnings growth

Lumax Auto reported FY26 PAT of ₹337 crore, described as a 47% year-on-year increase. The company also reported consolidated EPS of ₹40.91 for FY26, up from ₹26.08 in FY25. These figures were presented alongside the record revenue and EBITDA numbers, indicating broad-based improvement in earnings. Management attributed the performance to continued scale-up in core product segments. It also pointed to higher contribution from technology-led offerings and a stronger aftermarket mix during the year. The company said the combined impact helped profitability improve alongside growth.

Order book supports visibility for the next phase

The company reported an order book of ₹1,450 crore, which it said provides healthy visibility for future business. This order book was positioned as a support for multi-year growth prospects. Lumax Auto also stated an intent to outperform industry growth, with some businesses potentially growing 2-3 times the industry rate. Its midterm strategy targets a 20% CAGR over the next three to five years. These targets were shared as directional goals tied to the company’s growth strategy.

Credit rating upgrade and capital management

CRISIL upgraded Lumax Auto’s credit rating from AA- to AA. The company linked the upgrade to strong financial strength and prudent capital management. For FY26, capex was reported at ₹233 crore, including strategic land and capacity investments. The company reported free cash reserves of ₹396 crore. Long-term debt was reported at ₹553 crore, with a debt-to-equity ratio of 0.46. These figures provide a snapshot of the company’s balance sheet position and investment activity during the year.

Industry backdrop: production growth across segments in Q4 FY26

Management cited continued growth in production across vehicle segments as a supportive backdrop. According to CM data referenced by the company for Q4 FY26, passenger vehicle production grew 11% to 15.7 lakh units. Two-wheeler production grew 21% to 70.5 lakh units. Three-wheeler production increased 32% to 3.4 lakh units. Commercial vehicle production grew 20% to 3.6 lakh units. The company said these trends reflected strong underlying fundamentals for the Indian automotive market.

Management commentary: OEM momentum and GST rationalisation

In responses shared alongside the results, the company said Q4 growth momentum was positive across all OEMs. It attributed demand support to strong retail demand and GST rationalisation. The company also addressed commentary around Tata Motors, saying its performance had been misinterpreted. It stated Tata Motors actually grew by 33-34% in line with overall OEM growth. The broader message from management was that the quarter’s demand environment remained supportive across customers.

Corporate actions and portfolio moves highlighted in FY26

The company said it completed key mergers involving IAC, LAL and Greenfuel during the year. It also cited expansion of its product portfolio in clean mobility and electronics. The board approved strategic investments and acquisitions, as noted in the results summary. The audited standalone and consolidated financial results for Q4 and the year ended March 31, 2026 were approved, with unmodified opinions from statutory auditors. The board also recommended a final dividend of ₹5.50 per equity share for FY 2025-26, subject to shareholder approval.

Key financial and operating snapshot

Segment exposure and what it implies

The company was described as a prominent passenger vehicle (PV) ancillary, with the PV domain contributing around 53% of sales in FY26. This concentration can make quarterly performance sensitive to PV production and model cycles. At the same time, the company’s commentary emphasised increasing contribution from value-added and technology-led products. The results note also highlighted aftermarket momentum as a contributor to performance. Together, these points frame how mix, execution, and end-market demand combined in FY26.

Conclusion

Lumax Auto’s FY26 results combined record revenue of ₹4,870 crore, EBITDA of ₹705 crore, and PAT of ₹337 crore, alongside strong Q4 growth in sales and profits. The company enters the new year with a ₹1,450 crore order book and a credit rating upgrade to AA from CRISIL. It has guided for an ambition to outperform industry growth, targeting a 20% CAGR over three to five years. The next set of cues for investors will include progress on the company’s portfolio expansion, integration of the cited mergers, and shareholder approval for the recommended ₹5.50 final dividend.