Lumax Auto Technologies Approves Rs 150 Crore Manesar Project

Lumax Auto Technologies Limited has approved a Rs 150 crore Mechatronics plant in Manesar, Haryana, to make body control modules and other electronic components, with two-phase commissioning starting in Q3 FY28 and peak annual turnover estimated at Rs 500 crore. Management said debt and internal accruals will fund the project.

What will Lumax Auto Technologies make at Manesar?

Lumax Auto Technologies will manufacture advanced electronic components, including body control modules, or BCMs, for leading original equipment manufacturers, or OEMs, at the Manesar facility. Its board approved the project on October 24, 2026, and management disclosed it in the October 27, 2026 earnings call covering Q2 and H1 FY27.

The disclosed capital outlay is around Rs 150 crore and the facility has an estimated peak annual turnover of around Rs 500 crore after commissioning. Lumax Auto Technologies did not disclose the site's area, unit-production capacity, customer names, the complete product range or turnover expected from each of the two commissioning phases.

The project adds capacity in a product category that management identified as a driver of Mechatronics content per passenger vehicle. In its call, Lumax Auto Technologies said higher-electronic components such as BCMs should lift that content, while connected-vehicle products and vehicle electronic control unit, or ECU, interface-management products remain under consideration.

Management also identified Nidec as its partner for BCMs. Its five global Mechatronics partnerships include Alps Alpine, Yokowo, Ituran, Nidec and FAE, covering categories including connectivity systems, telematics, BCMs and oxygen sensors.

When will Lumax Auto Technologies commission the Manesar plant?

Lumax Auto Technologies expects the Manesar facility to be commissioned in two phases beginning in Q3 FY28. The company did not provide a month for the first phase, a completion date for the second phase or a date for the facility to reach its estimated Rs 500 crore peak annual turnover.

The commissioning schedule begins after FY27, when management expects full-year revenue growth of 20% to 25% and revenue of close to Rs 6,000 crore. Management also said H2 FY27 revenue growth could be 15% to 20% year on year, versus the 34% growth reported in H1 FY27, because of a higher comparison base in FY26.

The Rs 500 crore figure is management's post-commissioning peak-turnover estimate, rather than reported sales or a forecast for FY28. The call did not state the production ramp, programme-launch timing or order conversion needed to reach that level, leaving those factors unresolved.

The stated phasing distinguishes this plant from Lumax Auto Technologies' Nashik facility at Lumax Greenfuel Energy Solutions, which commenced production in Q3 FY27. Nashik supplies ferrule-less tubes, fittings and receptacles to Mahindra & Mahindra, whereas Manesar is intended for advanced electronics including BCMs.

How does Manesar fit Lumax Auto Technologies' Mechatronics business?

The Manesar project expands a Mechatronics segment whose H1 FY27 revenue rose 45% year on year to Rs 177 crore from Rs 122 crore in H1 FY26. The rate matched Advanced Plastics' 45% increase, exceeded Alternate Fuels' 30%, Structures & Control Systems' 24% and Aftermarket's 9% growth.

Lumax Auto Technologies reported a Rs 512 crore Mechatronics order book in H1 FY27. At the group level, Mechatronics represented 27% of the Rs 1,879 crore order book at the end of Q2 FY27, behind Advanced Plastics at 44% but ahead of Alternate Fuels at 20% and Structures & Control Systems at 8%.

Of the total Rs 1,879 crore order book, management expects 14% to be executed in FY27, 59% in FY28 and 27% in FY29. Around 85% of the group order book is new business, while electric vehicles and compressed natural gas together account for 29%, including 20% from compressed natural gas and about 9% from pure electric vehicles.

Management said Mechatronics currently accounts for about 20% of Lumax Auto Technologies' Rs 70,000 to Rs 75,000 product content per passenger vehicle. It expects electronics, including BCMs, to increase this contribution, though it did not give a specific content-per-vehicle target for Manesar products.

How will Lumax Auto Technologies fund the Manesar expansion?

Lumax Auto Technologies plans to fund the Rs 150 crore Manesar investment through debt and internal accruals. As of September 2026, management reported Rs 400 crore of free cash reserves, Rs 442 crore of long-term debt and a debt-to-equity ratio of 0.26.

The plant is part of a wider FY27 capital-expenditure plan of around Rs 300 crore covering greenfield expansion in Mechatronics, Advanced Plastics and Alternate Fuels. Capital expenditure capitalised in H1 FY27 was Rs 60 crore, and management said the broader investments are intended to support medium-term revenue growth and localisation across key platforms.

Lumax Auto Technologies generated Rs 1,556 crore of consolidated revenue in Q2 FY27, up 35% year on year and 14% quarter on quarter. Earnings before interest, tax, depreciation and amortisation, or EBITDA, rose 34% to Rs 228 crore, while profit after tax increased 50% to Rs 117 crore.

For H1 FY27, Lumax Auto Technologies reported Rs 2,919 crore of revenue, up 34%, and Rs 434 crore of EBITDA, up 42%. EBITDA margin expanded by 90 basis points to 14.9%, while management said a roughly one-quarter lag in recovering inflation-linked costs from OEMs can temporarily dilute margins.

Conclusion

The Rs 150 crore Manesar plant gives Lumax Auto Technologies a defined manufacturing route into BCMs and related vehicle-electronics products. It follows 45% H1 FY27 revenue growth in Mechatronics to Rs 177 crore and sits alongside a Rs 512 crore segment order book, while the plant's Rs 500 crore peak-turnover estimate remains dependent on an undisclosed production and customer-programme ramp.

The next disclosed milestone is first-phase commissioning from Q3 FY28, followed by the still-undisclosed second-phase timing. Investors can also watch FY27 capital expenditure against the Rs 300 crore guidance, order-book execution split between FY27 and FY29, and management's stated aim to deliver about Rs 1,000 crore of EBITDA in FY28.