Overview

Detailed Summary

Lumax Industries Limited is a leading Tier‑1 automotive lighting manufacturer supplying end‑to‑end exterior and electronics lighting solutions to all major OEMs in India, operating multiple R&D and design centers and twelve manufacturing facilities across key automotive hubs, with long‑standing strategic JVs with Stanley (Japan) and SL Corporation (Korea).
Q3FY26 was a record quarter for Lumax: consolidated revenue of INR 1,053 crore (+18.7% YoY), 9MFY26 revenue INR 2,984 crore (+20.5% YoY), and material margin expansion to 10.6% EBITDA in Q3 (consolidated), driven by operating leverage and higher content per vehicle, while a one‑time INR 15.9 crore labour‑code impact reduced reported PAT.
The company’s orderbook stands at INR 1,759 crore with 81% LED content and a passenger vehicle skew (66%), giving strong near‑term revenue visibility; EV exposure is modest at 9% of the orderbook, indicating growth is primarily driven by premiumization and higher electronics/LED content in conventional ICE and 2W/4W platforms.
Management has materially increased capex pacing, guiding FY26 capex to INR 350–400 crore (pre‑loading spend) with FY27 capex of INR 100–150 crore, citing expedited equipment delivery and customer timelines; strategic plant ramps include Chakan Phase 2 (Q4 FY26) and Bangalore expansion (Q4 FY27), which should unlock expected revenue uplifts in FY27–FY28.
Technology and R&D are central: Lumax reports five patents granted, 20 filed and a technology roadmap to 2032 (matrix/ADB, mLED, ADAS sensor integration), with LED revenue share rising (LED 61% of 9M revenues) and a clear push on product premiumization that supports higher content and ASPs per vehicle.

Sector: Auto Components
Industry: Auto Components & Equipments
Market Cap: 5,038 Cr
Volatility: High Risk
P/E Ratio: 29.2
Industry P/E: 37.7
PEG Ratio: 0.9
P/B Ratio: 5.5
52W High: 6,969.90
52W Low: 3,266.50

Sales CAGR

1Y: 28.97%
3Y: 24.75%
5Y: 16.25%
10Y: 10.33%

Profit CAGR

1Y: 26.02%
3Y: 37.20%
5Y: 4.82%
10Y: 10.46%

ROE

TTM: 18.80%
3Y: 15.32%
5Y: 12.32%
10Y: 15.91%

ROCE

TTM: 15.36%
3Y: 19.39%
5Y: 17.31%
10Y: 20.60%

Technicals

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Peers

Consumer Discretionary Auto Components Auto Components & Equipments

Symbol	Watchlist	Price	Market Cap	P/E	P/B	Div Yield (%)	ROE (%)	ROCE (%)	ROA (%)
FIEMIND		2221.95	5,836 Cr	22.83	4.80	1.80	21.04	26.88	15.03
JAMNAAUTO		130.00	5,200 Cr	22.51	4.53	0.00	20.14	28.53	14.01
LUMAXIND		5333.10	5,025 Cr	29.14	5.48	1.02	18.80	15.36	5.02
LGBBROSLTD		1553.80	4,956 Cr	15.55	2.30	1.42	14.80	18.43	10.64
SHARDAMOTR		856.00	4,918 Cr	14.24	3.75	2.33	26.31	34.01	15.59
NRBBEARING		420.00	4,088 Cr	28.64	4.25	1.35	14.83	18.16	10.74
ROLEXRINGS		146.50	3,992 Cr	28.29	3.29	0.00	14.78	20.05	10.29
Median: 7 Co.	—	856.00	4,956 Cr	22.83	4.25	1.35	18.80	20.05	10.74

Financial Statements

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Consolidated Quarterly Results (in ₹ Crores)

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Total Figures

QoQ Changes

Total Figures

	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Sales	632	743	766	812	887	923	923	1,009	1,053	1,200
Expenses	573	677	708	752	817	844	841	920	942	1,076
Operating Profit	58	66	58	60	70	79	82	89	111	124
OPM %	9.22	8.87	7.54	7.36	7.88	8.59	8.87	8.80	10.51	10.33
Other Income	13	28	31	22	18	25	16	14	1.19	11
Interest	13	15	16	19	19	18	18	19	19	18
Depreciation	24	27	26	26	27	33	32	37	38	45
Profit Before Tax	35	52	46	37	42	53	48	47	55	72
Tax %	27.16	30.87	25.91	22.80	19.42	17.74	25.04	24.36	15.02	25.21
Net Profit	26	36	34	28	33	44	36	36	47	54
EPS in Rs	27.37	38.58	36.56	30.25	35.82	47.04	38.71	38.13	49.79	57.87

Consolidated Profit Loss (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Sales	1,426	1,691	1,851	1,602	1,426	1,751	2,320	2,637	3,400	3,545
Expenses	1,171	1,516	1,698	1,444	1,327	1,616	2,112	2,406	3,121	3,254
Operating Profit	255	176	153	158	99	135	207	230	279	291
OPM %	17.90	10.38	8.27	9.85	6.96	7.71	8.94	8.74	8.22	8.20
Other Income	17	19	57	19	27	2.92	51	70	84	82
Interest	11	7.19	16	22	28	21	29	48	72	74
Depreciation	41	48	60	64	65	64	80	93	113	119
Profit Before Tax	65	98	134	92	33	53	149	159	178	180
Tax %	16.08	26.84	22.70	21.62	45.09	22.90	30.88	30.25	21.29	21.12
Net Profit	54	71	104	72	18	41	103	111	140	142
EPS in Rs	58.17	76.57	111.04	76.92	19.42	43.56	110.27	118.76	149.67	184.50
Dividend Payout %	24.93	30.13	31.52	30.56	36.05	30.98	24.49	29.47	23.38	—

Consolidated Balance Sheet (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Equity Capital	9.35	9.35	9.35	9.35	9.35	9.35	9.35	9.35	9.35	9.35
Reserves	259	300	353	426	437	451	482	574	662	765
Borrowings	95	83	101	138	321	338	401	431	723	888
Other Liabilities	495	488	754	617	516	564	654	852	1,207	1,199
Total Liabilities	859	880	1,217	1,190	1,283	1,362	1,546	1,866	2,601	2,861
Fixed Assets	408	419	518	549	652	626	710	748	968	1,105
CWIP	17	20	34	50	32	47	48	43	178	212
Investments	69	79	88	82	91	93	103	148	180	247
Other Assets	365	362	577	510	508	596	685	927	1,276	1,297
Total Assets	859	880	1,217	1,190	1,283	1,362	1,546	1,866	2,601	2,861

Consolidated Cash Flows (in ₹ Crores)

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Total Figures

YoY Changes

Total Figures

	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	81	100	140	104	103	76	108	108	132	212
Cash from Investing Activity	-37	-62	-128	-97	-194	-31	-129	-90	-245	-293
Cash from Financing Activity	-59	-39	-11	-5.77	96	-51	34	-26	137	59
Net Cash Flow	-15	-2.01	0.57	0.77	5.94	-5.11	13	-8.36	24	-22

Shareholdings

Shareholding History

Quarterly

Yearly

Quarterly

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Promoters	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%	75.00%
FIIs	1.12%	1.15%	1.12%	1.09%	1.17%	1.18%	0.92%	0.97%	1.18%	1.14%	1.38%	1.63%
DIIs	1.03%	1.28%	1.42%	1.47%	1.58%	3.56%	4.95%	5.64%	5.76%	5.98%	5.71%	6.08%
Public	22.85%	22.57%	22.46%	22.44%	22.25%	20.26%	19.14%	18.40%	18.06%	17.88%	17.90%	17.29%
Total Shareholders	19,410	19,742	19,395	19,329	19,999	18,884	18,814	18,660	19,623	21,486	22,371	23,690

Market Transactions

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Documents

Presentations

Concalls

Reports

Presentations

Investor Presentation

Q4 FY26

Investor Presentation

Q3 FY26

Investor Presentation

Q2 FY26

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