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.