Lumax Industries Ltd(LUMAXIND)

NSE: LUMAXINDBSE: 517206

₹ 5,305+1.64%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 4,959 crNext results: 26 Oct 2026Website: www.lumaxindustries.comUpdated: 24 Oct 2026

About

Lumax Industries Ltd is an Indian automotive lighting manufacturer supplying headlamps, tail lamps, and auxiliary lighting to passenger vehicle and two-wheeler OEMs. The company reported consolidated revenue of INR 4,184 crore in FY26, growing 23% YoY, with LED products accounting for 61% of revenue. Its associate SL Lumax, which supplies exclusively to Hyundai India, reported a further INR 2,933 crore in FY26 revenue.^[1][2]

Business segments

Manufacturing revenue was INR 1,160 crore in Q1 FY27, up 36.8% YoY, and constitutes the dominant share of consolidated revenue of INR 1,223 crore.^[3]
Passenger vehicle segment contributed 65% of manufacturing revenue in FY26 and 9M FY26; two-wheelers make up the balance.^[1][4]
Associate company SL Lumax supplies lighting exclusively to Hyundai India and reported FY26 revenue of approximately INR 2,933 crore with ~14% EBITDA margin.^[1]

Products and technology mix

LED products carry 2x to 5 - 6x the content per vehicle of conventional lighting; PV lighting content per vehicle stands at INR 15,000 - 20,000 in Q1 FY27.^[3][4]
EV orders represent 12% of the INR 2,500 crore order book as of Q1 FY27, including wins on the Suzuki Motorcycles E-Access electric scooter.^[3][1]

Operations and plants

Chakan Phase 2 facility commenced operations in Q4 FY26, primarily catering to Skoda and Volkswagen, strengthening the company's presence in western India.^[1]
A new Bengaluru plant, approved with capex of ~INR 140 crore, is progressing on schedule and expected to be commissioned in Q4 FY27 to support Maruti Suzuki and Toyota upcoming models.^[5][3]
SL Lumax opened a new manufacturing facility in Pune, which became operational in October 2025, contributing to 15%+ revenue growth for SL Lumax in Q3 FY26.^[4][1]
Overall localisation of electronic components stands at 30 - 35% as of Q3 FY26, up from 10 - 15% previously; bare PCB localisation is at 40 - 50% and SMT is 100% localised.^[4][3]

Key operating numbers

Total industry vehicle production in Q1 FY27 was 93.5 lakh units (+22% YoY), with PV at 14.5 lakh units (+17%) and 2-wheelers at 72.5 lakh units (+23%).^[3]
Order book grew from INR 1,759 crore in Q3 FY26 to INR 2,200 crore in Q4 FY26 and INR 2,500 crore in Q1 FY27, with ~60% (approximately INR 1,500 crore) targeting SOP in FY28.^[4][1][3]
Consolidated EBITDA margin was 9.8% for full-year FY26 (+130 bps YoY), reached 10.4% in Q4 FY26, and was 9.2% in Q1 FY27, with ~150 bps suppression from unrecovered commodity costs.^[1][3]
Import content (raw material and bought-out parts) was approximately 25 - 30% of revenue as of Q4 FY26.^[1]
Net long-term debt stood at INR 209 crore as of 30 June 2026, down from INR 235 crore at March 2026.^[3][1]

Customers and distribution

Maruti Suzuki (MSIL/SMG) contributed 26% of manufacturing revenues in 9M FY26 (INR 749 crore) and represented approximately one-third of the Q3 FY26 order book; revenues from Maruti grew ~50% in FY26.^[4][1]
Maruti wallet share is currently below 30% and is targeted to expand to 35 - 40%; HMSI tail lamp wallet share is targeted to increase 2 - 3x by FY28.^[3]
Lumax supplies the full lighting system for Maruti's eVitara exported to 100+ countries; at 150,000 - 170,000 annual units, this could generate approximately INR 400 - 500 crore in annual revenue.^[5]
Mahindra revenue was broadly flat in Q1 FY27 despite ~40 - 50% wallet share of overall Mahindra lighting, as Lumax is not on the high-volume XUV700 EV platform.^[3]
Two-wheeler wallet-share targets as of Q2 FY26: TVS 15 - 18%, Suzuki Motorcycle ~35%, Yamaha ~15 - 20%, Honda Motorcycle ~60%; TVS and SMIPL flagged as underpenetrated as of Q1 FY27.^[5][3]

Expansion and capex

FY27 capex guidance was raised to INR 200 - 250 crore (from INR 100 - 150 crore) due to new order wins over the preceding four months; maintenance capex is INR 40 - 50 crore within this.^[3]
Bengaluru plant (INR ~140 crore capex) is targeting commissioning in Q4 FY27 and peak annualised revenue of ~INR 450 crore once fully ramped.^[5][4]
FY28 capex is indicatively guided at INR 150 - 200 crore, subject to further order wins.^[3]
Bare PCB localisation is targeted to increase from 40 - 50% to 70 - 80% within 2 - 3 years; connector localisation from 24% to 40 - 50%; aggregate margin benefit estimated at 70 - 90 bps.^[3]

Recent developments

In Q1 FY27, new order wins included headlamps and rear lamps for the Tata Tiago and Volkswagen Taigun, headlamps for the Suzuki Burgman Street, and lighting for Force Motors Traveller 2.^[3]
In Q4 FY26, new orders were secured from Mahindra XUV 7XO, Skoda Kushaq facelift, Toyota Urban Cruiser Ebella, and Suzuki Motorcycles E-Access electric scooter.^[1]
In Q3 FY26, orders were won for Tata Sierra (foglamps and auxiliary tail lamps), Tata Punch facelift (DRLs and position lamps), Mahindra Last Mile Mobility e-rickshaws, and TVS Apache RTX300 (headlamps).^[4]
Lumax won its first-ever headlamp business for Toyota Kirloskar Motor in Q2 FY26, taken from a competitor, directly triggering board approval of the Bengaluru plant.^[5]

Market Cap

₹4,959 Cr

High / Low

₹6,970 / 4,475

Stock P/E

27.6

Price / Book

5.6

Book Value

₹982

EPS

₹184.5

No. of Shares

0.93 Cr

ROCE

17.6%

ROE

20.4%

OPM

6.2%

Debt / Equity

0.88

Sales

₹4,184 Cr

Net Profit

₹172 Cr

Promoter holding

75.0%

Loading chart…

Signal history

AI Deep Dive

The analysis Screener can't give you

Our models read the latest earnings call, annual report, and financials end-to-end - then grade management, value the business, and flag the risks. Unlock all of it for this company:

Verdict
The headline call - descriptive label, conviction, and the synthesis behind it.
Valuation
Guidance-anchored P&L bridge - worst / average / best multiple cases.
Walk the talk
Did management deliver on past guidance? A commitment-by-commitment scorecard.
Red flags
Forensic and governance risk pointers, severity-ranked.
Balance sheet
Solvency and earnings-quality score.
Concall briefs
Quarter-by-quarter earnings-call briefs - what changed and why.

₹49 unlocks this company for 90 days, ₹299 for a full year - bundles bring it lower. Built on public disclosures - educational, not investment advice.

AI Deep Dive

Verdict

Locked

The headline call - descriptive label, conviction, and the synthesis behind it.

Company data

Financials