Lumax Auto Technologies Ltd(LUMAXTECH)

NSE: LUMAXTECHBSE: 532796

₹ 1,852.35+2.89%refreshed 26 Oct, 03:58 pm ISTMarket cap: ₹ 12,625 crWebsite: www.lumaxworld.in/lumaxautotechUpdated: 27 Oct 2026

About

Lumax Auto Technologies Ltd (LATL) is an Indian auto components group supplying Advanced Plastics (including interior systems via IAC), Mechatronics, Structures & Control Systems, Alternate Fuels (Greenfuel CNG), Aftermarket, and Lighting solutions to domestic OEMs. The Lumax Group operates 42 manufacturing facilities across 8 Indian states with a workforce exceeding 15,000.^[1][2]

Business segments

Advanced Plastics (including IAC interior systems): INR 769 crore in Q1 FY27 (+47% YoY), the largest division at 56% of total Q1 FY27 revenue; IAC accounts for ~60% share within this division.^[3]
Structures & Control Systems: INR 220 crore in Q1 FY27 (+21% YoY).^[3]
Alternate Fuels (Greenfuel): INR 111 crore in Q1 FY27 (+17% YoY); CNG product solutions serving Maruti Suzuki and Tata Motors from two operational plants.^[3][1]
Mechatronics: INR 84 crore in Q1 FY27 (+56% YoY); comprises JVs with Alps Alpine, Yokowo, Ituran, and FAE covering switches, sensors, antennas, and telematics.^[3]
Aftermarket: INR 104 crore in Q1 FY27 (+6% YoY); reaches 400+ channel partners and more than 27,500 retail touchpoints.^[3][1]
Manufacturing accounts for 81.25% of FY25 turnover; trading of automobile parts 11.13%; mould and tool sale 5.42%.^[1]

Products and portfolio

LATL has 13 product lines spanning Advanced Plastics, Mechatronics, Structures & Control Systems, Aftermarket, Alternate Fuels, and Lighting, with 10 partnerships across three continents.^[1]
Lumax Mannoh (50% stake, Japan's Mannoh Industrial) makes shift levers (AT and MT), spare wheel carriers, and forged cutting components from three plants.^[1]
Lumax Cornaglia (50% stake, Italy's Cornaglia S.p.A.) manufactures air filters, plastic fuel tanks, and urea tanks.^[1]
Lumax FAE (84% stake, FAE Spain) manufactures oxygen sensors for BS-VI emission compliance.^[1]
Greenfuel became first and only domestic supplier to localize ferrule-less tubes and fittings for CNG vehicles; facility inaugurated December 18, 2025, and first order for Celerio secured.^[4]
LATL launched its first Body Control Module (BCM) in Q1 FY27 and has 22 new sub-product categories in the Mechatronics pipeline.^[3]
Patents filed and prototypes in place for shift-by-wire technology to transition gear-shifting from mechanical to software-controlled systems.^[1]

Operations

Lumax Group runs 42 manufacturing facilities across 8 Indian states with 16 entities and a workforce exceeding 15,000.^[1]
IAC India subsidiary operates seven manufacturing plants across India specialising in vehicle interior systems and components; LATL holds 100% post May 22, 2025.^[1][5]
Greenfuel operates two plants serving Maruti Suzuki and Tata Motors; a new facility in Nashik is being set up to cater to Mahindra CNG passenger vehicle requirements.^[1][3]
R&D center in Manesar and engineering center in Pune staffed by 650+ R&D and engineering professionals; satellite office in Japan for technology access.^[1]
SHIFT Smart Hub for Innovation and Future Trends (Bengaluru) inaugurated October 2025 to develop embedded electronics and software integration capabilities.^[6]
China resource center operational as of early 2026, focused on tooling, development, and manufacturing automation; secured ambient lighting order for Maruti Suzuki Y2V platform.^[4]

Key operating numbers

Content per vehicle (4-wheeler): INR 70,000 - 75,000 as of Q2 FY26 - a 5x increase over the prior 5 years.^[6]
Content per vehicle (2-wheeler): INR 22,000 - 25,000 as of Q2 FY26, also a 5x increase over the prior 5 years.^[6]
Greenfuel content per CNG vehicle: INR 3,200 previously; ferrule-less localization raises it to ~INR 6,700 per vehicle.^[4]
EV mix as a share of revenue: 9% in 9M FY26.^[4]
Total order book: INR 1,601 crore as of Q1 FY27; 40% in future and clean mobility; execution profile: 24% in FY27, 56% in FY28, 20% in FY29.^[3]
Free cash reserves: INR 415 crore; long-term gross debt: INR 508 crore as of Q1 FY27.^[3]

Customers and distribution

Key OEM customers include Mahindra & Mahindra, Maruti Suzuki, Tata Motors, Toyota Kirloskar, Bajaj Auto, Honda Motorcycles and Scooters, and Volkswagen.^[1]
Bajaj Auto revenue grew ~64% YoY in Q1 FY27 driven by new model penetration (Chetak frames and lighting) and Metallics division growth of 37 - 40%.^[3]
Maruti Suzuki revenue grew ~48% YoY in Q1 FY27 across Mechatronics localization, Greenfuel, and standalone entities, making it a top-5 customer.^[3]
Aftermarket distribution: 400+ channel partners and more than 27,500 retail touchpoints.^[1]
Exports: 1.24% of total turnover in FY25, serving 6 countries.^[1]

Expansion and capex

Mega Mechatronics plant at Manesar, consolidating Yokowo, Alps Alpine, Ituran, and FAE under one roof, expected to commission by Q3 FY27 (delayed from March - April 2026 target).^[3]
New IAC plant at Chakan underway to service incremental Mahindra demand.^[3]
New Greenfuel facility to be set up in Nashik for Mahindra CNG passenger vehicle business.^[3]
Full-year FY27 consolidated capex guided at INR 300 crore, covering Manesar, Chakan, and Nashik projects; majority funded from internal accruals.^[3]
Q1 FY27 capex was INR 23 crore; 9M FY26 capex was INR 172 crore.^[3][4]

Recent developments

Mahindra onboarded as a new Greenfuel customer in Q1 FY27 with its first CNG passenger vehicle model; a dedicated Nashik facility is being established.^[3]
BCM (Body Control Module) launched in Q1 FY27 - LATL's first product in the intelligent/connected/software-driven space; five such products targeted within 18 - 24 months.^[3]
NCLT Chandigarh approved the merger of Greenfuel Energy Solutions with Lumax Resources Private Limited effective February 3, 2026.^[4]
IAC India merger with LATL standalone entity completed first motion as of Q3 FY26; NCLT order awaited.^[4]
Two new wholly-owned subsidiaries - Lumax Auto Comp Pvt Ltd and Lumax Auto Solutions Pvt Ltd - incorporated in July 2025 as enablers for future inorganic growth.^[5]
TCU/V2X orders with top 4 OEMs in the CV segment expected to come to market by end of Q3 FY27.^[3]

Market Cap

₹12,625 Cr

High / Low

₹2,188 / 1,121

Stock P/E

36.9

Price / Book

10.3

Book Value

₹178

EPS

₹40.9

No. of Shares

6.82 Cr

ROCE

21.8%

ROE

26.0%

OPM

10.7%

Debt / Equity

0.83

Sales

₹4,870 Cr

Net Profit

₹337 Cr

Promoter holding

56.0%

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