Lumax Industries Limited

LUMAXIND

Sector: AutomotiveSub-sector: Automotive Components - Lighting
Qtr Score Rank 21 / 57 (Top 65 percentile)Growth Score Rank 19 / 51 (Top 65 percentile)

Quarterly Score

Trend: Improving
Strong improvement - Recent 3Q avg 8.80 vs 9Q avg 8.21 (+0.59)

Showing the latest 12 quarterly points (newest to oldest).

Score context (latest 12 quarters)

Q4FY23
8.5

No additional context available.

Q1FY24
8.2

No additional context available.

Q2FY24
8.2

No additional context available.

Q3FY24
7.8

No additional context available.

Q4FY24
9.2

No additional context available.

Q1FY25
7.8

No additional context available.

Q2FY25
7.5

No additional context available.

Q3FY25
7.8

No additional context available.

Q4FY25
8.9

No additional context available.

Q1FY26
8.2

No additional context available.

Q2FY26
9.2

No additional context available.

Q3 FY2026Latest
9.0

Capex for FY26 raised to INR 350-400 crores (from INR 220-260 crores), with FY27 capex projected at INR 100-150 crores, maintaining the overall two-year outlook. Revenue growth guidance for FY27 is 20-plus percent, and 15-20% for the next 3-5 years. Management expects to maintain double-digit EBITDA margins for the full year and aims to reach 12-13% in the next two years. Current order book stands at INR 1,759 crores, with 81% being LED-based, providing strong revenue visibility.

Quarter summary

  • Achieved best-ever quarterly performance driven by broad-based growth in the automotive sector and the company's strategic positioning.
  • Significant technological transformation towards LED lighting is being successfully captured, leading to higher content per vehicle and margin expansion.

Rationale

  • Delivered record Q3 FY26 performance with total operating revenue of INR 1,053 crores (+18.7% YoY) and manufacturing revenue growing robustly at 35.8% YoY to INR 1,014 crores.
  • Achieved significant EBITDA margin expansion to 10.6% in Q3 FY26 (vs 8% YoY), leading to EBITDA growth of 57.3% YoY to INR 112 crores, demonstrating strong operating leverage and content per vehicle improvement.

Future Growth Prospects

Growth score: 8.5Visibility: 80%Updated: 24 Feb 2026, 12:34 am

Catalysts (next 12-24 months)

Total triggers: 4Visible per view: 1 / 2 / 3Slides: 4

Swipe or use arrows to browse all triggers.

productQ3 FY26 onwardsImpact: revenue

New model launches (Tata Sierra, Punch facelift, Apache RTX300)

• Q3/FY26 · concall:Q3FY26 · We have secured multiple new orders from leading OEMs across segments... Tata Motors for the newly launched Sierra... Tata Punch facelift... TVS for the flagship Apache RTX300...

capacityQ4 FY26Impact: revenueQty: 250 ₹ Cr

Chakan Phase 2 commencing operations for Skoda & Volkswagen

• Q4/FY26 · concall:Q3FY26 · Phase 2 of our Chakan facility remains on schedule to commence operations from Q4 FY 26 and will primarily cater to the requirements of Skoda and Volkswagen...

Show evidence (2)

• Q4/FY27 · concall:Q3FY26 · expected business start would be somewhere around Q4 of FY27 to INR250 crores to INR300 crores.

capacityQ4 FY27Impact: revenueQty: 450 ₹ Cr

Bengaluru Plant expansion for Maruti and Toyota upcoming models

• Q4/FY27 · concall:Q3FY26 · our Bengaluru Plant expansion to support Maruti and Toyota's upcoming models is progressing as planned and is expected to be commissioned from Q4 FY 27.

Show evidence (2)

• Q4/FY27 · concall:Q2FY26 · Once fully ramped up, the plant is expected to achieve a peak annualized turnover of around Rs. 450 crores. The facility is targeted to be commissioned by the Q4 of FY'26-'27.

mixOngoingImpact: revenueQty: 81 %

Increasing LED penetration and higher content per vehicle

• Q3/FY26 · concall:Q3FY26 · LED lighting contributes over 61% of our revenue... We expect this share to increase further going ahead as nearly 81% of our current order book is LED-based...

Variant perception

Non-consensus view
Consensus

Consensus may underestimate the full scope of content growth from advanced lighting beyond just LED penetration, including ADB and projector lamps. Also, cyclicality of tooling profitability is a short-term margin nuance.

Upside
  • Advanced lighting technologies (ADB, projector lamps) are key drivers of content per vehicle beyond basic LED penetration.
Show more (1)
  • Strategic geographic expansion with new plants in Bengaluru (Q4 FY27) and Chakan Phase 2 (Q4 FY26) to deepen OEM partnerships.
Downside
  • The 'exceptional tooling profitability' of ~INR10 Cr in Q3 FY26 is cyclical and not expected to persist at this level, potentially impacting future margins.
Show more (1)
  • Long haul for full LED headlamps to become mass market due to cost and import dependency of LED modules.
base case70% conf
Growth: 20

Quick takeaway

New model launches (Tata Sierra, Punch, Apache RTX300) to boost revenue.

Risk watch: Sustained competitive intensity in key market segments.

Show details (2 drivers, 2 risks)

Drivers

  • New model launches (Tata Sierra, Punch, Apache RTX300) to boost revenue.
  • Commencement of Chakan Phase 2 operations in Q4 FY26 to add INR250-300 Cr.

Risks

  • Sustained competitive intensity in key market segments.
  • Volatility in raw material prices impacting profitability.
upside case80% conf
Growth: 25

Quick takeaway

Full commissioning of Bengaluru plant (Q4 FY27) to contribute INR450 Cr revenue.

Risk watch: Prolonged global trade tensions affecting exports and supply chains.

Show details (2 drivers, 2 risks)

Drivers

  • Full commissioning of Bengaluru plant (Q4 FY27) to contribute INR450 Cr revenue.
  • Accelerated LED adoption & premiumization driving higher content per vehicle.

Risks

  • Prolonged global trade tensions affecting exports and supply chains.
  • Slower-than-expected adoption of EVs due to supply constraints for critical components.
downside case50% conf
Growth: 10

Quick takeaway

Modest overall auto industry growth (5-7% volume) with limited wallet share expansion.

Risk watch: Forex fluctuations causing adverse impact on margins (similar to Q2 FY26).

Show details (2 drivers, 2 risks)

Drivers

  • Modest overall auto industry growth (5-7% volume) with limited wallet share expansion.
  • Delayed commissioning of new manufacturing facilities.

Risks

  • Forex fluctuations causing adverse impact on margins (similar to Q2 FY26).
  • Tooling profitability returning to average levels, reducing one-off gains.

Story of the Stock - Top Strategies

Latest Fiscal Years: FY26Top strategies (ranks 1-3) per year
Curated from latest transcripts
Fiscal YearFY26
#1Impact: HIGH

Focus on LED Lighting and Technology Advancement

Increased LED lighting share to 61% of revenue, driving higher content per vehicle and revenue growth.

Ongoing, with LED lighting accounting for 61% of revenue in Q1 FY26 and 84% of the order book being LED-based.
Show more

The company is increasing its focus on LED lighting technology, which offers higher content per vehicle and is a key growth driver. This strategy is aligned with market demand for advanced lighting solutions.

Impact: 61 %

Evidence

Increasing share of LED lighting in the portfolio has further supported overall revenue growth.
In Q1 FY '26, LED lighting accounted for 61% of our total revenue, up from 45% in the same quarter last year.
84% of our current order book is now LED based, which gives us strong visibility and confidence in further expanding this segment.
#2Impact: HIGH

Capacity Expansion and New Facility Investment

Approved capex of ~₹140 Cr for a new manufacturing facility in Bengaluru to cater to new orders.

New facility in Bengaluru approved, targeted for commissioning by Q4 of FY'26-'27.
Show more

The company is investing in expanding its manufacturing capacity by setting up a new facility to meet growing demand and secure new business wins.

Impact: 140 Cr

Evidence

The board has approved the setting up of a new manufacturing facility in Bengaluru, Karnataka with a capital investment of approximately Rs. 140 crores.
The plant will cater to newly secured orders from Maruti Suzuki and from Toyota.
Once fully ramped up, the plant is expected to achieve a peak annualized turnover of around Rs. 450 crores.
#3Impact: HIGH

Strengthening OEM Relationships and Wallet Share Expansion

Maintaining strong wallet share with key OEMs like Honda (50-55%) and Hero MotoCorp (35%), with plans to expand.

Ongoing, with specific targets for wallet share increase mentioned for Honda.
Show more

The company focuses on deepening relationships with existing OEMs and expanding its wallet share by offering a wider range of products and solutions.

Impact: 50 %

Evidence

At Honda Motorcycle, the company enjoys more than a 50% to 55% wallet share. With the order book, we do expect this wallet share to further increase to perhaps close to 60%.
On Hero MotoCorp, the Company enjoys almost a 35% wallet share and we expect this to be maintained going forward as well.
We actively are engaged with other OEMs as well and there is a very clear plan how do we expand our wallet share over the next few years.

Business Segments

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