Tier-1 automotive lighting maker supplying LED and conventional lighting systems to nearly all Indian OEMs.
Reported
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,342 | +33.0% YoY | Quarterly, as filed | Quarter to Sept 2026 | Revenue from operations as filed. |
| Operating margin | 8.0 | −1.0 pts YoY | Operating profit / revenue | Quarter to Sept 2026 | For the quarter; a change is in percentage points. |
| Net profit | 52.0 | +44.4% YoY | Quarterly, as filed | Quarter to Sept 2026 | Profit after tax as filed. |
| Return on equity | 22.39 | +2.5 pts | Trailing twelve months | TTM to Sept 2026 | Adjusted profit attributable to owners ÷ average owners’ equity. |
| Free cash flow margin | 2.08 | +5.3 pts | Fiscal year | FY ending Mar 2026 | (Operating cash flow − fixed-asset purchases + disposals) ÷ revenue. |
| Revenue growth (YoY) | 28.75 | −5.9 pts | Trailing twelve months | TTM to Sept 2026 | Revenue change against the same period one year earlier. |
Guidance
5 of 11 judged targets kept · 15 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 Revenue Growth | 15-20% | Q3 FY25 | No new update. Promise was achieved in FY26. | Achieved |
| Sustained Tooling Margins | 12% to 15% on a sustained basis | Q4 FY25 | Management provided a revenue target for mould sales in FY27 but did not mention the margin percentage, continuing to ghost the 12-15% target. | Ghosted |
| FY26 Capex | much lower than that of FY '25 (FY25 guidance was INR 200-225 cr) | Q3 FY25 | No new update. Promise status relates to FY26 capex. | Revised Up |
6 of Lumax Industries Limited's 26 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 23 more targets are in the full ledger.
Claimed
Qualified
Price
1Y: ₹4,973.5 on 24 Oct 2025 → ₹5,051. High ₹6,703 (11 Feb 2026), low ₹4,590.7 (7 Nov 2025).
Overview
Based on the company's own presentations, annual report and earnings calls.
Lumax Industries Limited designs and manufactures automotive lighting systems (headlamps, rear combination lamps, fog lamps) and related electronics such as HVAC panels for passenger vehicles, two-wheelers and three-wheelers, operating as a Tier-1 supplier across nearly all OEMs in India. It runs long-standing technology joint ventures with Stanley Electric Co. of Japan (since 1984) and SL Corporation of Korea (since 1997), the latter through subsidiary SL Lumax which supplies Hyundai from its Chennai plant. Manufacturing is spread across dedicated in-house R&D and design centres, and the company's revenue mix is progressively shifting toward LED lighting and electronics content per vehicle as it develops technologies such as Adaptive Driving Beam, matrix LED and animated rear lighting.
Segments
close before → close after
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Guidance
5 of 11 judged targets kept · 15 open · verdicts reflect calls analysed to Q1 FY27.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| FY26 Revenue Growth | 15-20% | Q3 FY25 | No new update. Promise was achieved in FY26. | Achieved |
| Sustained Tooling Margins | 12% to 15% on a sustained basis | Q4 FY25 | Management provided a revenue target for mould sales in FY27 but did not mention the margin percentage, continuing to ghost the 12-15% target. | Ghosted |
| FY26 Capex | much lower than that of FY '25 (FY25 guidance was INR 200-225 cr) | Q3 FY25 | No new update. Promise status relates to FY26 capex. | Revised Up |
Claimed
Qualified
The full ledger
A free account opens 5 company ledgers a month. All 26 tracked commitments, with each call’s wording and source.
Call summaries
Lumax Industries Limited Q1 FY27
Lumax Industries delivered a strong Q1 FY27, with consolidated revenue growing 32.6% and PAT up 41.2%. The company's order book remains robust at INR 2,500 crore, predominantly LED-based, driving an upward revision in FY27 capex to INR 200-250 crore. Despite commodity cost pressures impacting Q1 margins, management expects recoveries in Q2 and maintains its full-year EBITDA guidance of 10.5-11%.
Read the full callLumax Industries Q4 FY26
Lumax Industries delivered a record performance in Q4 and FY26, driven by robust automotive demand, LED penetration, and new order wins. Revenue and profitability saw significant growth, with EBITDA margins expanding. The company secured substantial new orders and is expanding capacity, though global uncertainties and rising input costs remain watch factors. Management expects continued growth and margin improvement, leveraging its strong order book and technological advancements.
Read the full callLumax Industries Q3 FY26
Lumax Industries reported its best-ever quarterly performance in Q3 FY26, driven by robust growth in the automotive sector and increasing LED penetration. The company achieved double-digit EBITDA margins, supported by operating leverage and content per vehicle. Strategic capex expansions are underway to support new orders and future growth, with a strong order book providing revenue visibility. Management expressed confidence in continued margin expansion and top-line growth in the coming years.
Read the full callEvery analysed call
Fundamentals
Current values with the period they cover; the trend reads across the 6 fiscal years held (Mar 2021 to Mar 2026).
Financials
Net profit, year on year: +44% (quarter to sept 2026 against sept 2025).
| Line item | Dec 2024 | Mar 2025 | Jun 2025 | Sept 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sept 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 887 | 923 | 923 | 1,009 | 1,053 | 1,200 | 1,223 | 1,342 |
| Expenses | 817 | 844 | 841 | 920 | 942 | 1,076 | 1,114 | 1,232 |
| Operating profit | 70 | 79 | 82 | 89 | 111 | 124 | 110 | 110 |
| Operating margin | 8.0% | 9.0% | 9.0% | 9.0% | 11.0% | 10.0% | 9.0% | 8.0% |
| Other income | 18 | 25 | 16 | 14 | 1 | 11 | 15 | 17 |
| Interest | 19 | 18 | 18 | 19 | 19 | 18 | 18 | 19 |
| Depreciation | 27 | 33 | 32 | 37 | 38 | 45 | 42 | 38 |
| Profit before tax | 42 | 53 | 48 | 47 | 55 | 72 | 64 | 70 |
| Tax rate | 19.0% | 18.0% | 25.0% | 24.0% | 15.0% | 25.0% | 20.0% | 25.0% |
| Net profit | 33 | 44 | 36 | 36 | 47 | 54 | 51 | 52 |
| EPS (₹ per share) | 35.82 | 47.04 | 38.72 | 38.13 | 49.80 | 57.88 | 54.64 | 55.62 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|
| Sales | 2,319 | 2,637 | 3,388 | 4,185 |
| Expenses | 2,113 | 2,406 | 3,121 | 3,779 |
| Operating profit | 207 | 230 | 267 | 406 |
| Other income | 37 | 59 | 96 | 42 |
| Interest | 30 | 49 | 72 | 74 |
| Depreciation | 80 | 93 | 112 | 152 |
| Profit before tax | 134 | 148 | 178 | 222 |
| Net profit | 92 | 103 | 139 | 173 |
| Line item | Mar 2023 | Mar 2024 | Mar 2025 | Sept 2025 | Mar 2026 | Sept 2026 |
|---|---|---|---|---|---|---|
| Equity capital | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves | 574 | 662 | 765 | 806 | 908 | 960 |
| Borrowings | 431 | 723 | 888 | 989 | 973 | 1,068 |
| Other liabilities | 852 | 1,207 | 1,199 | 1,293 | 1,544 | 1,866 |
| Total liabilities | 1,866 | 2,601 | 2,861 | 3,098 | 3,435 | 3,904 |
| Fixed assets | 749 | 968 | 1,106 | 1,316 | 1,434 | 1,434 |
| Capital work in progress | 43 | 178 | 212 | 129 | 105 | 180 |
| Investments | 147 | 179 | 246 | 272 | 278 | 293 |
| Other assets | 927 | 1,276 | 1,297 | 1,380 | 1,619 | 1,997 |
| Total assets | 1,866 | 2,601 | 2,861 | 3,098 | 3,435 | 3,904 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Cash from operations | 76 | 108 | 108 | 133 | 212 | 373 |
| Cash from investing | -31 | -129 | -90 | -245 | -293 | -265 |
| Cash from financing | -51 | 34 | -26 | 137 | 59 | -92 |
| Net cash flow | -5 | 13 | -8 | 24 | -22 | 16 |
| Free cash flow | 14 | -21 | 19 | -124 | -110 | 86 |
| Line item | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|
| Debtor days | 55 | 48 | 48 | 48 | 50 | 55 |
| Inventory days | 94 | 91 | 96 | 129 | 92 | 90 |
| Days payable | 159 | 163 | 141 | 154 | 147 | 145 |
| Cash conversion cycle | -9 | -24 | 3 | 22 | -6 | 0 |
| Working capital days | -75 | -60 | -38 | -49 | -44 | -45 |
| Return on capital employed | 8.0% | 11.0% | 19.0% | 17.0% | 16.0% | 18.0% |
| Dividend payout | 36.0% | 31.0% | 24.0% | 29.0% | 23.0% | 30.0% |
To justify its price of ₹5051, this stock must grow earnings at 16% every year for 7 years. Our analysis caps realistic growth at ~24%. At that growth it is worth ₹7379 — upside of 46%.
Ownership
Promoters hold 75.00% as of Sept 2026; institutions added 1.36 pts since Jun 2026.
since Jun 2026
Disclosed holders that added to a position or appeared on the register for the first time, biggest addition first.
The same filing shows 0 holders trimming and 1 off the list — both are in the register beside this.
Named in the Sep 2026 filing
Every holder of Lumax Industries Limited above SEBI's 1% disclosure line, and what changed since Jun 2026.
| Holder | Stake | Change |
|---|---|---|
| 35.77% | unchanged | |
| 13.30% | unchanged | |
| 13.30% | unchanged | |
| Mutual fund | 6.81% | +0.80 pp |
| 5.62% | unchanged | |
| 5.28% | unchanged | |
| 1.73% | unchanged | |
| 1.08% | newly disclosed | |
| — | off the list |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Filings to Sep 2026
0 new, 1 added, 0 trimmed, 0 sold out — net +0.20 L shares (+3.3%).
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Small Cap Fund HDFC Mutual Fund | ₹338 Cr | held | Aug '24 |
| HDFC Children's Fund HDFC Mutual Fund | ₹16 Cr | +0.20 L | Aug '26 |
| HDFC Retirement Fund - Hybrid-Debt Plan HDFC Mutual Fund | ₹1 Cr | held | Aug '26 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Sep 2026
1 added, 0 trimmed — net +20,351 shares (+3.3%)
Shares held by these funds +2465%
Oct '23 6.37 L shares Sep '26
Your own record
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