LUMAXIND

Lumax Industries share price & financials

Price
₹5,279.5
Market cap
₹5.4k Cr
Sector
Automobile and Auto Components
Calls analysed
7
Latest concall · Q1 FY27 · call held 11 Aug 2026

Lumax Industries Limited Q1 FY27

Consolidated Revenue ₹1,223 cr +33%EBITDA ₹113 cr +34%EBITDA Margin 9.2% PAT ₹51 cr +41%

What went well

  • Consolidated revenue grew 32.6% YoY to INR 1,223 crore, driven by robust manufacturing performance (up 36.8% YoY).
  • EBITDA increased 34% YoY to INR 113 crore, maintaining a 9.2% margin despite external headwinds and commodity cost impact.
  • PAT (including associates) saw a significant 41.2% YoY growth to INR 51 crore, with PAT margin improving by 30 bps to 4.2%.

What to watch

  • Q1 FY27 margins were impacted by approximately 120-130 bps due to commodity and other costs, with recoveries not yet realized.
  • The company's revenue from M&M has been flattish for the last few quarters, attributed to product mix rather than wallet share.
Read the full call →

What Lumax Industries Limited does

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

  • Manufacturing (lighting & electronics)
  • Moulds
Manufacturing facilities
12
Total workforce (group, incl. contract staff)
15,000+
In-house R&D centres
2
Overseas design centres
2 (Taiwan, Czech Republic)
Global technology JV partners
Stanley Electric, Japan (since 1984); SL Corporation, Korea (since 1997)
OEM relationship history
8 decades
Founded 1945 Company website

Guidance record · Q1 FY27

what the last two calls moved 26 tracked 5 delivered 6 missed 15 open
  • FY26 Revenue Growth delivered said Q3 FY25 Promised: 15-20% Q1 FY27: No new update. Promise was achieved in FY26.
  • Sustained Tooling Margins went quiet said Q4 FY25 Promised: 12% to 15% on a sustained basis Q1 FY27: Management provided a revenue target for mould sales in FY27 but did not mention the margin percentage, continuing to ghost the 12-15% target.
  • FY26 Capex revised up said Q3 FY25 Promised: much lower than that of FY '25 (FY25 guidance was INR 200-225 cr) Q1 FY27: No new update. Promise status relates to FY26 capex.

All 26 tracked — every revision, and every one management stopped mentioning.

Open the guidance ledger

Quarterly results

Q1 FY27: revenue up 32.5%, net profit up 108.0% against the same quarter last year.

₹ Cr · quarterly
Line itemQ2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26Q1 FY27
Revenue812 887 923 923 1,009 +24%1,053 +19%1,200 +30%1,223 +33%
EBITDA58 71 78 80 88 +52%109 +54%123 +58%108 +35%
Net profit13 22 36 25 26 +100%51 +132%44 +22%52 +108%
How to read this

₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.

Performance +40.5% 1Y

₹4.0k₹5.0k₹6.0kSept 25Oct 25Dec 25Jan 26Mar 26Apr 26Jun 26Jul 26Sept 26Q2 FY26 — 10 Nov 2025Q3 FY26 — 13 Feb 2026Q4 FY26 — 1 Jun 2026Q1 FY27 — 11 Aug 2026

1Y: ₹4,185.9 on 10 Sept 2025 → ₹5,879.5. High ₹6,703 (11 Feb 2026), low ₹4,143.5 (11 Sept 2025).

How the price took the results

close before → close after

Q1 FY27
+6.0%
11 Aug
Q4 FY26
−1.5%
1 Jun
Q3 FY26
−3.9%
13 Feb
Q2 FY26
+5.9%
10 Nov

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.

Financials, as filed

Revenue grew 21.7% a year over 3 years, FY23 to FY26. Operating margin widened to 9.6%.

Year endingFY23FY24FY25FY26
Revenue₹2.3k Cr₹2.6k Cr₹3.4k Cr₹4.2k Cr
Operating profit₹207 Cr₹228 Cr₹264 Cr₹400 Cr
Operating margin8.9%8.6%7.8%9.6%
Interest₹30 Cr₹48 Cr₹71 Cr₹73 Cr
Depreciation₹80 Cr₹91 Cr₹112 Cr₹149 Cr
Net profit₹92 Cr₹86 Cr₹91 Cr₹146 Cr
Net margin4.0%3.3%2.7%3.5%
Cash from operations₹111 Cr₹133 Cr₹200 Cr₹367 Cr
Free cash flow₹24 Cr₹-120 Cr₹-115 Cr₹81 Cr
ROCE16.0%16.0%13.0%18.0%
How to read this

From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.

Balance sheet

Year endingFY21FY22FY23FY24FY25FY26
Equity capital₹9 Cr₹9 Cr₹9 Cr₹9 Cr₹9 Cr₹9 Cr
Reserves₹388 Cr₹413 Cr₹472 Cr₹531 Cr₹806 Cr₹704 Cr
Borrowings₹338 Cr₹401 Cr₹431 Cr₹716 Cr₹989 Cr₹968 Cr
Other liabilities₹540 Cr₹629 Cr₹820 Cr₹1.2k Cr₹1.3k Cr₹1.5k Cr
Total liabilities₹1.3k Cr₹1.5k Cr₹1.7k Cr₹2.4k Cr₹3.1k Cr₹3.2k Cr
Fixed assets₹627 Cr₹711 Cr₹743 Cr₹958 Cr₹1.3k Cr₹1.4k Cr
Capital work in progress₹47 Cr₹48 Cr₹43 Cr₹177 Cr₹129 Cr₹105 Cr
Investments₹5 Cr₹8 Cr₹16 Cr₹21 Cr₹272 Cr₹24 Cr
Other assets₹596 Cr₹685 Cr₹930 Cr₹1.3k Cr₹1.4k Cr₹1.6k Cr
Total assets₹1.3k Cr₹1.5k Cr₹1.7k Cr₹2.4k Cr₹3.1k Cr₹3.2k Cr
How to read this

As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.

Who owns it

As disclosed at Jun 2026

Since Jun 2025, the public trimmed −1.13 pp while DIIs added +0.95 pp. The shareholder count grew 25% to 24,495.

Promoters
75.0%
FIIs
1.4%
DIIs
6.7%
Public
16.9%

Since Jun 2025

  • Public −1.13 pp
  • DIIs +0.95 pp
  • FIIs +0.18 pp

How it drifted, 12 quarters

Over this window the public fell from 22.6% to 16.9% — −5.6 pp.

Sep '23Dec '24Jun '26

Ownership split by quarter, oldest first. Sep '23: Promoters 75.0%, FIIs 1.1%, DIIs 1.3%, Public 22.6%.Dec '23: Promoters 75.0%, FIIs 1.1%, DIIs 1.4%, Public 22.4%.Mar '24: Promoters 75.0%, FIIs 1.1%, DIIs 1.5%, Public 22.4%.Jun '24: Promoters 75.0%, FIIs 1.2%, DIIs 1.6%, Public 22.3%.Sep '24: Promoters 75.0%, FIIs 1.2%, DIIs 3.6%, Public 20.3%.Dec '24: Promoters 75.0%, FIIs 0.9%, DIIs 4.9%, Public 19.1%.Mar '25: Promoters 75.0%, FIIs 1.0%, DIIs 5.6%, Public 18.4%.Jun '25: Promoters 75.0%, FIIs 1.2%, DIIs 5.8%, Public 18.1%.Sep '25: Promoters 75.0%, FIIs 1.1%, DIIs 6.0%, Public 17.9%.Dec '25: Promoters 75.0%, FIIs 1.4%, DIIs 5.7%, Public 17.9%.Mar '26: Promoters 75.0%, FIIs 1.6%, DIIs 6.1%, Public 17.3%.Jun '26: Promoters 75.0%, FIIs 1.4%, DIIs 6.7%, Public 16.9%.

Who was buying across the market this quarter →

Who bought this quarter

since Mar 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.

Who is on the register

Named in the Jun 2026 filing

Every holder of Lumax Industries Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.

HolderStakeChange
Stanley Electric Co. Ltd 35.77%unchanged
Deepak Jain 13.30%unchanged
Anmol Jain 13.30%unchanged
HDFC Small Cap Fund Mutual fund6.01%+0.73 pp
Lumax Auto Technologies Limited 5.62%unchanged
Lumax Finance Private Limited 5.28%unchanged
Thai Stanley Electric Public Company Limited 1.73%unchanged
Investor Education and Protection Fund (IEPF) 1.09%unchanged
D.K. Jain & Sons (HUF) (Karta Dhanesh Kumar Jain) 0.00%unchanged
Dhanesh Kumar Jain 0.00%unchanged
Param Capital Research Private Limited —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.

Mutual funds in LUMAXIND

Filings to Jul 2026

0 new, 1 added, 0 trimmed, 0 sold out — net +0.41 L shares (+7.4%).

Held by funds
₹319 Cr
1 schemes
Biggest holder
HDFC Small Cap Fund
₹319 Cr · 0.8% of that fund
SchemeHoldingLast month
HDFC Small Cap Fund HDFC Mutual Fund₹319 Cr+0.41 L

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 Jul 2026

1 added, 0 trimmed — net +41,429 shares (+7.4%)

Funds are sitting on
+53%
vs est. average cost
Held by funds
₹319 Cr
1 schemes · ≈ 6.0% of the company

Shares held by these funds +2332%

Aug '23 6.04 L shares Jul '26

What the price assumes

Expensive

To justify its price of ₹5880, this stock must grow earnings at 22% every year for 7 years. Our analysis caps realistic growth at ~17%. At that growth it is worth ₹4491 — downside of 24%.

Growth the price implies
22.3% a year
for 7 years, fading to 4%
It has actually compounded at
16.6% a year
net profit, FY23–FY26 · EPS 17.0%
The gap
0.1 pp
-24% downside if it only repeats history
Price today ₹5,879.5 Value at the reference growth ₹4,491.08

Change the assumptions yourself →

All earnings calls (7)

Read the Q1 FY27 call →

Learn to analyse Lumax Industries Limited

Guides on how to read this kind of business and the numbers that matter.