Lumax Auto Technologies Ltd

- Currently, there are no concrete plans for new inorganic acquisitions or fundraising. - Existing term loans, mainly acquisition financing, are expected to be fully repaid in the next 3 years. - Annual organic capex is planned around INR 150-200 crore, funded through internal resources and free cash. - If any material inorganic acquisition opportunities arise in the future, the company will assess the balance between debt and internal accruals and communicate accordingly. - Debt position is stable at around INR 770 crore, with long-term debt at INR 574 crore and a comfortable debt-to-equity ratio of 0.50. - Finance cost is expected to settle around INR 25-26 crore per quarter, reflecting current debt structure and repayments.

- Capex for 9M FY 26 was INR172 crore, including: - Strategic land investments in Gujarat and Kharkhoda for INR44 crore. - Capacity expansion in IAC (INR50 crore) and Lumax Alps (INR20 crore). - Full-year capex guidance is close to INR240 crore, slightly up from the earlier estimate of INR220 crore. - Future annual organic growth capex expected between INR150-200 crore. - Capital investments made for new ferrule-less tubes and fittings technology at Greenfuel (~INR8-10 crore in FY 26). - No concrete inorganic investment plans currently; management will communicate if any materializes. - China office staffed for tooling, development, manufacturing automation; signed technology arrangements leading to new businesses like ambient lighting with Maruti and premium components. - Discussions underway with Mahindra for potential new plant setup in Nagpur but still preliminary.

- Lumax Auto Technologies expects a strong revenue growth trajectory, having revised FY 26 revenue growth guidance from 25% to 30%. - The company targets a ~20% CAGR over the next 3 to 4 years through a combination of organic and inorganic growth. - Subsidiaries like IAC and Lumax Alps Alpine are expected to sustain high growth, with IAC growing ~40% in 9M FY 26 and Mechatronics division growing ~200% on a low base. - Aftermarket segment shows strong 15% growth and aims to accelerate beyond 20% growth in the coming year. - Growth across key customers (Mahindra & Mahindra, Bajaj Auto, Maruti Suzuki) remains robust with multiple new model SOPs planned. - Greenfuel Energy Solutions aligns growth with national shift to alternate fuels, contributing significant revenues (~INR270 crore in 9M). - Expansion in premium product content per vehicle will further drive revenue and profitability.

- Lumax Auto Technologies targets a 20% CAGR in revenue over the next 3-4 years through a mix of organic and inorganic growth. - EBITDA margin is expected to expand to about 16% by FY 28, with confidence in maintaining 15%-15.5% in FY 27 and further improvement thereafter. - Profit growth is projected to be significantly higher in FY 27 due to accelerated top-line growth and margin improvement. - Aftermarket segment is expected to grow over 20% next year, driving higher-margin profitability. - Subsidiaries like IAC, Mechatronics, Lumax Alps Alpine, and Greenfuel are anticipated to contribute strongly to revenue and margin growth. - Telematics revenue is expected to double within 12-18 months, driven by new Aftermarket verticals and ADAS adoption. - The increase in minority interest percentage this quarter is a one-off; normalized minority share of PAT is guided between 15%-17%. - Overall, Lumax expects steady profit and EPS growth with strong operational leverage from diversified product mix and new business wins.

- The company reported a robust order book of INR 1,450 crore as of Q3 FY 26. - Order book execution timeline: - Approximately 33% expected to be executed in FY 27. - 44% expected to be executed in FY 28. - Remaining 23% anticipated in FY 29. - Order book composition reflects healthy traction across all product verticals: - Advanced Plastics contributes the largest share. - Followed by Mechatronics, Alternate Fuels, and Structures & Control Systems. - Greenfuel Energy Solutions, acquired in November FY 25, contributed INR 270 crore in 9M with an order book of INR 180 crore. - The order book provides strong business visibility going forward.