Lumax Industries Q2 FY27 Share Price & Earnings Call Analysis
- Market cap
- ₹4,755 Cr
- P/E
- 23.65
- ROE
- 21.97%
- PEG
- 1.16
- Price to sales
- 1.07
- Debt to equity
- 1.06
- 52W high / low
- ₹6,703 / ₹4,591
- Sales growth (5Y)
- 24.02%
- EBITDA margin
- 9.66%
- Net profit margin
- 4.44%
- Promoter holding
- 75.00%
- Sales (last year)
- ₹4,485 Cr
Lumax Industries Limited is the flagship company of the DK Jain Group. It was founded as a trading company in 1945 and today it has evolved as market leader of automobile lighting in the Indian automotive industry. In 1984, company entered into a technical collaboration with Stanley Electric Co. Ltd., Japan (SECL), which currently holds around 37.5% equity stake in the company. Other 37.5% is held by Indian promoters (D.K. Jain and family). Company has 29 manufacturing facilities across 7 states in India. [1] [2]
Guidance scorecard · Q2 FY27 call
What Lumax Industries Ltd's management guided
and where it ranks in Auto Components
Auto Components
RevenueQ1 FY27 call
10–20%- Lumax Industries expects a revenue CAGR of 15% to 20% over the next 3 to 5 years.
- Revenue is projected to grow from around INR 4,500-5,000 crore currently to INR 9,000 crore or more by FY 30-31.
- Growth drivers include volume expansion and introduction of new technology-driven products.
- The company aims to maintain above-industry growth rates in all segments, notably in 2-wheelers and passenger vehicles.
- Order book remains strong, with approximately INR 2,500 crore providing good growth visibility.
- EBITDA margin guidance remains at 10.5% to 11% for the current year, with a target to reach around 13% EBITDA margin in 3-4 years.
2 more points from Lumax Industries Ltd's call on revenue
Create a free account to keep reading this call
MarginsQ1 FY27 call
FlatSee what Lumax Industries Ltd said on margins — free account, 30 seconds.
CapexQ1 FY27 call
Planned- FY 27 capex guidance has been revised upward from earlier INR 100-150 crore to INR 200-250 crore due to strong order wins.
- FY 28 capex is expected to be in the range of INR 150-200 crore, subject to business wins.
- Maintenance capex is estimated at INR 40-50 crore annually; the rest supports new business wins and capacity expansion.
- Capex is aligned with future growth requirements and customer commitments.
2 more points from Lumax Industries Ltd's call on capex
Create a free account to keep reading this call
FundraisingQ1 FY27 call
See what Lumax Industries Ltd said on fundraising — free account, 30 seconds.
Order bookQ1 FY27 call
Rising- Lumax Industries Limited's order book stands at approximately INR 2,500 crore.
- About 60% of this order book is expected to go into Start of Production (SOP) in FY 28, roughly INR 1,500 crore.
- The strong order book growth has led to an upward revision of FY 27 capex guidance to INR 200 crore - INR 250 crore to support new business wins and capacity expansion.
- Significant growth in order book is driven by increased wallet share from key OEMs such as HMSI, Maruti, and expanding customers like TVS and Suzuki in the 2-wheeler segment.
2 more points from Lumax Industries Ltd's call on the order book
Create a free account to keep reading this call
Ranges are what management guided for revenue growth and margins on the latest earnings call. Not investment advice, and not a forecast of returns.
Potential multibaggers · Q2 FY27
Potential multibaggers in Auto Components
on management's own guidance
- Strong growth2
- Strong growth1
- Strong growth3
Portfolio builder
Build your portfolio
from the top-ranked stocks
- 1. Pick 3–15 stocks
- 2. Choose large, mid or small cap and your sectors
- 3. Get a portfolio built from the rankings
Ranks describe management commentary on revenue and margin from the latest earnings call. Not investment advice.
Peers
Auto Components companies ranked on guidance
| # | Company | Revenue guided | Margin guided | Market cap | P/E |
|---|---|---|---|---|---|
| 1 | 40%+ | Flat | ₹3,020 Cr | 47.8 | |
| 2 | 40%+ | Flat | ₹1,998 Cr | 63.5 | |
| 3 | 40%+ | Flat | ₹428 Cr | 17.5 | |
| 4 | 20–40% | Up 2%+ | ₹25,721 Cr | 73.8 | |
| 5 | 20–40% | Up 2%+ | ₹13,417 Cr | 40.5 | |
| 6 | 20–40% | Up 0–2% | ₹23,344 Cr | 37.6 |
Sign up free to see every company in the sector ranking and track Lumax Industries Ltd.
Pro shows every company guiding 40%+ revenue growth →Full Auto Components rankingFinancials of Lumax Industries Ltd
Quarterly Results, Profit & Loss, Balance Sheet, Cash Flows, and Ratios are shown below as separate sections.
Shareholder Pattern
Lumax Industries Ltd
Shareholding breakup across reporting periods.
| Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Promoters + | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% |
| FIIs + | 1.12% | 1.09% | 1.17% | 1.18% | 0.92% | 0.97% | 1.18% | 1.13% | 1.38% | 1.63% | 1.36% | 1.73% |
| DIIs + | 1.42% | 1.46% | 1.57% | 3.56% | 4.94% | 5.63% | 5.75% | 5.98% | 5.71% | 6.07% | 6.70% | 7.69% |
| Public + | 22.45% | 22.44% | 22.25% | 20.27% | 19.13% | 18.39% | 18.07% | 17.89% | 17.91% | 17.30% | 16.94% | 15.58% |
| No. of Shareholders | 19,395 | 19,329 | 19,999 | 18,884 | 18,814 | 18,660 | 19,623 | 21,486 | 22,371 | 23,690 | 24,495 | 22,831 |
Financials of Lumax Industries Ltd
Quarterly Results
Quarter-by-quarter operating performance
| Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 644 | 632 | 743 | 766 | 812 | 887 | 923 | 923 | 1,009 | 1,053 | 1,200 | 1,223 | 1,342 |
| Expenses + | 589 | 573 | 677 | 708 | 752 | 817 | 844 | 841 | 920 | 942 | 1,076 | 1,114 | 1,232 |
| Operating Profit | 55 | 58 | 66 | 58 | 60 | 70 | 79 | 82 | 89 | 111 | 124 | 110 | 110 |
| OPM % | 9% | 9% | 9% | 8% | 7% | 8% | 9% | 9% | 9% | 11% | 10% | 9% | 8% |
| Other Income + | 15 | 13 | 28 | 31 | 22 | 18 | 25 | 16 | 14 | 1 | 11 | 15 | 17 |
| Interest | 11 | 13 | 15 | 16 | 19 | 19 | 18 | 18 | 19 | 19 | 18 | 18 | 19 |
| Depreciation | 21 | 24 | 27 | 26 | 26 | 27 | 33 | 32 | 37 | 38 | 45 | 42 | 38 |
| Profit before tax | 38 | 35 | 52 | 46 | 37 | 42 | 53 | 48 | 47 | 55 | 72 | 64 | 70 |
| Tax % | 31% | 27% | 31% | 26% | 23% | 19% | 18% | 25% | 24% | 15% | 25% | 20% | 25% |
| Net Profit + | 26 | 26 | 36 | 34 | 28 | 33 | 44 | 36 | 36 | 47 | 54 | 51 | 52 |
| EPS in Rs | 28.08 | 27.37 | 38.59 | 36.57 | 30.25 | 35.82 | 47.04 | 38.72 | 38.13 | 49.80 | 57.88 | 54.64 | 55.62 |
Financials of Lumax Industries Ltd
Profit & Loss
Annual income statement trend
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales + | 1,252 | 1,271 | 1,649 | 1,851 | 1,602 | 1,426 | 1,751 | 2,320 | 2,637 | 3,400 | 4,184 | 4,818 |
| Expenses + | 1,164 | 1,170 | 1,515 | 1,698 | 1,443 | 1,326 | 1,616 | 2,112 | 2,405 | 3,120 | 3,778 | 4,364 |
| Operating Profit | 89 | 101 | 135 | 154 | 158 | 100 | 135 | 208 | 231 | 280 | 406 | 454 |
| OPM % | 7% | 8% | 8% | 8% | 10% | 7% | 8% | 9% | 9% | 8% | 10% | 9% |
| Other Income + | 4 | 17 | 19 | 57 | 19 | 27 | 3 | 51 | 70 | 84 | 43 | 44 |
| Interest | 13 | 11 | 8 | 16 | 22 | 29 | 22 | 30 | 49 | 73 | 75 | 74 |
| Depreciation | 38 | 41 | 48 | 60 | 64 | 65 | 64 | 80 | 93 | 113 | 152 | 163 |
| Profit before tax | 41 | 65 | 98 | 134 | 92 | 33 | 53 | 149 | 159 | 178 | 223 | 261 |
| Tax % | 10% | 16% | 27% | 23% | 22% | 45% | 23% | 31% | 30% | 21% | 22% | |
| Net Profit + | 52 | 54 | 71 | 104 | 72 | 18 | 41 | 103 | 111 | 140 | 172 | 204 |
| EPS in Rs | 55.66 | 58.16 | 76.34 | 111.03 | 76.92 | 19.42 | 43.56 | 110.27 | 118.77 | 149.67 | 184.51 | 217.94 |
| Dividend Payout % | 22% | 25% | 30% | 32% | 31% | 36% | 31% | 24% | 29% | 23% | 30% |
Financials of Lumax Industries Ltd
Balance Sheet
Capital structure and asset base
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | Sep 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves | 259 | 300 | 353 | 426 | 437 | 451 | 482 | 574 | 662 | 765 | 908 | 960 |
| Borrowings + | 127 | 92 | 104 | 140 | 347 | 338 | 401 | 431 | 723 | 888 | 973 | 1,068 |
| Other Liabilities + | 463 | 478 | 751 | 615 | 490 | 564 | 654 | 852 | 1,207 | 1,199 | 1,544 | 1,866 |
| Total Liabilities | 859 | 880 | 1,217 | 1,190 | 1,283 | 1,362 | 1,546 | 1,866 | 2,601 | 2,861 | 3,435 | 3,904 |
| Fixed Assets + | 408 | 419 | 518 | 549 | 653 | 627 | 711 | 749 | 968 | 1,106 | 1,434 | 1,434 |
| CWIP | 17 | 20 | 34 | 50 | 32 | 47 | 48 | 43 | 178 | 212 | 105 | 180 |
| Investments | 69 | 79 | 88 | 81 | 90 | 92 | 102 | 147 | 179 | 246 | 278 | 293 |
| Other Assets + | 365 | 362 | 577 | 510 | 508 | 596 | 685 | 927 | 1,276 | 1,297 | 1,619 | 1,997 |
| Total Assets | 859 | 880 | 1,217 | 1,190 | 1,283 | 1,362 | 1,546 | 1,866 | 2,601 | 2,861 | 3,435 | 3,904 |
Financials of Lumax Industries Ltd
Cash Flows
Operating, investing and financing cash movement
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operating Activity + | 81 | 100 | 140 | 104 | 103 | 76 | 108 | 108 | 133 | 212 | 373 |
| Cash from Investing Activity + | -37 | -62 | -128 | -97 | -194 | -31 | -129 | -90 | -245 | -293 | -265 |
| Cash from Financing Activity + | -59 | -39 | -11 | -6 | 96 | -51 | 34 | -26 | 137 | 59 | -92 |
| Net Cash Flow | -15 | -2 | 1 | 1 | 6 | -5 | 13 | -8 | 24 | -22 | 16 |
| Free Cash Flow | 43 | 37 | 8 | -8 | -63 | 14 | -21 | 19 | -124 | -110 | 86 |
| CFO/EBITDA Share of operating profit converting into cash: CFO (before tax) / Operating Profit | 101% | 110% | 117% | 89% | 75% | 72% | 87% | 64% | 64% | 81% | 103% |
Financials of Lumax Industries Ltd
Ratios
Working capital efficiency and return ratios
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 53 | 55 | 70 | 44 | 39 | 55 | 48 | 48 | 48 | 50 | 55 |
| Inventory Days | 45 | 52 | 57 | 61 | 75 | 94 | 91 | 96 | 129 | 92 | 90 |
| Days Payable | 135 | 146 | 180 | 114 | 131 | 159 | 163 | 141 | 154 | 147 | 145 |
| Cash Conversion Cycle | -36 | -39 | -53 | -9 | -17 | -9 | -24 | 3 | 22 | -6 | 0 |
| Working Capital Days | -58 | -54 | -57 | -49 | -78 | -75 | -60 | -38 | -49 | -44 | -45 |
| ROCE % | 19% | 24% | 22% | 17% | 8% | 11% | 19% | 17% | 16% | 18% |
Guidance history
How Lumax Industries Ltd's guidance has moved, call by call
| Call | Revenue | Margins | Capex | Fundraising | Order book |
|---|---|---|---|---|---|
| Q1 FY27 call → | 10–20% | Flat | Planned | — | Rising |
| Q4 FY26 call → | 20–40% | Up 0–2% | Planned | None planned | Rising |
| Q3 FY26 call → | 20–40% | Up 2%+ | Planned | — | Rising |
| Q2 FY26 call → | 20–40% | Up 0–2% | Planned | None planned | Rising |
What management guided on each call, newest first. Not investment advice, and not a forecast of returns.
Momentum score · price trend
29 out of 100 — Cooling
Over the past year its share price has done worse than most of the stocks we track.
| Period | Share price change | Better than … of 1,910 stocks |
|---|---|---|
| Last 12 months | +2.1% | 62% |
| Last 6 months | −0.1% | 53% |
| Last 3 months | −2.3% | 60% |
The price is 24.1% below its all-time high of ₹6,703 (11 Feb 2026). Stocks more than 20% below their peak have their score halved, so 58 became 29.
How we calculate it
“Better than 30%” means that over that period the share price did better than 30 out of every 100 stocks we track (1,910 Indian companies worth ₹500 Cr or more, with at least a year of prices).
The score weighs the longer periods more: 40% × 12-month + 40% × 6-month + 20% × 3-month. For Lumax Industries Ltd: 0.4 × 62 + 0.4 × 53 + 0.2 × 60 = 58, halved to 29 because the price is more than 20% below its all-time high.
Strengthening is 70 and above, Steady 40 to 70, Cooling below 40. Scores are recalculated every night after the market closes.
Full methodology →This describes only how the share price has moved up to 29 Oct 2026, compared with other stocks. It says nothing about the business, and it is not a prediction, a price target or a recommendation to buy or sell.
Continue your research
What Lumax Industries Ltd's management said in earlier quarters
- Q2 FY27 earnings call analysis →
- Q1 FY27 earnings call analysis →
- Q3 FY26 earnings call analysis →
- Q2 FY26 earnings call analysis →
- Q1 FY26 earnings call →
- Q4 FY25 earnings call →
- Q3 FY25 earnings call →
- Q2 FY25 earnings call →
- Q1 FY25 earnings call →
- Q4 FY24 earnings call →
- Q3 FY24 earnings call →
- Q2 FY24 earnings call →
Others in Auto Components this season
- Kheria Autocomp (Q2 FY27)
5,500.63 Lakhs for the half year ended 30th September 2025, indicating a year-on-year increase of approximately 31.4%. Key results statement takeaways from Kher
- Menon Bearings Ltd (Q2 FY27)
10,202.87 lakh, up 57.22% from Rs. Key results statement takeaways from Menon Bearings Ltd's Q2 FY27 results statement — and how it ranks against sector peers.
- India Motor Parts & Accessories Ltd (Q2 FY27)
221.70 Crores, compared to Rs. Key results statement takeaways from India Motor Parts & Accessories Ltd's Q2 FY27 results statement — and how it ranks against s
- Wheels India Ltd (Q2 FY27)
Q2 FY27 consolidated revenue from operations: INR 1,711 Cr, up 35% YoY (Page 19) . Key investor presentation takeaways from Wheels India Ltd's Q2 FY27 investor