Financial Performance Summary

Q2 FY27 Performance (Consolidated)

  • Revenue: INR 1,555.5 Cr, up 35% YoY (Q2 FY26: INR 1,156.4 Cr) and 14% QoQ (Q1 FY27: INR 1,363.6 Cr)
  • EBITDA: INR 228.2 Cr, up 34% YoY; EBITDA margin stable at 14.7% (-4 bps YoY)
  • Profit Before Tax: INR 154.2 Cr, up 48% YoY; PBT margin at 9.9% (+90 bps YoY)
  • Profit After Tax (before minority interest): INR 116.7 Cr, up 50% YoY; PAT margin at 7.5% (+80 bps YoY)
  • EPS: INR 15.48 (Q2 FY26: INR 9.81)

H1 FY27 Performance (Consolidated)

  • Revenue: INR 2,919.1 Cr, up 34% YoY (H1 FY26: INR 2,182.7 Cr)
  • EBITDA: INR 433.6 Cr, up 42% YoY; EBITDA margin at 14.9% (+84 bps YoY)
  • Profit After Tax (before minority interest): INR 215.3 Cr, up 64% YoY; PAT margin at 7.4% (+135 bps YoY)
  • EPS: INR 28.19 (H1 FY26: INR 15.89)

Segment-wise Performance Q2 FY27

Revenue by Product Verticals:

  • Advanced Plastics: INR 886 Cr (57% of revenue), up 44% YoY
  • Structures & Control Systems: INR 258 Cr (17% of revenue), up 28% YoY
  • Alternate Fuels: INR 109 Cr (7% of revenue), up 46% YoY
  • Aftermarket: INR 131 Cr (8% of revenue), up 11% YoY
  • Mechatronics: INR 93 Cr (6% of revenue), up 36% YoY

Key Customers by Segment:

  • Advanced Plastics: Mahindra & Mahindra, Maruti Suzuki, Tata Motors, Toyota, Volkswagen, MG, Bajaj Auto, HMSI
  • Structures & Control Systems: Maruti Suzuki, Mahindra & Mahindra, Toyota, Tata Motors, Honda Cars, Daimler India, Bajaj Auto
  • Mechatronics: Maruti Suzuki, HMSI, Mahindra & Mahindra, Honda Cars, Toyota, Daimler India, Royal Enfield
  • Alternate Fuels: Maruti Suzuki, Tata Motors, SML, Volvo Eicher
  • Aftermarket: Pan-India network of channel partners, dealers, retailers, and mechanics

Balance Sheet Position (as of September 30, 2026)

Assets:

  • Total Assets: INR 4,238.1 Cr (March 31, 2026: INR 3,947.0 Cr)
  • Property, Plant and Equipment: INR 805.8 Cr
  • Right-of-use assets: INR 219.6 Cr
  • Capital work in progress: INR 144.4 Cr (up from INR 65.4 Cr)
  • Intangible assets: INR 274.1 Cr
  • Goodwill: INR 176.8 Cr
  • Investments: INR 357.9 Cr (non-current) + INR 265.8 Cr (current)
  • Trade receivables: INR 1,048.4 Cr
  • Inventories: INR 459.4 Cr
  • Cash and cash equivalents: INR 82.2 Cr
  • Other bank balances: INR 11.4 Cr

Liabilities and Equity:

  • Total Equity: INR 1,690.7 Cr (INR 1,404.6 Cr attributable to parent, INR 286.1 Cr to non-controlling interest)
  • Equity share capital: INR 13.6 Cr (unchanged)
  • Borrowings: INR 331.2 Cr (non-current) + INR 574.4 Cr (current) = INR 905.6 Cr total gross debt
  • Lease liability: INR 173.6 Cr (non-current) + INR 61.1 Cr (current)
  • Trade payables: INR 983.9 Cr
  • Net debt: INR 41 Cr (debt-equity ratio: 0.03x)
  • Long-term gross debt: INR 442 Cr (debt-equity ratio: 0.26x)

Cash Flow Highlights H1 FY27

  • Cash generated from operations: INR 388.3 Cr
  • Direct taxes paid (net of refund): INR -65.3 Cr
  • Net Cash from Operating Activities: INR 322.9 Cr
  • Net Cash from Investing Activities: INR -116.2 Cr
  • Net Cash from Financing Activities: INR -206.4 Cr
  • Net Change in cash and cash equivalents: INR 0.3 Cr
  • Free cash: INR 401 Cr (14% of revenue)
  • H1 FY27 capex: INR 60 Cr

Strategic Updates and Growth Outlook

Order Book Pipeline:

  • Total order book: INR 1,879 Cr
  • Execution schedule: INR 258 Cr in FY27, INR 1,117 Cr in FY28, INR 504 Cr in FY29
  • Order book mix: 29% from alternate powertrains (EV and CNG), 22% from new technologies

North Star Targets (FY25-FY31e):

  • 20% minimum revenue CAGR (from INR 3,637 Cr in FY25 to ~INR 11,000 Cr in FY31e)
  • 20% EBITDA margin long-term vision (from 14% in FY25)
  • 20+% ROCE (from 18% in FY25)
  • 20% revenue from future & clean mobility (from 6% in FY25)

Capex Plans:

  • FY26 capex: INR 233 Cr
  • FY27e estimated capex: INR 300 Cr

Key Greenfield Expansions:

  • IAC Plant Chakan: For Mahindra & Mahindra orders, Q4 FY27 completion
  • Mechatronics Mega (M1) Plant Manesar: Four JVs under one roof, Q3 FY27 completion
  • Mechatronics (M2) Plant Manesar: Electronic components including Body Control Modules, Q3 FY28 completion
  • Greenfuel Plant Nashik: Ferrule-less Tube & Fitting for Mahindra & Mahindra, Q3 FY27 completion
  • Greenfuel Plant Manesar: Ferrule-less Tube & Fitting for Maruti Suzuki, Q4 FY27 completion

Corporate Governance and Leadership

Board of Directors:

  • Chairman: Mr. Dhanesh Kumar Jain (6+ decades experience)
  • Vice Chairman: Mr. Deepak Jain (30+ years experience)
  • Managing Director: Mr. Anmol Jain (25+ years experience)
  • Independent Directors: Mr. Parag Chandulal Shah, Mr. Arun Kumar Malhotra, Ms. Diviya Chanana, Mr. A P Gandhi

Management Team:

  • CEO: Mr. Vikas Marwah (30+ years experience)
  • CEO, IAC Division: Mr. Sunil Koparkar (30+ years experience)
  • MD & CEO, Lumax Greenfuel: Mr. Akshay Kashyap (20+ years experience)
  • Director & Group CFO: Mr. Sanjay Mehta (30+ years experience)
  • CFO: Mr. Ankit Thakral (15+ years experience)
  • Company Secretary: Mr. Pankaj Mahendru (15+ years experience)

ESG and CSR Initiatives

ESG Roadmap FY25-FY30:

  • Renewable Energy target: 100% by FY27-28 (from 40% in FY24-25)
  • Diversity ratio target: 25% by FY29-30 (from 10% in FY24-25)
  • CO₂ reduction in supply chain: 40% by FY29-30
  • Current certifications: ISO 14001, ISO 45001 (EHS), ISO 27001 in major plants

CSR Initiatives through Lumax Charitable Foundation:

  • Focus on Quality Education and Good Health & Well-Being SDGs
  • Operating in 33 government and low-income private schools across 5 states
  • 8,000+ students received Life Skills Education
  • 7,200 students benefited from Career Counselling & Guidance
  • 568 scholarships awarded for higher education
  • Health interventions: 823 eye care surgeries, 651 cancer screenings, 35 children supported with juvenile diabetes management

Awards and Accolades (Recent)

  • Bajaj Auto: Platinum Award – Quality Consistency (LATL Metallics & Lighting Chakan Plants)
  • Mahindra: Supplier Excellence Award – Execution Excellence
  • Maruti Suzuki: Localisation of Design & Development Capability (Lumax Alps Alpine)
  • CNBC-TV18: Manufacturing SME of the Year – Industrial Excellence (Lumax Mannoh)
  • Toyota: Zero PPM Award – Zero Defect Supplies (Lumax Yokowo Technologies)
  • JIPM: TPM Excellence Award (LATL Metallics Division, Kuruli)
  • ET Now Machinist: Super Shopfloor Award 2026 – ESG Winner (IAC Division, Nashik)

Company Overview

  • FY26 Revenue: INR 4,870 Cr (34% CAGR FY21-FY26)
  • FY26 EBITDA: INR 705 Cr (14.5% margin)
  • FY26 PAT: INR 337 Cr, EPS: INR 40.9
  • 29 manufacturing facilities across 7 states
  • 8 strategic partnerships across Japan, Italy, Spain, Israel, India
  • 3 R&D, engineering & tech centers with 500+ R&D specialists
  • 2 overseas offices (Japan satellite office, China representative office)
  • Revenue mix by product: Advanced Plastics (53%), Structures & Control Systems (17%), Aftermarket (10%), Alternate Fuels (8%), Mechatronics (6%), Others (6%)
  • Revenue mix by vehicle segment: Passenger vehicles (53%), 2/3-wheelers (24%), Commercial vehicles (9%), Aftermarket (10%), Others (4%)