Lumax Industries Limited – Investor Presentation Summary

Key Operational Highlights

  • Total order book of ₹2,580 Cr as of Q2 FY27
  • LED lighting comprises ~88% of order book
  • EV programs account for ~11% of order book
  • Passenger vehicles represent 63% of order book, two- and three-wheelers 37%
  • 12 manufacturing plants across 6 states in India
  • 2 R&D centres in Gurugram and Pune
  • 2 overseas design centres in Taiwan and Czech Republic
  • 50 patents filed, 6 patents awarded, 37 designs filed, 10 trademarks filed as of September 30, 2026

Key drivers of operational performance: New program launches and ramp-ups, sustained growth with leading OEM customers, rapid scale-up with smaller customers.

Segment-wise Performance

  • H1 FY27 LED share of revenue: 63%
  • Revenue mix by product (FY26): Front lighting (69%), Rear lighting (22%), Others (9%)
  • Revenue mix by vehicle segment (FY26): Passenger vehicles (65%), Two-wheelers (29%), Commercial vehicles (6%)
  • Revenue mix by technology (FY26): LED (61%), Conventional (39%)

Explanation of significant changes in segment performance: Growth driven by increasing LED adoption across all vehicle segments and expansion with both existing and new OEM customers.

Financial Highlights

Standalone Q2 FY27 Performance:

  • Revenue: ₹1,341.8 Cr
  • EBITDA: ₹108.6 Cr (8.1% margin)
  • PAT: ₹39.1 Cr (2.9% margin)
  • EPS: ₹41.9

Standalone H1 FY27 Performance:

  • Revenue: ₹2,565.1 Cr
  • EBITDA: ₹233.4 Cr (9.1% margin)
  • PAT: ₹91.1 Cr (3.6% margin)
  • EPS: ₹97.5

Consolidated Q2 FY27 Performance:

  • Revenue: ₹1,341.8 Cr
  • EBITDA: ₹110.3 Cr (8.2% margin)
  • PAT: ₹52.0 Cr (3.9% margin)
  • EPS: ₹55.6

Consolidated H1 FY27 Performance:

  • Revenue: ₹2,565.1 Cr
  • EBITDA: ₹223.4 Cr (8.7% margin)
  • PAT: ₹103.1 Cr (4.0% margin)
  • EPS: ₹110.3

YoY/QoQ comparison: Q2 revenue grew 33.0% YoY and 9.7% QoQ; H1 revenue grew 32.8% YoY. EBITDA margin declined 80 bps YoY in Q2 but improved 20 bps YoY in H1.

Drivers of financial performance: Higher revenue growth offset by supply chain disruptions and input cost volatility affecting margins.

Key Risks: Geopolitical challenges including supply chain disruptions, volatility in input costs.

Geographical Revenue Split

Domestic vs Export/Regional Revenue: Not specified in detail, but manufacturing facilities are located in India with international design centers.

Balance Sheet Snapshot

Standalone (Sep-26):

  • Property, plant and equipment: ₹1,250.3 Cr
  • Capital work-in-progress: ₹180.0 Cr
  • Inventories: ₹800.3 Cr
  • Trade receivables: ₹812.5 Cr
  • Cash and cash equivalents: ₹6.4 Cr
  • Total borrowings: ₹892.8 Cr (non-current ₹94.3 Cr + current ₹798.5 Cr)
  • Trade payables: ₹1,226.6 Cr
  • Shareholders' funds: ₹753.6 Cr

Consolidated (Sep-26):

  • Property, plant and equipment: ₹1,253.7 Cr
  • Capital work-in-progress: ₹180.0 Cr
  • Investment in associate: ₹281.4 Cr
  • Inventories: ₹800.2 Cr
  • Trade receivables: ₹812.5 Cr
  • Cash and cash equivalents: ₹14.8 Cr
  • Total borrowings: ₹892.8 Cr (non-current ₹94.3 Cr + current ₹798.5 Cr)
  • Trade payables: ₹1,225.4 Cr
  • Shareholders' funds: ₹969.6 Cr

Financial Health Insights: Working capital increased with inventory and receivables growth supporting revenue expansion.

Capex & Cash Flow Health

Standalone Cash Flow (H1 FY27):

  • Net Cash from Operating Activities: ₹119.8 Cr
  • Net Cash from Investing Activities: ₹(122.2) Cr
  • Net Cash from Financing Activities: ₹(9.1) Cr
  • Net change in cash: ₹(11.6) Cr

Consolidated Cash Flow (H1 FY27):

  • Net Cash from Operating Activities: ₹124.8 Cr
  • Net Cash from Investing Activities: ₹(125.1) Cr
  • Net Cash from Financing Activities: ₹(9.8) Cr
  • Net change in cash: ₹(10.1) Cr

Capital Expenditure: Capital work-in-progress of ₹180.0 Cr as of Sep-26, up from ₹104.9 Cr in Mar-26.

Investment Rationale: Focus on capacity expansion and technology upgrades to support growth initiatives.

Strategic & R&D Initiatives

Investments in Innovation: Portfolio includes OLED rear lamps with animation, low-cost LED headlamp modules, matrix (ADB) headlamp modules, grille lighting with animation, image projection modules, innovative interior and mood lighting.

Expected impact on growth: Target to increase LED revenue mix to 65-70%, deepen LED localization to 50%+ (from 30-35%), and achieve early-teens EBITDA margins within 2-3 years.

Strategic Rationale: Technology-led growth, deeper customer engagement, operational excellence, and exploring export opportunities through Stanley Electric network.

Industry Trends & Business Environment

Macro/Industry Trends: Automotive industry moving toward LED lighting, adaptive driving beams, and EV-specific lighting solutions. Supply chain disruptions and input cost volatility affecting operations.

Impact on Company: Driving increased LED content per vehicle, focusing on EV platform design-ins, and working on cost recovery with customers while maintaining cost discipline.

Management Commentary & Growth Outlook

Strategic Outlook: "We continue to work with our customers on cost recovery, while staying focused on cost discipline and operational efficiency. We continue to deepen our relationship with our existing customers to gain share of business while engaging with newer OEMs as well."

FY Guidance: Targeting early-teens EBITDA margin within 2-3 years through LED mix improvement, deep localization, renewable energy sourcing, and Industry 4.0 automation.

Risks and Opportunities: Geopolitical challenges including supply chain disruptions and input cost volatility present risks, while technology leadership and customer expansion provide growth opportunities.

ESG & CSR Initiatives

ESG Roadmap FY25-FY30 targets: Renewable energy usage to reach 100% by FY27-28 (from 72% in FY26), reduce CO₂ emissions in supply chain by 40% by FY29-30, increase diversity ratio to 25% by FY29-30 (from 19% currently).

CSR Focus: Quality Education and Good Health & Well-Being through Lumax Charitable Foundation, operating in 33 schools across 5 states, supporting 8,000+ students with life skills education, providing health interventions including eye care surgeries and cancer screening.

Awards & Accolades

Recent recognition includes: Superior Performance in Sustainability from Maruti Suzuki, Special Appreciation Award from Mahindra for XUV 7XO, Launch Excellence Award from Tata Motors, Gold Award at 50th ICQCC 2025, and multiple JIPM TPM Excellence Awards across manufacturing plants.