Financial Performance Overview
Lumax Industries Limited reported its highest-ever financial performance for both the fourth quarter and full year ended March 31, 2026.
Annual Performance (FY26):
- Revenue: ₹4,184 crore, up 23.0% YoY
- EBITDA: ₹412 crore, up 42.8% YoY
- EBITDA Margin: 9.8%, improved by 130 bps YoY
- PAT (including share of associates): ₹172.5 crore, up 23.3% YoY
- PAT Margin: 4.1%
- EPS: ₹184.5
Quarterly Performance (Q4 FY26):
- Revenue: ₹1,200 crore, up 30% YoY
- EBITDA: ₹125 crore, up 46.6% YoY
- EBITDA Margin: 10.4%
- PAT: ₹54.1 crore, up 23.0% YoY (compared to ₹44.0 crore in Q4 FY25)
- PAT Margin: 4.5%
- EPS: ₹57.9
Profit Before Tax (PBT) Performance:
- FY26 PBT: ₹186.3 crore, up 80.8% YoY with margin of 4.5% (+150 bps)
- Q4 FY26 PBT: ₹61.8 crore, up 80.0% YoY with margin of 5.1% (+140 bps)
Exceptional Items
Exceptional items for FY26 include ₹17.8 crore pertaining to notification of Labour Code.
Divisional Performance (FY26)
Lighting Technology Mix:
- LED Lighting: 61% of total revenue
- Conventional Lighting: 39% of total revenue
Product Mix:
- Front Lighting: 69% of total revenue
- Rear Lighting: 22% of total revenue
- Others: 9% of total revenue
Segment Mix:
- Passenger Vehicles: 65% of total revenue
- Two Wheelers: 29% of total revenue
- Commercial Vehicles and others: 6% of total revenue
New Product Launches (Q4 FY26)
The company made several new product launches during the quarter:
Passenger Vehicles:
- M&M XUV 7XO: Front Fog Lamp, Cornering Lamp, Map Reading, Sun Visor & Roof Lamp
- Tata Motors Punch (Facelift): DRL Lamp (HV & BV), Head Lamp & Fog Lamp
- Skoda Auto Volkswagen Kushaq (Facelift): Tail Lamp
- Toyota Kirloskar Urban Cruiser Ebella: Head Lamp & STI Lamp, Tail Lamp & Lid Lamp
Two-Wheeler:
- Suzuki Motorcycles E-Access: Front Turning Signal Lamp & Head Lamp
Awards and Recognition
- Secured JIPM TPM awards across 3 different levels: Special Award Bengaluru, Special Award Pantnagar, Consistency Award Bawal, Consistency Award Dharuhera, Excellence Award Chakan III
- Integrated Annual Report ranked #61 globally with Platinum Award in LACP Vision Awards 2024-25
- Dharuhera won Significant Achievement Award in Environment Domain at 20th CII-ITC Sustainability Awards
- Mr. Ravi Teltia, CFO received Roll of Honour for Capital Management at CFO India Program by IMA
- Recognition for superior performance in Sustainability at Maruti Suzuki Vendor Conference 2025-26
- Special Appreciation Award for XUV 7XO at Mahindra Supplier Conference 2026
- Special Appreciation Award for UDO Electric (3W) at Mahindra Supplier Conference 2026
Credit Rating Update
ICRA Limited upgraded the company's Long-term credit rating to ICRA AA- (Stable) and Short-term credit rating to ICRA A1+.
Management Commentary
Mr. Deepak Jain, Chairman & Managing Director, commented on the performance:
- Record performance driven by improved product mix with LED lighting contributing 61% to overall revenues
- Profitability growth faster than revenue growth with strong operating model and execution capabilities
- Healthy order book of ₹2,200 crores with 88% LED composition
- Strong relationships with leading OEMs including Maruti Suzuki, Honda Motorcycle & Scooter India, Mahindra & Mahindra, Tata Motors, Hero MotoCorp
- Positive outlook for Indian automotive industry supported by healthy domestic demand, premiumisation trend, improving infrastructure activity, and favourable macroeconomic fundamentals
- Cautiously optimistic about FY27 outlook but monitoring uncertainties from ongoing West Asia conflict that could impact production, commodity prices, fuel costs, and economic sentiment
Company Background
Lumax Industries Limited is India's pioneer in Automotive Lighting Industry with over 4 decades of partnership with Stanley Electric Co. Limited, Japan. The company has eleven manufacturing plants in India and supplies to major OEMs including Maruti Suzuki, Mahindra & Mahindra, Tata Motors, Hero Moto Corp, Honda Motorcycle and Scooter India, Toyota, and TVS.