Lumax Industries LimitedAutomobilesLUMAXIND
Q1 FY27 concall · earnings callLumax Industries Limited
Lumax delivered strong revenue growth in Q1 FY27 driven by robust auto production, a large LED-focused order book, and expects margin improvement as commodity price recoveries materialize.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | ₹1,223 Cr | 32.6% y-o-y | |
| EBITDA | ₹113 Cr | 34% y-o-y | |
| EBITDA Margin | 9.2% | — | |
| PAT | ₹51 Cr | 41.2% y-o-y | |
| LED Revenue Share | 63% | up from 61% y-o-y |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹887.08 Cr— YoY— QoQ | ₹22.20 Cr— YoY— QoQ | ₹23.75— YoY— QoQ |
| Q2 FY25 | ₹811.82 Cr+26.1% YoY+6% QoQ | ₹28.28 Cr+7.7% YoY-17.3% QoQ | ₹30.25+7.7% YoY— QoQ |
| Q1 FY25 | ₹765.79 Cr+23.8% YoY+3.1% QoQ | ₹34.18 Cr+47.8% YoY-5.2% QoQ | ₹0.00-100% YoY-100% QoQ |
| Q4 FY24 | ₹742.69 Cr+22.1% YoY+17.6% QoQ | ₹36.07 Cr+73.8% YoY+41% QoQ | ₹38.58+73.8% YoY+41% QoQ |
| Q3 FY24 | ₹631.72 Cr+9% YoY-1.9% QoQ | ₹25.58 Cr-13.4% YoY-2.6% QoQ | ₹27.37-13.4% YoY-2.5% QoQ |
TL;DR
- Consolidated revenue grew 32.6% y-o-y to INR 1,223 crore.
- EBITDA grew 34% y-o-y to INR 113 crore with margin at 9.2%, impacted by commodity cost recovery delays.
- Order book stands at INR 2,500 crore with ~90% LED composition.
- Management maintains full-year EBITDA margin guidance of 10.5-11%.
- Capex guidance raised to INR 200-250 crore for FY27 due to new order wins.
Said on the call
“Our order book stood at about INR 2,500 crore. I think that's a very healthy sign for the growth of the Company, irrespective of how the industry will grow.”
From the Q&A
| Topic | What management said |
|---|---|
| Margin Pressure and Recovery | Management stated there was a ~150 bps margin reduction in Q1 due to delays in realizing commodity cost recoveries from OEMs, but expects these recoveries in Q2, guiding to full-year EBITDA margin of 10.5-11%. |
| Growth Drivers and Order Book | Key growth drivers cited were increased wallet share with Maruti Suzuki and HMSI, growth from TVS and Suzuki 2-wheelers, and an order book of INR 2,500 crore (90% LED), with ~60% (~INR 1,500 crore) starting production in FY28. |
| Customer Mix and Diversification | Analysts noted flattish revenue from M&M despite high wallet share; management attributed it to product mix in the quarter. They emphasized a strategy of dominating wallet share with top 4-5 players in each automotive segment. |
| Capex and Mould Business | Capex guidance for FY27 was raised to INR 200-250 crore from INR 100-150 crore due to new order wins. Mould sales are targeted at INR 250-300 crore for FY27, up from INR 180-185 crore last year, with majority expected in H2. |
| Long-term Outlook and Technology | Management targets revenue of over INR 9,000 crore by FY30-31 with EBITDA margin ambition of ~13% in 3-4 years. They have access to advanced lighting technologies (e.g., dynamic, laser) via partner Stanley but see their adoption in India as a couple of years away. |
Guidance
- Full-year FY27 EBITDA margin guidance maintained at 10.5% to 11%.
- Revenue growth forecast for the full year is 15-20%.
- Capex for FY27 is revised upwards to INR 200-250 crore.
- Target mould sales of INR 250-300 crore for FY27.
- Long-term ambition to reach ~13% EBITDA margin in 3-4 years.
Source
Summary written from the transcript filed by Lumax Industries Limited for the call held on 11 Aug 2026; published 18 Aug 2026, 20:37 IST.
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