Lumax Auto Technologies Ltd (LUMAXTECH)
🎯 Key Takeaways
- Lumax Auto Technologies is in a high-growth phase, transitioning from components to integrated systems with a clear focus on technology-led expansion and margin resilience. Management is targeting 20% CAGR long-term revenue growth, supported by strong order book visibility, expanding margins, and internal capex, signaling confidence in sustainable scalability without external financing needs.
- Revenue declined 3.8% QoQ to ₹1,364 in Q1FY27.
- ⚠️ 1) Base effect pressure from FY26’s GST-related revenue normalization may impact near-term growth momentum. 2) High reliance on OEM demand and concent
📖 The Story
Lumax Auto Technologies is in a high-growth phase, transitioning from components to integrated systems with a clear focus on technology-led expansion and margin resilience. Management is targeting 20% CAGR long-term revenue growth, supported by strong order book visibility, expanding margins, and internal capex, signaling confidence in sustainable scalability without external financing needs.
📰 What's Happening
In Q1 FY27, revenue grew 33% YoY to ₹1,364 crores, driven by 47% growth in advanced plastics and 56% in mechatronics, with order book reaching ₹1,600 crores (56% FY28 visibility). Management reaffirmed a 20% CAGR target and guided EBITDA margins to 15.5-16% for FY27 and FY28. Capex of ₹300 crores is planned internally, while a ₹8 crore corporate guarantee was extended to Lumax FAE Technologies. The 45th AGM approved FY26 financials and a ₹5.50 dividend, with targets of ₹10,000 crores revenue by FY31 through organic and inorganic growth.
Source: Stock Announcements
📊 Quarterly Results (₹ Cr)
| Metric | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|
| Revenue | 1,156 | 1,271 | 1,417 | 1,364 |
| Operating Profit | 113 | 128 | 151 | 142 |
| OPM % | 9.8% | 10.1% | 10.7% | 10.4% |
| Net Profit | 78 | 108 | 98 | 99 |
| EPS | ₹9.81 | ₹12.10 | ₹12.93 | ₹12.71 |
Revenue growth has moderated slightly quarter-on-quarter (₹1,364 cr in Jun 2026 vs ₹1,417 cr in Mar 2026), but profitability remains resilient with EBITDA margin holding at 10.4% and net profit stable at ₹99 crores despite base effect pressures from prior GST rationalization. The 190 bps YoY expansion in EBITDA margin to 15.1% reflects successful cost optimization and scale benefits, while OPM stability (10.4% in Jun) suggests margin discipline is being maintained even amid inflationary headwinds.
🔮 Management Outlook & What's Next
Management has provided forward-looking guidance on 20% CAGR revenue growth, EBITDA margins of 15.5-16% for FY27 and FY28, and aftermarket growth targeting 15% or higher. They also emphasized scaling mechatronics JVs to achieve 14-15% EBITDA margins and expanding wallet share with OEMs through technology-led product launches. Capex of ₹300 crores for FY27 is fully funded internally, underscoring a self-reliant investment model aligned with long-term scalability goals.
Extracted from official company announcements. Not StockFin.ai's opinion.
🏦 Balance Sheet (₹ Cr)
| Item | Mar 2025 | Mar 2025 | Mar 2026 | Mar 2026 |
|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 |
| Reserves | 822 | 921 | 1,042 | 1,197 |
| Borrowings | 768 | 902 | 1,111 | 1,001 |
| Total Liabilities | 2,822 | 3,239 | 3,563 | 3,947 |
| Fixed Assets | 714 | 829 | 930 | 1,494 |
| Investments | 436 | 390 | 561 | 586 |
| Total Assets | 2,822 | 3,239 | 3,563 | 3,947 |
The balance sheet shows consistent equity base of ₹14 crores with reserves growing from ₹921 crores (Mar 2025) to ₹1,197 crores (Mar 2026), indicating strong retained earnings. Borrowings rose slightly to ₹1,001 crores (Mar 2026) from ₹902 crores (Mar 2025), but remain manageable with a D/E of 0.83. Total assets grew to ₹3,947 crores, reflecting strategic investments in capacity expansion, including a ₹156.23 crore internal capex for a Chakan plant targeting ₹440 crore annual turnover by FY28.
💰 Cash Flow Statement (₹ Cr)
| Item | Mar 2026 |
|---|---|
| Operating | +460 |
| Investing | -280 |
| Financing | -170 |
| Net Cash Flow | +10 |
👥 Shareholding Pattern
| Category | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoters | 56.0% | 56.0% | 56.0% | 56.0% |
| FII | 7.3% | 8.0% | 8.4% | 8.7% |
| DII | 16.6% | 16.5% | 16.8% | 16.5% |
| Public | 16.4% | 15.8% | 15.3% | 15.6% |
| # Shareholders | 48,760 | 51,736 | 58,405 | 64,759 |
Promoter holding remains stable at 55.98% across all quarters, indicating no dilution or stake sales. FII ownership increased from 7.34% (Q2FY26) to 8.69% (Q1FY27), suggesting institutional accumulation, while DII rose from 16.52% to 16.53%, showing steady foreign and domestic investor confidence. The growing number of shareholders (64,759 in Q1FY27) reflects broadening retail participation and improved liquidity.
⚖️ Peer Comparison — Auto Ancillaries
| Company | MCap (₹ Cr) | P/E | ROCE | ROE | D/E |
|---|---|---|---|---|---|
| MOTHERSON | 1.76 L Cr | 40.1 | 13.9% | 11.0% | 0.39 |
| BOSCHLTD | 1.44 L Cr | 61.1 | 21.7% | 15.9% | 0.00 |
| UNOMINDA | 73,774 | 61.3 | 19.3% | 18.9% | 0.37 |
| SONACOMS | 50,497 | 72.5 | 15.2% | 11.5% | 0.04 |
| ENDURANCE | 40,405 | 41.7 | 17.3% | 14.2% | 0.15 |
| EXIDEIND | 37,443 | 40.2 | 9.8% | 6.7% | 0.08 |
| CRAFTSMAN | 29,279 | 55.7 | 14.7% | 14.2% | 1.02 |
| ZFCVINDIA | 28,863 | 11.7 | 18.3% | 13.5% | 0.00 |
| GABRIEL | 25,551 | 67.5 | 32.0% | 25.6% | 0.06 |
| SUNDRMFAST | 25,335 | 41.5 | 17.4% | 14.3% | 0.14 |
⚠️ Risk Factors
1) Base effect pressure from FY26’s GST-related revenue normalization may impact near-term growth momentum. 2) High reliance on OEM demand and concentration in automotive segments exposes the company to cyclical industry slowdowns. 3) Escalating R&D and technology investment could pressure short-term margins if adoption lags. 4) Expansion into software-defined vehicles and systems integration introduces execution and competitive risks in a capital-intensive, fast-evolving segment.
📋 Recent Filings
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🟡 Board Meeting 26 August 2026Lumax Auto Technologies held its 45th AGM on August 26, 2026 via video conferencing, with 79 shareholders participating remotely. Chairman Deepak Jain...
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🔴 Financial Results 18 August 2026Lumax Auto Technologies reported Q1 FY27 revenue of **₹1364 crores**, up 33% YoY, driven by strong demand across segments. Net profit surged 83% to **...
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Announcement 11 August 2026Lumax Auto Technologies announced that its Q1 FY26 earnings conference call audio recording is now available online for investors to review, providing...
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Announcement 10 August 2026Lumax Auto Technologies announced its Q1 FY27 unaudited financial results and strategic updates on August 10, 2026. The board approved Q1 FY27 financi...
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Announcement 10 August 2026Lumax Auto Technologies announced on August 10, 2026, that its board approved unaudited Q1 FY27 financial results, a corporate guarantee of up to Rs. ...
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Announcement 10 August 2026Lumax Auto Technologies presented its Q1 FY27 investor deck highlighting 33% YoY revenue growth to ₹1,364 crore, driven by 47% growth in advanced plas...
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🔴 Financial Results 10 August 2026Lumax Auto Technologies reported consolidated revenue of ₹1,364 crores for Q1FY27, up 33% YoY from ₹1,026 crores, with EBITDA rising 51% to ₹205 crore...
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🟡 Board Meeting 10 August 2026Lumax Auto Technologies approved unaudited Q1 FY2027 results showing ₹1952.25 crore profit, sanctioned an internal [amount context mismatch] crore cap...
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🔴 annual report 1 August 2026Lumax Auto Technologies Limited announced its 45th Annual General Meeting on August 26, 2026, via video conferencing, to approve the audited standalon...
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🟡 Board Meeting 22 July 2026Lumax Auto Technologies announced the appointment of Sunil Shantaram Koparkar as Senior Management Personnel for the Intelligent Ambient Comfort Divis...
🧠 Analyst's Read
Lumax Auto is executing a clear technology-led growth strategy with strong margin resilience and order book visibility, but near-term growth may face headwinds from macro-led base effects. Investors should monitor OEM order intake, mechatronics JV profitability, and aftermarket traction as key indicators of sustained momentum.
Based on filing content and financial data. Not a recommendation.
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Data sourced from stock announcements. Analysis generated by StockFin.ai.
For informational purposes only — not investment advice. Updated 2026-09-01.
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This analysis was programmatically compiled using StockFin AI utilizing official regulatory disclosures from the BSE and NSE. Content is automatically synthesized and audited against public financial filings. StockFin.ai is an educational research platform and is NOT a SEBI-registered investment advisor or research analyst.
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