Lumax Industries Ltd logo

Lumax Industries Ltd

LUMAXIND NSE

Key Fundamentals

MicrocapAuto ComponentsAutomobiles
Market Cap
₹5,385 Cr
Volatility
Moderate
P/E Ratio
28.57
EBITDA
₹412 Cr
Return on Equity
18.8%
Debt to Equity
1.06
Book Value
₹981.29
EPS
₹130.57
52W High
₹6,934.5
52W Low
₹3,322.2

Insights

Beta

AI-extracted from concalls & annual reports · figures as reported, with sources

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55 extracted metrics + investor summaries across FY16–FY26.

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Tapetide Score

Data-driven rating, 0–100. How it works →

Technical Indicators

Key Insights

Strengths

2
  • Company has delivered good profit growth of 61.8% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 27.6%

Growth Rate

Revenue Growth
22.92% ↗
Net Income Growth
23.30% ↗
Cash Flow Change
75.74% ↗
ROE
4.04% ↗
ROCE
6.57% ↗
EBITDA Margin (Avg.)
16.19% ↗

AI Analysis — Bull vs Bear

Anthropic anthropic claude-opus-4.6 42d ago
AI opinion · based on fundamentals
Risk medium

Lumax Industries Ltd is a leading automotive lighting systems manufacturer with a market cap of ~₹5,013 crore, trading at a PE of 28.9x. The company has delivered strong compounded profit growth of 62% CAGR over 5 years and FY26 consolidated revenue of ₹4,184 crore (up 23% YoY), with Q4 FY26 net profit rising 23% YoY to ₹54.1 crore.

Bull Case 8
  • Exceptional 5-year compounded profit CAGR of 62%, significantly outpacing the broader auto components sector
  • FY26 consolidated revenue reached ₹4,184 crore, growing 23% YoY from ₹3,400 crore in FY25, demonstrating consistent top-line momentum
  • Operating profit margin improved to 9.67% in FY26 from 8.19% in FY25, a 148 bps expansion indicating better operating leverage
  • ROE has improved from 17% (10-year average) to 22% in the last year, reflecting efficient capital deployment
  • Stock has delivered 29% CAGR over 5 years and 36% CAGR over 3 years, consistently compounding shareholder wealth
  • Healthy dividend payout ratio of 27.6% with a current dividend yield of 1.03%, offering income alongside growth
  • Q4 FY26 revenue surged 30.4% YoY to ₹1,200 crore, indicating accelerating growth momentum in the most recent quarter
  • 3-year compounded sales growth of 22% demonstrates sustained demand tailwinds from Indian automotive industry expansion
Bear Case 8
  • Debt-to-equity ratio stands at 1.06x, relatively elevated for an auto ancillary company and up from lower levels historically
  • PE of 28.9x is not cheap for an auto components company, though below industry PE of ~37x, leaving limited margin of safety
  • Interest costs rose sharply to ₹74 crore in FY26 from ₹47.9 crore in FY24, a 54% increase in two years, pressuring net margins
  • Net profit margin remains modest at approximately 4.1% (₹172 crore PAT on ₹4,184 crore revenue), typical of auto ancillaries but limiting earnings quality
  • Price-to-book ratio of 5.44x implies the stock is priced for continued high growth, creating downside risk if growth decelerates
  • Depreciation expense jumped to ₹151.7 crore in FY26 from ₹92.9 crore in FY24 (63% increase), reflecting heavy capex that needs sustained revenue to justify
  • Tax rate volatility — ranging from 26% in FY22 to 48% in FY24 and back to 30% in FY26 — creates earnings unpredictability
  • Concentration risk as a lighting-focused auto ancillary tied predominantly to Indian OEM production cycles and model launches

This is AI-generated analysis, not financial advice. Do your own due diligence.

AI News Digest

Anthropic anthropic claude-opus-4.6 42d ago
Positives 3
  • MarketSmith buy recommendation issued Jun 16

    MarketSmith India recommends Lumax Industries at ₹5,361 with a target price of ₹6,200 in two to three months and stop loss at ₹4,970, implying ~16% upside.

  • Broad auto sector rally Jun 16

    Nifty Auto index rose 2.60% on Monday as US-Iran peace deal sent Brent crude below $85, easing inflation concerns and boosting cyclical sectors.

  • Bullish market technicals Jun 16

    Nifty 50 rose 0.98% to 23,853.90, reclaiming its 50-DMA with RSI at 56.3 and a bullish MACD crossover, with 24,000 as the next key resistance level.

Neutral 1
  • Promoter shareholding unencumbered Jun 13

    Promoter Anmol Jain declared no encumbrance on 35,05,399 shares (37.50% stake) of Lumax Industries as of March 31, 2026, indicating no pledging risk.

TL;DR: Lumax Industries received a fresh buy recommendation from MarketSmith India with a ₹6,200 target, supported by a strong auto sector rally driven by falling crude prices and improving market breadth. No material headwinds were identified in the recent news flow, and promoter shares remain fully unencumbered. The near-term trend appears constructive as long as the stock holds above the ₹4,970 stop-loss level and the broader market sustains above its 50-DMA.

Quarterly Results

  Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Sales
618
644
632
743
766
812
887
923
923
1,009
1,053
1,200
1,223
Expenses
567
589
573
677
708
752
817
844
841
920
942
1,076
1,114
Operating Profit
51
55
58
66
58
60
70
79
82
89
111
124
110
OPM %
8%
9%
9%
9%
8%
7%
8%
9%
9%
9%
11%
10%
9%
Other Income
14
15
13
28
31
22
18
25
16
14
1
11
15
Interest
10
11
13
15
16
19
19
18
18
19
19
18
18
Depreciation
21
21
24
27
26
26
27
33
32
37
38
45
42
PBT
34
38
35
52
46
37
42
53
48
47
55
72
64
Tax %
32%
31%
27%
31%
26%
23%
19%
18%
25%
24%
15%
25%
20%
Net Profit
23
26
26
36
34
28
33
44
36
36
47
54
51
EPS in Rs
24.73
28.08
27.37
38.59
36.57
30.25
35.82
47.04
38.72
38.13
49.8
57.88
54.64
Figures in ₹ Crores

Profit & Loss

  Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026TTM
Sales
1,252
1,271
1,649
1,851
1,602
1,426
1,751
2,320
2,637
3,400
4,184
4,485
Expenses
1,164
1,170
1,515
1,698
1,443
1,326
1,616
2,112
2,405
3,120
3,778
4,052
Operating Profit
89
101
135
154
158
100
135
208
231
280
406
433
OPM %
7%
8%
8%
8%
10%
7%
8%
9%
9%
8%
10%
10%
Other Income
4
17
19
57
19
27
3
51
70
84
43
41
Interest
13
11
8
16
22
29
22
30
49
73
75
74
Depreciation
38
41
48
60
64
65
64
80
93
113
152
162
PBT
41
65
98
134
92
33
53
149
159
178
223
238
Tax %
10%
16%
27%
23%
22%
45%
23%
31%
30%
21%
22%
—
Net Profit
52
54
71
104
72
18
41
103
111
140
172
187
EPS in Rs
55.66
58.16
76.34
111
76.92
19.42
43.56
110
119
150
185
200
Div. Payout %
22%
25%
30%
32%
31%
36%
31%
24%
29%
23%
30%
—
Figures in ₹ Crores

Balance Sheet

  Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Equity Capital
9
9
9
9
9
9
9
9
9
9
9
Reserves
259
300
353
426
437
451
482
574
662
765
908
Borrowings
127
92
104
140
347
338
401
431
723
888
973
Other Liabilities
463
478
751
615
490
564
654
852
1,207
1,199
1,544
Total Liabilities
859
880
1,217
1,190
1,283
1,362
1,546
1,866
2,601
2,861
3,435
Fixed Assets
408
419
518
549
653
627
711
749
968
1,106
1,434
CWIP
17
20
34
50
32
47
48
43
178
212
105
Investments
69
79
88
81
90
92
102
147
179
246
278
Other Assets
365
362
577
510
508
596
685
927
1,276
1,297
1,619
Total Assets
859
880
1,217
1,190
1,283
1,362
1,546
1,866
2,601
2,861
3,435
Figures in ₹ Crores

Cash Flow

  Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Operating
81
100
140
104
103
76
108
108
133
212
373
Investing
-37
-62
-128
-97
-194
-31
-129
-90
-245
-293
-265
Financing
-59
-39
-11
-6
96
-51
34
-26
137
59
-92
Net Cash Flow
-15
-2
1
1
6
-5
13
-8
24
-22
16
Free Cash Flow
43
37
8
-8
-63
14
-21
19
-124
-110
86
CFO/OP
101
110
117
89
75
72
87
64
64
81
103
Figures in ₹ Crores

Ratios

  Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Mar 2026
Debtor Days
53
55
70
44
39
55
48
48
48
50
55
Inventory Days
45
52
57
61
75
94
91
96
129
92
90
Days Payable
135
146
180
114
131
159
163
141
154
147
145
Cash Conversion Cycle
-36
-39
-53
-9
-17
-9
-24
3
22
-6
0
Working Capital Days
-58
-54
-57
-49
-78
-75
-60
-38
-49
-44
-45
ROCE %
—
19%
24%
22%
17%
8%
11%
19%
17%
16%
18%

Shareholding Pattern

As of Jun 2026
Promoters 75.00%
Public 13.30%
DIIs 6.71%
Others 3.64%
FIIs 1.36%
Total 100.01%
  Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026Jun 2026
Promoters
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
75.00%
FIIs
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
1.15%
0.00%
1.09%
1.17%
1.18%
0.92%
0.97%
1.18%
1.14%
1.38%
1.63%
1.36%
DIIs
1.12%
0.97%
0.36%
0.36%
0.36%
0.30%
0.56%
0.57%
0.62%
1.03%
1.28%
1.42%
1.47%
1.58%
3.56%
4.95%
5.64%
5.76%
5.98%
5.71%
6.08%
6.71%
Government
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Public
17.84%
17.96%
18.49%
18.57%
19.27%
19.27%
17.83%
17.72%
17.70%
16.98%
16.73%
16.62%
16.67%
16.50%
14.66%
14.28%
13.70%
13.46%
13.26%
13.34%
13.08%
13.30%
Others
6.04%
6.08%
6.15%
6.07%
5.37%
5.44%
6.60%
6.71%
6.68%
6.99%
5.85%
6.96%
5.77%
5.75%
5.60%
4.86%
4.69%
4.61%
4.62%
4.57%
4.21%
3.64%
No. of Shareholders
18,774
19,646
20,384
20,733
22,424
21,542
19,712
20,001
20,089
19,410
19,742
19,395
19,329
19,999
18,884
18,814
18,660
19,623
21,486
22,371
23,690
24,495

Documents

Frequently Asked Questions about Lumax Industries Ltd

What does Lumax Industries Ltd do?
Lumax Industries Limited is the flagship company of the DK Jain Group. It was founded as a trading company in 1945 and today it has evolved as market leader of automobile lighting in the Indian automotive industry. In 1984, company entered into a technical collaboration with Stanley Electric Co. ...
Where is Lumax Industries Ltd (LUMAXIND) listed?
Lumax Industries Ltd is listed on the Indian stock exchanges. It is listed on NSE: LUMAXIND and BSE: 517206. You can view its live share price, financials, and ratios on Tapetide.
Which sector does Lumax Industries Ltd belong to?
Lumax Industries Ltd operates in the Automobiles sector within the Auto Components industry. Sector classification helps investors compare companies affected by similar economic conditions and regulatory changes.
What is the market capitalisation of Lumax Industries Ltd?
Lumax Industries Ltd has a market capitalisation of approximately ₹5384.76 Cr. Based on this, it is classified as a Mid Cap stock.
What is the PE ratio of Lumax Industries Ltd?
The Price-to-Earnings (PE) ratio of Lumax Industries Ltd is 28.57. The PE ratio compares a company's share price to its earnings per share and is commonly used to assess whether a stock is overvalued or undervalued relative to its peers.
What is the 52-week high and low of Lumax Industries Ltd?
Over the past 52 weeks, Lumax Industries Ltd has traded between a low of ₹3,322.2 and a high of ₹6,934.5. This range helps investors understand the stock's price volatility and recent trading levels.
Does Lumax Industries Ltd pay dividends?
Yes, Lumax Industries Ltd has a dividend yield of 0.95%. Dividend yield indicates the annual dividend income relative to the share price. A consistent dividend history can signal financial stability.
What is the Return on Equity (ROE) of Lumax Industries Ltd?
Lumax Industries Ltd has a Return on Equity (ROE) of 18.80%. ROE measures how effectively a company uses shareholders' equity to generate profits. A higher ROE generally indicates better capital efficiency.
How can I research Lumax Industries Ltd on Tapetide?
On Tapetide, you can view Lumax Industries Ltd's live share price, quarterly results, profit & loss statements, balance sheet, cash flow, key ratios, shareholding pattern, technical indicators, analyst ratings, and forecasts — all on a single page without needing to sign up.

Company Information

Lumax Industries Limited is the flagship company of the DK Jain Group. It was founded as a trading company in 1945 and today it has evolved as market leader of automobile lighting in the Indian automotive industry. In 1984, company entered into a technical collaboration with Stanley Electric Co. Ltd., Japan (SECL), which currently holds around 37.5% equity stake in the company. Other 37.5% is held by Indian promoters (D.K. Jain and family). Company has 29 manufacturing facilities across 7 states in India. [1] [2]

Website lumaxindustries.com
CEO Mr. Deepak Jain BBA
Employees 2,935
Listed 1995-09-06
Face Value ₹ 10
Issued Size 93,47,732

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