Lumax Auto Technologies
Lumax Auto Technologies
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Key Insights
Strengths
4- Company is expected to give good quarter
- Company has delivered good profit growth of 43.8% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 21.1%
- Company's median sales growth is 19.8% of last 10 years
Weaknesses
1- Stock is trading at 11.1 times its book value
Growth Rate
AI Analysis — Bull vs Bear
Lumax Auto Technologies Ltd commands a market cap of ₹14,107 Cr at a PE of 36.9x and PB of 11.63x. The company has delivered compounded profit growth of 43% CAGR over 3 years and TTM sales growth of 33%, while ROE has improved to 26% in the last year from a 10-year average of 17%.
- TTM sales growth of 33% signals strong revenue momentum, well above the 10-year median sales growth of 19.8%
- Compounded profit growth of 77% on a TTM basis indicates significant operating leverage and margin expansion
- 3-year profit CAGR of 43% and 5-year profit CAGR of 44% demonstrate sustained earnings compounding
- ROE has improved from a 10-year average of 17% to 26% in the last year, reflecting better capital efficiency
- 5-year ROE average of 20% and 3-year average of 22% show a consistent upward trajectory in return ratios
- Compounded sales CAGR of 38% over 3 years and 34% over 5 years reflects structural demand tailwinds in the auto components space
- Consistent dividend payout of 21.1% indicates shareholder-friendly capital allocation despite being in a growth phase
- Stock trades at 11.63x book value, a steep premium that leaves limited margin of safety if growth decelerates
- PE ratio of 36.9x is elevated and prices in significant future growth, making the stock vulnerable to any earnings miss
- Stock CAGR of 62% over 1 year and 79% over 3 years has run far ahead of underlying profit growth of 43-44% CAGR, suggesting valuation expansion rather than pure earnings-driven appreciation
- Dividend yield of just 0.27% offers negligible income cushion for investors during potential drawdowns
- 10-year profit CAGR of 25% versus the recent 3-year CAGR of 43% suggests the current growth rate may not be sustainable over longer cycles
- Auto components sector is cyclical and tied to OEM production volumes — any slowdown in Indian auto sales would directly impact revenue growth
- 10-year sales CAGR of 18% compared to 3-year CAGR of 38% highlights that recent growth is materially above the long-term trend, raising mean-reversion risk
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- CTO exit, Sr. EVP retires Sep 25
CTO Satish Sundaresan has resigned and Sr. EVP Sanjay Bhagat is retiring on superannuation, with both changes effective September 2026. The retirement is routine, but losing the CTO could matter for a company whose growth depends on technology.
TL;DR: The only recent news for Lumax Auto Technologies is a leadership change, with no updates on earnings, orders or operations. The Sr. EVP's retirement is planned, but the CTO leaving is a small risk to the product and technology roadmap, especially as the company expands into advanced auto components and EV parts. This news alone does not show the business getting better or worse. The main thing to watch is how quickly and how well the company names a new CTO.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 632 | 700 | 732 | 757 | 756 | 842 | 906 | 1,133 | 1,026 | 1,156 | 1,271 | 1,417 | 1,364 |
| Expenses | 552 | 610 | 627 | 666 | 668 | 740 | 788 | 976 | 901 | 1,002 | 1,095 | 1,214 | 1,173 |
| Operating Profit | 80 | 90 | 106 | 92 | 88 | 102 | 118 | 157 | 125 | 155 | 176 | 203 | 190 |
| OPM % | 13% | 13% | 14% | 12% | 12% | 12% | 13% | 14% | 12% | 13% | 14% | 14% | 14% |
| Other Income | 8 | 9 | 10 | 18 | 17 | 15 | 9 | 9 | 11 | 16 | 0 | 5 | 15 |
| Interest | 16 | 16 | 18 | 19 | 19 | 19 | 20 | 21 | 23 | 24 | 27 | 31 | 25 |
| Depreciation | 29 | 30 | 30 | 29 | 30 | 29 | 33 | 37 | 38 | 41 | 48 | 52 | 49 |
| PBT | 43 | 53 | 68 | 62 | 56 | 70 | 74 | 108 | 74 | 104 | 101 | 126 | 132 |
| Tax % | 30% | 29% | 30% | 17% | 26% | 26% | 25% | 26% | 27% | 26% | -7% | 23% | 25% |
| Net Profit | 30 | 38 | 48 | 51 | 42 | 52 | 56 | 80 | 54 | 78 | 108 | 98 | 99 |
| EPS in Rs | 3.25 | 4.02 | 5.35 | 6.49 | 4.65 | 6.29 | 6.58 | 8.57 | 6.08 | 9.81 | 12.1 | 12.93 | 12.71 |
Profit & Loss
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 835 | 903 | 965 | 1,013 | 1,187 | 1,141 | 1,108 | 1,508 | 1,847 | 2,822 | 3,637 | 4,870 | 5,208 |
| Expenses | 768 | 834 | 892 | 925 | 1,077 | 1,050 | 1,009 | 1,357 | 1,647 | 2,453 | 3,171 | 4,211 | 4,484 |
| Operating Profit | 67 | 68 | 73 | 88 | 110 | 91 | 98 | 151 | 201 | 369 | 465 | 659 | 724 |
| OPM % | 8% | 8% | 8% | 9% | 9% | 8% | 9% | 10% | 11% | 13% | 13% | 14% | 14% |
| Other Income | 25 | 7 | 10 | 22 | 21 | 26 | 17 | 11 | 15 | 45 | 51 | 32 | 36 |
| Interest | 5 | 5 | 4 | 2 | 3 | 10 | 10 | 10 | 17 | 69 | 80 | 106 | 107 |
| Depreciation | 19 | 21 | 24 | 24 | 27 | 35 | 34 | 40 | 52 | 118 | 129 | 179 | 189 |
| PBT | 68 | 50 | 56 | 82 | 100 | 73 | 72 | 113 | 147 | 227 | 308 | 406 | 464 |
| Tax % | 31% | 31% | 28% | 31% | 31% | 19% | 28% | 27% | 24% | 26% | 26% | 17% | — |
| Net Profit | 47 | 34 | 40 | 57 | 69 | 59 | 51 | 82 | 111 | 167 | 229 | 337 | 382 |
| EPS in Rs | 6.6 | 4.66 | 5.06 | 7.15 | 9.67 | 8.52 | 6.91 | 10.18 | 13.63 | 19.1 | 26.08 | 40.91 | 47.55 |
| Div. Payout % | 21% | 20% | 19% | 28% | 31% | 35% | 43% | 34% | 33% | 29% | 21% | 13% | — |
Balance Sheet
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 | 14 |
| Reserves | 245 | 269 | 358 | 438 | 467 | 433 | 517 | 530 | 648 | 776 | 921 | 1,197 |
| Borrowings | 43 | 38 | 35 | 11 | 70 | 95 | 98 | 165 | 664 | 810 | 902 | 1,231 |
| Other Liabilities | 179 | 218 | 218 | 396 | 379 | 319 | 360 | 430 | 853 | 990 | 1,398 | 1,506 |
| Total Liabilities | 481 | 538 | 624 | 858 | 929 | 860 | 990 | 1,139 | 2,179 | 2,589 | 3,235 | 3,947 |
| Fixed Assets | 222 | 229 | 248 | 273 | 307 | 355 | 381 | 409 | 1,028 | 1,014 | 1,316 | 1,516 |
| CWIP | 7 | 5 | 14 | 12 | 22 | 21 | 9 | 12 | 13 | 36 | 69 | 65 |
| Investments | 19 | 22 | 85 | 142 | 120 | 62 | 131 | 122 | 201 | 405 | 390 | 565 |
| Other Assets | 233 | 282 | 277 | 430 | 479 | 422 | 469 | 595 | 937 | 1,135 | 1,461 | 1,801 |
| Total Assets | 481 | 538 | 624 | 858 | 929 | 860 | 990 | 1,139 | 2,179 | 2,589 | 3,235 | 3,947 |
Cash Flow
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 39 | 49 | 64 | 95 | 56 | 76 | 98 | 87 | 137 | 265 | 290 | 460 |
| Investing | -11 | -32 | -57 | -57 | -89 | -32 | -76 | -65 | -476 | -249 | -216 | -280 |
| Financing | -24 | -23 | 3 | -37 | 37 | -33 | -43 | 10 | 365 | -40 | -53 | -170 |
| Net Cash Flow | 4 | -5 | 10 | 1 | 4 | 11 | -20 | 32 | 26 | -24 | 21 | 10 |
| Free Cash Flow | 7 | 19 | 26 | 48 | -35 | 63 | 56 | 41 | 60 | 167 | 118 | 214 |
| CFO/OP | 81 | 92 | 108 | 134 | 84 | 106 | 114 | 80 | 87 | 89 | 78 | 86 |
Ratios
| Particulars | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 58 | 71 | 59 | 101 | 85 | 62 | 73 | 64 | 91 | 75 | 80 | 76 |
| Inventory Days | 28 | 32 | 30 | 41 | 27 | 31 | 41 | 41 | 49 | 54 | 64 | 52 |
| Days Payable | 75 | 90 | 76 | 141 | 110 | 76 | 101 | 84 | 118 | 105 | 120 | 108 |
| Cash Conversion Cycle | 11 | 13 | 13 | 1 | 3 | 17 | 14 | 21 | 23 | 24 | 24 | 20 |
| Working Capital Days | 7 | 13 | 7 | 12 | 9 | -8 | -8 | -12 | -5 | -16 | -10 | -18 |
| ROCE % | 18% | 17% | 17% | 19% | 20% | 14% | 13% | 17% | 15% | 18% | 19% | 21% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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65 extracted metrics + investor summaries across FY10–FY27.
Documents
Frequently Asked Questions about Lumax Auto Technologies
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Company Information
Lumax Auto Technologies Ltd was incorporated in 1981 and is a part of the D.K. Jain Group of companies. It is engaged in the business of manufacturing and supplying of Automotive Lamps, Plastic Moulded Parts, and Frame Chassis to two, three, and four-wheeler segments [1] It has Partnerships with 7 Global players like Yokowo(Japan), JOPP(Germany), and few others.[2]
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