Lux Industries
Lux Industries
TextilesKey Fundamentals
MicrocapTextiles & ApparelsTextilesTapetide Score
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Key Insights
Weaknesses
3- The company has delivered a poor sales growth of 8.67% over past five years.
- Company has a low return on equity of 8.06% over last 3 years.
- Dividend payout has been low at 4.88% of profits over last 3 years
Growth Rate
AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 69d agoLux Industries Ltd trades at a market cap of ₹3,826 Cr with a PE of 35.3x despite declining profitability — compounded profit growth is -35% TTM and -10% over 3 years. The company shows a recovery in top-line momentum with 14% TTM sales growth, but ROE has deteriorated from 16% on a 10-year basis to just 6% in the last year.
- TTM sales growth has accelerated to 14%, well above the 5-year compounded sales CAGR of 9%, indicating a potential revenue recovery
- 10-year compounded sales CAGR of 12% demonstrates long-term demand durability for the brand in the innerwear segment
- 10-year compounded profit CAGR of 8% shows the business has historically been capable of generating earnings growth over full cycles
- Price-to-book of 2.04x is relatively modest for a branded consumer discretionary company, suggesting the stock is not pricing in excessive optimism
- 10-year stock CAGR of 7% despite recent sharp corrections suggests long-term wealth creation track record remains intact
- 10-year ROE average of 16% indicates the underlying business model can deliver attractive returns on equity when operating conditions normalise
- Low debt levels implied by the modest PB ratio and consumer staples-adjacent business model provide balance sheet resilience in a downturn
- Compounded profit growth is -35% TTM, signalling severe margin compression or operational challenges in the most recent period
- 3-year compounded profit CAGR of -10% shows earnings deterioration is not a one-quarter blip but a multi-year trend
- ROE has collapsed from 16% (10-year) to just 6% in the last year, indicating sharply declining capital efficiency
- 3-year ROE of 8% is well below cost of equity for a mid-cap consumer company, implying value destruction for shareholders
- PE of 35.3x is elevated relative to the current earnings trajectory — paying a premium multiple for declining profits increases downside risk
- Stock has delivered -20% CAGR over 5 years, reflecting sustained de-rating and investor disenchantment
- Dividend payout at only 4.88% of profits over 3 years offers negligible income support, with dividend yield at just 0.16%
- 5-year compounded profit CAGR of -17% suggests structural headwinds to profitability rather than cyclical weakness alone
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 69d ago- CIO resigns due to health Jun 27
Subrata Kumar Roy resigned as CIO-Vertical A effective June 27, 2026, citing ongoing health concerns. Loss of a key technology executive could disrupt digital/IT initiatives in the near term.
- ₹600Cr Dankuni capacity expansion Jul 6
Board approved ₹600 crore expansion at Dankuni facility, targeting capacity increase from 12 crore pieces to 30-32 crore pieces over 6 years. Expected to generate ₹900-1,000 crore annual revenue from the facility upon completion.
TL;DR: Lux Industries is making a significant long-term bet on manufacturing scale with a ₹600 crore capex plan that nearly triples capacity and targets substantial revenue uplift. The CIO resignation is a minor leadership gap but not structurally concerning. Overall trend is constructive with a clear growth roadmap, though execution over the 6-year timeline and near-term demand conditions remain key monitorables.
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 | 521 | 638 | 452 | 708 | 535 | 671 | 553 | 819 | 604 | 779 | 673 | 881 | 615 |
| Expenses | 487 | 580 | 416 | 632 | 490 | 608 | 503 | 743 | 569 | 735 | 636 | 817 | 574 |
| Operating Profit | 34 | 58 | 36 | 76 | 45 | 63 | 50 | 76 | 35 | 44 | 36 | 64 | 41 |
| OPM % | 6% | 9% | 8% | 11% | 8% | 9% | 9% | 9% | 6% | 6% | 5% | 7% | 7% |
| Other Income | 2 | 3 | 3 | 8 | 10 | 14 | 4 | 2 | 9 | 5 | 0 | 4 | 7 |
| Interest | 5 | 5 | 5 | 4 | 4 | 5 | 5 | 6 | 6 | 10 | 9 | 10 | 11 |
| Depreciation | 6 | 6 | 6 | 4 | 6 | 6 | 6 | 6 | 7 | 7 | 8 | 8 | 8 |
| PBT | 25 | 50 | 28 | 77 | 46 | 67 | 44 | 66 | 31 | 32 | 20 | 50 | 29 |
| Tax % | 25% | 24% | 25% | 28% | 25% | 24% | 25% | 27% | 23% | 26% | 32% | 19% | 25% |
| Net Profit | 18 | 38 | 21 | 56 | 35 | 51 | 33 | 48 | 24 | 24 | 13 | 40 | 22 |
| EPS in Rs | 6.09 | 12.75 | 6.97 | 18.61 | 11.49 | 16.87 | 10.85 | 16.02 | 7.95 | 7.93 | 4.43 | 13.42 | 7.31 |
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 | 909 | 941 | 958 | 1,078 | 1,209 | 1,664 | 1,938 | 2,273 | 2,371 | 2,324 | 2,578 | 2,937 | 2,948 |
| Expenses | 828 | 846 | 838 | 923 | 1,028 | 1,393 | 1,555 | 1,799 | 2,150 | 2,121 | 2,343 | 2,757 | 2,762 |
| Operating Profit | 81 | 94 | 120 | 154 | 180 | 271 | 384 | 474 | 222 | 203 | 235 | 180 | 185 |
| OPM % | 9% | 10% | 12% | 14% | 15% | 16% | 20% | 21% | 9% | 9% | 9% | 6% | 6% |
| Other Income | 0 | 0 | 2 | 2 | 9 | 6 | 10 | 17 | 18 | 17 | 30 | 19 | 17 |
| Interest | 18 | 12 | 22 | 25 | 24 | 20 | 11 | 14 | 22 | 18 | 19 | 36 | 41 |
| Depreciation | -4 | 4 | 7 | 10 | 11 | 15 | 17 | 18 | 19 | 21 | 24 | 30 | 31 |
| PBT | 68 | 79 | 92 | 121 | 155 | 243 | 366 | 459 | 198 | 180 | 222 | 133 | 131 |
| Tax % | 33% | 35% | 35% | 36% | 34% | 25% | 25% | 26% | 26% | 26% | 25% | 24% | — |
| Net Profit | 45 | 51 | 60 | 78 | 101 | 181 | 273 | 341 | 147 | 134 | 166 | 101 | 100 |
| EPS in Rs | 17.88 | 20.29 | 23.62 | 30.84 | 40.12 | 71.57 | 108 | 114 | 48.8 | 44.42 | 55.23 | 33.74 | 33.09 |
| Div. Payout % | 7% | 7% | 6% | 7% | 9% | 18% | 0% | 11% | 11% | 5% | 4% | 6% | — |
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 | 5 | 5 | 5 | 5 | 5 | 5 | 6 | 6 | 6 | 6 | 6 | 6 |
| Reserves | 127 | 174 | 241 | 313 | 409 | 737 | 1,004 | 1,310 | 1,457 | 1,576 | 1,740 | 1,842 |
| Borrowings | 335 | 281 | 291 | 329 | 181 | 220 | 110 | 316 | 231 | 172 | 280 | 584 |
| Other Liabilities | 125 | 138 | 150 | 224 | 209 | 266 | 346 | 339 | 391 | 416 | 523 | 646 |
| Total Liabilities | 592 | 599 | 686 | 872 | 803 | 1,229 | 1,466 | 1,972 | 2,085 | 2,170 | 2,550 | 3,078 |
| Fixed Assets | 37 | 37 | 114 | 126 | 132 | 157 | 194 | 231 | 284 | 341 | 360 | 389 |
| CWIP | 53 | 72 | 11 | 5 | 0 | 1 | 9 | 34 | 50 | 3 | 9 | 17 |
| Investments | 0 | 0 | 1 | 1 | 5 | 39 | 75 | 62 | 104 | 206 | 175 | 155 |
| Other Assets | 502 | 489 | 560 | 740 | 666 | 1,032 | 1,187 | 1,645 | 1,648 | 1,620 | 2,005 | 2,517 |
| Total Assets | 592 | 599 | 686 | 872 | 803 | 1,229 | 1,466 | 1,972 | 2,085 | 2,170 | 2,550 | 3,078 |
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 | -19 | 81 | 21 | -2 | 193 | 163 | 393 | -225 | 182 | 244 | -85 | -153 |
| Investing | -34 | -25 | -20 | -19 | -15 | -16 | -176 | 44 | -88 | -128 | -12 | -34 |
| Financing | 79 | -90 | -1 | 16 | -178 | -143 | -139 | 149 | -119 | -92 | 75 | 250 |
| Net Cash Flow | 26 | -34 | 0 | -5 | 0 | 4 | 78 | -32 | -25 | 24 | -22 | 63 |
| Free Cash Flow | -53 | 57 | 0 | -20 | 181 | 150 | 328 | -292 | 113 | 209 | -121 | -207 |
| CFO/OP | 2 | 115 | 43 | 26 | 133 | 85 | 123 | -19 | 108 | 142 | -13 | -67 |
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 | 97 | 99 | 105 | 132 | 111 | 96 | 85 | 102 | 122 | 113 | 127 | 140 |
| Inventory Days | 144 | 161 | 408 | 303 | 193 | 367 | 263 | 472 | 239 | 270 | 336 | 266 |
| Days Payable | 74 | 90 | 211 | 191 | 125 | 150 | 156 | 161 | 114 | 143 | 173 | 145 |
| Cash Conversion Cycle | 167 | 169 | 302 | 244 | 179 | 313 | 192 | 414 | 247 | 240 | 290 | 261 |
| Working Capital Days | 50 | 80 | 69 | 66 | 87 | 122 | 107 | 151 | 158 | 156 | 169 | 170 |
| ROCE % | 22% | 20% | 23% | 25% | 29% | 34% | 36% | 34% | 13% | 11% | 13% | 8% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY04–FY26.
Documents
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Company Information
Lux Industries Limited was incorporated in 1995 having a market share of 15% of the organised industry. It is the largest mid-segment hosiery enterprise in India.Company is engaged in the manufacturing and marketing of innerwear, thermals, and casuals under various brands, with ‘LUX’ being its flagship brand. [1]
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