Lumax Industries Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Lumax Industries Ltd filed with BSE on 18 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Lumax Industries reported consolidated revenue of INR 1,223 crore for Q1 FY27, up 32.6% year-on-year, with EBITDA of INR 113 crore and margins of 9.2%. Management attributed the growth to strong performance in the manufacturing business and LED lighting, which accounted for 63% of revenue, while noting a margin impact from commodity cost inflation that had not yet been recovered from OEMs. The company also raised its FY27 capex guidance to INR 200-250 crore due to new order wins and reported an order book of around INR 2,500 crore, approximately 90% LED-based.
2 statements from this call are not shown because their supporting quotes could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Consolidated revenue: INR 1,223 crore (Q1 FY27)
p. 4
“Our consolidated revenue stood at INR 1,223 crore, marking a healthy 32.6% year-on-year (y-o-y) growth.”
Deepak Jain, page 4 of the filed PDF · View the filing
EBITDA: INR 113 crore (Q1 FY27)
p. 4
“EBITDA for the quarter came in at INR 113 crore, up 34% y-o-y and EBITDA margins of 9.2%.”
Deepak Jain, page 4 of the filed PDF · View the filing
Manufacturing business revenue growth: 36.8% y-o-y to INR 1,160 crore (Q1 FY27)
p. 5
“This growth was primarily driven by robust performance in our manufacturing business, where the revenue growth was 36.8% y-o-y to INR 1,160 crore.”
Ravi Teltia, page 5 of the filed PDF · View the filing
EBITDA: INR 113 crore, up from INR 85 crore (Q1 FY27 vs Q1 FY26)
p. 5
“EBITDA for the quarter came in at INR 113 crore, up from INR 85 crore in Q1 FY 26, reflecting a growth of 34%.”
Ravi Teltia, page 5 of the filed PDF · View the filing
Consolidated PAT: INR 51 crore (Q1 FY27)
p. 5
“Our consolidated Profit After Tax (PAT), including share of associates for Q1 FY 27 stood at INR 51 crore compared to INR 36 crore in the same quarter last year, registering a growth of 41.2%.”
Ravi Teltia, page 5 of the filed PDF · View the filing
PAT margin: 4.2% (Q1 FY27)
p. 5
“PAT margin stood at 4.2%, up 30 bps y-o-y.”
Ravi Teltia, page 5 of the filed PDF · View the filing
Effective tax rate: 20.3% (Q1 FY27)
p. 5
“The effective tax rate for the quarter stood at 20.3%.”
Ravi Teltia, page 5 of the filed PDF · View the filing
LED lighting share of revenue: 63% (Q1 FY27)
p. 5
“In Q1 FY 27, LED lighting accounted for 63% of our total revenue, up from 61% in the same quarter last year.”
Ravi Teltia, page 5 of the filed PDF · View the filing
Order book: INR 2,500 crore
p. 4
“The order book stands at around INR 2,500 crore with LED (Light Emitting Diode) lighting composition of approximately 90%.”
Deepak Jain, page 4 of the filed PDF · View the filing
Net long-term debt: INR 209 crore (as on 30 June 2026)
p. 5
“Our net long-term debt as on 30 June, 2026, stands at INR 209 crore.”
Ravi Teltia, page 5 of the filed PDF · View the filing
Revenue from Maruti: 43% y-o-y growth (Q1 FY27)
p. 5
“revenues from Maruti and Tata Motors witnessed strong growth of 43% and 68% y-o-y, respectively, driven by multiple new models SOPs (Start of Production).”
Ravi Teltia, page 5 of the filed PDF · View the filing
Mould sale: INR 180 crore to INR 185 crore (FY26)
p. 10
“On a full year basis, like last year, our mould sale was somewhere around INR 180 crore to INR 185 crore.”
Ravi Teltia, page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Capex — INR 200 to 250 crore · FY27
stated firmly by Ravi Teltia
p. 5
“For FY 27, our capex guidance updated to INR 200 to 250 crore, mainly due to new order wins.”
Ravi Teltia, page 5 of the filed PDF · View the filing
EBITDA margin — 10.5% to 11% · FY27
stated conditionally by Anmol Jain
p. 7
“we are hoping this realization comes in, in Q2. And if you look at that, then the margins would be close to about 10.5% to 11% at a total EBITDA level, which is in line with our guidance for FY 27 in the full year.”
Anmol Jain, page 7 of the filed PDF · View the filing
Mould revenue — INR 250 crore to INR 300 crore · FY27
stated conditionally by Ravi Teltia
p. 10
“And this year, we are hopefully targeting INR 250 crore to INR 300 crore.”
Ravi Teltia, page 10 of the filed PDF · View the filing
FY28 capex — INR 150 crore to INR 200 crore · FY28
stated as an aspiration by Ravi Teltia
p. 11
“FY 28 capex will depend how the business wins will happen, but our guidance would be in line with what we mentioned earlier, somewhere INR 150 crore to INR 200 crore at this moment.”
Ravi Teltia, page 11 of the filed PDF · View the filing
Revenue — INR 9,000 crore or upwards · FY30-31
stated as an aspiration by Anmol Jain
p. 11
“from a current base of, let's say, INR 4,500 crore to INR 5,000 crore, we should be looking at probably a INR 9,000 crore or upwards revenue in FY 30-31.”
Anmol Jain, page 11 of the filed PDF · View the filing
Revenue CAGR — 15% to 20% · next 3 to 5 years
stated as an aspiration by Anmol Jain
p. 11
“I think we are quite confident to deliver an almost above industry growth over the next 3 to 5 years. Our CAGR continues to be between 15% to 20%.”
Anmol Jain, page 11 of the filed PDF · View the filing
Q2 EBITDA margin — above 10% · Q2 FY27
stated conditionally by Anmol Jain
p. 14
“In Q2, we do expect the margins to be higher because a lot of the Q1 realizations will actually get realized in Q2. So yes, I'm not sure whether it will be 10.5%, but it definitely should be above 10% for Q2.”
Anmol Jain, page 14 of the filed PDF · View the filing
Full year revenue growth — 15-20% · FY27
stated as an aspiration by Anmol Jain
p. 14
“on a full year basis, the growth revenue forecast is still about a 15 - 20% growth, which is again better than what the industry is expected to clock.”
Anmol Jain, page 14 of the filed PDF · View the filing
Content per vehicle — INR 22,000 to INR 25,000 · next 4-5 years
stated as an aspiration by Anmol Jain
p. 15
“the INR 15,000 to INR 20,000 may become somewhere around INR 22,000 to INR 25,000 in my best estimate over the next 4-5 years.”
Anmol Jain, page 15 of the filed PDF · View the filing
Localization benefit — 70 to 90 bps gain · next 2-3 years
stated as an aspiration by Ravi Teltia
p. 12
“based on the currency and the import benefits, we foresee that somewhere around 70 to 90 bps gain will definitely flow into the business.”
Ravi Teltia, page 12 of the filed PDF · View the filing
Bengaluru plant commissioning — Q4 FY27
stated firmly by Deepak Jain
p. 4
“our Bengaluru plant expansion to support Maruti and Toyota's upcoming models is progressing satisfactorily and is expected to be commissioned from Q4 of FY 27.”
Deepak Jain, page 4 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management identified Skoda/Volkswagen business from the Chakan 3 facility as the key customer in that category.
Answered by Ravi Teltia
Asked by Anubhav Mukherjee: Which OEMs make up the 'others' customer category that grew significantly?
p. 6
“So mainly this is consisting of our Škoda, Volkswagen business, which we started from our Chakan 3 facility. So that is the key customer here.”
Ravi Teltia, page 6 of the filed PDF · View the filing
Management explained that monthly commodity cost recoveries from OEMs did not materialize as hoped, causing a margin reduction in Q1, but expected recovery in Q2.
Answered by Anmol Jain
Asked by Sanjay Shah: Why are margins still below 10% despite localization and tech-led approach?
p. 7
“there is almost a 150 bps margin reduction in Q1, primarily due to these recoveries not having realized in Q1.”
Anmol Jain, page 7 of the filed PDF · View the filing
Management said the CV segment is highly standardized with less advanced lighting technology, and the company is discussing new platforms with OEMs.
Answered by Deepak Jain
Asked by Jyoti Singh: Why has Lumax not secured more orders from TVS and Suzuki, and what about CV segment growth?
p. 8
“on the CV side, there is a very, very standardized product. And still, the tech on the lighting front, it is not equivalent to the passenger car phase.”
Deepak Jain, page 8 of the filed PDF · View the filing
Management said Maruti wallet share is expected to rise from below 30% to 35-40%, and HMSI tail lamp wallet share could increase 2-3x by FY28.
Answered by Anmol Jain
Asked by Jyoti Singh: What is the wallet share trend with Maruti Suzuki and HMSI?
p. 8
“From less than 30% today, we are looking at probably a 35% to 40%. And also, on the HMSI, specifically on the tail lamps, the wallet share is likely to exponentially increase by almost 2 to 3 times in FY 28.”
Anmol Jain, page 8 of the filed PDF · View the filing
Management attributed this to product mix, noting Lumax is not present on the XUV700 EV platform which drove Mahindra's Q1 volumes.
Answered by Anmol Jain
Asked by Saurabh Jain: Why has M&M revenue been flattish despite a 40-50% wallet share?
p. 10
“the XUV700 EV is a platform which we are not on, but that has significantly pulled the volumes and the growth of Mahindra in Q1.”
Anmol Jain, page 10 of the filed PDF · View the filing
Management said current content per vehicle is INR 15,000-20,000 on average, with potential to rise by 50% over 4-5 years due to new technologies.
Answered by Anmol Jain
Asked by Radha: What is the current content per vehicle for lighting products and how will it evolve?
p. 15
“the current level would be anywhere between INR 15,000 to INR 20,000 on an average per vehicle.”
Anmol Jain, page 15 of the filed PDF · View the filing
Management said HVAC revenue underperformed due to weak Honda volumes and it remains uncertain whether HVAC will become materially significant.
Answered by Anmol Jain
Asked by Apurva Mehta: What is the status and outlook for HVAC products beyond the Honda relationship?
p. 13
“I think it's a long-ish game. I think right now, we want to focus on the lighting.”
Anmol Jain, page 13 of the filed PDF · View the filing
Risks flagged
Geopolitical crisis in West Asia affecting crude prices, shipping and currency
p. 3
“The economic environment during the Q1 FY 27 was influenced significantly by the ongoing crisis in West Asia. Its effects were felt across multiple parts of the Indian economy from high crude oil prices to disruptions in shipping and freight movement to periods of rupee volatility.”
Deepak Jain, page 3 of the filed PDF · View the filing
Commodity cost inflation not yet recovered from OEMs
p. 5
“There is approximately 120 to 130 bps (basis points) net impact of commodity and other costs in Q1 FY 27.”
Ravi Teltia, page 5 of the filed PDF · View the filing
Delayed realization of price recoveries from OEMs impacting margins
p. 7
“there is almost a 150 bps margin reduction in Q1, primarily due to these recoveries not having realized in Q1.”
Anmol Jain, page 7 of the filed PDF · View the filing
Shortage of laminates and import dependency in electronics localization
p. 12
“the laminates, if you have heard recently, is on an acute shortage. And because of that, again, there is a lot of imports.”
Deepak Jain, page 12 of the filed PDF · View the filing
Increasing competitive intensity in the lighting industry
p. 13
“the competition intensity will increase and will enhance.”
Deepak Jain, page 13 of the filed PDF · View the filing
High base effect expected to slow industry and company growth rates in H2
p. 14
“in H2, I do foresee that because of a high base from last year post the GST rationalization, the growth rates of the industry overall will reduce.”
Anmol Jain, page 14 of the filed PDF · View the filing
Challenges in Indian tooling ecosystem limiting localization
p. 12
“currently, we are finding a challenge in the Indian tooling ecosystem, and we're trying to look at it.”
Deepak Jain, page 12 of the filed PDF · View the filing
Honda volumes underperforming, affecting HVAC revenue
p. 13
“Unfortunately, the volumes of Honda itself have taken a beating, not in line with what was estimated.”
Anmol Jain, page 13 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.