Lumax Industries Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Lumax Industries Ltd filed with BSE on 05 Jun 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 record annual revenue, EBITDA and profit for FY26, with revenue growing 23% to Rs 4,184 crore and EBITDA margin improving 130 bps to 9.8%. Q4 FY26 revenue grew 30% year-on-year to Rs 1,200 crore with EBITDA margins reaching 10.4%, marking the second consecutive quarter of double-digit margins. Management discussed the order book, LED penetration trends, capex plans for FY27, and cost pressures from wage increases and raw material volatility.
Numbers mentioned
Revenue: INR 4,184 crore (FY26)
p. 3
“Revenue for the year grew by 23% to INR 4,184 crore while profitability also improved with EBITDA margins increasing to 9.8% in FY 26, an increase of 130 bps over the previous year.”
Deepak Jain, page 3 of the filed PDF · View the filing
EBITDA margin: 9.8% (FY26)
p. 3
“Revenue for the year grew by 23% to INR 4,184 crore while profitability also improved with EBITDA margins increasing to 9.8% in FY 26, an increase of 130 bps over the previous year.”
Deepak Jain, page 3 of the filed PDF · View the filing
Order book: INR 2,200 crore
p. 4
“Our order book remains healthy at INR 2,200 crore with LED lighting composition of 88%.”
Deepak Jain, page 4 of the filed PDF · View the filing
Total operating revenue: INR 1,200 crore (Q4 FY26)
p. 4
“Total operating revenue for the quarter stood at INR 1,200 crore, registering a strong y-o-y growth of 30%.”
Ravi Teltia, page 4 of the filed PDF · View the filing
Manufacturing business revenue: INR 1,163 crore (Q4 FY26)
p. 4
“This growth was primarily driven by robust performance in our manufacturing business where the revenue growth was 33% y-oy to INR 1,163 crore.”
Ravi Teltia, page 4 of the filed PDF · View the filing
EBITDA: INR 124.9 crore (Q4 FY26)
p. 4
“EBITDA for the quarter came in at INR 124.9 crore as against INR85.2 crore in Q4 FY 25 reflecting a strong growth of 46.6%.”
Ravi Teltia, page 4 of the filed PDF · View the filing
EBITDA margin: 10.4% (Q4 FY26)
p. 4
“EBITDA margins improved 10.4% despite forex impact of 90 bps in Q4 FY 26.”
Ravi Teltia, page 4 of the filed PDF · View the filing
Profit after tax: INR 54.1 crore (Q4 FY26)
p. 5
“Profit after tax, including share of associates stood at INR 54.1 crore, reflecting a y-o-y growth of 23% with PAT margins at 4.5%.”
Ravi Teltia, page 5 of the filed PDF · View the filing
EBITDA: INR 412.1 crore (FY26)
p. 5
“EBITDA for the year was INR 412.1 crore up 42.8% compared to last year with EBITDA margins improving to 9.8% despite forex impact of 40 bps on full year basis demonstrating sustained improvement in profitability and operating leverage benefit.”
Ravi Teltia, page 5 of the filed PDF · View the filing
Profit after tax: INR 172.5 crore (FY26)
p. 5
“Profit after tax for the year stood at INR 172.5 crore representing a growth of 23.3% y-o-y with PAT margin at 4.1%.”
Ravi Teltia, page 5 of the filed PDF · View the filing
One-time labour code impact: INR 17.8 crore (FY26)
p. 5
“I would also like to highlight that FY 26 profitability included a onetime impact of INR 17.8 crore on account of the new labour code notification, which impacted PAT growth during the year.”
Ravi Teltia, page 5 of the filed PDF · View the filing
LED lighting revenue share: over 61% (FY26)
p. 5
“LED lighting now contributes over 61% of our revenue compared to 58% in the corresponding last year.”
Ravi Teltia, page 5 of the filed PDF · View the filing
Net long-term debt: INR 235 crore
p. 5
“Our net long-term debt currently stands at INR 235 crore.”
Ravi Teltia, page 5 of the filed PDF · View the filing
Effective tax rate: 22.5% (Q4 FY26)
p. 6
“Effective tax rate for the quarter was 22.5%.”
Ravi Teltia, page 6 of the filed PDF · View the filing
SL Lumax turnover: INR 2,900 crore (FY26)
p. 9
“For FY 26, SL Lumax has reported a turnover of somewhere around INR 2,900 crore with an EBITDA margin of close to 14%.”
Ravi Teltia, page 9 of the filed PDF · View the filing
Annual interest cost: INR 74 crore (FY26)
p. 12
“So it is INR 74 crore I think probably it will remain like a slight increase not too great, maybe INR 80 crore .”
Sanjay Mehta, page 12 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 100 - 150 crore · FY27
stated firmly by Ravi Teltia
p. 5
“For FY 27, our capex guidance stands at INR 100 - 150 crore.”
Ravi Teltia, page 5 of the filed PDF · View the filing
EBITDA margin — 10.5% to 11% · FY27
stated conditionally by Anmol Jain
p. 8
“However, for the full year, we still remain quite optimistic to get the double-digit margins maintained anywhere between probably 10.5% to 11% for the full year.”
Anmol Jain, page 8 of the filed PDF · View the filing
EBITDA margin — close to 13% · 3-4 year horizon
stated as an aspiration by Anmol Jain
p. 8
“Yes, absolutely. I think the EBITDA margins, given a 3-4 year horizon, we are probably looking at getting close to a 13% EBITDA margin.”
Anmol Jain, page 8 of the filed PDF · View the filing
EBITDA margin expansion — 50 bps or upwards · FY27
stated as an aspiration by Anmol Jain
p. 8
“And as I mentioned earlier, FY 27, we do look at expanding perhaps 50 bps or upwards on an EBITDA margin as well.”
Anmol Jain, page 8 of the filed PDF · View the filing
Revenue growth — at least twice industry growth · FY27
stated firmly by Anmol Jain
p. 8
“I would safely say that for FY 27, the guidance remains intact to at least grow by twice of that what the industry growth will be.”
Anmol Jain, page 8 of the filed PDF · View the filing
Maintenance capex — INR 40 - 50 crore · FY27
stated firmly by Ravi Teltia
p. 10
“So for FY 27 as I mentioned we are considering some INR100 - 150 crore which includes maintenance capex of around INR40 - 50 crore”
Ravi Teltia, page 10 of the filed PDF · View the filing
Effective tax rate — 22% to 23% · next 2 years
stated conditionally by Sanjay Mehta
p. 12
“The income rate will be remain 25%, because of the deferred tax, the effective tax rate will be there around 22% to 23%.”
Sanjay Mehta, page 12 of the filed PDF · View the filing
Long-term debt repayment — INR 85 – INR 90 crore · FY27
stated firmly by Ravi Teltia
p. 11
“As of March 2026, our long-term loan was INR 235 crore, and roughly around INR 85 – INR 90 crore we will repay this year.”
Ravi Teltia, page 11 of the filed PDF · View the filing
Tooling revenues — FY27
stated firmly by Anmol Jain
p. 6
“However, in FY 27, which is the current year, we do expect a significant increase in our tooling revenues compared to full year FY 26.”
Anmol Jain, page 6 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 said they typically pass on wage increases to customers with a time lag and estimated a modest bps impact.
Answered by Ravi Teltia
Asked by Mihir Vora: What impact will employee cost increases in Haryana and Gujarat have going forward?
p. 6
“Not as such, but we can consider some 30-35 bps impact.”
Ravi Teltia, page 6 of the filed PDF · View the filing
Management expects a significant increase in tooling revenues in FY27 compared to FY26.
Answered by Anmol Jain
Asked by Mihir Vora: What is the outlook for mould/tooling sales given new orders?
p. 6
“However, in FY 27, which is the current year, we do expect a significant increase in our tooling revenues compared to full year FY 26.”
Anmol Jain, page 6 of the filed PDF · View the filing
Management explained the forex-adjusted manufacturing margin was 9.7% and gave a range for FY27 full-year margin guidance.
Answered by Ravi Teltia
Asked by Utkarsh Somaiya: Excluding the forex impact, what would Q4 EBITDA margin have been, and how should FY27 margins be viewed?
p. 7
“Just want to highlight that in Q4, we have a relatively better margin from our tooling business. So if we exclude that then our manufacturing business has reported a margin of 9.7% without any forex.”
Ravi Teltia, page 7 of the filed PDF · View the filing
Management said they expect to outperform industry growth by at least 2x.
Answered by Anmol Jain
Asked by Utkarsh Somaiya: Can the company sustain 20%+ growth for the next two years?
p. 8
“I think we can safely say that we will at least outperform the industry. We will be growing at least 2x of the industry.”
Anmol Jain, page 8 of the filed PDF · View the filing
Management described penetration levels across segments and expected the LED share to keep growing.
Answered by Anmol Jain
Asked by Shubham Batra: What is the current industry penetration of LED lighting in PV and 2-wheeler segments?
p. 9
“So looking at FY 25-26, our overall penetration was about 60% of LEDs. Now as an industry, the penetration is much higher on the 2-wheeler side, where we feel that almost more than 80% of the lamps on a 2-wheeler are actually already on an LED base.”
Anmol Jain, page 9 of the filed PDF · View the filing
Management gave FY26 turnover and margin figures for the JV and expected similar growth and margins in FY27.
Answered by Ravi Teltia
Asked by Meet Rachchh: How is the SL Lumax JV business performing and what is the outlook?
p. 9
“This is Ravi. For FY 26, SL Lumax has reported a turnover of somewhere around INR 2,900 crore with an EBITDA margin of close to 14%.”
Ravi Teltia, page 9 of the filed PDF · View the filing
Management attributed the inventory levels to long LED component lead times and said they are monitoring supply chain disruptions.
Answered by Ravi Teltia
Asked by Vignesh Iyer: Why has inventory built up compared to last year, and is this due to geopolitical caution?
p. 11
“As far as the war is concerned, you rightly mentioned there are certain supply chain disruptions due to that but we are very closely monitoring and in general we carry inventory of roughly 2 to 2.1 months.”
Ravi Teltia, page 11 of the filed PDF · View the filing
Management confirmed margin pressure exists industry-wide but expressed hope OEMs will support recoveries and margins will be maintained.
Answered by Anmol Jain
Asked by Utkarsh Somaiya: Will there be margin pressure in Q1 FY27 due to the cost pass-through lag?
p. 12
“So I think the margin pressure is there across the industry. Answering to your question, again, there is a margin pressure, yes, but we are doing our best to try and as I mentioned earlier,”
Anmol Jain, page 12 of the filed PDF · View the filing
Risks flagged
Wage cost increases in Haryana and other states
p. 6
“Yes, you rightly mentioned for the state of Haryana, the Government of Haryana has revised the minimum wages with effect on 1st April, 2026 and similar trends are visible in some of the other states also.”
Ravi Teltia, page 6 of the filed PDF · View the filing
Volatility in input costs including raw materials, manpower and energy prices
p. 8
“This is Anmol Jain. So currently, there is, of course, a lot of volatility where we see a significant increase in the input cost. It is across raw materials, manpower, energy prices.”
Anmol Jain, page 8 of the filed PDF · View the filing
Time lag in passing on cost increases to OEM customers causing near-term margin pressure
p. 13
“So the margin pressures will continue, yes. However, we are quite hopeful that the OEMs will come in and support, and we will be able to at least maintain the guidance for the first quarter as well.”
Anmol Jain, page 13 of the filed PDF · View the filing
Geopolitical tensions and West Asia conflict affecting production, commodity prices, fuel costs and freight rates
p. 3
“However, uncertainties arising from the ongoing West Asia conflict needs to be closely monitored as prolonged disruption could impact production, commodity prices, fuel costs, freight rates and overall economic sentiment.”
Deepak Jain, page 3 of the filed PDF · View the filing
Supply chain disruptions affecting import of LED-related components
p. 11
“Yes, if you see over the years our LED penetration has increased and still some of the important parts or related components of LEDs are imported and there is a long lead time for LED.”
Ravi Teltia, page 11 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.