Lumax Industries Ltd

Meeting Details

• Board meeting on Monday, October 26, 2026; time and venue not disclosed.

Key Agenda Items

• Consider and approve unaudited standalone and consolidated financial results for Q2 and H1 ended Sep 30, 2026.

Other Notes

• Trading window remains closed till October 28, 2026 for designated persons and related entities.

Dematerialisation status

• Securities for dematerialisation were processed and listed on exchanges.
• Physical certificates were mutilated and cancelled; the depository's name updated as owner within 15 days.

Lumax Industries Ltd — Trading Window Closure from October 01, 2026 till the end of 48 hours after the announcement/declaration of Un-Audited Financial Results (Standalone and Consolidated) of the Company for the 2nd Quarter and Half year ending September 30, 2026.

AGM Details

• Date/time/mode: 26 Aug 2026 at 2:30 PM via VC/OAVM.
• Record date: 20 Aug 2026; 24,857 shareholders on record.
• Attendance: 105 attendees (Promoter/PG 99; Public 6).

Resolutions and outcomes

• Resolution 1: Adopt standalone and consolidated financials; ordinary; approved with 99.998% in favour.
• Resolution 2: Dividend of Rs 55 per share; ordinary; approved with 82.83% in favour.
• Resolution 3: Reappointment of Tomohiro Kondo by rotation; ordinary; approved with 99.34% in favour.
• Resolution 4: Re-appointment of Tadayoshi Aoki as Senior Executive Director; special; 99.66% in favour.
• Resolution 5: Change in designation Deepak Jain to Chairman; special; 99.50% in favour.
• Resolution 6: Change in designation Anmol Jain to Managing Director; special; 99.66% in favour.
• Resolution 7: Ratification of Cost Auditors' remuneration; ordinary; 99.998% in favour.
• Resolution 8: Approval of material RPT with Lumax Auto Technologies; ordinary; 99.978% in favour.

Dividend

• Dividend proposed/approved: Rs 55 per equity share.

Material Related Party Transactions

• RPT with Lumax Auto Technologies Limited approved; nature: related party transaction; value not disclosed.

Auditors/Remuneration

• Remuneration for Cost Auditors ratified for FY 2026-27; ordinary; approved 99.998%.

AGM Details

• AGM held on August 26, 2026 at 2:30 PM IST via VC/OAVM.
• Cut-off date for shareholders: August 20, 2026; total 24,857 on record.

Key Resolutions

• Adopt audited standalone and consolidated financial statements for FY2025-26.
• Declare dividend of Rs 55 per equity share for FY2025-26.
• Re-appoint Tomohiro Kondo as director (retiring by rotation).
• Re-appoint Tadayoshi Aoki as Senior Executive Director for 3 years.
• Change designation: Deepak Jain to Chairman (KMP).
• Change designation: Anmol Jain to Managing Director (KMP).
• Ratify remuneration of cost auditors for FY2026-27.
• Approve material related party transaction with Lumax Auto Technologies Limited.

Voting Results

• Voting results not disclosed in AGM filing.

Director Changes

• Tomohiro Kondo to be re-appointed as director.
• Deepak Jain designation changed to Chairman (KMP).
• Anmol Jain designation changed to Managing Director (KMP).
• Tadayoshi Aoki to be re-appointed as Senior Executive Director (3 years).

Auditors & Remuneration

• Statutory auditors attended; no appointment changes.
• Remuneration of cost auditors for 2026-27 ratified.

Material Related Party Transactions

• RPT with Lumax Auto Technologies Limited approved.

Financial Performance

• Consolidated revenue: INR 1,223 crore, up 32.6% YoY.
• EBITDA: INR 113 crore; margin 9.2%.
• PAT: INR 51 crore; PAT margin 4.2%.
• Tax rate: 20.3%.
• LED lighting accounted for 63% of revenue.
• Order book around INR 2,500 crore; LED-based ~90%.
• Net long-term debt: INR 209 crore as of 30 Jun 2026.
• Capex for FY27 guided INR 200–250 crore.

Segment & Orders

• Revenue mix: 64% Passenger Vehicles; 31% 2- and 3-Wheelers; 5% Commercial Vehicles and others.
• Front lighting 68% of revenue; rear lighting 23%; others 9%.
• Maruti revenue 43% YoY; Tata Motors 68% YoY.
• EV order-book share ~12%.
• 2W OEMs include HMSI, Hero, Suzuki, Yamaha, TVS.

Capex & Capacity

• Bengaluru plant expansion for Maruti/Toyota models; commissioning Q4 FY27.
• Sanand and Bawal brownfield projects underway.
• FY27 mould revenue: INR 250–300 crore; FY26 mould revenue: INR 180–185 crore.
• FY28 capex guidance: INR 150–200 crore.
• 60% of order book to SOP in FY28 (~₹1,500 crore).

Outlook & Guidance

• Demand expected to stay healthy into festive season; watch commodity prices and geopolitics.
• Long-term EBITDA target ~13% by FY30–31; ~100 bps annual uplift.
• 3–5 year CAGR guidance: 15–20% revenue growth.
• Q2 EBITDA margin expected to be higher than Q1; realizations to be recognized in Q2.

Q&A Highlights

• Others segment primarily includes Škoda/Volkswagen; other 2W customers also served.
• OEM amendments: monthly amendments discussed; industry largely preferring quarterly/6-month adjustments.
• Lighting is powertrain agnostic; BEV content uplift feasible in next 2–3 years.
• Mould revenue profile: majority expected in H2 (Q3/Q4) of FY27.
• Mahindra wallet share around 40–50%; HMSI focus expected to rise in FY28.
• Capex mix driven by order wins; mould revenue visibility supports capex expansion.

Meeting Details

• Date: August 11, 2026.
• Type/Mode: Earnings conference call; virtual.
• Event organiser: Lumax Industries Limited earnings conference call.
• Purpose: Discuss Q1 FY2026 operational and financial performance.
• Key participant: Executive Director & Company Secretary.
• Availability: Audio recording and transcript on company website.

Financial highlights

• Revenue ₹1,223.2 cr, up 32.6% YoY.
• EBITDA ₹113.0 cr, up 33.7% YoY; margin 9.2%.
• PAT ₹51.1 cr; PAT margin 4.2%; EPS ₹54.6.
• Order book ₹2,500 cr; LED share ~90% of order book.

Operational mix

• LED Lighting 63% of revenue; Conventional 37%.
• Front Lighting 68%, Rear Lighting 23%, Others 9%.
• Passenger Vehicles 64%, Two Wheelers 31%, CVs and others 5%.

New launches and awards

• New launches: Tata Tiago head lamp; Taigun rear lamp; Burgman Street front turning signal; Traveller 2 head lamp.
• GreenPro ecolabel for five products; Most Preferred Workplace recognition.

Business Overview

• Leading automotive lighting manufacturer with Tier I OEM relationships in India.
• Strategic partners Stanley Electric (Japan) and SL Lumax (Korea) underpin design and supply.
• FY26 revenue ₹4,184 crore; 22% 3-year CAGR; 12 manufacturing facilities.
• R&D: 2 centers in India and 2 overseas design centers.
• Divisional focus on LED adoption and localisation.

Operational Highlights

• Q1 FY27 standalone total operating revenue ₹1,223.2 crore.
• Total Income standalone ₹1,239.7 crore for Q1 FY27.
• Order book stands at ₹2,500 crore with LED content around 90%.
• Standalone EBITDA ₹124.8 crore; margin 10.2%.
• Consolidated EBITDA ₹113.0 crore; margin 9.2%.
• Standalone PAT ₹52.0 crore; margin 4.3%.
• Consolidated PAT ₹51.1 crore; margin 4.2%.
• Standalone EPS ₹55.6; Consolidated EPS ₹54.6.

Financial Performance

• Q1 FY27 standalone total operating revenue ₹1,223.2 crore; growth 32.6% YoY.
• Total Operating Revenue (standalone) ₹1,223.2 crore; 32.6% YoY growth.
• Total Income standalone ₹1,239.7 crore; consolidated ₹1,226.5 crore.
• Raw material consumption: standalone ₹825.40 crore; consolidated ₹825.3 crore.
• FY26 revenue ₹4,184 crore; CAGR 22%; EBITDA margin 9.8%; ROCE 15%.
• Capex ₹410+ crore in FY26.
• 12 manufacturing facilities; 2 R&D centers and 2 overseas design centers.

Governance & Leadership

• Chairman Emeritus: Dhanesh Kumar Jain; MD: Deepak Jain; Joint MD: Anmol Jain.
• Nominee Directors: Stanley Electric and SL Lumax appointed to the board.
• Leadership team includes CEO Raju Ketkale; Group CFO Sanjay Mehta.

Strategic Priorities & Outlook

• Strategy focuses on technology-led growth, deeper OEM engagement, and localisation.
• Emphasis on LED adoption, premiumisation, and sustained R&D investment.

Risks & Mitigation

• Risks include supply chain disruptions and input-cost volatility; mitigated by localisation and OEM partnerships.