1. Opening Hook

Global EV dreams stalled because China put Rare Earths on a crash diet, but Lumax didn’t blink. While OEMs sulked, Lumax kept the lights on—literally—with 20% growth and LEDs shining brighter than Diwali diyas. SUVs hogged 66% of passenger vehicle sales, exports soared, and Lumax claimed more wallet share than your UPI app. But wait, there’s ambient lighting gossip, TVS doubling, MG sulking, and Hyundai running the show via SL Lumax. Buckle up—this ride has more twists than a Maruti Grand Vitara ad.

2. At a Glance

• Revenue up 20.5% – ₹923 Cr; beat muted auto industry like a street racer.
• EBITDA up 20.7% – ₹84 Cr; LEDs carried the torch.
• PAT up 6% – ₹36 Cr; modest, like parking a Ferrari in a no-parking lane.
• EBITDA margin 9.2% – Up 10 bps; baby steps, but in the right direction.
• LED share 61% of revenue – From 45% last year, cars glowing like nightclubs.
• Order book ~₹2,000 Cr – 84% LED, 80% PV; headlights future-proofed.

3. Management’s Key Commentary

• “Industry growth muted, EV launches paused due to rare earth shortage.”
  (Translation: China sneezed, OEMs caught cold.)
• “Lumax grew 20.5% YoY, outpacing industry.”
  (Translation: Others stalled, we pressed the accelerator.)
• “LED lighting now 61% of revenue, 84% of order book.”
  (Translation: Incandescent bulbs are basically Nokia 1100 now.)
• “Started SOP for Maruti’s first EV, the eVitara, from Sanand.”
  (Translation: Even Maruti’s finally doing EVs—shock!))
• “Chakan Phase 2 will serve Skoda & Volkswagen from H2.”
  (Translation: German precision + Indian jugaad = revenue boost.)
• “Order book half realized in FY26, balance till FY28.”
  (Translation: Visibility better than Mumbai monsoon forecast.)
• “SL Lumax outlook: steady, Hyundai-driven.”
  (Translation: As Hyundai goes, so does our associate profit.)

4. Numbers Decoded

5. Analyst Questions

• Q: Price corrections impact Q1—what next?
  A: ₹13 Cr booked, more to come.
  (Translation: OEMs always delay paying,