Lumax Industries posted blockbuster FY25 results with ₹3,400 Cr in revenue (up 29%) and ₹140 Cr PAT (up 26%). With 58% of sales now LED-based, and major OEMs like Maruti, Mahindra, Tata, and Honda riding shotgun, the company is flexing its position as India’s headlight king. But here’s the high beam question: At ₹2,869, is Lumax still undervalued—or just priced for perfection?

🏢 About the Company

• Founded: 1981
• Parent Group: DK Jain Group
• Japanese JV Partner: Stanley Electric (LED tech leader)
• Plants: 11 across India, near OEM hubs
• Customers: Hero MotoCorp, HMSI, Mahindra, Maruti Suzuki, Tata Motors, MG, TVS
• Product Range: Headlamps, tail lamps, indicators, map lights, mood lighting (yes, even cars need vibes)

🧑‍💼 Key Managerial Personnel (KMP)

• Deepak Jain – CMD and the driving force behind Lumax’s LED transition
• Raajesh Kumar Gupta – Executive Director & Company Secretary (the guy filing all the BSE letters while we write memes)

📊 Financials Snapshot (FY25 vs FY24)

📌 Q4FY25 Alone:

• Revenue: ₹923 Cr (YoY +24.3%)
• PAT: ₹44 Cr (YoY +21.9%)

🔦 Product & Segment Mix

By Product Type

• Front Lighting: 68%
• Rear Lighting: 23%
• Other (Fog, Map, Ambient): 9%

By Lighting Tech

• LED: 58% (👑 King of Bright)
• Conventional: 42% (👴 Retiring soon)

By Vehicle Type

• Passenger Vehicles: 66%
• Two-Wheelers: 28%
• Commercial Vehicles: 6%

🧾 Order Book: ₹2,275 Cr
👉 88% of this is LED — you’re not escaping this lightwave anytime soon.

🚘 New Launch Highlights (Q4FY25)

✅ Lumax is the light behind most of India’s most-sold vehicles.

🏆 Awards Shelf (Getting Heavy)

• 🥇 LACP 2024 Vision Award – Platinum + Technical Award
• 🏅 Mahindra Supplier Meet – Innovation + Special Appreciation
• 🏆 CII Innovation Trophy – Bengaluru plant
• 🛠️ Maruti Vendor Meet – Inner Part Localisation Award
• 🏭 ACMA Manufacturing Excellence – Chakan-II plant
• 🏍️ Suzuki Motorcycle India – Best New Model Dev Award

💸 Forward Value (FV) Calculation

Assuming a reasonable 20x P/E multiple on FY25 EPS of ₹149.7:

• Fair Value = 20 × ₹149.7 = ₹2,994
• CMP = ₹2,869
• Upside Potential ≈ 4.3% (near FV — baked-in optimism?)

📈 Industry Outlook & Growth Triggers

• LED penetration in India: still ~40% — room to grow!
• EV boom = more lighting sophistication (because every EV needs LED mood strips)
• 4W segment expected to outperform 2W in FY26
• Maruti’s shift to premium platforms (Brezza, Vitara) = more orders
• High localisation = better margins (eventually)

🧠 EduInvesting Take

🚗 Lumax is not just riding the auto cycle; it’s installing the headlights on it.

• FY25 was a record year, but margins took a slight beating despite strong top-line growth.
• The LED shift is real, but already 58% — can they juice it to 70%+ without cannibalizing ASPs?
• Order book is solid, OEM relationships strong, and localisation winning awards — but growth from here needs product innovation, not just scale.

Would we call it a multibagger? It already did its multibagger run post-2020. Now it’s in the “prove you can sustain it” zone.

⚠️ Risks & Red Flags

• Margin compression despite scale: a yellow light?
• Dependency on top 5 OEMs = client concentration risk
• EV slowdown or 2W underperformance can dent volumes
• LED tech becoming commoditized = ASP pressure

🔚 Final Beam

Lumax Industries is shining — but maybe not dazzling anymore. At ₹2,869, most of the LED optimism seems priced in, but a solid order book, prestigious clients, and high localisation mean it could still glow steadily. Just don’t expect it to blind you with another 3x move — unless Mahindra decides to put mood lamps in tractors.

🗓️ Published: May 27, 2025
✍️ By: Prashant Marathe
🔖 Tags: Lumax Industries, Auto Ancillary Stocks, Q4 FY25 Results, LED Auto Lighting, OEM Supplier India, Maruti Suzuki Vendors, EV Lighting