India’s auto market may be crawling at 2–3% volume growth, but Lumax Auto Tech just clocked a 36% YoY revenue surge. While Tata and Mahindra hogged auto magazine covers with shiny SUVs, Lumax quietly billed ₹1,026 crore in Q1. PAT grew 30% to ₹54 crore, EBITDA hit ₹136 crore (13.2% margin), though tooling and delayed price corrections shaved a few bps.
Mahindra’s SUV boom and Tata’s love for alternative fuels pushed growth. Add to that the Greenfuel integration, a 100% IAC stake, and subsidiaries like Alps Alpine doubling revenue, and you’ve got a diversified supplier refusing to stay just a “Tier 1 vendor.” Management’s new jargon? Becoming “Tier 0.5” — half a tier cooler.
Festive season demand, EV launches, and aftermarket traction keep the engine warm.
Stick around—things get spicier two scrolls down.
AT A GLANCE
• Revenue ₹1,026 cr (+36% YoY) – faster than PV volumes crawling at 3%• EBITDA ₹136 cr (+29% YoY) – 13.2% margin, slightly dented by tooling delays• PAT ₹54 cr (+30% YoY) – steady despite customer negotiations• IAC revenue ₹317 cr (+50% YoY) – Mahindra SUVs are paying the bills• Greenfuel ₹95 cr, 18% EBITDA – alt fuels are real margins, not ESG slides• Order book ₹1,500 cr – 40% tied to “future and clean mobility”
MANAGEMENT’S KEY COMMENTARY
- “Margins dipped due to delayed price corrections, recovered in Q2.”→ Translation: Mahindra haggled, we waited.
- “Aftermarket grew 16% YoY.”→ Translation: mechanics are our new influencers.
- “Mechatronics doubled revenue YoY.”→ Translation: sensors and chips > nuts and bolts.
- “Capex at ₹73 cr; guidance ₹200 cr for FY26.”→ Translation: Still investing, not splurging.
- “Free cash ₹359 cr; debt-equity 0.63x.”→ Translation: Balance sheet steady, not Maruti-frugal.
- “40% of order book is clean mobility.”→
- Translation: Pitching green while milking SUVs.
- “Tier 0.5 player vision.”→ Translation: Half a step closer to OEMs, one step away from buzzword bingo.
NUMBERS DECODED
| Revenue – The Hero | EBITDA – The Sidekick | Margins – The Drama Queen |
|---|---|---|
| ₹1,026 cr (+36% YoY) | ₹136 cr (+29% YoY) | 13.2% (vs 14% LY) |
- Revenue: SUVs + alt fuels = growth shield despite flat industry.
- EBITDA: Healthy, but tooling volatility makes quarter-to-quarter comparisons messy.
- Margins: 15–16% target by FY28, driven by plastics, aftermarket, and Greenfuel.
ANALYST QUESTIONS
- Mahindra & Tata boost?Mgmt: yes, 50%+ growth from Mahindra, Tata doubled via Greenfuel. → Translation: SUVs are paying rent.
- Subsidiary growth?Alps Alpine tripled on sensors; FAE scaling with Royal Enfield. → Translation: niche JVs punching above weight.
- Exports?Focus still domestic, aftermarket exports possible. → Translation: U.S. can wait, Indian mechanics first.
- Price corrections delay?One-off on BEV interiors; unlikely repeat. → Translation: Mahindra’s EV math confused everyone.
- Capex & debt?₹200–250 cr/year, funded by internal cash. → Translation: no equity raise, bankers still friends.
GUIDANCE & OUTLOOK
Management stuck to
