1. At a Glance
Imagine an auto component company that’s literally in every car you drive — but you’ve never noticed its name. That’s Lumax Auto Technologies Ltd (LATL), the stealth supplier behind India’s sleek dashboards, snappy gear shifters, and smart antennas. The ₹8,180 crore market-cap powerhouse just delivered another quarter that screams “we’ve arrived.”
Q2 FY26 revenue jumped37.3% YoYto ₹1,156 crore, whilePAT zoomed 55.9%to ₹78 crore. EPS surged to ₹9.81, enough to make many midcaps blush. In just one year, the stock has doubled (+133%), returning faster than a Mahindra Thar in Sports Mode. The company’sROE at 20.2%andROCE at 19%prove that Lumax isn’t just assembling car parts—it’s assembling wealth.
With aP/E of 38.7x,EV/EBITDA of 15x, and a growing global JV network (Japan’s Yokowo, Germany’s JOPP, and Italy’s Cornaglia, to name a few), Lumax has become the classroom topper of the auto components batch. But before we get carried away, a spoiler: that ₹902 crore debt lurking in the garage might need a tune-up.
2. Introduction – Plastic Fantastic, but with a Financial Turbocharger
Once upon a time in 1981, Lumax Auto Technologies was just a humble light maker. Four decades later, it’s evolved into the kind of diversified automotive beast that would make even Elon Musk pause mid-tweet.
Fromgear shifters and interior plasticstomechatronics and air intake systems, Lumax has positioned itself as India’s “OEM whisperer.” Their client list reads like an Auto Expo VIP panel — Mahindra & Mahindra, Bajaj Auto, Maruti Suzuki, Honda, Tata Motors, and basically everyone who makes anything that moves.
The company’s shift from 2-wheelers to passenger vehicles has been textbook strategy. PVs now account for50% of revenue (H1 FY25), up from just 20% in FY22. That’s not just diversification — that’supgrading from Splendor to Scorpio N.
And if you thought they were content with plastics and switches, think again. With theacquisition of Greenfuel Energy Solutions (September 2024), Lumax is now flirting with hydrogen and CNG tech — because why stop at dashboards when you can supply the future of fuel?
So yes, Lumax has gone from “making parts” to “playing a part” in India’s automotive renaissance.
3. Business Model – WTF Do They Even Do?
If you stripped a Mahindra XUV or Bajaj Pulsar and laid out every plastic, metal, and wire — chances are, Lumax made a few of them.
Here’s the short of it: Lumax manufacturesautomotive lamps, plastic moulded parts, gear shifters, chassis, and interior systemsfor India’s biggest OEMs. It’s basically the backstage crew that ensures your car looks good, drives smooth, and doesn’t fall apart when you slam the gear into reverse.
Their business is neatly carved into four broad areas:
- Advanced Plastics (57%)– Everything you can see and touch inside a car — consoles, instrument panels, ducts, tanks, and trim parts. The fancy stuff that OEMs brag about in brochures.
- Structures & Control Systems (21%)– Chassis, metal frames, and shift mechanisms. The backbone of vehicles.
- Aftermarket (12%)– The cash cow that keeps mooing. 27,500+ retail touchpoints make this their distribution goldmine.
- Mechatronics (3%)– Sensors, telematics, antennas. The brain inside the dashboard.
- Others (7%)– Bits and pieces that somehow always add up.
But the magic ingredient isn’t the product—it’s the partnerships. FromJapan’s Yokowofor antennas toItaly’s Cornagliafor air intake systems, Lumax has tied up with half of Europe and a slice of Asia.
And let’s not forgetIAC India (acquired 75% in 2023 for ₹587 crore)— this deal brought global interior expertise and catapulted Lumax into the top league of 4-wheeler plastic manufacturers.
The company now operates26 manufacturing facilitiesacross India — from Gurgaon to Chakan to Sanand. If you’re driving anywhere in India, odds are you passed a Lumax plant (or part) without realizing it.
4. Financials Overview
| Metric (₹ Cr) | Sep 2025 (Latest) | Sep 2024 (YoY) | Jun 2025 (QoQ) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 1,156 | 842 | 1,026 | +37.3% | +12.7% |
| EBITDA | 155 | 102 | 125 | +52.0% | +24.0% |
| PAT | 78 | 52 | 54 | +50.0% | +44.4% |
| EPS (₹) | 9.81 | 6.29 | 6.08 | +56.0% | +61.4% |
If financial statements could flex, Lumax’s would be
doing bicep curls. Revenue up 37%, profits up 50%, and OPM staying steady around13%— this is execution nirvana.
Annualized EPS of ₹9.81 × 4 =₹39.24, giving a P/E of ~30.6x based on CMP ₹1,200 — slightly cheaper than Uno Minda or Schaeffler India. For once, the market’s euphoria looks (almost) justified.
5. Valuation Discussion – The Fair Value Range
Let’s break it down without doing MBA yoga:
Method 1 – P/E ValuationAnnualized EPS (FY26E): ₹39.2Industry P/E: 32.4xFair Value Range = ₹39.2 × (30x – 40x) =₹1,176 – ₹1,568
Method 2 – EV/EBITDAEV/EBITDA multiple (Industry Median): 15xFY25 EBITDA (TTM): ₹554 CrEnterprise Value = ₹9,003 Cr → EV/EBITDA ≈ 16xFair EV range (14x–17x): ₹7,756 – ₹9,418 CrEquity Value = (EV – Debt ₹902 Cr) = ₹6,854 – ₹8,516 CrPer Share = ₹1,005 – ₹1,248
Method 3 – Simplified DCF (Edu Version)FCF FY25: ₹290 CrGrowth (5 yrs): 12%, Terminal g = 5%, WACC = 11%Fair Value ≈ ₹7,800 – ₹8,500 Cr → per share₹1,140 – ₹1,250
🧾Fair Value Range:₹1,000 – ₹1,550 per share(Educational purpose only. Not investment advice. Please do your own jugaad.)
6. What’s Cooking – News, Triggers, Drama
Buckle up. Q2 FY26 was spicier than a roadside dhaba’s mirchi pakoda.
- Greenfuel Energy acquisition:Lumax just entered the green fuel playground with CNG and hydrogen systems. Expect a ₹300–350 crore topline boost by FY26. Who knew plastics could go clean?
- IAC India Merger:The proposed amalgamation (announced Nov 2025) aims to simplify structures and boost 4W interior dominance. In plain English: fewer boardrooms, more dashboards.
- Capex Party:FY25 capex was ₹111 Cr; FY26 plans ₹120–140 Cr. The new Chakan facility (Feb 2024) is already humming with 3D blow-moulded ducts and urea tanks.
- Debt Parade:Total borrowings at ₹902 Cr (up from ₹165 Cr in FY22) – the cost of growth, or as finance people say, “leveraged enthusiasm.”
- Aftermarket tie-up:JV with Germany’s Bluechem is giving Lumax access to
