1. Opening Hook
GST cuts arrived, Tesla landed, VinFast rang the doorbell, and the rupee decided to misbehave — naturally, Lumax chose this exact quarter to revise growth guidance upward. Because why not?
While OEM volumes stayed mixed, forex punched margins in the face, and analysts kept asking the same margin question for the 17th straight quarter, management calmly promised double-digit EBITDA and casually dropped a ₹140 crore Bengaluru plant into the conversation.
Passenger vehicles slowed, two-wheelers zoomed, LEDs conquered 61% of revenues, and Lumax reminded everyone that it’s no longer just a “bulb supplier” but an “innovation partner.”
If you think this was just another auto-ancillary concall, read on. The real story is hidden between forex excuses, capex bravado, and a very confident 12–13% margin dream.
2. At a Glance
- Revenue up 24.2% – Industry mixed, Lumax clearly didn’t get the memo.
- EBITDA margin 9% – Forex spoiled the party; management blames the dollar.
- PAT up 26% – Profits grew faster than margins, somehow.
- LED share 61% – Old bulbs officially losing relevance.
- Order book ₹1,800+ cr – Visibility secured, execution still pending.
- Capex raised to ₹260 cr – Growth appetite officially upgraded.
3. Management’s Key Commentary
“We continue to outperform the industry growth.”
(Translation: SIAM numbers are for others 😏)
“LED lighting now contributes 61% of revenues.”
(Translation: Halogen is basically history.)
“Margins were impacted by one-off forex fluctuations.”
(Translation: Dollar went rogue, not our fault.)
“Excluding forex, margins would have been 70–80 bps higher.”
(Translation: Trust us, it was almost double-digit.)
“We expect to deliver double-digit EBITDA margins for the full year.”
(Translation: Yes, we know you’ve heard this before 😬)
“Over the next 2–3 years, margins should inch towards 12–13%.”
(Translation: Please stay invested
