1. At a Glance

Lux Industries is India’s biggest mid-segment hosiery player with a 15% share of the organised market — but lately, its stock has been shrinking faster than a cheap vest in hot water. The business sells innerwear, outerwear, and thermals under multiple brands (with “LUX” as the flagship). Despite steady revenues, profitability has sagged, ROE has slipped to ~10%, and the stock is down ~45% in a year.

2. Introduction

Lux Industries is the kind of brand every Indian has seen — on billboards, in cricket sponsorships, and in your dad’s cupboard. The company has been around since 1995, dominating the mid-segment hosiery game. It sells everything from premium vests to leggings, from thermal wear to track pants, and targets everyone — men, women, and kids.

But the innerwear wars are brutal. Between Page Industries’ Jockey dominance, Rupa’s pricing wars, and fast-fashion nibbling at casualwear, Lux is stuck in a tricky middle: premium enough to need marketing spend, but not premium enough to demand crazy margins. Add margin compression since FY22 and a working capital cycle that’s longer than some Netflix series, and we’ve got a business fighting to keep its fit.

3. Business Model (WTF Do They Even Do?)

• Men’s Innerwear & Outerwear– Vests, briefs, trunks, track pants, jackets.
• Women’s Innerwear & Outerwear– Bras, panties, leggings, shapewear, palazzos.
• Kidswear– Basics, casuals.
• Thermal Wear– Winter segment stronghold.

Lux positions itself in themid-premiumsegment, balancing volume play with brand-building. Distribution is king: 900+ distributors, 2 lakh+ retail touchpoints, plus e-commerce.Roast note: They have more SKUs than some FMCG giants, but profitability moves like it’s wearing ankle weights.

4. Financials Overview

Let’s recalc the P/E: Latest EPS