Lux Industries Ltd Q1 FY26 – Sales ₹604 Cr, PAT ₹24 Cr, EPS ₹7.95: From Salman’s Vest to SEBI Raids, India’s Favourite Baniyan Brand in Mid-Life Crisis
1. At a Glance
Lux Industries – the company that convinced Indian men that showing off a baniyan is sexy – just reported Q1 FY26 sales of ₹604 Cr (+13% YoY), but profits fell -31% YoY to ₹24 Cr. In short: the baniyan business is still holding together, but margins are sweating more than Varun Dhawan in a Lux Cozi ad shoot.
2. Introduction
There are companies that make software, some that make cement, and then there’s Lux – proudly making chaddis and baniyans since 1995. Their tagline could be: “From Kolkata with Love (and Elastic).”
Once upon a time, Lux was just a modest hosiery maker. Then they threw ₹900 Cr into brand building over 7 years – plastered Salman Khan, Sourav Ganguly, Jacqueline Fernandez, Janhvi Kapoor, and even IPL’s KKR with Lux Cozi logos. Imagine spending crores so that a man in a vest looks cool. Only in India.
But life hasn’t been smooth. Income tax raids (2023), SEBI insider trading charges (revoked in 2023, but scars remain), top management resignations, and an ongoing battle with declining profitability.
Yet, their empire is big:
2 Cr garments/month production capacity
Presence in 2 lakh+ retail outlets
Exports to 46+ countries
Promoter holding 74% (classic Kolkata promoter style: family dinner doubles as board meeting).
The question: Can Lux make baniyans sexy again, or will they remain a case study in “How to burn cash on celebrities while margins vanish?”
3. Business Model – WTF Do They Even Do?
Lux basically stitches fabric into four categories:
Men’s Innerwear (the OG baniyan): Lux Cozi, Lux Venus, ONN. This is the stuff Salman flexes in, and where most sales still come from.
Women’s Innerwear & Casuals: Lyra leggings, Lux Venus Her lingerie, kurtis, palazzos, shapewear. Think of it as trying to be India’s Victoria’s Secret, but ending up closer to Sarojini Nagar chic.
Kidswear: Vests, briefs, track pants. Because even 10-year-olds need branding apparently.
Outerwear & Casuals: T-shirts, joggers, jackets. Their attempt to diversify beyond underwear, because no one wants to wear Lux logos on Zoom calls.
Revenue split:
Vertical A (Lux Cozi, ONN, Lux Premium): 42%
Vertical B (Venus, Lyra, Rainwear, Inferno): 46%
Vertical C (GenX, Classic, Amore): 12%
So yes, it’s all “mass + mid-segment fashion” – basically trying to own every Indian drawer.
4. Financials Overview
Quarterly Comparison Table (₹ Cr, standalone):
Source table
Metric
Q1 FY26 (Jun 25)
Q1 FY25 (Jun 24)
Q4 FY25 (Mar 25)
YoY %
QoQ %
Revenue
604
535
819
12.9%
-26.3%
EBITDA
35
45
76
-22.2%
-53.9%
PAT
24
35
48
-30.8%
-50.0%
EPS (₹)
7.95
11.49
16.02
-30.8%
-50.3%
Commentary:
Sales grew YoY, but PAT halved QoQ. Clearly, underwear doesn’t have pricing power like Ambuja Cement.
Annualised EPS ~₹32 → At CMP ₹1,378, stock trades at 43× forward P/E. That’s Page Industries lite pricing, without the Page-quality margins.
