Lumax Industries Ltd
Lumax Industries Limited is the flagship company of the DK Jain Group. It was founded as a trading company in 1945 and today it has evolved as market leader of automobile lighting in the Indian automotive industry. In 1984, company entered into a technical collaboration with Stanley Electric Co. Ltd., Japan (SECL), which currently holds around 37.5% equity stake in the company. Other 37.5% is held by Indian promoters (D.K. Jain and family). Company has 29 manufacturing facilities across 7 states in India. [1] [2]
- Market Cap ₹ 5,013 Cr.
- Current Price ₹ 5,361
- High / Low ₹ 6,970 / 3,135
- Stock P/E 26.9
- Book Value ₹ 982
- Dividend Yield 0.65 %
- ROCE 17.7 %
- ROE 22.0 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 61.9% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 27.6%
Cons
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1,252 | 1,271 | 1,649 | 1,851 | 1,602 | 1,426 | 1,751 | 2,320 | 2,637 | 3,400 | 4,184 | |
| 1,164 | 1,170 | 1,515 | 1,698 | 1,443 | 1,326 | 1,616 | 2,112 | 2,405 | 3,120 | 3,779 | |
| Operating Profit | 89 | 101 | 135 | 154 | 158 | 100 | 135 | 208 | 231 | 280 | 405 |
| OPM % | 7% | 8% | 8% | 8% | 10% | 7% | 8% | 9% | 9% | 8% | 10% |
| 4 | 17 | 19 | 57 | 19 | 27 | 3 | 51 | 70 | 84 | 43 | |
| Interest | 13 | 11 | 8 | 16 | 22 | 29 | 22 | 30 | 49 | 73 | 74 |
| Depreciation | 38 | 41 | 48 | 60 | 64 | 65 | 64 | 80 | 93 | 113 | 152 |
| Profit before tax | 41 | 65 | 98 | 134 | 92 | 33 | 53 | 149 | 159 | 178 | 223 |
| Tax % | 10% | 16% | 27% | 23% | 22% | 45% | 23% | 31% | 30% | 21% | 22% |
| 52 | 54 | 71 | 104 | 72 | 18 | 41 | 103 | 111 | 140 | 172 | |
| EPS in Rs | 55.66 | 58.16 | 76.34 | 111.03 | 76.92 | 19.42 | 43.56 | 110.27 | 118.77 | 149.67 | 184.51 |
| Dividend Payout % | 22% | 25% | 30% | 32% | 31% | 36% | 31% | 24% | 29% | 23% | 30% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 13% |
| 5 Years: | 24% |
| 3 Years: | 22% |
| TTM: | 23% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 62% |
| 3 Years: | 21% |
| TTM: | 33% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 23% |
| 5 Years: | 28% |
| 3 Years: | 35% |
| 1 Year: | 65% |
| Return on Equity | |
|---|---|
| 10 Years: | 17% |
| 5 Years: | 19% |
| 3 Years: | 20% |
| Last Year: | 22% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves | 259 | 300 | 353 | 426 | 437 | 451 | 482 | 574 | 662 | 765 | 908 |
| 127 | 92 | 104 | 140 | 347 | 338 | 401 | 431 | 723 | 888 | 973 | |
| 463 | 478 | 751 | 615 | 490 | 564 | 654 | 852 | 1,207 | 1,199 | 1,544 | |
| Total Liabilities | 859 | 880 | 1,217 | 1,190 | 1,283 | 1,362 | 1,546 | 1,866 | 2,601 | 2,861 | 3,435 |
| 408 | 419 | 518 | 549 | 653 | 627 | 711 | 749 | 968 | 1,106 | 1,434 | |
| CWIP | 17 | 20 | 34 | 50 | 32 | 47 | 48 | 43 | 178 | 212 | 105 |
| Investments | 69 | 79 | 88 | 81 | 90 | 92 | 102 | 147 | 179 | 246 | 278 |
| 365 | 362 | 577 | 510 | 508 | 596 | 685 | 927 | 1,276 | 1,297 | 1,619 | |
| Total Assets | 859 | 880 | 1,217 | 1,190 | 1,283 | 1,362 | 1,546 | 1,866 | 2,601 | 2,861 | 3,435 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 81 | 100 | 140 | 104 | 103 | 76 | 108 | 108 | 133 | 212 | 373 | |
| -37 | -62 | -128 | -97 | -194 | -31 | -129 | -90 | -245 | -293 | -265 | |
| -59 | -39 | -11 | -6 | 96 | -51 | 34 | -26 | 137 | 59 | -92 | |
| Net Cash Flow | -15 | -2 | 1 | 1 | 6 | -5 | 13 | -8 | 24 | -22 | 16 |
| Free Cash Flow | 43 | 37 | 8 | -8 | -63 | 14 | -21 | 19 | -124 | -110 | 86 |
| CFO/OP | 101% | 110% | 117% | 89% | 75% | 72% | 87% | 64% | 64% | 81% | 104% |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
| Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 53 | 55 | 70 | 44 | 39 | 55 | 48 | 48 | 48 | 50 | 55 |
| Inventory Days | 45 | 52 | 57 | 61 | 75 | 94 | 91 | 96 | 129 | 92 | 90 |
| Days Payable | 135 | 146 | 180 | 114 | 131 | 159 | 163 | 141 | 154 | 147 | 145 |
| Cash Conversion Cycle | -36 | -39 | -53 | -9 | -17 | -9 | -24 | 3 | 22 | -6 | 0 |
| Working Capital Days | -58 | -54 | -57 | -49 | -78 | -75 | -60 | -38 | -49 | -44 | -45 |
| ROCE % | 19% | 24% | 22% | 17% | 8% | 11% | 19% | 17% | 16% | 18% |
Insights
In beta| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|
| Product Mix - Front Lighting % |
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| Segment Mix - Passenger Vehicles (PV) % |
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| Segment Mix - Two & Three Wheelers % |
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| LED Revenue Penetration % |
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| R&D Expenditure (Percentage of Turnover) % ・Standalone data |
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Extracted by Screener AI
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
5 Jun - Transcript of Analysts/ Investor Earning Conference Call - Q4 & FY 2025-26.
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome
1 Jun - Audio recording link for Q4 and FY26 earnings call made available on company website.
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Announcement under Regulation 30 (LODR)-Newspaper Publication
29 May - Submission of Newspaper Clippings of publication of Audited Financial Results for 4th Quarter and Year ended March 31, 2026
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Announcement under Regulation 30 (LODR)-Press Release / Media Release
28 May - Lumax Industries reported FY26 revenue of Rs 4,184 crore, PAT of Rs 172.5 crore, and rating upgrade.
- Announcement under Regulation 30 (LODR)-Investor Presentation 28 May
Annual reports
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Financial Year 2025
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Financial Year 2024
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Concalls
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Jun 2026Transcript PPT REC
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Nov 2022TranscriptAI SummaryPPT
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Aug 2021TranscriptAI SummaryPPT
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Nov 2018Transcript PPT
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Aug 2018Transcript PPT
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Jun 2018TranscriptPPT
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Jun 2018Transcript PPT
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Feb 2018Transcript PPT
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Nov 2017Transcript PPT
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Jul 2017TranscriptAI SummaryPPT
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May 2017Transcript PPT
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Feb 2017TranscriptAI SummaryPPT
Product Portfolio
a) Lighting Solutions[1][2]
Front Lighting: - Headlamps, Fog Lamps, Daytime Running Lamps
Rear Lighting: ** Tail Lamps, Rear Combination Lamps, Signal Lamps
Other Lamps:** Side Indicators, Auxiliary Lamps.