Lumax FY26 PAT rises 23.3% to ₹172.5 crore
Lumax Industries reported its highest-ever annual revenue of ₹4,184.2 crore in FY26, a 23% increase, with PAT rising 23.3% to ₹172.5 crore. EBITDA increased 42.8% to ₹412.1 crore, improving margins by 130 bps to 9.8%. The company announced a final dividend of ₹55 per share. Management guided for FY27 revenue growth of at least twice the industry rate and EBITDA margins between 10.5% and 11%. New orders include wins from Mahindra, Skoda, Toyota, and Suzuki. The Board approved leadership changes effective May 28, 2026.
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Lumax Industries Limited reported its highest-ever annual revenue of ₹4,184.2 crore in FY26, a 23% increase from ₹3,400.4 crore in the previous year. Profit after tax (PAT) rose 23.3% year-on-year to ₹172.5 crore. The company announced its audited financial results for the fourth quarter and fiscal year ended March 31, 2026, highlighting robust operational performance and an improved product mix driven by LED lighting. The Board of Directors has recommended a final dividend of ₹55 per equity share (550%) for FY26, subject to shareholder approval.
Financial Performance
For the full year FY26, Lumax Industries recorded its highest-ever annual EBITDA of ₹412.1 crore, an increase of 42.8% year-on-year. The EBITDA margin improved by 130 basis points to 9.8%. Net profit for the year stood at ₹172.5 crore compared to ₹139.9 crore in FY25. The company recognised an exceptional item of ₹17.8 crore during the year, attributed to the incremental impact of new Labour Codes notified by the Government of India.
The following table summarises the consolidated annual financial performance:
| Metric (₹ in Cr) | FY26 | FY25 | Y-o-Y |
|---|---|---|---|
| Revenue | 4,184.2 | 3,400.4 | 23.0% |
| EBITDA | 412.1 | 288.6 | 42.8% |
| EBITDA Margin | 9.8% | 8.5% | +130 bps |
| PAT | 172.5 | 139.9 | 23.3% |
| EPS (₹) | 184.5 | 149.7 | 23.3% |
Q4 Performance
In the fourth quarter, Lumax Industries achieved its highest-ever quarterly revenue of ₹1,200.3 crore, a 30% increase from ₹923.4 crore in Q4 FY25. EBITDA for the quarter rose 46.6% to ₹124.9 crore, with the margin expanding to 10.4% from 9.2% in the corresponding period last year. Net profit for the quarter increased to ₹54.1 crore from ₹44.0 crore year-on-year.
The key consolidated Q4 metrics are summarised below:
| Metric (₹ in Cr) | Q4 FY26 | Q4 FY25 | Y-o-Y |
|---|---|---|---|
| Revenue | 1,200.3 | 923.4 | 30.0% |
| EBITDA | 124.9 | 85.2 | 46.6% |
| EBITDA Margin | 10.4% | 9.2% | +120 bps |
| PAT | 54.1 | 44.0 | 23.0% |
Operational Highlights
LED lighting contributed 61% to the total revenue in FY26, while conventional lighting accounted for 39%. The product mix comprised 69% front lighting, 22% rear lighting, and 9% others. By segment, passenger vehicles contributed 65% of revenues, two-wheelers 29%, and commercial vehicles 6%. The order book remains healthy at ₹2,200 crore, with an 88% composition from LED lighting.
ICRA Limited upgraded the company's long-term and short-term credit ratings to ICRA AA- (Stable) and ICRA A1+, respectively.
Strategic Updates and Guidance
Management provided an outlook for FY27, guiding for revenue growth at least twice the industry growth rate. The company targets EBITDA margins between 10.5% and 11% for the full year, with a mid-term goal of reaching 13% margins. Capital expenditure for FY27 is guided at ₹100 - 150 crore, which includes maintenance capex of ₹40 - 50 crore. The company’s net long-term debt stands at ₹235 crore, with plans to repay approximately ₹85 - 90 crore in the current year.
New orders secured include the supply of front fog lamps and roof lamps for the Mahindra XUV 7XO, tail lamps for the Skoda Kushaq facelift, and headlamps for the Toyota Kirloskar Urban Cruiser Ebella. In the two-wheeler segment, the company won an order from Suzuki Motorcycles for the E-Access model.
Corporate Governance and Appointments
The Board approved the re-appointment of Mr. Tadayoshi Aoki as Senior Executive Director for a further tenure of three years effective February 03, 2027, subject to shareholder approval. Additionally, the Board approved changes in designations for Mr. Deepak Jain, who will transition from Chairman and Managing Director to Chairman (Whole Time Director), and Mr. Anmol Jain, who will move from Joint Managing Director to Managing Director, both effective May 28, 2026. The 45th Annual General Meeting is scheduled for August 24, 2026, with the record date fixed for August 06, 2026.
Historical Stock Returns for Lumax Industries
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -0.47% | -3.54% | -9.05% | -9.22% | +59.35% | +233.50% |
What specific strategies will Lumax Industries employ to achieve its mid-term goal of 13% EBITDA margins?
How will the company leverage its healthy LED-heavy order book to maintain revenue growth at twice the industry rate in FY27?
What impact will the new Labour Codes have on the company's cost structure beyond the recognised exceptional item?
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