28-Oct-2026 07:55:25
LUMAX INDUSTRIES Q2 CONCALL : MANAGEMENT RAISES FY27 REVENUE GROWTH GUIDANCE TO 25%+, TARGETS DOUBLE-DIGIT EBITDA MARGIN & REPORTS ₹2,580 CR ORDER BOOK
• MANAGEMENT RAISES FY27 REVENUE GROWTH GUIDANCE TO OVER 25% FROM EARLIER GUIDANCE OF OVER 20%, SUPPORTED BY NEW OEM ORDERS & HIGHER LED PENETRATION • MANAGEMENT MAINTAINS DOUBLE-DIGIT EBITDA MARGIN TARGET FOR FY27, WITH H2 MARGINS EXPECTED AT APPROXIMATELY 10.5–11% • MANAGEMENT EXPECTS Q4 FY27 MARGINS TO BE STRONGER THAN Q3, SUPPORTED BY RAW MATERIAL COST RECOVERIES & OPERATING LEVERAGE • MANAGEMENT GUIDES FY27 CAPEX OF ₹200–250 CR, WITH APPROXIMATELY ₹80 CR ALREADY SPENT DURING H1 • Q2 REVENUE UP 33% YOY TO ₹1,342 CR, UP 10% QOQ, WHILE EBITDA INCREASED 21% YOY TO ₹110 CR • Q2 NET PROFIT SURGED 46% YOY TO ₹52 CR, WHILE EBITDA MARGIN DECLINED TO 8.2% FROM 9.0% LAST YEAR • H1 REVENUE UP 33% YOY TO ₹2,565 CR, SUPPORTED BY NEW VEHICLE LAUNCHES, HIGHER OEM BUSINESS SHARE & INCREASING LED ADOPTION • TOTAL ORDER BOOK STANDS AT ₹2,580 CR, WITH APPROXIMATELY 60% OR ₹1,500 CR EXPECTED TO ENTER PRODUCTION IN FY28 • PASSENGER VEHICLES CONTRIBUTE 63% OF ORDER BOOK, TWO- & THREE-WHEELERS 37%, WHILE LED LIGHTING ACCOUNTS FOR APPROXIMATELY 80% OF ORDERS • MANAGEMENT EXPECTS MARUTI SUZUKI BUSINESS SHARE TO INCREASE FROM 25–30% TO 35–40% OVER THE NEXT 2–3 YEARS • MANAGEMENT TARGETS HONDA MOTORCYCLE TAIL-LAMP SHARE OF APPROXIMATELY 50% FROM BELOW 20%, WHILE TOYOTA FRONT-LIGHTING SHARE COULD REACH 15–20% • MANAGEMENT EXPECTS SUZUKI TWO-WHEELER BUSINESS SHARE TO EXCEED 30% FROM 15–20%, WHILE VOLKSWAGEN/SKODA TAIL-LAMP SHARE COULD INCREASE TO APPROXIMATELY 70% FROM 30% • LED LIGHTING CONTRIBUTION INCREASED TO 63% OF H1 REVENUE FROM 61% LAST YEAR, WHILE EV PROGRAMS ACCOUNT FOR APPROXIMATELY 11% OF ORDER BOOK • MANAGEMENT EXPECTS ADVANCED DRIVING BEAM TECHNOLOGY ADOPTION TO INCREASE OVER THE NEXT 3–5 YEARS, WHILE DEVELOPING OLED, DIGITAL PROJECTION & MULTIPIXEL LED LIGHTING • MANAGEMENT REMAINS POSITIVE ON OEM ORDER EXECUTION & LED GROWTH, BUT RAW MATERIAL INFLATION, DELAYED CUSTOMER PRICE RECOVERIES, IMPORT DEPENDENCE & NEW PROGRAM EXECUTION REMAIN KEY RISKS
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