Lumax Industries Limited — PPTs, 26-05-2025: Investor Presentation

1. Financial Highlights:

Lumax Industries reported revenues of Rs. 3,400 Cr for FY25, up 29% YoY. EBITDA was Rs. 288.6 Cr with an 8.5% margin, down 70 bps due to raw material inflation. Profit after tax increased 26% to Rs. 139.9 Cr, with PAT margin improving slightly to 4.2%. The order book stands strong at Rs. 2,275 Cr, dominated by LED lighting (88%). Assets grew steadily to Rs. 2,861 Cr; borrowing rose moderately to Rs. 772 Cr. Operating cash flow was robust at Rs. 212 Cr.

2. Strategic Initiatives & Growth Drivers:

LED lighting now makes up 58% of revenue, reflecting a strategic shift to higher-margin, innovative products. Capex plans exceed Rs. 200 Cr, focusing on capacity expansion, R&D investments, and advanced tech like OLED, Matrix ADB, and automotive-grade image projection. The company targets slim modules, road projection systems, and ADAS sensor integration by 2030-32.

3. Business Developments:

Lumax leverages joint ventures with Stanley Electric (Japan) and SL Corporation (Korea) for technology and design. New/expanded facilities at Bawal, Sanand, and Chakan boost scalability. Product portfolio breadth increased via HVAC panels and electronic components developed through these alliances.

4. Market Position & Competitive Advantage:

Market leader in automotive lighting with Tier 1 contracts at top Indian OEMs including Maruti Suzuki, Mahindra, Hero MotoCorp, and HMSI. Strengths include diversified products, global technology partners, multiple auto belt plants, and a strong R&D footprint across India, Taiwan, and Czech Republic. Three-year revenue CAGR at 21% highlights consistent execution.

5. Investor Implications:

Robust growth from LED adoption and a strong order book signal positive growth potential. Margin pressure from input costs requires attention, yet ongoing investments in innovation and capacity support medium-to-long-term competitiveness. Exposure to EV lighting and a diversified OEM base offer upside in the evolving auto sector. Execution of advanced technology programs will be key to maintaining leadership amid industry shifts.