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Lumax Industries posted record revenue of INR923 Cr in Q4 and INR3,400 Cr for FY '25, up 24% and 29% YoY. EBITDA grew 20% to INR85 Cr (9.2% margin) in Q4, with FY EBITDA at INR289 Cr. PAT rose 22% to INR44 Cr in Q4 and 26% to INR140 Cr annually. LED lighting now contributes 58% of revenue and 88% of the order book of INR2,275 Cr, with 85% from passenger vehicles and 37% from EVs. Strong gains with Maruti, Mahindra, and HMSI reflect new product wins and partnerships. Capex for FY '26 is INR180-220 Cr, with sub-20% revenue growth expected and steady EBITDA near 9.5%-10%. Expansion projects like Chakan Phase 2 are progressing, supporting longer-term growth driven by technology upgrades and deeper OEM relationships.