LUMAXTECH
Micro CapLumax Auto Technologies Limited
Auto
Lumax Auto Technologies is an Indian auto ancillary company with an 8-decade group legacy, offering diverse products across advanced plastics, interior solutions, metallics, lighting, aftermarket, sensors, electronics, telematics, and alternate fuels. It serves PV, 2W, and CV segments with 30 facilities and 7 global JVs.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Mixed fundamentals, management trust is supportive, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Good · 62/100Rev +25% YoY · PAT +23% YoY · +11% QoQ · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,417 Cr | +25.1% | +11.5% |
| EBITDA | ₹203 Cr | +29.3% | +15.3% |
| Operating margin | 14.0% | +0 bps | +0 bps |
| PAT | ₹98 Cr | +22.5% | -9.3% |
| PAT margin | 6.9% | -14 bps | -158 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
Q4FY26 revenue up 25% YoY to INR 1,417 cr, marking the 3rd consecutive highest quarterly revenue. FY26 revenue grew 34% YoY to INR 4,870 cr, achieving highest ever annual revenue and EBITDA of INR 705 cr (14.5% margin).
Lumax Auto Technologies delivered strong Q4 and FY26 results, driven by broad-based growth across segments and successful integration of acquisitions. Management's '20.20.20.20' vision for FY31, focusing on future mobility, profitability, and capital efficiency, provides a clear roadmap for continued growth and value creation.
Product Wise Revenue (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Future & Clean Mobility
Targeting 20+% of revenue from Future & Clean Mobility by FY31, up from 6% in FY25, through strategic investments and partnerships.
Software-Defined Vehicle (SDV) Vertical
Strengthening digital edge with a dedicated SDV vertical to develop mobility solutions from smart systems to advanced driver assistance.
Higher Content per Vehicle & JV Wallet Share
Driving margin expansion through deeper OEM penetration and leveraging JV capabilities for advanced solutions in lightweighting and electronics.
Aftermarket Overhaul
Pivoting to demand-led growth for deeper customer engagement and new revenue streams in the aftermarket segment.
Manufacturing Footprint
Expanded to 30 facilities Pan-India from 1 in 2005, strategically located in proximity to customers.
R&D and Engineering Centers
Established an R&D Centre in Manesar, Engineering Centres in Pune, and a tech center in Bengaluru (SHIFT).
International Presence
Opened 1 satellite office in Japan and 1 representative office in China.
Demand for Advanced Solutions
Meeting rising demand for advanced solutions in lightweighting and electronics by leveraging JV capabilities.
OEM Focus on Premiumization
Strategic portfolio realignment and 100% acquisition of IAC India cater to OEMs’ focus on premiumization.
Adoption of Alternate Fuels
Greenfuel acquisition and strategic investments accelerate adoption of clean mobility solutions and alternate fuels by OEMs.
Connected Vehicle Technologies
Increasing adoption of connected and intelligent vehicle technologies drives growth in Mechatronics revenue.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing annual growth and overall business expansion in the auto sector. QoQ comparison is relevant to track sequential momentum, especially given the company reported its 3rd consecutive quarter of highest-ever revenue.
Revenue Growth
Q4 FY26 revenue: 1,417 cr, YoY increase of 25%, QoQ increase of 12%. FY26 revenue: 4,870 cr, YoY 34% increase (27% on normalized basis).
EBITDA Margin
Q4 FY26 EBITDA margins: 14.7%. FY26 EBITDA margins: 14.5%.
Content per Vehicle (4W)
ICE/EV content per 4W vehicle: Rs. 70K – 75K. Company reports 5X growth in content per vehicle over the last 5 years.
Content per Vehicle (2W)
ICE/EV content per 2W vehicle: Rs. 22K – 25K. Company reports 5X growth in content per vehicle over the last 5 years.
NorthStar: 20.20.20.20 Vision (FY26-FY31)
Management targets 20% Revenue CAGR, 20+% EBITDA Margin, 20% ROCE, and 20+% revenue from Future & Clean Mobility by FY31.
Transformation to Tier-0.5 System Integrator
Company aims to transform from a Tier-1 to a Tier-0.5 System Integrator, integrating diverse growth engines.
Foray into Body Control Modules (BCMs)
Expanding into high-value vehicle electronics like BCMs to boost OEM integration and increase content per vehicle.
Accelerating ESG Initiatives
Fast-tracking green energy adoption, driving water neutrality, and promoting gender diversity towards carbon-neutral manufacturing and supply chain.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue CAGR (Organic + Inorganic) | FY26: 34% YoY | Progress towards minimum 20% CAGR target for FY26-FY31. |
| EBITDA Margin | FY26: 14.5% | Improvement towards the 20+% EBITDA Margin vision by FY31. |
| Future & Clean Mobility Revenue Share | FY25: 6% (Est. FY26: 15%) | Increase towards the 20+% target by FY31. |
| Order Pipeline Execution | 1,450 Cr order pipeline | Staged completion of the order book by FY29, particularly the 40% in Future & Clean Mobility. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +9.7% / mo
Technical chart
LUMAXTECHweekly · 1Y+58.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 51. Wait for confirmation.
- SMA20 rising (~8.8% over last month) — short-term momentum positive.
- RSI(14) at 51 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 13% off 52W high · 72% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
FAIR VALUEWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Growth contributes 21/25 to the score.
- Quality contributes 16/20 to the score.
Main drags
- Fair-value margin of safety is negative at -23.0%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Consumer valuation: PE/PEG and brand-quality premium
Consumer franchises can deserve higher multiples, but only when growth quality supports them.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Claim history is still being built. It ranks around the 90th percentile of the scored universe and 80th percentile within Auto. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 56%. Key concern: Debt/equity is 1.05.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 80th pctile, median 71 · Micro: 85th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 56%.
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 0.7%.
- ▸10 years of positive FCF.
Trust risks
- ▸Debt/equity is 1.05.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 38.10
- P/B
- 9.04
- EV/EBITDA
- 14.55
- Market Cap
- 10966.00Cr
Profitability
- ROE
- 26.80%
- ROCE
- 21.40%
- ROA
- 8.54%
- Dividend Y
- 0.34%
Growth (CAGR)
- Revenue 5Y
- 34.00%
- EPS 5Y
- 44.00%
- Revenue 3Y
- 38.00%
- EPS 3Y
- 44.00%
Balance Sheet
- Debt/Equity
- 1.02
- Interest Coverage
- 6.28×
- Altman Z
- 4.72
- Book Value
- 178.00
Cash Flow
- FCF Yield
- 1.64%
- FCF Positive Y
- 10/5
- OCF
- 460.00 Cr
- EPS TTM
- 40.91
Shareholding
- Promoter Hold
- 55.98%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 70%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Auto — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.