Lumax Industries LimitedQ2 FY27 Results & Financial Update
Lumax Industries Limited: Q2 FY27 consolidated results and company financials – revenue ₹1,341.84 Cr, PAT ₹51.99 Cr. Explore reported YoY/QoQ movements, margins, business drivers and management commentary. This page does not provide a rating, target price or investment recommendation.
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Quarterly Results AnalysisExplore Lumax Industries Q2 FY27 quarterly results and earnings: revenue, profit (PAT), EBITDA, margins, YoY and QoQ growth, order book or business updates where reported, financial performance and management commentary. Reported figures and Nivata calculations are shown separately; no buy, sell or hold recommendation is provided.
Quarter overview
Quarterly earnings analysis
Lumax Industries delivered consolidated revenue of Rs. 1,341.84 crore for Q2 FY27, representing a 9.7% sequential expansion over the preceding quarter (Rs. 1,223.23 crore) and a 33% year-on-year increase compared to Rs. 1,009 crore in Q2 FY26 as reported in company releases.
Earnings per share for Q2 FY27 reached Rs. 55.62, compared with Rs. 54.64 in the previous quarter and Rs. 38.13 in Q2 FY26.
Reported EBITDA for the quarter stood at Rs. 110 crore, reflecting an EBITDA margin of 8.2%, which contracted by 80 basis points year-on-year and 100 basis points quarter-on-quarter.
Management attributed the margin compression to geopolitical challenges, supply chain disruptions, and input cost volatility, noting that discussions for cost recovery with customers are ongoing while maintaining operational efficiencies.
The cumulative order book stood robust at Rs. 2,580 crore, providing clear multi-quarter revenue visibility underpinned by high share of LED and passenger vehicle programmes.
Lumax Industries Limited reported consolidated revenue from operations of INR 1,341.84 crore for the quarter ended September 30, 2026 (Q2 FY27), reflecting an increase of 9.70% compared to INR 1,223.23 crore in the preceding quarter (Q1 FY27).
Total income for the quarter stood at INR 1,342.54 crore, up from INR 1,226.53 crore in the previous quarter.
01 · Business model
What does Lumax Industries do?
Lumax Industries Limited, a flagship company of the Lumax Group, is a pioneer and established player in the Indian automotive lighting and illumination industry with over four decades of partnership with Stanley Electric Co. Limited, Japan.
The company operates twelve ultra-modern manufacturing plants strategically situated near the production hubs of major automotive original equipment manufacturers across India.
Its primary product portfolio covers front lighting, rear lighting, and auxiliary automotive lamps, catering to passenger vehicles, two- and three-wheelers, and commercial vehicles.
Key OEM customers include Maruti Suzuki, Mahindra & Mahindra, Tata Motors, Hero MotoCorp, Honda Motorcycle and Scooter India, Toyota, and TVS.
02 · Historical context
What shaped the business before this quarter
Lumax has expanded its manufacturing network to twelve ultra-modern plants across India, strategically located adjacent to major OEM facilities.
03 · Financial snapshot
Current quarter vs the available comparable
| Metric | Q2 FY27 | Previous quarter |
|---|---|---|
| Revenue from operations | ₹1,341.84 Cr | ₹1,223.23 Cr |
| Total income | ₹1,342.54 Cr | ₹1,226.53 Cr |
| Profit before tax | ₹53.12 Cr | ₹52.71 Cr |
| Profit after tax | ₹51.99 Cr | ₹51.08 Cr |
| EPS | ₹55.62 | ₹54.64 |
04 · Why it moved
Why the quarter looked the way it did
What drove revenue
Revenue growth was propelled by fresh model launches and production ramp-ups with leading OEM customers alongside accelerated scaling with smaller OEMs.
LED lighting constituted 63% of H1 FY27 revenue (compared to 61% in H1 FY26), while conventional lighting accounted for the remaining 37%.
Front lighting contributed 68% of total revenue, rear lighting contributed 22%, and others represented 10% for H1 FY27.
Revenue from operations rose to INR 1,341.84 crore in Q2 FY27 from INR 1,223.23 crore in Q1 FY27, representing a sequential growth of 9.70%.
What drove margins
Volatility in raw material and input costs alongside supply chain disruptions exerted downward pressure on operating margins during the quarter.
EBITDA margin stood at 8.2% for Q2 FY27, contracting from 9.0% in Q2 FY26 and 9.2% in Q1 FY27.
Management is actively engaging with customers for cost recovery mechanisms while focusing heavily on internal cost discipline and operational efficiency.
Tax expenses increased sequentially to INR 17.58 crore in Q2 FY27 from INR 12.89 crore in Q1 FY27, influencing the net profit progression.
Depreciation stood at INR 38.27 crore and finance costs were recorded at INR 18.93 crore for the quarter.
05 · Demand, customers & order book
Where demand is coming from
The total active order book stands at Rs. 2,580 crore.
LED lighting constitutes approximately 88% of the order book, and EV programmes account for approximately 11%. Passenger vehicles comprise 63% and two- and three-wheelers represent 37%.
The company continues to deepen relationships with existing OEMs to expand wallet share while engaging with newer original equipment manufacturers.
06 · Segments, products & geography
Which parts of the business are doing the work
Segments and products
Passenger vehicles accounted for 63% of total revenues in H1 FY27, two- and three-wheelers contributed 31%, and commercial vehicles and others formed 6%.
Geography and market mix
Twelve manufacturing locations across India are positioned close to key customer assembly plants to ensure seamless supply chain integration.
07 · Capacity, projects & execution
What is being built, commissioned or delivered
Capacity, production and utilisation
Twelve ultra-modern manufacturing plants remain operational across India to support lighting production volumes.
08 · Strategy & new businesses
How the company is trying to change its growth mix
The company maintains a strategic focus on advanced automotive lighting technologies, including high-penetration LED systems and electric vehicle (EV) lighting programmes.
09 · Reported developments
What changed operationally
Commercialized tail lamps (high and base versions) for the Tata Motors Aeris, and head lamps, fog lamps, cornering lamps, and side repeater lamps for the M&M Thar Refresh during the quarter.
Received the Launch Excellence Award at the Tata Motors PV Annual Supplier Conference; Lumax Chakan II won the CII National Award for Best Environment Practices; and Lumax Bengaluru received the UBS Forum Award for Best Practices in Sustainability.
Achieved a sequential revenue increase of 9.70% over the previous quarter.
10 · Items worth noticing
The line items that can distort a quick read
The company reported provisions of INR 12.81 crore for the quarter ended September 30, 2026.
11 · Previous-quarter changes
What changed since the previous quarter
Revenue rose from Rs. 1,223.23 crore in Q1 FY27 to Rs. 1,341.84 crore in Q2 FY27, reflecting a 9.7% quarter-on-quarter increase.
Revenue from operations grew from INR 1,223.23 crore in Q1 FY27 to INR 1,341.84 crore in Q2 FY27, while PAT rose from INR 51.08 crore to INR 51.99 crore.
12 · Key Q&A
The quarter, answered directly
What does Lumax Industries do?
Lumax Industries Limited, a flagship company of the Lumax Group, is a pioneer and established player in the Indian automotive lighting and illumination industry with over four decades of partnership with Stanley Electric Co. Limited, Japan.
What is the clearest takeaway from Q2 FY27?
Lumax Industries delivered consolidated revenue of Rs. 1,341.84 crore for Q2 FY27, representing a 9.7% sequential expansion over the preceding quarter (Rs. 1,223.23 crore) and a 33% year-on-year increase compared to Rs. 1,009 crore in Q2 FY26 as reported in company releases.
What drove revenue or demand?
Revenue growth was propelled by fresh model launches and production ramp-ups with leading OEM customers alongside accelerated scaling with smaller OEMs.
What mattered most for margins or profitability?
Volatility in raw material and input costs alongside supply chain disruptions exerted downward pressure on operating margins during the quarter.
What changed operationally beyond the headline numbers?
Twelve ultra-modern manufacturing plants remain operational across India to support lighting production volumes.
What should the next disclosure help confirm?
Monitor the success of ongoing negotiations with OEM customers regarding input cost recoveries and their impact on future EBITDA margins.
13 · Scenario calculator
Earnings sensitivity: what if growth and margins change?
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14 · Next filing checkpoints
What the next disclosure can confirm or change
- 01
Cost Recovery Progress: Monitor the success of ongoing negotiations with OEM customers regarding input cost recoveries and their impact on future EBITDA margins.
- 02
Order Book Execution: Track the execution speed of the Rs. 2,580 crore order book, particularly the conversion of LED and EV lighting programmes.
- 03
Upcoming Financial Disclosures: Monitor subsequent quarterly financial filings for revenue trajectory and margin evolution.
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