Lumax Auto Technologies Limited (LUMAXTECH)
Micro CapAuto stocks · Micro cap · NSE
Lumax Auto Technologies Limited (LATL) is an Indian auto ancillary company with an 8-decade group legacy. It manufactures diverse products including advanced plastics, interior solutions, metallics, lighting, sensors, electronics, telematics, and alternate fuel systems for PV, 2W, and CV segments. The company operates 30 facilities and has 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 30 Jun 2026
Excellent · 90/100Rev +33% YoY · PAT +83% YoY · margin expansion · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,364 Cr | +32.9% | -3.7% |
| EBITDA | ₹190 Cr | +52.0% | -6.4% |
| Operating margin | 14.0% | +200 bps | +0 bps |
| PAT | ₹99 Cr | +83.3% | +1.0% |
| PAT margin | 7.3% | +200 bps | +34 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
Lumax Auto Technologies reported robust Q4 FY26 revenue growth of 25% YoY to INR 1,417 Cr, marking its 3rd consecutive highest quarterly revenue. For FY26, revenue surged 34% YoY to INR 4,870 Cr, with EBITDA up 37% YoY to INR 705 Cr (14.5% margin) and PAT before MI increasing 47% YoY to INR 337 Cr.
The company delivered strong financial performance in Q4 and FY26, driven by growth across key product segments and strategic acquisitions. Management's ambitious "20.20.20.20" vision and "BRIDGE" strategy outline clear targets for revenue CAGR, EBITDA margin, and ROCE, with a focus on future mobility and system integration.
Revenue by Product (FY26)
Latest issuer-disclosed distribution across 6 reported categories.
Advanced Plastics & Interior Systems
Revenue up 25% to INR 2,566 Cr in FY26, driven by strong growth in passenger vehicle platforms and premium interior solutions.
Mechatronics Segment
Revenue up 146% YoY to INR 281 Cr in FY26, fueled by increasing adoption of connected and intelligent vehicle technologies and new product launches.
Greenfuel Energy Solutions Acquisition
Acquisition adds significant business in green and alternate fuels, contributing INR 383 Cr in FY26 revenue and expanding product portfolio.
Order Pipeline
INR 1,450 Cr order book, with 40% in Future & Clean Mobility, provides visibility for growth through FY29.
Capital Expenditure
FY26 Capex was INR 233 Cr, which included INR 45 Cr on land. The company operates 30 plants across 7 states.
Premiumization & Advanced Solutions
Increasing demand for premium interior solutions, advanced lightweighting, and electronics, leveraging JV capabilities.
Connected & Intelligent Vehicle Technologies
Growing adoption of connected and intelligent vehicle technologies drives demand for Mechatronics products.
Alternate Fuels Adoption
Deepening customer engagement and OEM adoption of alternate fuels contribute to Greenfuel's revenue growth.
Execution of Ambitious Targets
Management's "20.20.20.20" vision for FY31 (20% CAGR, 20%+ EBITDA, 20% ROCE) requires flawless execution across multiple growth engines.
Integration of Acquisitions
Successful integration of Greenfuel and the recently completed IAC India merger is crucial to realize stated synergies and value creation.
Technological Disruption
Rapid advancements in automotive technologies (ADAS, HMI, SDVs) necessitate continuous R&D and adaptation to remain competitive.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
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 overall business expansion and annual performance. QoQ is also relevant as Q4 FY26 marks the third consecutive quarter of highest-ever revenue, indicating strong sequential momentum.
Revenue Growth (YoY)
Q4 FY26 revenue increased 25.1% YoY to INR 1,417 Cr. FY26 revenue increased 33.9% YoY to INR 4,870 Cr.
EBITDA Margin
Q4 FY26 EBITDA margin was 14.7%. FY26 EBITDA margin was 14.5%, achieving the highest ever annual EBITDA of INR 705 Cr.
Content per Vehicle (4W)
4W content per vehicle is INR 70K-75K, showing 5X growth over the last 5 years.
Content per Vehicle (2W)
2W content per vehicle is INR 22K-25K, showing 5X growth 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.
BRIDGE Strategy for System Integration
Plan to transform from Tier-1 to Tier-0.5 system integrator by strengthening digital edge, developing mobility solutions, and expanding into BCMs.
Focus on Future & Clean Mobility
Aims to increase revenue contribution from Future & Clean Mobility to 20%+ by FY31, up from an estimated 15% in FY26.
Aftermarket Overhaul
Pivoting to demand-led growth in the aftermarket segment for deeper customer engagement and new revenue streams.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Revenue CAGR (Organic + Inorganic) | FY26: 33.9% YoY | Sustained progress towards the minimum 20% CAGR target for FY26-FY31. |
| EBITDA Margin | FY26: 14.5% | Improvement towards the 20%+ EBITDA margin target by FY31. |
| Revenue from Future & Clean Mobility | FY26 (Est.): 15% | Increase in contribution towards the 20%+ target by FY31. |
| Order Pipeline Execution & New Wins | INR 1,450 Cr to be completed by FY29 | Timely execution of existing orders and securing new orders, especially in future mobility segments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
52NeutralSMA20 +30.0% / mo · MACD − · near 52W high · sector -3.3pp vs Nifty (3M)
Technical chart
LUMAXTECHdaily · 1Y · AUTO+29.4%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 56. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 rising (~23.1% over last month) — short-term momentum positive.
- RSI(14) at 56 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 9% off 52W high · 85% 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
U-Score 55 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 55 · FAIR VALUE · pillar breakdown, sector model, fair-value anchor
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 -3.3%.
- 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: +1 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
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 95th percentile of the scored universe and 90th percentile within Auto. No major sub-score weakness stands out.
High Trust Lite: Promoter holding is 56%. Key concern: Debt/equity is 1.02.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Auto: 90th pctile, median 74 · Micro: 92nd pctile, median 73
157 documents have extracted text, 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 1.4%.
- ▸10 years of positive FCF.
Trust risks
- ▸Debt/equity is 1.02.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 40.10
- P/B
- 10.97
- EV/EBITDA
- 15.92
- Market Cap
- 13304.00Cr
Profitability
- ROE
- 26.40%
- ROCE
- 21.20%
- ROA
- 9.68%
- Dividend Y
- 0.28%
Growth (CAGR)
- Revenue 5Y
- 34.00%
- EPS 5Y
- 44.00%
- Revenue 3Y
- 38.00%
- EPS 3Y
- 43.00%
Balance Sheet
- Debt/Equity
- 1.02
- Interest Coverage
- 6.77×
- Altman Z
- 5.38
- Book Value
- 178.00
Cash Flow
- FCF Yield
- 1.35%
- FCF Positive Y
- 10/5
- OCF
- 460.00 Cr
- EPS TTM
- 47.55
Shareholding
- Promoter Hold
- 55.98%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 82%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Auto, ranked by similarity
Peers
Business-comparable names in Auto, ranked by similarity
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.