How did Lumax's profitability change in FY26?

EBITDA margins expanded by 130 basis points to 9.8%. This improvement came alongside a 23% revenue increase, indicating both top-line growth and operational efficiency gains.

What is the composition of the company's order book?

The ₹2,200 crore order book is heavily weighted towards new technology, with LED lighting making up 88% of the pipeline. This reflects the company's positioning in the transition from halogen to LED.

Who are the new clients contributing to the order book?

Lumax won new business from Mahindra, Toyota Kirloskar, Skoda, and Suzuki Motorcycles. The call did not specify the monetary value of these individual wins.

What is the company's capital spending plan?

Lumax guided for ₹100-150 crore in capex for FY27. This spending will support its capacity to fulfill the growing LED-dominated order book.

Earnings · Auto Ancillary · Mid cap

Lumax margins hit 9.8% as LED pipeline swells to ₹2,200 cr

The auto-lighting maker's FY26 revenue grew 23% and the order book is now almost half of annual sales. Management is guiding double-digit margins for FY27.

LUMAXIND By Tipsheet Editorial 5 Jun 2026 · 4:42 PM IST Verify on BSE · NSE

Mkt cap₹5,000 cr

P/E28.99×

ROE18.07%

Debt / eq.1.00

Div yld1.04%

₹2,200 cr Order book, or ~53% of FY26 revenue, with 88% LED content.

What's new

FY26 consolidated revenue hit ₹4,184 cr, up 23% year-on-year, with EBITDA margins at 9.8% (+130 bps).
Order book stands at ₹2,200 cr; 88% of the pipeline is now LED lighting.
New wins from Mahindra, Toyota Kirloskar, Skoda, and Suzuki Motorcycles.

Why this matters

Lumax is converting the industry's shift to LEDs into firm revenue. A ₹2,200 crore order book against ₹4,184 crore in sales provides clear visibility. The credit upgrade to ICRA AA- and a capex plan of ₹100-150 crore signal confidence in executing the next phase.

What we're watching

FY27 margin trajectory towards the guided 10.5-11% EBITDA band.
Conversion of the ₹2,200 cr order book into reported revenue.
Execution of the ₹100-150 cr capex plan.

The full read

Lumax Industries finished FY26 with consolidated revenue of ₹4,184 crore, a 23% jump that took EBITDA margins to 9.8%. The auto-lighting maker is riding the industry's shift to LEDs, which now make up 88% of its ₹2,200 crore order book, equivalent to over a year of sales. That pipeline includes new wins from Mahindra, Toyota Kirloskar, Skoda, and Suzuki Motorcycles. Management is confident enough to guide for double-digit margins of 10.5-11% in FY27, with a medium-term target of 13%. A credit upgrade to ICRA AA- and a capex plan of ₹100-150 crore back that ambition. The core story is no longer about winning LED contracts. It is about converting a large, tech-skewed backlog into higher-margin revenue.

Questions answered

How did Lumax's profitability change in FY26?: EBITDA margins expanded by 130 basis points to 9.8%. This improvement came alongside a 23% revenue increase, indicating both top-line growth and operational efficiency gains.
What is the composition of the company's order book?: The ₹2,200 crore order book is heavily weighted towards new technology, with LED lighting making up 88% of the pipeline. This reflects the company's positioning in the transition from halogen to LED.
Who are the new clients contributing to the order book?: Lumax won new business from Mahindra, Toyota Kirloskar, Skoda, and Suzuki Motorcycles. The call did not specify the monetary value of these individual wins.
What is the company's capital spending plan?: Lumax guided for ₹100-150 crore in capex for FY27. This spending will support its capacity to fulfill the growing LED-dominated order book.

Mentioned: Mahindra · Toyota Kirloskar · Skoda · Suzuki Motorcycles · ICRA AA-

Primary source BSE · NSE

An independent reading of the company's own disclosure — the primary filing above is the final word.