LUMAXTECH Q3 FY26 earnings call.
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Revenue
₹1,271 Cr
verified against source
Revenue YoY
40%
reported change
EBITDA
₹191 Cr
latest reported figure
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Actual signal trajectory
Where this quarter sits.
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What the record says.
Lumax Auto Technologies delivered its highest-ever Q3 revenue of INR 1,271 crore, growing 40% YoY, driven by robust demand across PV (+19% production), 2W (+15%), and CV (+18%) segments. EBITDA margin expanded 100bps to 15% on operating leverage and premiumization. PAT surged 90% YoY to INR 108 crore. The company raised FY26 revenue growth guidance from 25% to 30%, citing strong order book of INR 1,450 crore (33% in FY27, 44% in FY28, 23% in FY29). Mechatronics nearly doubled with 200% growth, while advanced plastics grew 28%. Green fuel content per vehicle is set to double from INR 3,200 to INR 6,700 via localization. FY27 growth is expected to maintain momentum on Mahindra capacity expansions and new SOPs. Key risk: JV subsidiaries (Lumax Yokowo, telematics) remain EBITDA-negative or low-margin, and minority interest impact (16-24% of PBT) could dilute consolidated earnings accretion.
Colored figures show movement against the previous available record.
Guidance to track
- Revised upward from 25% to 30% for FY26 based on strong Q3 performance and sustained demand momentum across all business segments.
- Management targets ~16% EBITDA margin by FY28, expanding ~50bps annually from current 15%, driven by higher-margin subsidiaries (IAT, green fuel) and premiumization.
- Increased from earlier ₹220 crore guidance to ₹240 crore, including ₹44 crore for land in Gujarat and Karnataka, and ₹50 crore + ₹20 crore for IAT and Lumax L expansion.
- Going forward, annual organic capex expected in the ₹150-200 crore range to support medium-term revenue growth targets.
Risks flagged
- Lumax Yokowo turned EBITDA-positive in Q3 but will remain EBITDA-negative for full FY26. Telematics business is still in ascent stage with ADAS opportunities pending regulatory mandates.
- Minority interest ranged from 14-24% of PBT in FY26 vs 15-16% guidance. Excluding one-time DTL reversal, minority was 16%. This dilutes consolidated earnings accretion from subsidiaries.
- Standalone entity restructuring with external consultant indicates margin pressure. Excluding one-time costs, standalone profitability ~11% vs 15% consolidated, reflecting higher dependence on limited OEM programs.
- One-time reversal of DTL on green fuel merger created favorable tax impact. Excluding this, ETR is 26% going forward, but Q3 PAT growth of 90% is partially inflated by this non-recurring item.
Key quotes
- We delivered our highest ever revenue with revenues growing by 40% year-on-year. For the 9 months ended FY26, revenue increased by 38% year-on-year, reflecting sustained momentum across our businesses.
- ITA margins reached 15% for the first time during Q3 FY26 and thus remained aligned with our strategic direction of improving ITA margins progressively. We are reasonably confident to maintain similar ITA margin going forward for Q4 and in FY27.
- With respect to going forward for finance cost, you can take a quarterly figure of anywhere between around 25 to 26 odd crores for way forward per quarter and so that will be like the actual cost.
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