LED revenue share
61%
+9pp YoY
LED lighting contributed 61% of Q3 revenue vs 52% in Q3 last year.
LUMAX
Other
10 Feb 2026
Lumax Industries Limited — Q3 FY26
Lumax Industries reported its best-ever quarterly performance in Q3 FY26, with revenue of ₹1,053 crore (up 18.7% YoY) and EBITDA margin expanding 260 bps YoY to 10.6%.
✓ Verified against BSE filing
2-Min Summary
Lumax Industries reported its best-ever quarterly performance in Q3 FY26, with revenue of ₹1,053 crore (up 18.7% YoY) and EBITDA margin expanding 260 bps YoY to 10.6%. The strong results were driven by robust manufacturing revenue growth of 35.8% YoY, operating leverage, and an exceptional tooling profitability of ~₹10 crore. LED lighting now contributes 61% of revenue (vs 52% last year), and the order book stands at ₹1,759 crore, with 81% LED-based. Management guided for 20%+ revenue growth in FY27 and progressive margin expansion toward 12% over two years. Capex for FY26 was revised up to ₹350-400 crore due to preloading for the Bangalore plant. Key risk: sustainability of double-digit margins given cyclical tooling income and potential forex volatility.
Key Numbers
Order book
₹1,759 crore
Not disclosed
Order book stands at ₹1,759 crore, with 81% LED-based and 60% to be produced in FY27.
Manufacturing revenue growth
₹1,014 crore
+35.8% YoY
Manufacturing business revenue grew 35.8% YoY to ₹1,014 crore in Q3.
Tooling profitability (extraordinary)
₹10 crore
Not applicable
Exceptional tooling profit of ~₹10 crore in Q3 vs normal ~₹5 crore per quarter.
Management Guidance
FY27 revenue growth of 20%+
Management expects revenue growth of 20%+ in FY27, driven by new product launches and industry growth.
revenueCapex of ₹350-400 crore for FY26, ₹100-150 crore for FY27
FY26 capex revised up to ₹350-400 crore due to preloading; FY27 capex expected at ₹100-150 crore.
capexDouble-digit EBITDA margin sustained; 12% target in 2 years
Management aims to progressively expand EBITDA margins, targeting ~12% over the next two years.
marginsChakan Phase 2 SOP in Q4 FY26; revenue ₹250-300 crore in FY27
Chakan Phase 2 facility to start production in March/April 2026, contributing ₹250-300 crore revenue in FY27.
expansionKey Risks
Sustainability of double-digit margins
Q3 margins benefited from exceptional tooling profitability (~₹10 crore); normalized margins may be lower.
medium · analyst_questionForex volatility impact
Previous quarter had 70-80 bps forex impact; management noted no material impact this quarter but remains a risk.
medium · analyst_questionDependence on imported LED modules
LED modules remain largely imported, limiting localization benefits and exposing to supply chain and currency risks.
medium · management_commentaryCapex preloading may strain cash flows
FY26 capex revised up to ₹350-400 crore due to preloading; net debt/EBITDA expected to reduce but near-term cash flow may be impacted.
low · data_observationNotable Quotes
We are proudly reporting our best quarterly performance in the history of our operations.
We safely probably secured in the double-digit EBITDA margins... we are pretty confident that we'll get there (12-13%).
LED lighting contributes over 61% of our revenue compared to 52% in the same quarter last year. We expect this share to increase further.