Lumax Industries Ltd Stock Analysis

BSE: 517206 | NSE: LUMAXIND | Auto Ancillary | Small Cap

BSE Share Price 29-Nov-2022 17:15
1958.70 31.00 (1.61%)

DeciZen - Make an Informed Decision on Lumax Industries

Overall Rating

1. Quality

2. Valuation


3. Price Trend

Semi Strong

Lumax Industries Price Chart

P/E Ratio (SA) :
Market Cap :
1,802 Cr.
52-wk low :
52-wk high :
Bole Toh?

1. Is Lumax Industries Ltd a good quality company?

Past 10 year's financial track record analysis by Moneyworks4me indicates that Lumax Industries Ltd is a average quality company.

2. Is Lumax Industries Ltd undervalued or overvalued?

The key valuation ratios of Lumax Industries Ltd's currently when compared to its past seem to suggest it is in the Fair zone.

3. Is Lumax Industries Ltd a good buy now?

The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Lumax Industries Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.

10 Year X-Ray of Lumax Industries:

Analysis of Financial Track Record

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end

Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.

Financial track record gives insight into the company's performance on key parameters over the past ten years. MoneyWorks4me’s proprietary colour codes make it easy for retail investors to gauge the company’s past performance.
Lumax Industries Ltd has performed well in some of the past ten years indicating its past ten year financial track record is somewhat good

Value Creation

Value Creation Index Colour Code Guide

ROCE % 8%6.1%8%14%15.5%18.3%21.1%14.9%4.7%8.3%-
Value Creation Index -0.4-0.6-0.4-

Growth Parameters

Growth Parameters Colour Code Guide

Sales 1,0701,1171,1431,2551,2711,6491,8511,6021,4261,7512,117
YoY Gr. Rt. %-4.3%2.3%9.9%1.3%29.8%12.3%-13.5%-11%22.8%-
YoY Gr. Rt. %--40%94%125.2%18.1%39.4%36.9%-11.4%-83.8%280.2%-
BVPS (₹) 172.9177.1184.6210.2264.7313.3398.2411.3424.9452.2478.9
Adj Net Profit 14.38.616.737.544.361.784.574.812.246.271
Cash Flow from Ops. 84.56159.181.399.614010410376.2108-
Debt/CF from Ops.


CAGR Colour Code Guide

9 Years 5 Years 3 Years 1 Years
Sales 5.6%6.6%-1.8%22.8%
Adj EPS 13.9%0.9%-18.2%280.2%
BVPS 11.311.34.36.4
Share Price 17.9% -0.2% 16.4% 41.3%

Key Financial Parameters

Performance Ratio Colour Code Guide

Return on Equity % 8.759.419.519.622.925.419.83.111.316.2
Op. Profit Mgn %
Net Profit Mgn %
Debt to Equity
Working Cap Days 8584888896110119130152138110
Cash Conv. Cycle -35-35-24-19-24-21-11-2610

Recent Performance Summary

Return on Equity has increased versus last 3 years average to 16.20%

Debt to equity has declined versus last 3 years average to 0.86

Sales growth is good in last 4 quarters at 26.62%

Sales growth has been subdued in last 3 years -1.84%

Net Profit has been subdued in last 3 years -18.21%

Latest Financials - Lumax Industries Ltd.

Standalone Consolidated
TTM EPS (₹) 75.5 94.2
TTM Sales (₹ Cr.) 2,117 2,117
BVPS (₹.) 478.9 567.1
Reserves (₹ Cr.) 438 521
P/BV 4.03 3.40
PE 25.53 20.47
From the Market
52 Week Low / High (₹) 840.00 / 1927.70
All Time Low / High (₹) 11.00 / 2585.00
Market Cap (₹ Cr.) 1,802
Equity (₹ Cr.) 9.4
Face Value (₹) 10
Industry PE 36.3

Management X-Ray of Lumax Industries :

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *
* Pledged shares as % of Promoter's holding (%)

Event Update

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Analyst's Notes

Key Ratios of Lumax Industries

Adj EPS (Rs.)
Sales (Cr.)
ROE (%)
ROCE (%)


Lumax Industries Ltd FAQs

Company share prices are keep on changing according to the market conditions. The closing price of Lumax Industries on 29-Nov-2022 17:15 is : 1,958.7.
Market capitalization or market cap is determined by multiplying the current market price of a company's shares with the total number of shares outstanding. As of 29-Nov-2022 17:15 the market cap of Lumax Industries stood at ₹ 1,802.
The latest PE ratio of Lumax Industries as of 29-Nov-2022 17:15 is 25.53.
The latest PB ratio of Lumax Industries as of 29-Nov-2022 17:15 is 4.03
The 52-week high of Lumax Industries is ₹ 1,927.7 and the 52-week low is ₹ 840.0.
The TTM revenue is Trailing Twelve Months sales. The TTM revenue / sales of Lumax Industries is ₹ 2,117 ( Cr.) .

About Lumax Industries Ltd

Lumax Industries Ltd. was incorporated in 1945, promoted by S C Jain has grown from success to success since its foundation. The company went public in the year 1984 , and thus in the same year embarked on its highly successful technical collaboration with Stanley, Japan .Ten years of highly rewarding partnership resulted in Stanley picking up financial stake in Lumax in the year 1994 .

Lumax signifies ‘LUMINOSITY MAXIMA’ for today’s demanding automobile users. It has taken automotive lighting to an entirely new level. Today Lumax accounts for over 60% market share in the Indian automobile lighting business, catalyzed by its over two decades strong technical and financial collaboration with Stanley Electric Company Ltd, Japan, a world leader in vehicle lighting and illumination products for automobiles.

As the most experienced automotive lighting solutions company in South Asia, Lumax , enjoys a history of more than half a century of innovation, technology, manufacturing and market leadership. Today, Lumax Industries Limited is a full-capability provider of high quality automotive lighting solutions for four wheelers and two wheeler applications, serving automobile manufacturing in India as-well-as worldwide.

Lumax strives for continual improvement of manufacturing processes with emphasis on consistent quality and cost effectiveness. Lumax has come a long way since its inception as a trading company in the year 1945, under the aegis of its founder S.C. Jain .

Lumax became an ISO 9002 certified company in 1995 , attained its QS 9000 certification in the year 1998 and achieved the ISO/TS 16949 : 2002 and ISO 14001 in 2003. In the same year Lumax Industries Ltd de-merged from its Mirror and Filter Division , there-by focusing on its core competency of producing stellar automotive lighting products.

Lumax has seven ultra modern manufacturing plants in India. Of these, two are located in cities of Gurgaon , Dharuhera in the state of Haryana, near New Delhi and three plants in Pune, near Mumbai in Maharashtra and one plant near Chennai . These facilities have been laid out to match world's best plant engineering standards, their  plants are busy producing automotive lighting products in large quantities to customer's exacting standards.

Lumax has a futuristic vision with an experienced and customer focused management team. Lumax facilities are manned by over a 2000 highly skilled and specialized personnel composed of associates, executives and managers. Lumax is listed on major stock exchanges in India and depicts a shareholding holding of 26% by Indian promoters, and 46% by public and corporate bodies . 

Product range of the company includes:

Lumax Industries offers a wide array of complete automobile lighting systems and solutions, which includes; stellar quality Head Lamps and Tail Lamps, Sundry and Auxiliary Lamps and other related products and accessories for four wheeler, two wheeler, trucks, buses, earth-movers, tractors and a variety of diverse applications.


The company is having a highly diversified customer base its clientele includes global as well as domestic automotive majors like, John Deere, Nissan, TruckLite, Vignal, Maruti Suzuki, Hero Honda, Tata, Bajaj, Ford, Volvo Fiat and many more.

Technical Alliance:

  • Lumax, Japan
  • Valeo lighting Systems, France
  • Truck Lite, Europe


  • 1945    S.C. Jain , Chairman, establishes a trading concern.  
  • 1956-66  Manufacturing units set up for automotive lighting equipment and other components.
  • 1975  Manufacturing unit set up for automotive filters .
  • 1977-79 Manufacturing units became functional at Faridabad-Haryana and Pune-Maharashtra.
  • 1984 Private ltd. xompany to public limited company . Technical assistance agreement with a Japan based company for lighting equipment. 
  • 1985-87  Dedicated manufacturing unit for Maruti-Suzuki at Gurgaon - Haryana.  
  • 1990  Manufacturing unit for auto bulbs with assistance a Japanese company. 
  • 1994  Financial participation of collaborator with a Japanese firm . Manufacturing unit at Aurangabad-Maharashtra .  
  • 1995   ISO 9002 Certification to Gurgaon unit by TUV Germany . 
  • 1998  QS-9000 Certification to Gurgaon unit by DNV Netherlands . Production begins at Lumax Dharuhera .
  • 1999  QS-9000 Certification to Dharuhera unit by DNV Netherlands .  
  • 2003  ISO/TS 16949 : 2002 Certification for GURGAON and Dharuhera plants by DNV, USA . 
  • 2004 ISO 14001 Certification for Gurgaon, Dharuhera and Chennai plants by DNV . De-merger - Core Lighting Technology. 
  • 2005  Manufacturing unit became functional at Chakan (Near Pune)
  • 2006  Plant set up in Bajaj Auto Vendor Park- at Pantnagar - Uttranchal
  •  2007 Setting up of state of art new plants at Pantnagar-Uttranchal, Singur-West Bengal and Haridwar-Uttranchal.Extension of Dharuhera and Chakan II Plant.
  • 2010 The Company has commenced commercial production Greenfield Plant in Haridwar, (Uttarakhand) for manufacturing of Lighting Components.
    Setup a new Plant in Haridwar, Uttarakhand for Hero Honda.
  • 2011 Setup new Plants in Bawal, Sanand and Bidadi.
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