MoneyWorks4Me

Lumax Industries Ltd (LUMAXIND)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517206 NSE: LUMAXIND Auto Ancillary | Small Cap | Lumax Industries Share Price

₹5,813.50 -46.40 (-0.79%)

As on 23-Sep'26 14:56

Lumax Industries Ltd (LUMAXIND)

Share Analysis – Quality, Valuation Zone, Price Trend & DeciZen Rating BSE: 517206 NSE: LUMAXIND Auto Ancillary | Small Cap | Lumax Industries Share Price

₹5,813.50 -46.40 (-0.79%)

As on 23-Sep'26 14:56

Key Metrics
Valuation Multiples
Market Cap
₹5,478 Cr.
Current Price
₹5,813.5
52-Week Low / High
₹4,263 / 6,970
TTM EPS
₹200.4
TTM Sales
₹4,485 Cr.
Book Value per Share
₹1,024.1
P/E Ratio
29.24
In line with its 5-year historical median
Industry PE
49.2
Price to Book (P/B)
5.72
Higher than its 5-year historical median
Price to Sales (P/S)
1.22
Higher than its 5-year historical median
EV/EBITDA
14.21
Higher than its 5-year historical median
Dividend Yield
0.95%
Profitability Efficiency
Return on Equity (ROE)
20.39%
Outperforms industry median
Return on Capital Employed (ROCE)
18.18%
Outperforms industry median
Return on Assets (ROA)
5.48%
Operating Profit Margin
10.1%
Net Profit Margin
4.12%
Gross Profit Margin
8.1%
Growth Momentum
1-yr vs 3-yr growth
Sales Growth (1 Year)
Improving versus 3-year growth rate
23.05%
Operating Profit Growth (1 Year)
Improving versus 3-year growth rate
44.93%
Net Profit Growth (1 Year)
Improving versus 3-year growth rate
23.27%
Asset Quality
Promoter Holding
75.00%
Pledged shares (%) of Promoter's holding (%)
0.00%
Reserves
₹948 Cr.
Equity
₹9.4 Cr.
Face Value
₹10
All Time Low / High
₹11.00 / 6969.90

Lumax Industries stock performance

Key Ratios
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Check Before You Invest

Quality

Somewhat Good

Valuation

Somewhat Overvalued

Price Trend

Semi Strong
Q.1 Is Lumax Industries Ltd a good quality company?
Lumax Industries Ltd is a average quality company, based on a somewhat consistent multi-year financial track record.

This assessment is based on company’s performance on Revenue growth, ROCE, Equity and Assets, key margin ratios, cash conversion cycle, and debt to cash flow from operations and how it compares with its long term averages.

We have analysed the performance of the company on the following:

  • How has it performed on generating Profits?

    By checking its Revenue growth, Gross, Operating and Net Margins compared to its last 5-year median.

  • How efficiently has it utilized Capital?

    By checking its ROCE, ROA, ROE and its Cash Conversion Cycle.

  • How is it managing its Debt?

    By checking its Debt to Equity and Cash Flow from Operations.

How does Lumax Industries Ltd performance compare with that of its Peers?
Q.1 Revenue growth of Lumax Industries Ltd vs industry peers?
Lumax Industries Ltd revenue CAGR is 24.02%, compared to the industry median CAGR of 1.58%, indicating faster growth and gaining its market share.
Q.1 Promoter shareholding and pledge status of Lumax Industries Ltd?
Promoters hold 75.00% of the Lumax Industries Ltd, with 0.00% of their stake pledged, indicating no pledge risk.
Q.1 Valuation ratios of Lumax Industries Ltd vs historical?
The current P/E ratio of 29.24 is in line with than its historical median of 30.11, indicating that the stock is trading near its historical average valuation.

10 Year X-Ray :

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

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
ROCE % 19.9%26%34.2%17.2%8.7%9.1%16.6%17.5%14.7%18.2%-
Value Creation
Index
0.40.91.40.2-0.4-0.40.20.30.10.4-

Growth Parameters

Sales 1,2711,6491,8511,6021,4261,7512,3202,6373,4004,1844,485
Sales YoY Gr.-29.8%12.3%-13.5%-11%22.8%32.4%13.7%29%23.1%-
Adj EPS 47.566.190.480.11349.580.487.498183185.2
YoY Gr.-39.1%36.9%-11.4%-83.8%280.2%62.6%8.7%12.1%86.6%-
BVPS (₹) 264.7313.3398.2411.3424.9452.2515577.9640.6763.2818.8
Adj Net
Profit
44.461.784.574.812.246.275.281.791.6171173
Cash Flow from Ops. 99.614010410376.2108111133200367-
Debt/CF from Ops. 0.90.71.33.143.43.54.53.92.2-

CAGR

9 Years 5 Years 3 Years 1 Years
Sales 14.2%24%21.7%23.1%
Adj EPS 16.2%69.7%31.5%86.6%
BVPS12.5%12.4%14%19.1%
Share Price 22.1% 32% 34.1% 26.6%

Key Financial Parameters

Mar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26TTM
Return on
Equity %
19.722.925.419.83.111.316.61616.126.123.4
Op. Profit
Mgn %
7.98.28.510.37.27.79.18.78.3109.5
Net Profit
Mgn %
3.53.74.64.70.92.63.23.12.74.13.9
Debt to
Equity
0.40.40.40.80.80.90.81.11.31.1-
Working Cap
Days
9611011913015213512514713412559
Cash Conv.
Cycle
-24-21-11-261414127-21

Valuation of Lumax Industries - Consolidated

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
mw4me loader

YTD 1Y 3Y 5Y 10Y Max
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mw4me loader

Analyst's Notes

data not found
No data found!

Management X-Ray

Shareholding Pattern

Promoter's Holding & Share Pledging

Pledged *0.000.000.000.000.000.000.000.000.000.00
* Pledged shares as % of Promoter's holding (%)

Financials

PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Sales1,2711,6491,8511,6021,4261,7512,3202,6373,4004,184
Operating Expenses + 1,1701,5151,6981,4431,3261,6162,1122,4053,1203,778
Manufacturing Costs206233160227155213261282532460
Material Costs7319691,1838778591,0641,4441,6492,0252,606
Employee Cost 160189218210207241276323377480
Other Costs 7312413712910598131151186232
Operating Profit 101135154158100135208231280406
Operating Profit Margin (%) 7.9%8.2%8.3%9.9%7.0%7.7%9.0%8.8%8.2%9.7%
Other Income + 651272513151197
Exceptional Items 003600-17-500-18
Interest 1181623292230497375
Depreciation 4148606465648093113152
Profit Before Tax 6598134923353149159178223
Tax 10263020151246483850
Profit After Tax 5471104721841103111140172
PAT Margin (%) 4.3%4.3%5.6%4.5%1.3%2.3%4.4%4.2%4.1%4.1%
Adjusted EPS (₹)58.276.3111.076.919.443.6110.3118.8149.7184.5
Dividend Payout Ratio (%)24.90%30.10%31.50%30.60%36.10%31%24.50%29.50%23.40%29.80%
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26

Equity and Liabilities

Shareholders Fund + 309362435446460492584672774918
Share Capital 9999999999
Reserves 300353426437451482574662765908
Debt +83101138292301346363563694716
Long Term Debt4212605861154213145
Short Term Debt7999137266301288302409481572
Minority Interest0000000000
Trade Payables3275363803153744745586988171,035
Others Liabilities 193265310316262235361668576767
Total Liabilities 9111,2651,2621,3701,3971,5461,8662,6012,8613,435

Fixed Assets

Net Fixed Assets +4195185496526267107489681,1051,433
Gross Block4606056958629001,0481,1621,4711,7092,176
Accumulated Depreciation4187147210274338414503604743
CWIP 20345032474843178212105
Investments 7988819092102147179246278
Inventories116169204179222264378582511643
Trade Receivables191318221173216232306348462630
Cash Equivalents 122383167471026
Others Assets 86136156205190174236301315320
Total Assets 9111,2651,2621,3701,3971,5461,8662,6012,8613,435
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Cash Flow From Operating Activity + 10014010410376108108133212373
PBT 6598134923353149159178223
Adjustment 3943277986756278107175
Changes in Working Capital 717-24-52-47-10-79-88-5922
Tax Paid -12-17-33-164-10-25-16-15-47
Cash Flow From Investing Activity + -62-128-97-194-31-129-90-245-293-265
Capex -63-132-112-166-62-129-89-257-322-287
Net Investments -0-0-0-3030-1-2-1517-3
Others 14143100271224
Cash Flow From Financing Activity + -39-11-696-5134-2613759-92
Net Proceeds from Shares 0000000000
Net Proceeds from Borrowing -23-8000763108103-56
Interest Paid -11-7-15-19-26-18-25-48-74-75
Dividend Paid 0-14-21-49-6-7-13-25-33-33
Others -61731164-18-1791016371
Net Cash Flow -2116-513-824-2216
PARTICULARSMar'17Mar'18Mar'19Mar'20Mar'21Mar'22Mar'23Mar'24Mar'25Mar'26
Ratios
ROE (%)19.0921.2726.0516.3148.5519.1717.6919.3520.39
ROCE (%)19.2724.3228.9417.058.169.2219.6618.617.8218.18
Asset Turnover Ratio1.611.551.471.221.031.21.371.191.251.33
PAT to CFO Conversion(x)1.851.9711.434.222.631.051.21.512.17
Working Capital Days
Receivable Days47.605553.2044.9049.9046.5042.204543.3047.40
Inventory Days28.2030.7036.8043.7051.4050.5050.3066.1058.4050.10
Payable Days158.90162.60141.40144.60146.50145.50130.40138.90136.50129.60

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Lumax Industries Ltd FAQs

The current trading price of Lumax Industries on 23-Sep-2026 14:56 is ₹5,813.5.

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 22-Sep-2026 the market cap of Lumax Industries stood at ₹5,477.7 Cr

The latest P/E ratio of Lumax Industries as of 22-Sep-2026 is 31.65.

The latest P/B ratio of Lumax Industries as of 22-Sep-2026 is 7.16.

The 52-week high of Lumax Industries is ₹6,969.9 and the 52-week low is ₹4,263.

The TTM revenue is Trailing Twelve Months sales. The TTM revenue/sales of Lumax Industries is ₹4,485 ( Cr.) .

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

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

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.

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.

Clients

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

Milestones:

  • 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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