Lumax Auto Technologies (LUMAXTECH) Q1 25/26 earnings summary

Executive summary

• Q1 FY26 consolidated revenue reached ₹1,027 crore, up 36% year-over-year, with steady profitability despite flat automotive demand.

• Diversification across vehicle segments, premiumization, and strategic acquisitions (100% of IAC India, 60% of Greenfuel) improved the revenue mix and supported growth.

• Two new wholly-owned subsidiaries were incorporated, and the remaining 25% stake in IAC International Automotive India was acquired in May 2025.

• Strategic initiatives include the SHIFT technology center in Bengaluru and a local engineering office in China, both to be commercialized by Q3 FY26.

• The order book stands robust at INR 1,500 crores, with significant share from future and clean mobility solutions.

Financial highlights

• Q1 FY26 consolidated revenue: ₹1,027 crore (36% YoY growth); standalone revenue: ₹36,739.53 lakhs.

• EBITDA for Q1 FY26: ₹136 crores (13.2% margin), up 29% YoY; PAT before minority interest: ₹54 crores, up 30% YoY.

• Free cash reserves at ₹359 crore as of June 30, 2025; Q1 FY26 capex at ₹73 crore, with full-year guidance at ₹180-200 crore.

• Long-term gross debt at ₹604 crore; net debt at ₹245 crore.

• Consolidated EPS for Q1 FY26 was ₹6.08, up from ₹4.65 in Q1 FY25.

Outlook and guidance

• EBITDA margin guidance for H1 FY26 is 14-15%, with full-year capex expected at ₹180-200 crore.

• Targeting minimum 20% revenue CAGR through FY31, with a vision for 20% EBITDA margin and 20%+ ROCE.

• No significant equity raising anticipated; growth to be funded by internal accruals and debt.

• Debt-equity ratio expected to decline to 0.45-0.5 by year-end, barring inorganic moves.

• Results for Q1 FY26 include Greenfuel operations from November 26, 2024, affecting YoY comparability.