Lumax Auto Technologies (LUMAXTECH) Q2 25/26 earnings summary

Executive summary

• Q2 and H1 FY26 delivered record consolidated revenues, with Q2 at ₹1,156 crore and H1 at ₹2,183 crore, both up 37% year-over-year, driven by robust demand, new launches, and strategic integration of acquired businesses.

• EBITDA margin improved to 14.7% in Q2 FY26, with profit after tax before minority interest for Q2 and H1 at ₹78 crore and ₹132 crore, up 50% and 41% year-over-year, respectively.

• Major strategic initiatives included the acquisition of Greenfuel, full integration of IAC India, and inauguration of the SHIFT tech center in Bengaluru.

• The macroeconomic environment in India remained supportive, with GST rate cuts, RBI policy easing, and income tax relief boosting auto sector demand and consumer affordability.

• Two new wholly owned subsidiaries were incorporated in July 2025, and the acquisition of the remaining 25% stake in IAC India was completed in May 2025.

Financial highlights

• Q2 FY26 consolidated revenue reached ₹1,156 crore (up 37% YoY); H1 FY26 revenue was ₹2,183 crore (up 37% YoY).

• Q2 FY26 EBITDA was ₹170 crore (14.7% margin); H1 FY26 EBITDA was ₹306 crore (14.0% margin).

• Q2 FY26 PAT before MI was ₹78 crore (up 50% YoY); H1 FY26 PAT before MI was ₹132 crore (up 41% YoY).

• Basic and diluted EPS for H1 FY26 was ₹15.89, compared to ₹10.94 in H1 FY25.

• Free cash reserves stood at ₹391 crore; long-term debt at ₹606 crore, with a debt-to-equity ratio of 0.57.

Outlook and guidance

• Full-year revenue growth guidance revised to 25% (from 20%), with EBITDA margin guidance maintained at 14%-15%.

• Minimum 20% revenue CAGR targeted for FY26–FY31, with a vision for 20% EBITDA margin and 20%+ ROCE.

• IAC India expected to deliver close to 20% full-year growth, with product revenue growth of 25%-27%.

• Greenfuel is forecasted to achieve ₹350–400 crore revenue for FY26, with 15%-17% growth over FY25.

• Aftermarket segment expected to sustain 15%-20% growth in H2, with further acceleration in FY27.