Lumax Auto Technologies (LUMAXTECH) Q3 25/26 earnings summary

Executive summary

• Achieved record consolidated revenue of INR 1,271 crore in Q3 FY26, up 40% year-on-year, and INR 3,453 crore for nine months, up 38% year-on-year, driven by strong demand, new product launches, and premiumization trends.

• EBITDA margin reached 15% in Q3 FY26, a 100 bps improvement year-on-year, with profit after tax before minority interest at INR 108 crore for Q3 and INR 240 crore for nine months, up over 90% and 60% year-on-year, respectively.

• Upgraded full-year revenue growth guidance from 25% to 30% and maintained a 20% CAGR target over the next 3-4 years.

• Strong performance in both OEM and aftermarket segments, with significant growth in subsidiaries and new acquisitions.

• Board approved unaudited standalone and consolidated financial results for Q3 and nine months ended December 31, 2025, with review by statutory auditors and audit committee.

Financial highlights

• Q3 FY26 consolidated revenue: INR 1,271 crore (+40% YoY); nine months: INR 3,453 crore (+38% YoY).

• Q3 EBITDA: INR 191 crore; margin at 15% (+100 bps YoY); nine months EBITDA: INR 497 crore; margin at 14.4%.

• Q3 PAT before minority interest: INR 108 crore (+90% YoY); nine months: INR 240 crore (+60% YoY).

• Exceptional item of INR 14.95 crore due to wage code changes.

• Free cash at INR 421 crore (9% of revenue); net debt at INR 153 crore.

Outlook and guidance

• Revenue growth guidance for FY26 raised to 30%.

• Targeting minimum 20% CAGR in revenue, 20% EBITDA margin, and 20%+ ROCE for FY26–31.

• Aftermarket segment expected to achieve 20% growth in the next year.

• CapEx guidance for FY26 at INR 220–240 crore; annual organic CapEx expected at INR 150-200 crore going forward.

• Management continues to monitor regulatory changes and expects to provide further accounting effects as clarifications are issued.