Lumax Industries reported a 33% revenue jump to INR 1,342 crore for Q2 FY27, driven by strong LED adoption. Despite margin pressure from input costs, the company raised its full-year revenue growth guidance to 25%+, signaling sustained demand from major OEMs.
Lumax Industries Reports Strong Q2 Performance with 46% Profit Growth
Lumax Industries posted a consolidated net profit of INR 52 crore for the second quarter, representing a 46% increase over the previous year. Revenue for the same period stood at INR 1,342 crore, up 33% compared to Q2 FY26.
Reader Takeaway: Strong revenue growth and rising LED adoption are key, while input cost inflation remains a margin pressure point.
What just happened
Lumax Industries has delivered a robust Q2 FY27 performance, with manufacturing revenue hitting INR 1,300 crore. While the company achieved a 46% rise in profit, EBITDA grew by 21% to INR 110 crore. EBITDA margins compressed to 8.2% from 9.0% in the year-ago period due to rising material costs and geopolitical volatility.
Why this matters
The company’s performance is heavily supported by the adoption of LED lighting, which now accounts for 63% of H1 FY27 revenue. An order book of INR 2,580 crore—with 80% contribution from LED lighting—provides strong visibility for future quarters. The management has expressed confidence in long-term demand, leading to an upward revision in FY27 revenue growth guidance from 20%+ to 25%+.
Margin and Cost Analysis
Margins faced a 100-120 bps headwind in H1 FY27 due to material cost escalations and higher electronic component prices. However, management anticipates a recovery in the second half of the year, with H2 EBITDA margins projected to land between 10.5% and 11%. The company remains committed to achieving double-digit EBITDA margins for the full fiscal year.
Strategic Updates
- Net long-term debt has successfully declined to INR 188 crore as of September 30, 2026, down from INR 291 crore at the end of March 2025.
- Capital expenditure for FY27 is maintained at INR 200-250 crore, with INR 80 crore utilized in the first half.
- Localization efforts are underway for LED drivers and modules to decrease dependency on imports.
What to track next
Investors should monitor the stabilization of input costs and the company’s ability to pass on these costs to OEMs. Additionally, continued progress on integrating advanced technology like Adaptive Driving Beam systems remains a key indicator for wallet share expansion with major customers like Maruti Suzuki, Toyota Kirloskar, and the VW/Skoda group.