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Swing Capital

Lumax Industries Ltd

NSE: LUMAXIND BSE: 517206Auto

Lumax Industries Limited is the flagship company of the DK Jain Group. It was founded as a trading company in 1945 and today it has evolved as market leader of automobile lighting in the Indian automotive industry. In 1984, company entered into a technical collaboration with Stanley Electric Co. Ltd., Japan (SECL), which currently holds around 37.5% equity stake in the company. Other 37.5% is held by Indian promoters (D.K. Jain and family). Company has 29 manufacturing facilities across 7 states in India. [1] [2]

₹5,170
52W: ₹2650 — ₹6970
PE 31.9 · Book ₹660 · +683% vs book
Market Cap₹4,834 Cr
Stock P/E31.9Price to Earnings
ROCE13.4%Return on Capital
ROE16%Return on Equity
Div. Yield0.68%Face Value ₹10

Strengths

  • +Company has been maintaining a healthy dividend payout of 36.5%

Weaknesses

  • −Stock is trading at 7.80 times its book value

Shareholding Pattern

Promoters75%
FIIs1.63%
DIIs6.07%
Public17.3%
CategoryJun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025Mar 2026
Promoters75%75%75%75%75%75%75%75%
FIIs1.17%1.18%▲0.00.92%▼0.30.97%▲0.01.18%▲0.21.13%▼0.11.38%▲0.31.63%▲0.3
DIIs1.57%3.56%▲2.04.94%▲1.45.63%▲0.75.75%▲0.15.98%▲0.25.71%▼0.36.07%▲0.4
Public22.25%20.27%▼2.019.13%▼1.118.39%▼0.718.07%▼0.317.89%▼0.217.91%▲0.017.3%▼0.6

Financial Statements

MetricSep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales6446327437668128879239231,0091,053
Expenses589574678709754816846842921944
Operating Profit545865575871788088109
OPM %8%9%9%7%7%8%8%9%9%10%
Net Profit16361920132236252651
EPS ₹17.1138.9120.1921.3413.8823.7538.9327.1827.5954.95

AI Insights

Revenue Trend

TTM revenue at ₹3,907Cr, up 14.9% YoY. OPM at 9%.

Debt Position

Borrowings at ₹984Cr. Debt-to-equity ratio: 1.62x. High leverage — monitor closely.

Capex Cycle

CWIP at ₹129Cr (10% of fixed assets). Moderate ongoing capital expenditure.

Institutional Flow

DIIs: 6.07% (+5.04pp change). FIIs: 1.63% (+0.51pp change). Promoters hold 75%.

Margin & Efficiency

ROCE improving from 6% (Mar 2014) to 13% (Mar 2025). Working capital days: -44.

Valuation

PE 31.9x with 13.4% ROCE. Price is 683% above book value of ₹660. Dividend yield: 0.68%.

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