Lumax Auto Technologies Ltd

Meeting Details

• Date and time: August 11, 2026, 03:00 PM IST
• Type and mode: group earnings conference call (virtual teleconference)
• Organizer: Lumax Auto Technologies Limited (Q1 FY27 earnings call)

Participants

• Vice Chairman
• Managing Director
• Director and Group CFO
• Chief Executive Officer
• Chief Financial Officer
• Head of Corporate Taxation
• Group Head of Investor Relations and Value Creation

Purpose

• Discuss Q1 FY27 operational and financial performance
• Investor interaction and Q&A session

Availability

• Transcript and earnings presentation posted online (company website; stock exchanges)
• Conference call recording available

Financial Performance

• Q1 FY27 revenue INR 1,364 crore, up 33% YoY
• EBITDA INR 205 crore, up 51% YoY; margin 15.1%
• PAT INR 99 crore; up 83% YoY
• Order book INR 1,600 crore; 24% in FY27, 56% in FY28, 20% in FY29
• Capex in Q1 INR 23 crore; full-year guidance around INR 300 crore
• Free cash reserves INR 415 crore; long-term debt INR 508 crore; debt-to-equity 0.32

Segment Trends

• Advanced Plastics revenue INR 769 crore; +47% YoY; order book INR 787 crore
• Mechatronics revenue INR 84 crore; +56% YoY; order book ~INR 500 crore
• Structure & Control Systems revenue INR 220 crore; +21% YoY; order book INR 130 crore
• Aftermarket revenue INR 104 crore; +6% YoY
• Alternate Fuels revenue INR 111 crore; +17% YoY; order book INR 200 crore
• Greenfuel: Mahindra as new customer; margins guidance near 20% (normalized) vs 23% reported

Projects and Capex

• New Chakan plant for IAC division to cater upcoming Mahindra demand
• Mega Mechatronics plant in Manesar to be commissioned by Q3 FY27
• Greenfuel to set up Nashik facility for Mahindra requirements
• Capex funding predominantly from internal accruals; JV/debt ~12% for specific purposes

Balance Sheet and Cash Flow

• Free cash reserves IN₹ 415 crore as of June 2026
• Long-term debt INR 508 crore; debt-to-equity 0.32

Outlook and Guidance

• Full-year capex guidance around INR 300 crore; includes Mechatronics greenfield and IAC plants
• Margins expected to sustain around 15.1% in Q1 FY27 for the year
• Greenfuel EBITDA margin normalized around 20% (excludes INR 3 crore tooling gain)
• Industry volume growth around 10-12%; base effects to taper in H2

Q&A Highlights

• Long-term growth target: maintain ~20% CAGR (organic ~15% plus inorganic contribution)
• Mechatronics revenue target: ~INR 400 crore in FY27; ~INR 1,000 crore by FY30-31
• JV portfolio turning EBITDA positive; expect double-digit PBT within 12-24 months
• Maruti/Upside: Mechatronics and Greenfuel driving win; ongoing discussions with other OEMs
• ADAS and vehicle connectivity: internal development; external partnerships only if needed

Risks and Watchpoints

• Input-cost inflation; plastics largely pass-through in quarter; some spillover possible
• GST base effects; H2 could be high base from prior year
• JV scale and margins; a few JVs scaling up to improve profitability

Meeting Details

• Date of call: August 11, 2026.
• Type/mode: group earnings conference call; audio recording available.
• Event: Q1 earnings conference call for quarter ended June 30, 2026.
• Organizer: Lumax Auto Technologies Limited.
• Purpose: discuss operational and financial performance for Q1 FY2026-27.
• Availability: recording and transcript available on the company website.

Business overview

• Diversified auto components maker with 13+ product lines across plastics, interiors, mechatronics, lighting.
• EV/future mobility focus via SHIFT hub; premiumization and lightweighting roadmap.
• Greenfuel investment (60% stake) and IAC India merger completed; 28 plants pan-India; 7 JVs.

Operational highlights

• Q1 FY27 revenue ₹1,364 cr, up 33% YoY; EBITDA ₹205 cr, margin 15.1%.
• Advanced Plastics & Interior Systems ₹769 cr (+47%); Structures ₹218 cr (+20%); Greenfuel ₹111 cr (+17%).
• Aftermarket ₹104 cr (+6%); Mechatronics ₹84 cr (+56%).
• Free cash flow ₹415 cr; net debt ₹93 cr; gross debt ₹508 cr; Capex ₹23 cr.
• SHIFT launch; 100% acquisition of IAC India; portfolio realignment toward premium OEMs.
• Japan satellite office and China representative office opened.

Financial performance

• EBITDA margin expanded to 15.1% (up 190 bps YoY); PBT margin 9.7% (up 250 bps).
• PAT ₹99 cr; PAT margin 7.2%; EPS ₹12.7.
• Revenue drivers: premium OEM wallet share and diversification across segments.

Capital structure & liquidity

• Net debt ₹93 cr; long-term gross debt ₹508 cr.
• Free cash flow ₹415 cr (8% of revenue).
• Capex ₹23 cr in Q1 FY27.

Strategic priorities & outlook

• FY26-31 mid-term plan targets 20% CAGR (organic + inorganic).
• Aim for 20% EBITDA margin and ROCE improvements.
• Growth levers: new product segments in clean mobility, software-driven ADAS & connected vehicles.
• Emphasis on premiumization, lightweighting, and selective acquisitions.
• BRIDGE framework: Bold Roadmap Integrating Diverse Growth Engines; SHIFT and SDV focus.

Governance & leadership

• Chairman: Dhanesh Kumar Jain; MD: Anmol Jain; CEO: Vikas Marwah; CFO: Sanjay Mehta.
• Independent Directors: Arun Kumar Malhotra, Diviya Chanana, AP Gandhi.
• Promoter: Deepak Jain (Vice Chairman).
• IAC merger completed;SHIFT center; Japan and China offices expanded.

Financial Highlights

• Revenue rose 33% YoY to ₹1,364 crore in Q1FY27.
• EBITDA (incl. other income) ₹205 crore, up 51% YoY.
• EBITDA margin 15.1%, up 190 bps YoY.
• PBT (before exceptional item) ₹132 crore, up 78% YoY.
• PAT before minority interest ₹99 crore, up 83% YoY.
• EPS ₹12.7, up 109% YoY.

Operational Mix

• PV share 52% of revenue.
• 2W 27%, Aftermarket 8%, CV 8%, Others 5% mix.
• Advance Plastics accounted for 56% of revenue.
• Structures & Control Systems represented 16%.
• Alternate fuels accounted for 8%.
• Mechatronics contributed 6%.
• Others contributed 6%.

New Launches

• PV: Ertiga BCM launched for MSIL.
• PV: Ertiga Ferrule-Less Tube/Fitting launched.
• 2W: TVS moulded parts launched for various models.
• 2W: HMSI moulded parts for various models.
• 2W: Bajaj Platina LED head lamp.
• 2W: Bajaj Pulsar swing arm.

Awards & Recognitions

• BAVA Conference 2026: Super Platinum Quality Award for Sambhajinagar Plant.
• TPM Excellence Award for Kuruli Plant.
• Lumax Group named Most Preferred Workplace 2026-27.
• Four LATL plants received GreenPro Ecolabel Certification.

Management Outlook

• FY27 started strong with 33% revenue growth and 83% PAT growth.
• Focus on wallet share, new platforms, and geographic expansion.
• Industry tailwinds: premiumisation and higher content per vehicle.

Key Customers

• Key customers include Mahindra & Mahindra, Bajaj Auto, Maruti Suzuki, Honda, Tata Motors, Daimler India, Volkswagen.

Financial results approved

• Un-audited standalone and consolidated Q1 FY2026-27 results approved by Board; quarter ended 30 June 2026.
• Limited Review Reports by PwC attached; results prepared under Ind AS 34.
• Results published on the company website; newspaper extracts to be published per regulations.

Corporate guarantee to LFAE

• Approved corporate guarantee/letter of comfort/PDCs for LFAE loan up to Rs 8 crore.
• Counterparty is Lumax FAE Technologies Private Limited; holding company support at arm's length.
• Annexure-A provides disclosure under SEBI master circular; no material impact stated.

IAC plant capex

• Capex for new IAC plant at Chakan around Rs 156.23 crore.
• Funded by internal accruals; two-phased commissioning planned.
• Phase 1 by Q4 FY2027; Phase 2 by Q1 FY2028.
• Expected peak turnover around Rs 440 crore post-commissioning.

Subsidiary divestment

• Sale of 50% equity stake in Lumax Jopp Allied Technologies Private Limited to Jopp Holding GmbH.
• Subsidiary ceases to be a subsidiary post transaction.

Amalgamation approvals and restatements

• NCLT approvals for amalgamations of Lumax Ancillary Limited and IAC India; restatement of comparatives.
• Consolidated results unaffected; standalone figures restated per pooling of interest.

Labour codes / regulatory note

• Impact of four Labour Codes disclosed; Rs 1,449.65 lakhs treated as exceptional item in FY2026.

Auditor remarks

• PwC notes restatements due to amalgamations approved by NCLT; conclusion not modified.

Financial results approved

• Unaudited standalone and consolidated results for the quarter ended June 30, 2026 approved.
• Results reviewed by Audit Committee; PwC LLP issued a limited review report.
• Results to be published in newspapers and uploaded on the company's website.

Corporate guarantee for LF A E loan

• Corporate Guarantee/Letter of Comfort/PDCs for Lumax FAE Technologies Private Limited loan up to Rs 8 crores.
• Guarantee to be provided on arm's length basis.
• No material impact on Lumax due to the LF AE loan.

IAC plant capex and timeline

• New Intelligent Ambient Comfort division plant at Chakan with capex around Rs 156.23 crores.
• Capex funded by internal accruals; peak turnover about Rs 440 crores post-commissioning.
• Project to be commissioned in two phases: Phase 1 by Q4 FY2027, Phase 2 by Q1 FY2028.