Lumax Industries Q1 FY27 Results (NSE: LUMAXIND)
Signal: Steady quarter
The read
The growth trajectory remains strong, with consolidated revenue up 32.5% YoY and PAT up 41.2%, but the margin inflection has moderated: EBITDA margin was 9.24%, only 10bps above last year and 116bps below the preceding quarter, while the unusually high standalone PAT growth was supported by ₹1,337.93 lakh of dividend income.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,223.23 Cr | +32.2% | +1.8% |
| EBIT | ₹70.91 Cr | +34.1% | |
| Net profit | ₹51.08 Cr | +41.2% | |
| EPS | ₹54.64 | +41.1% | |
| EBIT margin | 9.24% |
P&L walk
Revenue increased to ₹1,22,323.03 lakh (+32.2% YoY, +1.8% QoQ), gross margin expanded modestly to 28.8% (+71bps YoY), EBITDA rose to ₹11,303.20 lakh (+33.7% YoY) with margin at 9.24% (+10bps), and PAT grew faster at ₹5,107.84 lakh (+41.2%) mainly with support from the ₹1,125.46 lakh associate contribution.
Segments
No segment table is disclosed, but the standalone-versus-consolidated gap is material: standalone PAT rose 104.6% to ₹5,198.98 lakh, whereas consolidated PAT rose 41.2% to ₹5,107.84 lakh because group operating profit before associate profit was ₹5,271.06 lakh and the associate contributed ₹1,125.46 lakh.
Key positives
- Consolidated revenue reached ₹1,22,323.03 lakh, growing 32.5% YoY and 1.9% QoQ, sustaining the recent high-growth trajectory.
- Consolidated PAT increased 41.2% YoY to ₹5,107.84 lakh, ahead of revenue growth, with diluted EPS also rising 41.1% to ₹54.64.
- Finance costs were flat at ₹1,819.45 lakh YoY despite 32.5% revenue growth, reducing finance-cost intensity.
- Standalone EBITDA margin expanded 109bps YoY to 10.07%, with EBITDA growth of 50.3% versus revenue growth of 32.5%.
Key concerns
- Consolidated EBITDA margin was only 9.24%, just 10bps above the year-ago 9.14% and 116bps below the preceding quarter's 10.40%, indicating sequential margin loss despite 32.5% revenue growth.
- Consolidated EBITDA grew 33.7% versus revenue growth of 32.5%, a narrow 1.2 percentage-point gap that does not demonstrate operating leverage.
- Standalone other income was ₹1,649.71 lakh, including ₹1,337.93 lakh of dividends, so the 104.6% standalone PAT growth to ₹5,198.98 lakh is not fully representative of operating earnings.
- The filing does not disclose volumes, realisations, capacity utilisation, order book or capex, limiting visibility into the durability of the 32.5% revenue growth.
Research and educational content only. Not investment advice.