Lumax Industries Q2 FY27 Results (NSE: LUMAXIND)
Signal: Steady quarter
The read
The trajectory remains high-growth, with consolidated revenue up 33.0% YoY to ₹1,34,183.88 lakh and PAT up 43.3% to ₹5,107.84 lakh, but Q2 marks a margin setback: raw-material costs rose 43.9% and reduced gross margin by 5.0pp, while EBITDA margin fell about 80bps after the recent Q1FY27 margin stabilisation.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,341.84 Cr | +33.0% | +9.7% |
| EBIT | ₹71.35 Cr | +32.1% | |
| Net profit | ₹51.08 Cr | +43.3% | |
| EPS | ₹54.64 | +43.3% | |
| EBIT margin | 8.2% |
P&L walk
Revenue grew 33.0% YoY to ₹1,34,183.88 lakh, but raw-material cost rose 43.9% and compressed gross margin; EBITDA increased about 23.6% while EBITDA margin fell to about 8.2%, with associate profit of ₹1,645.76 lakh supporting PAT growth to ₹5,107.84 lakh.
Segments
The filing reports no operating segment split; the main consolidated-versus-standalone divergence is standalone PAT of ₹5,219.42 lakh versus consolidated PAT of ₹5,107.84 lakh despite ₹1,645.76 lakh of associate profit, implying other group-level costs and subsidiary effects offset the associate contribution.
Key positives
- Revenue increased 33.0% YoY and 9.7% QoQ to ₹1,34,183.88 lakh, maintaining the company's recent double-digit growth trajectory.
- PAT rose 43.3% YoY to ₹5,107.84 lakh, helped by associate profit of ₹1,645.76 lakh, which increased 37.7% YoY.
- Employee expense rose 7.1% YoY and finance cost rose 2.3%, both materially slower than revenue growth of 33.0%.
- EPS rose 43.3% YoY to ₹54.64, tracking PAT without a material dilution signal.
Key concerns
- Raw-material and component cost increased 43.9% YoY to ₹88,895.64 lakh, rising to 66.3% of revenue from 61.3% and compressing gross margin by 5.0pp.
- EBITDA margin declined about 80bps YoY to 8.2% because material costs grew faster than revenue; the filing does not disclose the specific input-cost or pricing driver.
- Operating cash flow fell 22.5% YoY to ₹3,239.29 lakh while PAT rose 43.3%, and CWIP increased 71.7% to ₹18,004.60 lakh.
- Consolidated PAT of ₹5,107.84 lakh was below standalone PAT of ₹5,219.42 lakh despite the associate contributing ₹1,645.76 lakh.
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