Lumax Auto Tech. Q1 FY27 Results (NSE: LUMAXTECH)
Signal: Margin expansion
The read
The trajectory remains constructive: Q1FY27 consolidated revenue growth moderated to 32.87% YoY from 40.3% in Q3FY26 and 37.3% in Q2FY26, but EBITDA margin inflected to 15.06%, up 204bps YoY and 37bps QoQ, while finance costs rose only 7.09%; the next thesis test is whether the margin improvement persists as the company funds the Rs. 156.23 Crores Chakan expansion.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,363.62 Cr | +32.87% | -3.76% |
| Net profit | ₹98.64 Cr | +82.67% | |
| EPS | ₹12.71 | +109.05% | |
| EBIT margin | 15.06% |
P&L walk
Consolidated revenue increased 32.87% YoY to 1,36,361.57 lakh, gross margin expanded 64bps to 36.00%, and EBITDA grew 51.26% to 20,535.92 lakh with margin up 204bps to 15.06%; finance costs rose only 7.09% and PAT increased 82.67% to 9,863.65 lakh.
Segments
There is no reportable segment split because the Group classifies its activity as a single automotive-components manufacturing and trading segment; nevertheless, consolidated PAT of 9,863.65 lakh exceeded standalone PAT of 7,375.46 lakh, confirming material subsidiary contribution.
Key positives
- Consolidated EBITDA grew 51.26% YoY versus revenue growth of 32.87%, an 18.39 percentage-point growth gap, with EBITDA margin expanding 204bps to 15.06%.
- Depreciation grew 26.40% YoY and finance costs grew only 7.09%, both below revenue growth, supporting operating conversion; employee costs grew 28.42%, also below revenue growth but by only 4.45 percentage points.
- Standalone PAT increased 91.96% YoY to 7,375.46 lakh and consolidated PAT increased 82.67% to 9,863.65 lakh, indicating meaningful earnings contribution beyond the parent.
Key concerns
- Consolidated revenue declined 3.76% QoQ to 1,36,361.57 lakh after 40.3% YoY growth in Q3FY26, so the growth rate has decelerated sequentially and requires monitoring.
- The Chakan project requires around Rs. 156.23 Crores of internal-accrual-funded capex against expected peak annualized turnover of around Rs. 440 Crores, creating execution and capital-allocation dependence through Q4 FY27 and Q1 FY28 commissioning phases.
Research and educational content only. Not investment advice.