Lumax Auto Tech. Q2 FY27 Results (NSE: LUMAXTECH)
Signal: Steady quarter
The read
The trajectory remains expansionary, with revenue up 34.53% YoY and PAT up 50.44%, but Q2FY27 is not a clean margin inflection: EBITDA margin slipped 48bps QoQ to 13.47% and gross margin remains 213bps below last year as raw-material intensity rose to 60.46%; the recent margin expansion streak has paused after the prior quarter's 200bps YoY improvement.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,555.51 Cr | +34.53% | +14.07% |
| EBIT | ₹154.24 Cr | +47.84% | |
| Net profit | ₹116.67 Cr | +50.44% | |
| EPS | ₹15.48 | +57.80% | |
| EBIT margin | 13.47% |
P&L walk
Consolidated revenue grew 34.53% YoY to 1,55,550.53 lakh, while EBITDA rose 35.59% to 20,949.11 lakh and EBITDA margin improved only 11bps to 13.47% as raw-material intensity increased to 60.46% from 56.79%; PAT growth of 50.44% was aided by operating growth and lower effective tax intensity.
Segments
There is no reportable segment split; the consolidated group contributed 1,55,550.53 lakh of revenue and 11,667.11 lakh of PAT versus standalone revenue of 1,20,469.75 lakh and PAT of 8,899.65 lakh, indicating subsidiaries contributed materially to the group result.
Key positives
- Consolidated revenue reached 1,55,550.53 lakh, up 34.53% YoY and 14.07% QoQ, extending the recent high-growth trajectory.
- PAT increased 50.44% YoY to 11,667.11 lakh and EPS increased 57.80% to ₹15.48, while paid-up capital remained unchanged at 1,363.15 lakh.
- Employee and other operating expenses grew 23.06% YoY versus 34.53% revenue growth, helping EBITDA margin expand 11bps YoY to 13.47% despite material-cost pressure.
- Consolidated borrowings declined to 90,553.75 lakh from 1,00,066.36 lakh at March 31, 2026 while H1 operating cash flow increased 10.76% to 26,852.33 lakh.
- The Manesar Mechatronics project targets around Rs. 500 Crores of peak annualized turnover and expands the company's electronic-component opportunity.
Key concerns
- Gross margin compressed 213bps YoY to 34.36% as raw-material cost rose to 60.46% of revenue from 56.79%; the filing does not disclose whether the pressure is due to input inflation, pricing or mix.
- EBITDA margin declined 48bps sequentially to 13.47% after the previous quarter's 200bps YoY expansion, indicating the margin recovery has not yet become linear.
- Trade receivables increased to 1,04,839.57 lakh from 1,01,487.77 lakh and inventories to 45,943.25 lakh from 41,200.54 lakh since March 31, 2026, requiring working-capital absorption as the group scales.
- The Manesar project requires around Rs. 150 Crores of capex funded through debt and internal accruals, adding execution and leverage requirements while CWIP already rose to 14,444.59 lakh.
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