Lumax Auto Technologies has reported strong revenue growth of 36 percent year-on-year for the first quarter of FY26 reaching INR 1,026 crore, backed by broad-based expansion across business segments and key contributions from newly integrated subsidiaries. However, the company faced mild pressure on operating margins, which slipped to 13.2 percent from 14 percent a year earlier, largely due to delayed price revisions from OEMs. These have since been realised and are expected to reflect positively in Q2 results.
The company's consolidated profit after tax stood at INR 54 crore, up 30 percent from the same period last year. On a sequential basis, both revenue and profitability saw a decline from Q4 FY25. Managing Director Anmol Jain clarified that the temporary margin impact was due to customer-side price corrections not being booked in Q1. Though the spillover will benefit first-half EBITDA margins projected to align with the strategic band of 14 to 15 percent for the full year.
A closer look at the segment-wise performance reveals a balanced portfolio. Passenger vehicles contributed 55 percent of revenue in Q1, up from 53 percent last year. Commercial vehicles also gained share, rising to 11 percent, while the two and three-wheeler segment saw a decline to 21 percent from 26 percent. The aftermarket business maintained a stable 10 percent contribution. The company also recorded a notable improvement in revenues from alternate fuels, accounting for 9 percent of revenue compared to none last year, signalling traction in future-ready technologies.
The quarter saw the completion of Lumax Auto’s acquisition of the remaining 25 percent stake in IAC India, further consolidating its position in interior systems and enhancing its readiness for EV-specific cabin requirements. Excluding the newly acquired Greenfuel business, Lumax’s subsidiaries posted a 36 percent rise in revenue. Including Greenfuel, the growth jumped to 59 percent year-on-year.
The company launched new products such as shark fin antennas and feeder assemblies for key customers including Mahindra & Mahindra, Honda Cars and Toyota. These launches catered to both domestic and export-focused models, including the Honda City for overseas markets.
Lumax Auto’s board has approved the establishment of a branch office in China to explore new business opportunities and strengthen technical collaboration. Additionally, a new technology centre called SHIFT (Smart Hub for Innovation and Future Trends) will be set up in Bengaluru to drive innovation across product categories and deepen its focus on EVs and intelligent vehicle systems.
Two new subsidiaries, Lumax Autocomp Private Limited and Lumax Auto Solutions Private Limited, have also been incorporated in Delhi to pursue growth in adjacent and emerging segments, signalling a strategy of diversification beyond traditional product lines.
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