Sector Alpha Week of 2026-07-24
Sector Alpha — machine-written from the numbers · Data as of 2026-07-24

Lumax Auto Technologies Ltd

LUMAXTECH
Auto Ancillaries - Diversified

Lumax Auto Technologies Ltd's earnings have outrun its stock. EPS grew +56.9% in a year against a +23.9% price move.

The sharpest disagreement: annual EPS moved +56.9% against a +23.9% price move — the market has not yet caught up with the delivery.

The price is in a confirmed uptrend (62 weeks in) while the P/E sits at the 86th percentile of its own 10-year range. Underneath, the last four quarters read improving — profit +22.5% year on year, and 138% of the last 3 years' profit arrived as cash. What settles it: whether the price catches up with earnings that have already moved.

Stage
Consistent
fundamental trajectory, 12 quarters
Price
₹1,420
+23.9% 1Y
P/E
34.7×
86th pctile
of its own 10-year range
Revenue (Mar 26)
₹1,417 Cr
+25.1% YoY
Profit (Mar 26)
₹98.0 Cr
+22.5% YoY
Operating margin
14.0%
flat YoY
ROCE
21%
FY26
ROIC
18.0%
vs WACC 12.0% → +6.0 pp
Cash conversion
138%
of profit, last 3 FY
01 · Price story

Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.

Lumax Auto Technologies Ltd trades at ₹1,420, in a confirmed uptrend and 62 weeks into that stage. That is −3.5% against its own 200-day average. It sits at 47% of a 52-week range of ₹1,069 to ₹1,823. On relative strength it is currently behind the NIFTY 500 on a trailing-13-week view (11 weeks and counting).

Today the stock is in a confirmed uptrend — week 62 of stage 2, confirmed. At ₹1,420 it trades −3.5% versus its 200-day average and sits at 47% of its 52-week range (₹1,069–₹1,823).

Jul 26: ₹1,420 Weekly closing price (₹) with 50- and 200-day averages; shaded bands mark the price stage (grey base, green advance, amber top, red decline). 3-year window.
−3.5% versus the 200-day line, week 62 of stage 2
Price50-day avg200-day avg
S2S2₹1,946₹1,500₹1,054₹608₹161₹1,420₹1,471Jul 23Apr 24Feb 25Nov 25Jul 26
S2S2₹1,946₹1,500₹1,054₹608₹161₹1,420₹1,471Jul 23Feb 25Jul 26
Beating or trailing, week by week since 2016 Each cell is one week from 2016 to now (549 weeks): the stock's trailing 13-week return minus the NIFTY 500's, green ahead / red behind (±25% ramp). Grey cells are the 13-week warm-up or weeks where the NIFTY 500 reading is not held.
trailing 13-week return vs the NIFTY 500
Feb 16Jul 26

Against the market, two honest reads. Cumulative: over the last 10.4 years the stock moved +2,400% while the NIFTY 500 moved +280% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock is currently behind (11 weeks and counting; last ahead the week of 2026-06-05) — the ribbon below is that same metric, week by week.

What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.

→ The trend is one thing; the bill is another. Are you paying up for it? Next: the P/E sits at the 86th percentile of its own range.

02 · Valuation

Valuation P/E is the price of ₹1 of annual profit: how many rupees the market pays for each rupee the company earns in a year.

Lumax Auto Technologies Ltd trades at 34.7× P/E, at the pricey end of its own range (86th percentile). Its long-run median P/E is 21.8×, measured across 10.4 years of weekly readings. This places the multiple against the stock’s own record, and says nothing about what the business is worth.

Today's P/E of 34.7× is at the pricey end of its own range (86th percentile), against a long-run median of 21.8× measured over 10.4 years of weekly readings. This is a comparison against the stock's own history — not a claim about what it is worth.

P/E 34.7× vs a 21.8× long-run median P/E, weekly (left axis); earnings per share, trailing twelve months, weekly (right axis). 10.4-year window; loss-period spikes above 48× shown pinned at the top. The eps (ttm) bars are red where the reading is lower than the quarter before.
at the pricey end of its own range (86th percentile)
P/EMedianEPS (TTM) (quarterly)
51.0×₹45.638.7×₹34.226.4×₹22.814.1×₹11.41.8×₹0.0×34.70×₹42Feb 16Oct 18Jun 21Feb 24Jul 26
51.0×₹45.638.7×₹34.226.4×₹22.814.1×₹11.41.8×₹0.0×34.70×₹42Feb 16Jun 21Jul 26
PEG 1.18 PEG ratio per quarter — the P/E divided by the earnings-growth rate. The dashed line marks 1.0: below it the growth is cheap against the multiple, above it the price already prices the growth in. Last 20 quarters.
above 1.0, the multiple already banks the growth
PEGPEG = 1.0
1.2×1.1×0.9×0.8×0.7××1.18×Q1 FY22Q1 FY23Q2 FY24Q3 FY25Q4 FY26
1.2×1.1×0.9×0.8×0.7××1.18×Q1 FY22Q2 FY24Q4 FY26
P/E
34.7×
86th percentile of 10y
PEG
1.11
as reported

Why the multiple sits where it does: over the past year annual EPS moved +56.9% against a +23.9% price move — earnings outran the price, pushing the multiple DOWN its own range.

The price move, decomposed: over 5y, of the +52.7%/yr price move, ~+43.4%/yr came from earnings growth and ~+9.3 pp from the multiple (expanding); over 10y, of the +36.3%/yr price move, ~+22.9%/yr came from earnings growth and ~+13.4 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.

Put together: the multiple is full against its own past, so the story rests on the earnings line underneath it, not the multiple.

→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.

03 · Stage: Consistent

Stage: Consistent Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).

Lumax Auto Technologies Ltd reads as consistent on its fundamental arc. Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 26.2% and holding. The read is built from 12 quarters across 4 curves, on full evidence.

Three growth curves, twelve quarters Year-on-year growth of trailing-twelve-month revenue (left axis), profit and EPS (right axis — they swing far wider), % at each quarter-end. A missing point means that reading is not held for the quarter.
the trajectory the stage is read from
RevenueProfitEPS
55%75%47%54%38%34%29%13%21%−7.7%%%33.9%47%56.8%Jun 23Sep 24Mar 26
55%75%47%54%38%34%29%13%21%−7.7%%%33.9%47%56.8%Jun 23Sep 24Mar 26
ROCE Trailing-twelve-month operating profit (before interest and tax) as a share of average capital employed — total assets minus current liabilities, the standard textbook basis, %.
the return curve, computed quarterly
ROCE
30%27%23%20%17%%26.2%Jun 23Sep 24Mar 26
30%27%23%20%17%%26.2%Jun 23Sep 24Mar 26
Revenue growth
Steady high
latest +33.9% · span +23.2% to +52.7%
Profit growth
Rising
latest +47.0% · span +21.2% to +60.8%
EPS growth
Rising
latest +56.8% · span −2.0% to +69.5%
ROCE
Steady high
latest 26.2% · span 17.5%–29.1%

Why it matters: steady curves with healthy returns are the compounding setup — the risk is the price, not the business.

Growth, year by year: revenue +33.9% in FY26, profit +47.2% Year-over-year growth per fiscal year, %: revenue (left axis); net profit and EPS (right axis — profit growth swings far wider). Zero line drawn.
Revenue YoYProfit YoYEPS YoY
57%68%41%42%24%16%8.0%−10%−8.4%−37%%%33.9%47.2%FY16FY21FY26
57%68%41%42%24%16%8.0%−10%−8.4%−37%%%33.9%47.2%FY16FY21FY26
TTM growth by quarter Trailing-twelve-month growth versus the year-ago TTM, per quarter, %: revenue (left axis); profit and EPS (right axis). The acceleration read compares the last 4 quarters (+33.9%) with the last 8 annualized (+31.4%).
revenue stabilising, profit accelerating
Revenue TTM YoYProfit TTM YoYEPS TTM YoY
55%75%47%54%38%34%29%13%21%−7.7%%%33.9%47%Jun 23Sep 24Mar 26
55%75%47%54%38%34%29%13%21%−7.7%%%33.9%47%Jun 23Sep 24Mar 26
Compound annual growth rate (%) Compound annual growth rate over each window, %. Revenue, profit and EPS from fiscal-year figures; share price is the price CAGR over the same spans. A dash = that window is not held, or the base was a loss.
1yr3yr5yr10yr
Revenue+33.9%+38.2%+34.5%+18.4%
Profit+47.2%+44.8%+45.9%+25.8%
EPS+56.9%+44.2%+42.7%+24.3%
Share price+23.9%+54.4%+52.7%+36.3%
Revenue YoY (Mar 26)
+25.1%
latest quarter vs a year ago
Profit YoY (Mar 26)
+22.5%
latest quarter vs a year ago
Revenue 10y
18.4%
long-run compound pace

→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.

04 · 4-Factor Sector Score

4-Factor Sector Score

56.3/100 — rank 7 of 20 in Auto Ancillaries - Diversified · 96% evidence confidence

Lumax Auto Technologies Ltd scores 56.3 out of 100 against the 20 companies it is compared with in Auto Ancillaries - Diversified, ranking 7. Acceleration candidate, not a confirmed leader: earnings are strong but sector-relative strength is -13.7% and the one-year return is 23.9%. Do not upgrade until sector-relative strength is above zero and another reported period confirms growth.

The four contributions add to the total exactly: 26.2 + 14.5 + 12.4 + 3.2 = 56.3. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.

What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.

05 · Revenue

Revenue Revenue is the top line: everything the company billed its customers in the period.

Lumax Auto Technologies Ltd reported ₹1,417 Cr of revenue in the Mar 26 quarter, +25.1% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 18.4% a year. The last full year, FY26, came in at ₹4,870 Cr. The last four reported quarters add to ₹4,870 Cr.

Lumax Auto Technologies Ltd reported ₹1,417 Cr of revenue in the Mar 26 quarter, +25.1% year on year. That is the 12th straight quarter of year-on-year growth. Over 10 years it has compounded at 18.4% a year. The last full year, FY26, came in at ₹4,870 Cr. The last four reported quarters add to ₹4,870 Cr.

FY26 revenue came in at ₹4,870 Cr (+33.9% on the year), capping 10 years at 18.4% compound. The latest quarter (Mar 26) printed ₹1,417 Cr, +25.1% year on year — the 12th consecutive quarter of year-over-year growth.

FY26 revenue ₹4,870 Cr (+33.9% YoY) Revenue bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
18.4% a year over 10 years
RevenueYoY growth
5.3k57%3.9k41%2.6k24%1.3k8.0%0−8.4%₹ Cr%₹4,87033.9%FY16FY21FY26
5.3k57%3.9k41%2.6k24%1.3k8.0%0−8.4%₹ Cr%₹4,87033.9%FY16FY21FY26
Mar 26: ₹1,417 Cr (+25.1% YoY) Quarterly revenue bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
12th straight quarter of growth
Revenue (quarterly)YoY growth
1.5k68%1.1k55%76542%38329%016%₹ Cr%₹1,41725.1%Jun 23Sep 24Mar 26
1.5k68%1.1k55%76542%38329%016%₹ Cr%₹1,41725.1%Jun 23Sep 24Mar 26

Pace check: the last four quarters averaged +34.6% growth against the decade's 18.4% — the current year is running faster than its own long-run rate.

Acceleration check: trailing-twelve-month revenue grew +33.9% over the last 4 quarters against +31.4%/yr over the last 8 — stabilising; TTM profit +47.0% vs +42.3%/yr — accelerating.

→ Revenue grew — did margins hold as it scaled? Next: 14.0% this quarter (+0.0 pp YoY).

06 · Operating margin

Operating margin Operating margin is what is left of every ₹100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.

Lumax Auto Technologies Ltd's operating margin is 14.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 8.0% to 14.0%. The current quarter sits inside that band.

Lumax Auto Technologies Ltd's operating margin is 14.0% in the Mar 26 quarter, +0.0 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 13 fiscal years the operating margin has ranged 8.0% to 14.0%. The current quarter sits inside that band.

The latest quarter's operating margin is 14.0%, +0.0 pp against the same quarter a year ago. Across 13 fiscal years the operating margin has ranged 8.0%–14.0%, and FY26's 14.0% is the top of that band — a record year.

Why the margin moved: operating margin went +0.5 pp year on year while gross margin went +0.8 pp — the gain came mostly from the gross line: input costs and pricing.

Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.

FY26: 14.0% Operating margin by fiscal year, %, line (left); year-on-year change in the margin, in percentage points, line (right). 13-year window.
the widest a 8.0–14.0% band over 13 years
operating marginYoY change (pp)
14%2.2%13%1.4%11%0.5%9.3%−0.4%7.5%−1.2%%%14%1%FY14FY20FY26
14%2.2%13%1.4%11%0.5%9.3%−0.4%7.5%−1.2%%%14%1%FY14FY20FY26
Mar 26: 14.0% operating margin (+0.0 pp YoY) Quarterly operating margin, %, line (left); year-on-year change in the margin, in percentage points, line (right). Last 12 quarters. Operating profit as a share of revenue, per quarter.
Operating marginYoY change (pp)
14.2%3.3%13.6%2.2%13.0%1.0%12.4%−0.2%11.8%−1.3%%%14%0%Jun 23Sep 24Mar 26
14.2%3.3%13.6%2.2%13.0%1.0%12.4%−0.2%11.8%−1.3%%%14%0%Jun 23Sep 24Mar 26

→ Margins held — did that reach the bottom line? Next: profit +22.5% in the latest quarter.

07 · Net profit

Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.

Lumax Auto Technologies Ltd earned ₹98.0 Cr of net profit in the Mar 26 quarter, +22.5% year on year. It is the 12th consecutive quarter of growth. Full-year FY26 profit was ₹337 Cr. The 10-year compound rate is 25.8%. That is 6.9% of the quarter's revenue. The same quarter a year earlier earned ₹80.0 Cr.

Lumax Auto Technologies Ltd earned ₹98.0 Cr of net profit in the Mar 26 quarter, +22.5% year on year. It is the 12th consecutive quarter of growth. Full-year FY26 profit was ₹337 Cr. The 10-year compound rate is 25.8%. That is 6.9% of the quarter's revenue. The same quarter a year earlier earned ₹80.0 Cr.

Mar 26 profit was ₹98.0 Cr, +22.5% year on year — the 12th consecutive quarter of growth. On the full year, FY26 printed ₹337 Cr (+47.2%), and the 10-year compound rate is 25.8%.

FY26 profit ₹337 Cr (+47.2% YoY) Net profit bars, ₹ Cr (left); YoY growth-% line (right). 11-year window. A bar is red when it is lower than the year before.
25.8% a year over 10 years
Net profitYoY growth
36468%27342%18217%91−9.1%0−35%₹ Cr%₹33747.2%FY16FY21FY26
36468%27342%18217%91−9.1%0−35%₹ Cr%₹33747.2%FY16FY21FY26
Mar 26: ₹98.0 Cr (+22.5% YoY) Quarterly net profit bars, ₹ Cr (left); YoY growth-% line (right). Last 12 quarters. A bar is red when it is lower than the quarter before.
12th straight quarter of growth
Net profit (quarterly)YoY growth
117121%8791%5862%2933%03.7%₹ Cr%₹9822.5%Jun 23Sep 24Mar 26
117121%8791%5862%2933%03.7%₹ Cr%₹9822.5%Jun 23Sep 24Mar 26

Why profit moved: revenue contributed +25.1% and the margin +0.0 pp — the quarter was revenue-led, with the margin roughly flat.

Pace comparison, last four quarters: profit +48.5% vs revenue +34.6%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra rupee of revenue drops more to the bottom line.

→ Profit rose — but did the cash follow? Next: 138% of the last 3 years' profit arrived as cash.

08 · Cash flow — the router

Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.

Over the last 3 fiscal years 138% of Lumax Auto Technologies Ltd's reported profit arrived as operating cash — the cash follows the profit. In FY26 that was ₹460 Cr of operating cash against ₹337 Cr of profit. After ₹375 Cr of capital spending, ₹85.0 Cr was left as free cash.

FY26: operating cash of ₹460 Cr against reported profit of ₹337 Cr, leaving free cash of ₹85.0 Cr after ₹375 Cr of capital spending. Across the last 3 fiscal years the conversion rate is 138% of profit.

Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.

FY26: CFO ₹460 Cr vs profit ₹337 Cr Operating cash flow and net profit by fiscal year, ₹ Cr; the line is free cash flow (CFO minus capital spending). 11-year window, annual resolution. FY23 reflects an acquisition year — point shown clipped.
138% of 3-year profit arrived as cash
Operating cashNet profitFree cash
511327143−41−225₹ Cr₹460₹337₹85FY16FY21FY26
511327143−41−225₹ Cr₹460₹337₹85FY16FY21FY26
FY26: CFO = 136% of profit (three-year rate 138%) Operating cash as a share of net profit, per fiscal year, % (line). Dashed line = 100% — every unit of profit arriving as cash.
Conversion100%
201%169%137%104%72%%136%FY16FY21FY26
201%169%137%104%72%%136%FY16FY21FY26

Why conversion sits at 138%: the cash cycle held roughly steady between FY21 and FY26 — so conversion tracks profitability rather than the cycle.

Router verdict: the bigger cash user is investment — capital spending ran 2.3× depreciation over three years, so the next section's job is to check what that build-out is buying.

→ So follow the cash to where it goes. Next: ₹966 Cr of building over 3 years.

09 · Where the cash goes

Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).

Lumax Auto Technologies Ltd's cash conversion cycle runs 24 days in FY26, up from 14 days in FY21. Capital spending ran ₹966 Cr over the last 3 years. At FY26 sales of ₹4,870 Cr each day of that cycle holds about ₹13.3 Cr, so roughly ₹320 Cr sits inside the business at any moment.

FY26: debtors at 76 days, inventory at 48 days — roughly 1.6 months of stock waiting to sell; that is where the cash sits while it waits — for a full cycle of 24 days, looser than FY21's 14.

The full loop: cash goes out to suppliers and production on day 0; stock waits 48 days to sell; customers pay about 76 days after that; and suppliers themselves are paid at 100 days — netting out to the 24-day cycle.

In money terms: at FY26 sales of ₹4,870 Cr, each day of the cycle holds about ₹13.3 Cr — so the 24-day loop keeps roughly ₹320 Cr sitting inside the business at any moment.

FY26: a 24-day cash cycle Debtor days, inventory days, payable days and the cash conversion cycle by fiscal year. 13-year window.
+10 days vs FY21
Cash cycleInventory daysDebtor daysPayable days
1531096419−25days24d48d76d100dFY14FY17FY20FY23FY26
1531096419−25days24d48d76d100dFY14FY20FY26

On the investment side: capital spending of ₹966 Cr over the last 3 fiscal years against ₹426 Cr of depreciation — the company is building well ahead of wear-and-tear. Capital work-in-progress stands at ₹65.0 Cr (FY26) — capacity paid for but not yet earning.

FY26: capex ₹375 Cr, work-in-progress ₹65.0 Cr Capital spending per fiscal year, ₹ Cr (bars); capital work-in-progress, ₹ Cr (line). Quarterly capital-spending history is not held for India — annual is the honest resolution.
a build-out
CapexWork-in-progress
7265443631810₹ Cr₹375₹65FY16FY18FY21FY23FY26
7265443631810₹ Cr₹375₹65FY16FY21FY26

The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.

→ Does all this activity actually earn its cost of capital? Next: ROCE is 21% and the ROIC − WACC spread is +6.0 pp.

10 · Return on capital

Return on capital Return on capital employed (ROCE) is the profit the whole business earns on all the money in it — equity and debt together. It is the single best test of whether growth creates value or just size.

Lumax Auto Technologies Ltd earns a ROCE of 21% in FY26. That is up from a trough of 13% in FY21. Return on invested capital clears the cost of that capital by +6.0 percentage points, so growth here adds value rather than only size. The wiring behind it is 6.9% net margin on 1.23× asset turns.

FY26 ROCE is 21%, recovered from a FY21 trough of 13% — the full ladder below shows the fall and the climb, undoctored.

Why the return is what it is — the wiring (FY26): 6.9% net margin × 1.23× asset turns × 3.26× balance-sheet leverage ≈ 27.7% on equity. Margin does its share; leverage is a meaningful part of the equation.

The capstone test — ROIC − WACC: 18.0% − 12.0% = a +6.0 pp spread. The 12.0% is a standing assumption for the cost of capital in India, not a per-stock estimate — read the sign and the size of the spread, not the decimals. A spread this wide means every rupee reinvested creates more than a rupee of value — the engine compounds.

FY26: ROCE 21% Return on capital employed by fiscal year, % (line); ROIC by fiscal year, % (line). 13-year window, dips included. Dashed line = the 12.0% cost of capital used on this page.
the climb back from FY21's 13%
ROCEROIC (annual)WACC
22%19%17%14%11%%21%18.6%FY14FY20FY26
22%19%17%14%11%%21%18.6%FY14FY20FY26
Q4 FY26: ROCE 23.1% (TTM) vs WACC 12.0% Trailing-twelve-month ROCE and ROIC, per quarter, %; dashed line = the cost of capital. Last 12 quarters, put on a trailing-twelve-month basis and anchored to the annual figure.
ROCE (TTM)ROIC (TTM)WACC
24%21%18%14%11%%23.1%19.4%Q1 FY24Q2 FY25Q4 FY26
24%21%18%14%11%%23.1%19.4%Q1 FY24Q2 FY25Q4 FY26

→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 1.02.

11 · Debt

Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.

Lumax Auto Technologies Ltd carries total debt of ₹1,231 Cr against shareholder equity of ₹1,476 Cr as of Mar 26, a debt-to-equity of 0.83. On the annual view that ratio went from 0.27 in FY22 to 0.83 in FY26. Read the returns elsewhere on this page with that leverage in mind.

Mar 26: total debt of ₹1,231 Cr against shareholder equity of ₹1,476 Cr — a debt-to-equity of 0.83. On the annual view, debt-to-equity went from 0.27 (FY22) to 0.83 (FY26). Read the returns on this page with that leverage in mind.

FY26: debt ₹1,231 Cr at 0.83× equity Total debt by fiscal year, ₹ Cr (bars); debt-to-equity, × (line). 5-year window.
Total debtDebt-to-equity
1.3k0.9×9970.7×6650.5×3320.4×00.2×₹ Cr×₹1,2310.83×FY22FY24FY26
1.3k0.9×9970.7×6650.5×3320.4×00.2×₹ Cr×₹1,2310.83×FY22FY24FY26
Mar 26: debt ₹1,231 Cr, debt-to-equity 0.83 Total debt per quarter, ₹ Cr (bars); debt-to-equity, × (line). Last 12 quarters. India reports the full balance sheet half-yearly, so the intervening quarter carries the prior reading forward.
Total debt (quarterly)Debt-to-equity
1.3k0.88×9970.83×6650.78×3320.74×00.69×₹ Cr×₹1,2310.83×Jun 23Sep 24Mar 26
1.3k0.88×9970.83×6650.78×3320.74×00.69×₹ Cr×₹1,2310.83×Jun 23Sep 24Mar 26

→ Who owns this, and are they adding or leaving? Next: Foreign institutions added 1.8 points over 8 quarters.

12 · Ownership

Ownership Who owns the stock, quarter by quarter: promoters (the controlling owners), foreign and domestic institutions, and the public. Steady accumulation by people close to the numbers is a signal; a quiet register is also an answer.

Foreign institutions added 1.8 points of Lumax Auto Technologies Ltd over 8 quarters, the biggest move on the register. That takes foreign institutions to 8.7% of the company. Domestic institutions moved +0.7 points over the same window, to 16.5%. The register is read on the four disclosed classes only; nothing is inferred between filings.

The register over the last two years — Foreign institutions: +1.8 points over 8 quarters to 8.7%; Domestic institutions: +0.7 points over 8 quarters to 16.5%; Promoters: +0.0 points over 8 quarters to 56.0%.

Why the register moved: foreign institutions drove it (+1.8 points), alongside domestic institutions (+0.7 points) — steady accumulation by institutions reading the same numbers this page reads.

Fiscal-year ends: promoters +0.0 pts from Mar 24 to Mar 26 Shareholding at each fiscal-year end (March quarter), % of the company. 3 year-ends held.
PromotersForeign inst.Domestic inst.Public
60%45%31%16%1.3%%56.0%8.4%16.8%18.8%Mar 24Mar 25Mar 26
60%45%31%16%1.3%%56.0%8.4%16.8%18.8%Mar 24Mar 25Mar 26
Foreign institutions added 1.8 points over 8 quarters Shareholding by holder class, % of the company, quarterly, last 13 quarters.
PromotersForeign inst.Domestic inst.Public
60%45%31%16%1.3%%56.0%8.7%16.5%18.8%Jun 23Dec 24Jun 26
60%45%31%16%1.3%%56.0%8.7%16.5%18.8%Jun 23Dec 24Jun 26

→ One last check: does the safety math agree? Next: the balance-sheet safety line.

13 · Safety line

Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.

Lumax Auto Technologies Ltd: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.

The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.

Related companies · same sector · Auto Ancillaries - Diversified Every company is compared on the shape of its own curves, not static ratios. The Revenue, EPS and ROCE columns each draw that company's last 12 quarters as a mini line of the ACTUAL level (trailing-twelve-month revenue and EPS, and the ROCE itself) — so a line that climbs is a business getting bigger, a line that sinks is one shrinking. The colour tracks the same line: green when it is rising or steadily healthy, amber when it is rolling over from a high (still elevated but turning down), red when it is falling, grey when flat or stuck. Colour and direction always agree — a green line never points down. The ROCE curve is the return on capital (annual readings for peers, so a slightly coarser line than the quarterly one at the top of this page). The Stage column then runs the same 12-quarter trajectory classifier used at the top of the page on each company and names where it sits. What lands a company in each bucket: CONSISTENT — growth stays positive across the window and returns are healthy (ROCE ≥ 15%, or ROE ≥ 12% for lenders); IMPROVING — profit or EPS fell into real decline, bottomed a few quarters back, and has climbed back to positive and held there; TURNING AROUND — the same kind of trough but more recent, with the latest quarters just lifting off it (an early, unconfirmed turn); TOPPING OUT — growth is still positive but decelerating hard from its own peak while returns have stopped rising; DETERIORATING — two or more growth curves are shrinking (latest below zero) and staying there, not one soft quarter; MIXED — the curves genuinely disagree, or no clean majority, so no single word fits; NO READ — fewer than eight usable quarters. It is a like-for-like read of every company against its own past, not a ranking against the group.
CompanyP/EMkt capRevenueEPSROCEStage
Lumax Auto Technologies Ltd this page34.7×₹9,991 CrConsistent
Samvardhana Motherson International Ltd36.0×₹1.5L CrTurning around
Bosch Ltd59.0×₹1.2L CrMixed
Endurance Technologies Ltd39.7×₹37,051 CrConsistent
Motherson Sumi Wiring India Ltd42.6×₹26,600 CrMixed
ZF Commercial Vehicle Control System India Ltd52.3×₹26,410 CrTopping out
Sansera Engineering Ltd59.1×₹19,874 CrMixed
Minda Corporation Ltd44.8×₹16,173 CrMixed
Varroc Engineering Ltd38.7×₹9,820 CrTurning around
S J S Enterprises Ltd44.0×₹7,475 CrConsistent
Suprajit Engineering Ltd35.5×₹6,646 CrTurning around
Sharda Motor Industries Ltd14.3×₹4,744 CrMixed
Carraro India Ltd22.1×₹3,036 CrNo read
NDR Auto Components Ltd30.9×₹1,933 CrMixed
Jay Bharat Maruti Ltd12.5×₹1,747 CrNo read
OBSC Perfection Ltd56.0×₹1,512 CrNo read
Automobile Corporation Of Goa Ltd18.7×₹1,353 CrTurning around
Precision Camshafts Ltd53.4×₹1,317 CrMixed
Automobile Corporation Of Goa Ltd15.1×₹1,027 CrTurning around
Munjal Auto Industries Ltd28.2×₹998 CrNo read
Mercury EV-Tech Ltd160.0×₹667 CrDeteriorating
12 · Frequently asked questions

Frequently asked questions

What is Lumax Auto Technologies Ltd's share price today?

Lumax Auto Technologies Ltd trades at ₹1,420, +23.9% over the past year. The company is valued at ₹9,991 Cr. The stock sits at 47% of its 52-week range of ₹1,069–₹1,823, −3.5% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 62 weeks in. — as of 24 July 2026.

What were Lumax Auto Technologies Ltd's latest quarterly results?

Lumax Auto Technologies Ltd reported revenue of ₹1,417 Cr and net profit of ₹98.0 Cr for the Mar 26 quarter. Revenue rose 25.1% and profit rose 22.5% year on year. Earnings per share were ₹12.93. The operating margin was 14.0%, 0.0 pp higher than a year earlier. — as of 24 July 2026.

What is Lumax Auto Technologies Ltd's revenue?

Lumax Auto Technologies Ltd reported revenue of ₹1,417 Cr in the Mar 26 quarter, +25.1% year on year. For the full FY26 fiscal year, revenue was ₹4,870 Cr (+33.9%). Over the last 10 years revenue compounded at 18.4% a year. — as of 24 July 2026.

What is Lumax Auto Technologies Ltd's profit?

Lumax Auto Technologies Ltd earned ₹98.0 Cr of net profit in the Mar 26 quarter, +22.5% year on year — the 12th straight quarter of growth. Full-year FY26 profit was ₹337 Cr. The operating margin ran 14.0% in the latest quarter. — as of 24 July 2026.

What is Lumax Auto Technologies Ltd's market cap?

Lumax Auto Technologies Ltd's market capitalisation is ₹9,991 Cr at a share price of ₹1,420. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 24 July 2026.

What is Lumax Auto Technologies Ltd's P/E ratio?

Lumax Auto Technologies Ltd trades at a P/E of 34.7×, at the 86th percentile of its own 10-year range, against a long-run median of 21.8×. This is a comparison with the stock's own history, not a value call — as of 24 July 2026.

Does Lumax Auto Technologies Ltd pay a dividend?

Yes — Lumax Auto Technologies Ltd's dividend payout was 13% of profit in FY26, and it recorded a payout in each of its last 13 reported fiscal years. This page holds the payout ratio, not a per-share amount. — as of 24 July 2026.

Is Lumax Auto Technologies Ltd overvalued?

On its own history, Lumax Auto Technologies Ltd looks expensive against its own history: its P/E of 34.7× sits at the 86th percentile of its 10-year range (long-run median 21.8×). That is a percentile read against the stock's own past, not a price opinion or a direction call. One caveat: margins are the best this company has ever printed — cheap on record margins is not the same thing as cheap. — as of 24 July 2026.

Is Lumax Auto Technologies Ltd growing?

Yes — Lumax Auto Technologies Ltd is growing: latest-quarter revenue +25.1% year on year, profit +22.5%, and the margin +0.0 pp at 14.0%. The 10-year compound rates are 18.4% (revenue) and 25.8% (profit). The earnings engine currently reads: improving — as of 24 July 2026.

How is Lumax Auto Technologies Ltd performing?

Lumax Auto Technologies Ltd is in a confirmed uptrend, 62 weeks in. Its latest quarter's revenue rose 25.1% and profit rose 22.5% year on year. Against the NIFTY 500 it has been behind on a trailing-13-week view for 11 weeks. This describes what the data did, not a rating. — as of 24 July 2026.

What stage is Lumax Auto Technologies Ltd in?

Consistent — revenue, profit and EPS growth have stayed positive through the window, with ROCE at 26.2% and holding. The read comes from the last 12 quarters of growth (revenue growth +33.9% latest, profit growth +47.0% latest, eps growth +56.8% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 24 July 2026.

Is Lumax Auto Technologies Ltd in an uptrend?

Yes — the price is in a confirmed uptrend (week 62 of stage 2), trading −3.5% versus its 200-day average and at 47% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 24 July 2026.

Is Lumax Auto Technologies Ltd beating the market?

Not lately — on a trailing-13-week view Lumax Auto Technologies Ltd is currently behind the NIFTY 500 (11 weeks and counting; last ahead the week of 2026-06-05), the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.4 years the stock moved +2,400% against the NIFTY 500's +280% — ahead of the index over the full window. — as of 24 July 2026.

Will Lumax Auto Technologies Ltd's share price go up?

This page publishes no price forecast for Lumax Auto Technologies Ltd. What it measures instead: the share price is ₹1,420, the price is in a confirmed uptrend 62 weeks in. Its P/E of 34.7× sits at the 86th percentile of its own 10-year range. — as of 24 July 2026.

Who owns Lumax Auto Technologies Ltd?

Promoters hold 56.0% of Lumax Auto Technologies Ltd, foreign institutions 8.7%, domestic institutions 16.5% and the public 18.8% (latest quarter). The biggest move on the register over the last two years: Foreign institutions added 1.8 points over 8 quarters. — as of 24 July 2026.

Does Lumax Auto Technologies Ltd have too much debt?

It carries real leverage — Lumax Auto Technologies Ltd's debt-to-equity is 1.02, and operating profit covers the interest bill 6×. FY26 borrowings were ₹1,231 Cr against equity of ₹1,211 Cr. Read the returns on this page with that leverage in mind — as of 24 July 2026.

What is Lumax Auto Technologies Ltd's capex?

Lumax Auto Technologies Ltd spent ₹966 Cr on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY26 alone that was ₹375 Cr, with ₹65.0 Cr in capital work-in-progress — capacity paid for but not yet earning. — as of 24 July 2026.

What is Lumax Auto Technologies Ltd's cash flow?

Lumax Auto Technologies Ltd generated ₹460 Cr of operating cash flow in FY26 and ₹85.0 Cr of free cash flow after ₹375 Cr of capital spending. Reported profit that year was ₹337 Cr, so operating cash ran ahead of profit. Cash-flow resolution for India is annual. — as of 24 July 2026.

Is Lumax Auto Technologies Ltd's profit real cash?

Yes — over the last 3 fiscal years, 138% of Lumax Auto Technologies Ltd's reported profit arrived as operating cash. In FY26, operating cash was ₹460 Cr against reported profit of ₹337 Cr. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 24 July 2026.

Where is Lumax Auto Technologies Ltd in its business cycle?

Lumax Auto Technologies Ltd's FY26 operating margin was 14.0%, against a 13-year band of 8.0%–14.0%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 14.0%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 24 July 2026.

What could break the Lumax Auto Technologies Ltd story?

The sharpest disagreement: annual EPS moved +56.9% against a +23.9% price move — the market has not yet caught up with the delivery. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 24 July 2026.

Is Lumax Auto Technologies Ltd a stock worth studying right now?

This is not investment advice. The machine read: Lumax Auto Technologies Ltd's earnings have outrun its stock. EPS grew +56.9% in a year against a +23.9% price move. The sharpest open question: whether the price catches up with earnings that have already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 24 July 2026.

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