Lumax Auto Technologies Limited (NSE: LUMAXTECH) Q1 2026 Earnings Call dated Aug. 08, 2025
Corporate Participants:
Unidentified Speaker
Anmol Jain — Managing Director
Ankit Thakral — Corporate Finance
Sunil Koparkar — Managing Director, IAC India
Analysts:
Unidentified Participant
Amit Hiranandani — Analyst
Hitesh Goel — Analyst
Vijay Pande — Analyst
Presentation:
operator
The conference is now being recorded. Sam Sa. Sam Sa. Sam. Ladies and gentlemen, you have been connected to the Lumax Auto Technologies Limited QN FI 26 auto earnings conference call. Please stay connected, the call will begin shortly. Ladies and gentlemen, you’ve been connected to Lumex Auto Technologies Limited Q1 and FY 2026 earnings conference call. Please stay connected, the call will begin shortly. Foreign. Ladies and gentlemen, good day and welcome to the LumaX Auto Technologies Limited Q1 and FY26 earnings conference call. This conference call may contain forward looking statements about the company which are based on beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of the future performance and involve risks and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing Star then zero on your Touchstone phone.
Please note that this conference is being recorded. I now hand the conference over to Mr. Anpol Jain, Managing Director of Lumar’s Auto Technologies Limited. Thank you. And over to you, sir.
Anmol Jain — Managing Director
Thank you. A very good afternoon everyone and thank you for joining us for the Q1 FY26 earnings conference call. It’s a pleasure to welcome you all. I am joined today by Mr. Vikas Marwa, CEO, Mr. Sanjay Mehta, Director and Group CFO Mr. Sunil Koparkar, the Managing Director of ISE India Mr. Sanjay Bhagat, Head of the Aftermarket Business, Mr. Naval Khanna, Head Corporate Taxation, Mr. Ankit Thakral, CFO of the Company and Ms. Priyanka Sharma, Head, Corporate Communications. We are also supported by our investor relations partners at Factors PR. Together our leadership team looks forward to share our Q1 performance along with key business updates from the quarter.
The results and presentation have been uploaded on the stock exchanges and the company website and I do hope everyone has had an opportunity to go through them. The Automotive Industry in Q1FY26 witnessed a mixed performance with demand flat across most segments within passenger vehicles. The strong growth of Mahindra and Mahindra driven by the continued success of its UV portfolio and steady tractor performance provided a positive tailwind for our business. Premiumization across product categories contributed meaningfully improving the revenue mix for both OEMs and suppliers. Additionally, diversification across passenger vehicles, two wheelers, three wheelers and the commercial vehicle segments helped cushion the impact of a muted domestic environment.
The broader macroeconomic environment has also showed encouraging signs of improvement with inflation under control, GDP growth resilient and rural sentiment on the rise aided by a strong monsoon, urban consumption is expected to strengthen in the coming quarters, supported by personal income tax benefits and improved liquidity conditions. As per CIAM data for Q1 FY26, two wheeler volume stood at 5.9 million units, up only 1% year on year. Passenger vehicles stood at 1.25 million units, up by 3% on a year on year basis and three wheelers at 0.26 million units up 10% year on year. The combination of improving rural demand and supportive policy measures provide a constructive backdrop for the industry, particularly as we head into the festive season and expect a gradual revival in consumer sentiment across both urban and rural markets.
Moreover, industry leaders believe the recently announced US tariffs will have minimal impact on India’s 7 billion auto component exports to the US since Autopass already attracted 25% duty effective May 2025. The new levy is seen as a reciprocal measure applied uniformly across countries and therefore does not alter the competitiveness of Indian products. Moreover, India does not export vehicles to the US further limiting any direct impact on the company. Update we have kicked off FY26 with a steady performance both in revenue and profitability, which is in line with our internal operating budgets. There have been certain price corrections from customers which have not been realized in Q1 because of which the margins have seen a slight dip compared to Q1 of FY25.
These corrections however, have been subsequently received in the current month. Hence in Q2 we should be able to see this gain based upon the spillover from quarter one based on and for H1. The EBITDA margins will be in alignment with our strategic direction for the current year which is between 14 to 15% EBITDA margin. The aftermarket business delivered a strong growth of 16% in Q1 on a year on year basis in line with our mid term strategy. During the quarter we also incorporated two new two new wholly owned subsidiaries, Lumax Autocomp Private Limited and Lumax Auto Solutions Private Limited in the month of July in New Delhi, aligned with our vision to capture emerging growth opportunities in the automotive sector.
The acquisition of the remaining 25% stake in IAC India was completed in May and as previously communicated, will be effective for profit attributable to the owners of LumaX Auto Technologies Limited. From that date, our recently inaugurated IAC India manufacturing facility at Chakan is now fully operational, gaining strong traction with key OEM customers and enhancing our ability to meet rising demand and advanced and sustainable manufacturing practices. We are also establishing a local engineering sourcing and development capability in China in this fiscal year for benchmarking of new trends and technologies and gain real time access to information from the Chinese industry.
At the same time, we are also going ahead for setting up a technology center as a part of Shift Smart Hub for Innovation and future trends at Bengaluru. Both these strategic initiatives are expected to be commercialized by quarter three of the current fiscal year and will play a key role towards our strategic move from a Tier 1 to becoming a Tier 0.5 player for our OEMs. Certain recognitions during the quarter the Plastics division of the company and subsidiary company Lumax Manno received award for Overall Performance in the Maruti Suzuki vendor conference of 2025. IOC India also received a Certificate of Appreciation in recognition of its superior performance in Vendor System Audit rating.
At the same Maruti Suzuki Supplier Conference, Lumax Manno was also honored with the CNBC TV18 SME Champions Award Season 2 in the category of Manufacturing SME of the Year Industrial Excellence. Another subsidiary, Lumax Ithuran Telematics, was awarded the runner up as Partner of the Year at the Daimler India Annual Supplier Meet. Talking about the Order Book we are pleased to report a robust order book of 1,500 crores with strong visibility across next three fiscal years. Of this order book, approximately just 8% is projected to be materialized in the current fiscal year, almost 40% in FY27, 40% in FY28 and the remaining 10 to 12% in FY29.
The order book reflects healthy traction across all product verticals with Advanced Plastics contributing the largest share followed by Mechatronics, Alternate Fuels and Structures and Control systems product vertical. I am also pleased to share that 40% of this or the book rest within the future and Clean Mobility solutions, thereby taking the company forward in line with its midterm plan. Despite the industry’s largely flattish performance this quarter, we remain firmly aligned to our vision guided by the theme Bridge the Bold Roadmap integrating diverse Growth engines as a part of our midterm plan. Our focus on diversifying across OEMs, products and segments while accelerating our presence in EVs and greener fuel technologies.
Enhancing our wallet share positions us to capture emerging opportunities and drive sustainable growth in the evolving mobility landscape. With a good start to FY26, we remain confident of marching towards our North Star of 2020 2020. With this I hand over the call to Mr. Ankit Thakral, the CFO of the Company.
Ankit Thakral — Corporate Finance
Good afternoon everyone and thank you for joining us today. Q1FY26 has commenced on a solid revenue gain, reaffirming the strength of our evolving and well balanced portfolio. This performance is a direct outcome of our disciplined execution of the strategy and sustained focus on innovation, premiumization and deeper alignment with high growth mobility platforms. Let me now take you through the key operational and financial highlights for the quarter. Beginning with the Advanced Plastics division, this segment recorded a year on year growth of 25% in Q1 FY26 with revenues increasing from INR 420 crores to 525 crores. This performance reflects our strategic alignment with OEM programs that prioritize design, durability and lightweighting.
The order group remains strong at INR 940 crores providing solid future visibility. Next the Mechatronics segment sustained its upward momentum delivering a year on year increase of almost 100% in Q1FY26 from INR 28 crores to INR 54 crores with a healthy order book of around 250 crores. This segment remains highly technical due to its high engineering intensity and relevance in the shift towards intelligent mobility systems. Turning to the structure and control systems vertical, it reported a YoY growth of 10% in Q1FY26 increasing from 165 crores to 180 crores. With an order book of INR 110 crores, it strengthened our position as a trusted technology partners in the evolving mobility ecosystem.
The aftermarket segment showed a strong growth of 16% from Q1 of last year reflecting strong customer traction and product acceptance. We are very much hopeful of sustaining and building upon this strong growth for full year FY26 and way forward. The Green Fuel energy solutions acquired in the latter part of the last financial year contributed INR 95 crores in Q1 backed by the order book of around 200 crores with margin expected to be accretive to the group average over the medium term. This segment is positioned to grow in alignment with the national shift towards alternate fuel platforms and rising OEM adoption with an enhanced focus on the segment.
Diversification aided by the seamless integration of IAC and acquisition of Green Fuel has translated into a notable shift in revenue composition. In Q1 FY26 the passenger vehicle segment accounted for 55% of total revenue. Two and three wheeler segment contributed 21% followed by CV at 11% and aftermarket at 10%, reflecting a well diversified and balanced mix across mobility platforms. Our Consolidated revenue for Q1 FY26 reached INR 1026 crores marking a YoY growth of 36% and reflecting the growing strength of our core business as well as the momentum from our newer verticals. The revenue saw a decline of 9% from Q4FY25 which is due to the higher tooling revenue of around 90 to 100 crores mainly in IAC India in Q4 of last year.
Tooling being cyclical in nature which is executed in line with the new model launches by the OEM is if we exclude this tooling revenue. The revenue for Q1FY26 is in line with the Q4 of last financial year 25. On the profitability front, EBITDA stood at INR 136 crores up 29% over the same period last year with margins steady at 13.2%. The decline in margins from Q1FY25 has been clarified and with respect to the Q4FY25 it is down because of profitability impact on the just explained tooling revenue and deferment of the customer price corrections which has been subsequently received in Q2.
Profit after tax before minority interest stood at INR 54 crores registering a YoY growth of 30%. The effective tax rate remained stable at 27% and we expect it to hold at similar levels throughout the year. The share of minority for the quarter stood at 22% down by 27% from Q4FY25 with IEC becoming the 100% subsidiaries from 22nd of May. The minority share for the upcoming quarter is expected to settle between 15% to 17%. The capex for the quarter stood at INR 73 crores which includes a strategic investment in Gujarat land of INR 31 crore. These investments are aimed at unlocking medium term revenue growth and supporting localization efforts across key platforms.
The full year guidance for the capex remains at around 180 to 200 crores as of 30 June 2025 we continue to maintain a strong balance sheet and a healthy liquidity position. Free cash reserves stood at INR 359 crores providing us with the financial flexibility to support ongoing investments and navigate market cycles confidently. Following the payout for the 100% acquisition of IAC, our long term debt stood around 600 crores resulting in a conservative debt equity ratio of 0.63 which is within our internal comfort thresholds. We now open the floor for questions and answers.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a Question may press star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and two participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Amit Hiranandani from Philip Capital. Please proceed.
Amit Hiranandani
Yeah. Congress team for once again showing strong set of numbers. Sir, first question is we have observed high growth in clients like Tata Motors and Mahindra. If you can please throw some color on this also. Secondly, we have created two new subsidiaries. So what’s the plan and whether any inorganic stocks are nearing completion.
Anmol Jain
So I’ll take the second one first. I think we continue to pursue future opportunities of growth through the inorganic route. As I mentioned before, the company is always evaluating certain future growth strategies inorganically and just to expedite certain processes. These are just enablers for future growth. As of now we do not have any material information to share in terms of next inorganic move. But as and when we are there we will definitely keep you informed regarding the customer growth. I suggest Ankit to just give you some brief.
Ankit Thakral
So. Yes, you are absolutely right. Firstly the Mahindra. And Mahindra has reported a almost growth of more than 50% at 317 crores. So of course if you see the Mahindra’s own growth at the same time it has increased by 24% year on year. But if you bifurcate that 24% increase into PV and CV the passenger vehicle segment of Mahindra has shown an increase of around 30 to 35%. So of course due to this increase and of course IC being the more dominant player in Mahindra due to their premiumization content the overall revenue for us from Mahindra has increased more than 50%.
And now Tata Motors. So Tata Motors now for the Q1 FY26 the revenues for the Green Fuel has been consolidated which were not there in the last year. And Tata being the number one customer for green fuel almost commanding around 1/3 of their overall revenue both in passenger vehicle and commercial vehicle. So because of this reason Tata Motors including the Green Fuel revenue has been doubled from last Q1 of FY25.
Amit Hiranandani
Yeah, helpful sir. Secondly, can you also help us understand how the emerging subsidiaries have performed in the first quarter like your El Salvador and Ethereum, Jopen etc and what kind of growth you expect in this and in the next fiscal as well. And in general, have we added any new customer or received any substantial order from the existing ones for across all subsidiaries.
Ankit Thakral
So as I mentioned in my opening speech, so the emerging subsidiaries under the Mechatronics domain has increased from I would say closer to 2528 crores in last Q1 to almost 55 crores. So it’s a straight away 100% increase from the Q1 and specifically the main increase is in two subsidiaries. The firstly being yes the Lumex Alps Alpine which was around 8 to 10 crores base of last Q1 has increased to 25 odd crores in this Q1. So as we have explained in the Q4 so whatever the new SOPS has happened mainly of the throttle position sensor to the square HMSI that has led to the increase in this Lumex Alpine revenue and going forward also with the introduction of new products and 2 and 3 products which are in line that is supposed to go into SOP in the later part of the year.
So for the full year we are anyways expecting a similar sort of growth. More than doubling its revenue from the last year FY25 in Lumex L Cell prime and and secondly the Lumex 5. So the SOP for Lumex 5 from the Royal Enfield was just started in the Q4 of last year so the full quarter SOP impact has come in FY of course it was minuscule in the Q1 and for the full year we can easily see that this Lumex PI revenue expected to surpass around 55 to 60 crores for the full, I would say for the full financial year 2526.
Amit Hiranandani
Helpful sir. Lastly sir, exports export opportunities are opening up for the Indian auto component players. So do we do see any anything here in the end for the midterm or any plans or talks ongoing?
Anmol Jain
So I think from an export point of view we are already engaged in indirect exports. Our products do get exported to other regions through the Indian OEM counterpar, so we don’t count that as exports necessarily. I think from an OEM exports point of view currently we still have a very clear focus on capturing the opportunities and growth of the domestic market. Please also be cognizant that most of our joint venture partners also have geographical presence in ASEAN countries and maybe in certain Western Europe and North American countries. So we are cognizant of that. So we don’t have an immediate midterm plan to significantly increase our export footprint.
However, aftermarket exports is a completely different chapter and there are very clear, ambitious and aggressive plans to try and tap into that market going forward.
Amit Hiranandani
Great sir, I’ll Come back in the. Give all the best.
Anmol Jain
Thank you.
operator
Thank you. The next question is from the line of Vijay Pandey from Nirvama. Please proceed.
Unidentified Participant
Hi. Thank you sir for letting me ask the question and congratulations for a great quarter. Look, couple of things I wanted to check. The commercial vehicle sales segment has grown significantly this quarter more than doubled. Is it primarily because of the Tata Motors Tata Motor sales you mentioned about the alternative fuel segment that has been that got consolidated from first quarter. So is it primarily coming from that? And secondly can you just explain to us like a bit more clarity on the price corrections that happened in the like between the first quarter and the second quarter and fourth quarter.
Like what happened and why it work got delayed. Will this may happen over the coming future or or is it like just a one time effect and won’t be happening again? If you can just give some light on that that will be pretty helpful.
Anmol Jain
Sure. So first question. Yes, your understanding, understanding is correct. The reason for the commercial vehicle segment growing for us is primarily because of Tata Motors commercial vehicle revenue coming from the green fuel which starts to getting consolidated in Q1 of this year and in last year Q1 it was not there. Number two in terms of the price correction. So let me just be very clear. There are two sets of price corrections. One is a price correction on account of inflationary raw material increases which are very normal in nature. And there we continue on every quarter to have a quarterly lag.
So that is not something which has in any way impacted the profitability. For Q1 there was a price actualization primarily for the BEV models of Mahindra and Mahindra for IAC India. These BEV models have recently been launched over the last perhaps four to six months. There were a lot of commercial negotiations, there were a lot of changes done on the actual interior space and hence these were actualized now based on retrospective effect from day one. So the cumulative impact from the first day of SOP until end of quarter one stands at almost close to 7 crore rupees which is significant.
And all of that was to be realized in quarter one because it pertains to that period. But because of certain ongoing understandings with our customer Mahindra that could have not been reached and that has only been reached in the current month of July. And hence this in fact will come in quarter two pertaining to quarter one.
Unidentified Participant
Okay. Okay. So sir, now I wanted also to check if my launches a new model again and Q in second half of this year will this mean that again this price actualization may happen or is it like this was only the one off time that it had happened?
Anmol Jain
So usually this is not such a case where we have such long periods of price actualization. Usually it is a much shorter period. But because this was the first time Mahindra got into BEV platforms, there were a lot of new things which emerged on the BEV platform and a lot of changes which were ongoing. It took a significant amount of time for us to reach a price settlement. However, usually across all other Mahindra models and IAC and even the other product verticals of Lumex Technologies continue to service Mahindra. And Mahindra, this is not a regular feature.
Unidentified Participant
Okay? Okay. Thank you sir. That is from my side. I will join the queue.
Anmol Jain
Thank you.
operator
Thank you. The next question is from the line of Storm Davil Shah from Girig Capital. Please proceed.
Unidentified Participant
Yeah, thank you for the opportunity. So my question is for the full year the minority interest should be around 11% as guided in the last call.
Ankit Thakral
So the minority interest, as I mentioned in the opening speech, will be closer to 15% because of the higher contribution in terms of green fuel. Because in green fuel we have around 40% minority that is there. So however, it is a substantial reduction from around 27 to 28% last year. Thereby IHC becoming the 100% subsidiary from May 25th.
Unidentified Participant
.
Yeah. And then it will continue at 15% right after for the. For the next two quarters.
Anmol Jain
as per the existing structure. If the existing structure remains as it is. So the minority will continue to between 15 to 17.
Unidentified Participant
15 to 17%. Okay, great. And my other question, which I would like to understand a bit in detail is about the long term FY30 business plan. Now for this, what sort of capital would be required? What sort of asset turns are we looking to have? Do you think you will. There would be a short term need where you’ll have to. There will be some equity raising which can happen here or it will be all done internally with some help of bank borrowing. Can you throw some light on this please?
Ankit Thakral
So I think if you look at.
Anmol Jain
Our last three to five years performance, the asset turns almost going forward every year is continuously improving. Looking at the FY31 strategy, as I mentioned, as a part of our 2020. 2020 at a 20% CAGR, perhaps we could be also looking at tripling the revenues from FY25 of 3500 crore or so base to maybe upwards of 10,000 crores. Largely most of our different verticals will be continuing to look at aggressive growth. But we don’t see any substantial, let’s say from an equity point of view, any change in terms of raising capital we are sitting on healthy free cash.
And each of the business verticals continues to generate healthy operating free cash on an annualized basis. So with internal accrual and debt we should be able to service the needs of this revenue increase over the next five to six years.
Unidentified Participant
And this, the CapEx requirement should increase to around for this total period around 2000 crore over this entire period.
Anmol Jain
So again I think if I were. To take out any inorganic pieces and if I were just to say that the current base of give or take, you know this year probably looking at another 20% growth over last year you are probably looking at upwards of 4200 crores revenue. So that base to grow that base. Yes I would assume at a 20% CAGR we should be looking at a similar capex outlay as the current year of about 200 to 250 crores on an annualized basis which would be largely met as I said through our internal free cash accruals.
Unidentified Participant
Okay, but with this 200250 crore capex that means you, you are estimating a much higher asset turnover going forward. The incremental revenue to be added is another 7,000 crore and with the past asset turn I mean we can take it offline but I was just doing my math that the number could be between 1800-2000 crore over next five years. The cumulative capex.
Anmol Jain
That’s absolutely correct. So the reason for that is primarily two. Number one, as I mentioned 40% of our order book stands in future and clean mobility. So the value and the content per vehicle on that is significantly higher. Green fuel for instance is not a very capital intensive business. So with a base of roughly 300 to 400 crores it growing significantly in the next five years will not have a significant capex outlay. Secondly, on the interiors vertical the premiumization is also going to fetch a higher content per vehicle. Thirdly, the aftermarket which is poised to grow at a significantly higher CAGR does not again need a capital outlay.
So again as I said based on these three or four verticals significantly growing in the future we do expect our asset turns to significantly improve based on what it is today.
Unidentified Participant
Okay and sir, last question before I get back.
operator
Mr. Dhawar, may we request you to join the queue as there are other participants waiting. Thank you. The next question is from the line of Sanket Kileskar from Ashika Stock Services limited Please proceed.
Unidentified Participant
Thank you for the opportunity sir. And congratulations on good set of numbers. So my first question is on IIC. So how much is the revenue from IAC in quarter one and its growth and do we have any RFQs which is in the last stage of conversion from any new customer or existing customer for newer models?
Anmol Jain
So yeah, I’ll answer the first question. So the IHC revenue for the quarter 12526 stood at 317 crores up by almost 45, 50% from the Q1 of last year directly because of the strong growth in the Mahindra and Mahindra PV segment of around 30 to 32%. Sunil, would you want to just come in and talk about the new models and how IAC is positioned with respect to Mahindra?
Sunil Koparkar
Yes, thank you Amal. Just for clarity, there are, I think we just had a look at there are. Between now and next three years Mahindra. Is bringing at least seven new models. And at least on our commodities we are frontrunners and coming very close to. Maybe even getting nomination on some of the business. Hopefully we’ll conclude that by end of this month at least the first piece of business and remainder to follow in next quarter or so.
Anmol Jain
So we remain quite significantly deeply entrenched in Mahindra. We’ve already had some significant order wins in the current month of July which we will be pleased to share in the quarter two. But again as Sunil mentioned, out of seven new models, some of them being new platforms, some of them being kind of a carry forward from the current models, we are deeply engaged and we are quite hopeful to win a significant share of this new business from Mahindra despite Mahindra. I mean apart from Mahindra we also made inroads into other OEMs where Maruti Suzuki as well as Tata Motors.
We also tried to gain traction in those OEMs apart from just Mahindra being the significant growth driver.
Unidentified Participant
Sure sir, that’s great. My second question is on our various subsidiaries. So some of our subsidiaries are having similar product lines. So do we have any plans to merge them in order to obtain synergies out of it?
Anmol Jain
So as of now we do not have any plans to merge the different subsidiaries. Each of our joint venture is specifically focused into a particular product line or a particular technology area. So as of now we are very cautious that they don’t compete with each other. But again we will continue to grow each of them individually.
Unidentified Participant
Okay sir. And apart from FAE and AL subplime like which are the among other of your stress entity, do you expect to turn around in Pat in FY26. Would you like to take that?
Ankit Thakral
So yeah, if you see the other entity in the mechatronics domain it is the Numex Yokoho. So again Lumex Yokogo has recorded a strong growth from Q1 FY26 almost doubling its revenues but because the base was too low for the Q1 of last year so that is why the contribution is not so much but for the full year again we are estimating a similar sort of growth from 20 odd crores last year to maybe closer to 50 crores owing to the various SOPs that have been planned throughout the year And I’m happy to inform you that by the end of the financial year it is expected that all the major 4 OEMs be it the Mahindra, Maruti, Honda and Toyota will be the key customers for this particular joint venture and way forward we are pretty much optimistic to have a strong growth in this particular team.
Unidentified Participant
Sure. So thank you sir Last question is on the recent of a press release which we made on Smart Hub which we have established in Bangalore and one of the other press release as well so I want to understand if you can elaborate on this as well as if there are any new customer wins in Itiran that is Lumac Ituran segment.
Anmol Jain
As well so Lumash Ituran as of now we don’t have a new customer win however we have made very deep discussions with a leading two wheeler OEM as well as passenger vehicle OEM and those talks currently are undergoing as and when we have some updates we will definitely inform all the investors. In terms of the press releases I think there are two significant updates. Number one was the start of the shift in Bangalore. This is largely a software integration center as I mentioned as a part of our midterm strategy from going Forward from a Tier 1 to a Tier 0.5 we do need to also develop software capabilities.
How do we integrate different product lines together and sell it as an integrated solution as for the customer as one interface. So as a step towards that this is the first time we will be getting into this software domain and the idea is to grow this over time to try and not just support the different product lines of the group but also perhaps to start selling software services to outside customers and make it as an independent profit center. The number two announcement was opening up a branch office and having a significant presence in China. Largely we see that the interior space premiumization trends, technology trends in China are way more advanced than today.
What India sees and we would be definitely putting in the resources in China to try and get these technology trends into India at a competitive price point. Thereby again being the first to get these technologies into India and thereby enhancing our content per vehicle.
Unidentified Participant
Thank you sir, wishing you all the best.
Anmol Jain
Thank you.
operator
Thank you ladies and gentlemen. In order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. The next question is from the line of Hitesh Goel from Oregon Capital. Please proceed.
Hitesh Goel
Sir, I joined little late. Did you give the IC revenue for this quarter?
Anmol Jain
So IIC revenue for the current quarter was 317 crores up by almost 50% from the Q1 of last year owing to the strong growth in Mahindra and Mahindra PV segment of around 30 to 35%.
Hitesh Goel
And this is like for like, right? The you said this was how much growth? Sorry again. 50%. Right?
Anmol Jain
Almost 50%. This is like to like growth. So there were no tooling revenues in Q1 of last year also. And of course in the current quarter also there is no tooling revenue. And if we Compare from the Q4 of last year so the reported revenue is showing a decline but it was because of that tooling revenues of around 90 to 100 crores in Q4. The manufacturing revenue from Q4 to Q1 is almost on a. I would say similar figure of around 315 to 20 crore.
Unidentified Participant
And sir, both in ISE and green fuel the margins in the vicinity of 17 18% right?
Anmol Jain
EBITDA. So yes, the green fuel continued to report ebitda of around 18%. But while in IAC although the normalized margins have been as we have said to anywhere between 17 to 17.5%. But because of the just mentioned the deferment of the price corrections from the customer which had been subsequently received in Q2. So the reported margins for IAC because of this around 14.5 to 15 to 15.5%.
Unidentified Participant
Okay, answer my final question. Basically on the new spaces like ambient lighting, right? So I think Lumix Industries on their call said they have started ambient lighting business with Honda. Any orders on that front you’re getting. From Mahindra or anything you can share.
Anmol Jain
So yes, the ambient lighting specifically for Honda that you mentioned is in the other company Lumax Industries Limited. It has no bearing on Lumax Auto Technologies Limited however with our key client Mahindra and Mahindra there are ongoing discussions how can we integrate ambient lighting as a solution. As a part of our cockpit and door panel offering we do see that there is a sizable market opportunity of ambient lighting going forward. And again we do not have a confirmed order yet but we are in advanced stages of trying and securing some of these ambient lighting orders at Lumax Auto Technologies through IEC India.
Unidentified Participant
Great sir, thank you and all the best.
Anmol Jain
Thank you.
operator
Thank you. The next question is from the line of Amit Hiranandani from Philip Capital. Please proceed.
Amit Hiranandani
Sir, just wanted to understand how our non Mahindra customers doing. Are we winning new orders and we grow prospects?
Anmol Jain
Are you talking about for IAC ?
Amit Hiranandani
In general for the company.
Anmol Jain
So in general for the company definitely. I think the order book is pretty widely distributed across different OEMs. So if you see the current order book breakup although we have not mentioned the customer wise. So of course out of the 1500 crores so of course the largely being the IAC one so of course the number one would be the Mahindra and Mahindra but apart from Mahindra and Mahindra it is widely distributed between the other OEMs also Maruti Tata being a key I would say contributor in other divisions like some mechatronics and alternate fuel segment and also by two wheeler customers like HMSI, mainly in this Lumex Elf Sulfide Dairy. So yes of course at one time Mahindra and Mahindra is our number one customer but at the same time and we are pretty much confident and optimistic of growing the revenues in other OEMs as well.
Amit Hiranandani
Right. So secondly on the Green Fuel side so how Green fuel performed in Q1 on a YY basis was the revenue and EBITDA number and any new business or customer wins or a new product additions in it.
Anmol Jain
So the reported revenue for the Green fuel for the Q1 was at 95 crores at a I would say similar EBITDA margin. So what we have earlier mentioned at around 18%. So the revenues for the Greenfield although were not part of the consolidated revenues in the Q1 of last year. But if I see the like to like growth for the company it was a closer to around 12 to 15% and that has been that that has been that will be continued to maintain for the I would say the latter part of the year.
Ankit Thakral
I think one I would like to add that we have been able to secure a confirmed order for the tubes and fittings product of Green Fuel. This is the first time any company in India will be localizing this tube and fitting across all OEMs. This tube and fitting is currently imported and we will be the first to market to localize this and hence trying to secure a significant share of the tube and fitting business in India.
Amit Hiranandani
So sir, your growth would be how much for the greenfield for the midterm? 3 years prospectus we can look at.
Anmol Jain
I think in terms of I would say Anywhere between a 15 to 20% CAGR is what is our estimate for the green fuel business to grow. And again this is in line with our overall 20% CAGR mark. So it continues to be a key vertical for us to scale up.
Amit Hiranandani
All right sir, all the best. Thank you so much sir.
Anmol Jain
Thank you.
operator
Thank you. The next question is from the line of Vaibhav Shah from DSP Mutual Fund. Please proceed.
Unidentified Participant
Yeah, thank you and congratulations for a good set of performance. My first question is on order book. So if you can talk about the new order wins in this quarter. If I remember correctly we had 1300 odd cards of order book and now we have reported 1500 odd cards of order book. So where is this new incremental order wins have come from? And in FY26, if I remember correctly previously we highlighted that we expect close to 300 odd counts of order to translate from the order book. The number now given in presentation is roughly 115 crores.
So have we seen any delay in sops or revenue to accrue later? If you can just help us understand on that aspect.
Anmol Jain
So the order book yet continues to evolve. We did generate about 325 odd crores of new orders in quarter one. Having said that, a lot of the orders which were secured in earlier quarters and got developed and went into SOP were then removed from the order book because they went into the P and L. So this is a cyclical thing. But again we don’t see any significant delays as of now except for one model of Maruti Suzuki, the EV which was delayed over the last many quarters. And also we do see certain interim production hiccups more specifically on the EV platforms.
Case in point, the Bajaj EV vehicle primarily because of the Rare Earth supply.
Unidentified Participant
Okay, so this 300 odd coyotes which we anticipated in FY26 and now we have given 115. It is a mix of some orders going into SOP and a couple of delays from the customer end which we anticipate to accrue in coming years.
Anmol Jain
That’s the absolutely correct. So out of the 300 crore orders worth around 200 odd crores, the production of those particular products have started. So the full quarter impact I would say will be visible by Q2, if not Q2 by Q3 and the latter part of the year and of course remaining 130 odd crores will be going into SOP, maybe in the later part of the year also.
Unidentified Participant
Understood sir, that is helpful. And my second question is on this EBITDA margins. So in the presentation we Highlight that by FY28 we want to move towards this 16% EBITDA margin. So can you help us understand within the current business mix that we have, how do we plan to improve this EBITDA margins?
Anmol Jain
I think it’s a combination of multiple things. I think if I look at the order book, 50% or so of the order book sits in the plastics vertical. And as was mentioned earlier on, the plastics division continues to operate in upwards of close to around 15 to 16% EBITDA and hence we are hopeful that it will be margin accretive for the company going forward. Also aftermarket, which primarily operates at a much higher EBITDA, maybe close to around 18 to 20% is talking about a pretty buoyant growth going forward with a CAGR of maybe upwards of 20 to 25%.
So that also will be margin accretive and also Green Fuel. As it scales up, operating at a 80% EBITDA margin, that scale will also become margin accretive. So again it has multiple levers. And again certain businesses of mechatronics are also sitting on a very high EBITDA margin, although they have a small base. But all the incremental growth, which is primarily the 40% of the order book which is coming out of the future and clean mobility, that part is sitting on a much better EBITDA margin than what the consolidated reported number is today. So with that we are quite confident that the EBITDA should move forward perhaps closer to 60% in FY28 or so.
Unidentified Participant
Understood sir, this is really helpful. Just a last follow up. You said after market you expect it to go at 20, 25% in the near term. This is higher versus what we typically see for other products. So any particular thing which you want to explain? Why do you anticipate a higher growth in the aftermarket verticals?
Anmol Jain
So the primary two factors, as was mentioned earlier on, number one, there is a aggressive product expansion where we will go and get into new product offerings. And second is that we are now focusing more significantly on the demand generation at the retail end, right at the mechanic end, rather than just being focused on the channel partners. So again there is a shift towards the strategy of demand generation and a wider product portfolio offering. With these two, we have already started seeing a Good traction in quarter one. Hopeful for it to continue throughout the year.
Unidentified Participant
Understood sir. Thank you so much and all the best.
Anmol Jain
Thank you.
operator
Thank you Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants in the conference, please limit your questions to two per participant. The next question is from the line of Vijay Pandey from Nuvama. Please proceed.
Vijay Pande
Hi sir. Thank you for allowing me again to take the question. Just wanted to check on the Our debt number. So how should we look at our debt figures? Should we expect it to come down or you want to maintain it at the current level of debt? Current debt level or should we expect Q2 normalize and this will reduce the financing cost also going forward.
Anmol Jain
So of course our if you see my long term debt figure as of 30th June 2025 which stood at around 600 odd crores, of course it was increased by almost 150 crores because of the purchase consideration that loan we took for the remaining 25% of IAC and that equity ratio as of now it is around 0.63 again well within our internal comfort thresholds. However, with whatever the repayments that has been lined up in the later part of the financial year, we expect that debt equity ratio to be anyway settled between around 4.0.45 to 0.50 by the end of this financial year.
And accordingly, considering whatever the existing debt structure is there, if the existing structure is to continue, it will decline, I would say it will reduce year by year. So just to supplement that I think for our organic growth estimation of anywhere between 15 to 17% CAGR which is mentioned on the investor presentation, we do not anticipate the debt to go up with the repayment, it would only go down. However, since inorganic growth is also integral part of our midterm plan, any inorganic growth which we do would probably come at a new debt at the target entity. So it will be a mix of both. But again organically growing we do expect the debt to come down.
Vijay Pande
And our long term expectation will be around 0.5x debt to equity
Ankit Thakral
debt equity of course at the gross level will be by at the end of this financial year. And as just anmol sir mentioned, if it is for the organic growth, of course this debt equity ratio will continue to decline year over year. And at the same time if you see my free cash reserve also at the consolidated level, it is almost at a level of around 350 to 375 odd crores. And with Most of the entities and the divisions earning a well respectable margin. This kitty at the same time is. Expected to increase also by end of this financial year and of course subsequently after that.
Vijay Pande
Okay, thank you sir. Thank you. That is all for my.
Anmol Jain
Thank you.
operator
Thank you. The next question is from the line of Dhaval Shah from Girig Capital. Please proceed.
Unidentified Participant
Yes sir. Just one question. Thank you for the opportunity. So this long term guidance, what we’ve given and we’ve just look at from say next two year perspective looking at the underlying auto industry growth. We’ve had a great last two, three years for the domestic auto. So apart from Mahendra, what gives you the confidence to achieve this growth when every OEM is getting a bit cautious in their outlook and we see the numbers. So if you can just help us understand, you know, this, this kind of growth, how do we plan to achieve?
Anmol Jain
So As I mentioned Mr. Shah, I think the growth driver is not just Mahindra or isc. The diversity of Lumax auto technologies works in its favor and advantage to insulate us from the headwinds which are there in the industry. I mentioned the aftermarket which for the current year possibly will probably grow at about 15 odd percent. But again in a midterm over the next two to three years the whole idea is to try and bring it towards a 20% plus growth rate. Similarly the Mechatronics vertical which today is perhaps not a significant portion but that itself from an order book is sizable.
And I do expect that vertical to be upwards of 500 odd crores over the next couple of years. It will grow at maybe upwards of 30, 35% CAGR and thirdly the green few. This is again with the entrance of Lumax. We will try to improve our wallet share across OEMs like Tata and Maruti Suzuki. So again our growth is not limited to the organic volume growth the customers deliver. It is actually coming on a value growth proposition which is by increasing our content per vehicle of offering and increasing our current wallet share significantly over the next few years.
Unidentified Participant
Noted sir. Thank you.
Anmol Jain
Thank you.
operator
Thank you. The next question is from the line of Sivan Mittal from mfc. Please proceed.
Unidentified Participant
Hello. Thank you sir. Thanks for the opportunity. I have made the one question where I could not understand one point. In our PPTs we nowhere mention what kind of capacity utilization we operate on and do we have any operating leverage yet to kick in. So if you could just clarify like can we quantify a capacity utilization and if yes, what are we operating and beyond which do we expect the benefits of operating levels to kick in.
Anmol Jain
So I think that’s correct. The capacity utilization for us would be more persistent for just a few product lines which add significant, let’s say overall pie to the revenue. Having a very diverse product portfolio, it would be very difficult to give the capacity utilization for each and every product line. But again, sure, we’ll try to try and give some flavor in terms of where we stand in terms of capacity utilization across certain key products and how the operating leverage will kick in. But again, if you look at a consolidated basis, we do feel that a lot of the operating leverage is already kicking in with respect to our fixed cost structure.
But we’ll try and present this over the next quarter.
Unidentified Participant
And secondly sir, obviously for my second and last question, obviously for the aggressive growth that we’re planning, we will I believe have to keep this run rate of capex of every year as it is right now. Backfire. Only when the industry decelerates and our product portfolio is not able to so is our product portfolio actually so diversified that even if the auto industry goes up or down, we’ll still be able to maintain the growth rate.
Anmol Jain
I think of course we are directly correlated with the auto industry. I don’t think it would be right to say that irrespective of what happens to the auto industry, we will be continuing to grow. However, we are fairly well insulated based on our diversity of product offerings, based on diversity of our customer portfolio. And again, the reason why I mentioned earlier that the capex needs would be not significantly in the same ratio as in the last few years is because our asset turn ratio over the next three to five years is significantly going to change.
Because as I mentioned, Green Fuel is not a very capital intensive business. It continues to grow at a significantly higher ebitda. Same is the case with Aftermarket and again IIC India also, even though there are capex needs, but we are seeing a better content per vehicle value realization in the future models. So then the ATR of the company will continue to grow.
Unidentified Participant
Okay sir, thank you. That’s it.
Anmol Jain
Thank you.
operator
Thank you. Due to time constraints, that was the last question. I now hand the conference over to Mr. Anmol Jain, Managing Director of Lumax Auto Technologies Ltd. For closing comments. Over to you, sir.
Anmol Jain
Well, thank you once again for joining the Q1 FY26 earnings call. We do appreciate your continued engagement with the company. For any additional information and clarifications, please feel free to reach out to us or our investor relations advisors at Actors pr. We remain committed to keeping the investor community regularly updated on the company’s progress. Thank you and wish you all a great day ahead.
operator
Thank you. On behalf of lumarks Auto Technologies limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines.