Lumax Auto Technologies Limited (NSE: LUMAXTECH) is an Indian automotive component manufacturer specializing in the design, testing, and production of gear shifters and interior solutions. The company reported a 40% year-over-year increase in consolidated revenue for the third quarter ended December 31, 2025, reaching ₹1,271 crore, a record quarterly performance. On February 13, 2026, its shares declined 7.92% to close at ₹1,642.90 on the National Stock Exchange, implying a market capitalization of ₹11,179.91 crore. This performance comes as the entity scales operations across core product lines and subsidiaries.
Quarterly Results
For the third quarter (Q3FY26), Lumax Auto Technologies achieved consolidated revenue of ₹1,271 crore, representing a 40% increase from ₹906 crore year-over-year and a 10% sequential rise. EBITDA reached ₹191 crore, with margins expanding by 100 basis points year-over-year to 15.0%. This margin improvement was attributed to operating efficiencies, better absorption of fixed costs, and a favorable mix of higher-value products.
Profit after tax (PAT) before minority interest grew 93% year-over-year to ₹108 crore during the quarter. Standalone OEM revenue increased 20% in Q3FY26, supported by 15% growth in the two-wheeler industry segment. The aftermarket segment recorded a 16% revenue increase year-over-year, reflecting demand generation within the division.
Annual Performance Context
For the first nine months of FY26 (9MFY26), the company reported consolidated revenue of ₹3,453 crore, a 38% increase from ₹2,504 crore in the same period last year. EBITDA for the nine-month period reached ₹497 crore with a margin of 14.4%, up from 14.0% in 9MFY25. Profit after tax reached ₹240 crore, up 60% compared to ₹149.5 crore previously.
The passenger vehicle segment contributed 53% of total revenue during the 9M period, while two- and three-wheelers accounted for 24%. Core product categories included Advance Plastics at 52% of revenue and Structures & Control Systems at 17%. The company reported free cash of ₹421 crore, representing 9% of total revenue.
Business and Operations Update
The merger of Greenfuel Energy Solutions Private Limited with special purpose vehicle Lumax Resources Private Limited was completed on February 3, 2026. The merger of IAC India with the company has reached the first motion stage, and the merger with Lumax Auto Electricals Limited is awaiting a second motion order. Greenfuel contributed ₹100 crore in revenue in Q3FY26 and ₹270 crore for the nine-month period.
Operational developments included the launch of the SHIFT tech center in Bengaluru and the opening of a satellite office in Japan. Capital expenditure for 9MFY26 was ₹172 crore, including land acquisition costs. New product launches included interior parts for Mahindra’s XUV 7XO and emission parts for Tata Motors’ Sierra.
Forward Outlook
The company has revised its full-year revenue growth outlook for FY26 upward to 30%, from an earlier estimate of 25%. Management disclosed a mid-term strategy titled “BRIDGE” for FY26 through FY31, aiming to transform into a Tier-0.5 systems integrator. Strategic goals include achieving a minimum 20% revenue CAGR and a 20% EBITDA margin.
Strategic priorities involve expanding into Body Control Modules and software-defined vehicle verticals to deepen OEM penetration. The company expects its current order pipeline of ₹1,450 crore to progress in stages, with full completion targeted by FY29. Full-year capital expenditure guidance is set between ₹220 crore and ₹240 crore.
Performance Summary
Lumax Auto Technologies sustained revenue and profit growth through the first nine months of FY26, driven by OEM demand and subsidiary performance. The company reported improved margins of 15.0% in the latest quarter and consolidated its corporate structure through strategic mergers and technology-focused investments. Management remains focused on high-value electronics and clean mobility to meet its long-term financial targets.