Lumax Auto Technologies Limited (NSE: LUMAXTECH) Q3 2025 Earnings Call dated Feb. 14, 2025
Corporate Participants:
Anmol Jain — Managing Director
Sanjay Mehta — Director and Group Chief Financial Officer
Sunil Koparkar — Managing Director, IAC India
Ankit Thakral — Corporate Finance SGA — investor Relations Advisor
Vikas Marwah — Chief Executive Officer
Analysts:
Apurva Mehta — Analyst
Hitesh Goel — Analyst
Amit Hiranandani — Analyst
Ganeshram Rajagopalan — Analyst
Pritesh Chheda — Analyst
Shashank Kanodia — Analyst
Sanket Kelaskar — Analyst
Saket Kapoor — Analyst
Presentation:
Operator
Now being recorded Ladies and gentlemen, good day and welcome to Umax Auto Technologies Limited Q3 and Nine Months FY ’25 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 future performance and involves the 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 Jain, Managing Director of Numex Auto Technologies Limited. Thank you, and over to you, sir.
Anmol Jain — Managing Director
Thank you. A very good afternoon, ladies and gentlemen. A very warm welcome to our Q3 and nine months FY ’25 earnings conference call. Along with me on this call, I have Mr Deepak Jain, Director; Mr Vikas Marwas, CEO; Mr Sunil Koparkar, Managing Director, IAC India; Mr Sanjay Mehta, Director and Group CFO; Mr Sanjay, Head of Aftermarket; Mr Naval Khanna, Corporate Head Taxation; Ms Priyanka Sharma, Head, Corporate Communications; and Mr Ankit, Corporate Finance, along with SGA, our Investor Relations Advisor. The results and presentations have been uploaded on the stock exchanges and the company’s website.
I hope everybody has had a chance to go through the same. I’m happy to announce that our performance for this quarter has been very strong with revenue growth of 24% at INR906 crores, which has been the highest-ever single quarter revenue in the history of the company. Nine months two witnessed a strong performance with revenue standing at INR2,504 crores, a growth of 21%. This revenue includes INR23 crores from Greenfuel Energy Solutions, which has been consolidated from 26th November 2024, having an impact of 3% and 1% on the Q3 and nine months growth respectively.
We continue to beat the industry growth rate and this exceptional performance is a testament to our decades-long partnerships with OEMs and the enduring trust they place in our products and solutions. It also highlights the strength of our technological expertise, manufacturing excellence and the strategic advantages gained through our joint-venture collaborations. I would like to provide a brief overview of the key macroeconomic factors currently shaping the Indian economy and their potential impact on the automotive industry.
The country has experienced a period of economic slowdown with GDP growth showing signs of moderation, consumer confidence has been somewhat dampened due to persistent inflation and high-interest rates, leading to cautious pending patterns. However, the recent union budget presented by the Honorable Finance Minister has delivered a much-needed boost to the economy. One of the most significant measures introduced is the increase in the income tax exemption limit, which will leave consumers with higher disposable income.
This in-turn we believe can have a positive impact on the automotive sector as more individuals may now consider purchasing vehicles. With improved affordability and greater financial flexibility, we anticipate a steady demand in the industry, supporting its growth in the coming quarters. Now coming to the performance of the overall automotive industry during the quarter. Overall, it grew by 6% in-quarter three FY ’25 as per the data released by CM.
On a segment-wise basis, passenger vehicles, the issue of higher inventories at dealer’s end was addressed with OEMs providing decent discounts to clear the inventory levels. Overall, the festive season coupled with decent discounts helped the passenger vehicle industry witnessed highest sales ever in-quarter three of any year. The ongoing trend of premiumization remains strong.
However, with the recent increase in the income tax exemption limit, we may see a potential revival in-demand for the entry-level vehicles as well. However, a weakness in urban demand, relatively high-interest rates and some tightening in retail loans may lead to a muted growth in this segment. The two-wheeler industry has witnessed a strong revival throughout the year, achieving double-digit growth despite a slight slowdown in the sales momentum in December 2024.
This growth has been largely driven by a favorable monsoon barring excess rainfall in some regions, along with a robust agricultural sector performance and rising rural demand. While there may be a marginal dip in the growth in the last quarter, the overall volume expansion in the domestic two-wheeler market is expected to remain in the low-double-digits. New model launches by leading players, particularly in the EV segment are expected to further fuel the demand.
Additionally, a recovery in export market as seen in the numbers reported by leading OEMs in the last quarter provides further optimism for the two-wheeler industry’s production outlook. On the commercial vehicles, the commercial vehicle market has continued to face challenges where the volumes have remained flat on account of slowdown in industrial activity and sluggish pace of government capital expenditure, which was impacted by multiple elections.
Additionally, the demand for LCVs is experiencing some cannibalization due to the rising popularity of electric three-wheelers for local transportation, which are proving to be a much more cost-effective alternative for last-mile connectivity. However, in FY ’26, we can see some recovery in the commercial vehicle industry with an uptick in government and private sector capex.
Speaking of our operations, during the quarter, we have consolidated the operations of Greenfuel Energy Solutions Private Limited From 26th of November 2024. Greenfuel’s expertise in clean mobility solutions complements our product portfolio. This integration is expected to drive significant synergies by leveraging Greenfuel’s technological capabilities and Doomax’s extensive OEM relationships, manufacturing excellence and the distribution network. With the growing push for sustainable mobility, this partnership positions Lumax Technologies to capitalize on the increasing adoption of alternative-fuel vehicles, expanding its product portfolio and driving long-term growth in the green automotive space. Giving an update on some of the major awards won by the company in the recent quarter and as recent as this month, the subsidiary company, IAC India won three awards, including the Business Partner of the Year and Special Appreciation Awards for development in Rock and BE6 models from its esteemed customer, Mahindra and Mahindra at the recently held Supplier Conference. The subsidiary company, Lumax also won award for innovation in development of the gassing tank at the same vendor conference of Mahindra and Mahindra. The Bengaluru plant of the company has been awarded with the prestigious JIPM TPM Consistency Award. The plant of the company also won the GIPM TPM Excellence Consistency Award at the Pajaj Auto Vendor Association Convestion for the year ’24-’25. The subsidiary company, Lumax Ituran Telematics received the prestigious Hall of Fame award from Daimler India Commercial Vehicles for its role as a reliable telematics partner achieving 100% delivery and quality performance. We remain highly optimistic about the future, driven by multiple growth levers in the automotive industry, rising disposable incomes, improved consumer sentiment, increased capital expenditure from both the government and private sector and a wave of new model launches by OEMs are set to propel the industry forward. Our strong performance reflects our resilience and unwavering commitment to excellence with a sharp focus on innovation and adaptability, we are well-positioned to capitalize on emerging opportunities and drive a sustainable growth in the years ahead. Now I would like to hand it over to Mr Sanjay Mehta, Director and Group CFO to update you on the operational and financial performance of the company.
Sanjay Mehta — Director and Group Chief Financial Officer
Good afternoon, everyone. Let me brief on the operational and financial performance for Q3 and nine months FY ’25. The company has witnessed a strong performance with revenue growth of 24% and 21% for Q3 and nine months FY ’25, respectively. Coming to the product category-wise performance for nine months, the plastics — advanced plastics has grown by 18% from INR1,204 crores in nine months FY ’24 last year to INR1,420 crores in nine months FY ’25.
Our outlook for this segment remains strong with more premiumization trends and addition of new product lines. Order book for this segment stands at INR660 crores. Segment has grown from INR38 crores to INR67 crores in nine months FY ’25, a strong growth of 75%. This product category has huge opportunity in terms of wallet share in new model launches through cross-selling. The order book stands at INR320 crores for this segment.
The Structures and control systems segment has grown by 9% from INR471 crores to INR512 crores in nine months FY ’25. Our outlook for the segment remains strong with opportunity to penetrate premium and DV segment and addition of new technology-driven products with order book standing at INR170 crores. Green Energy solutions recent addition to our portfolio has strong visibility due to growing preference for alternate fuels in the country.
The strong demand is reflected in our robust order book, which currently stands at INR200 crores, positioning us well for sustained growth in this segment. Revenue from aftermarket segment has been — has grown of 3% in FY ’25 with respect to nine months last year, are pretty much similar to all major Tier-1 suppliers and other peers. This is largely because of over realization due to tight money liquidity in the aftermarket.
Our outlook is better for Q4 with the ease in liquidity and new product launches, which may lead to double-digit growth in Q4 with respect to Q4 of last year. The total order book considering the value of all product categories are INR1,350 crores, out of which 90% is new business. 30% order book-value will mature in FY ’26, 40% in FY ’27 and remaining 30% in FY ’28. EV contribution is approximately 40% of the total order book. With increased focus on passenger vehicle segment and integration of IAC, our share of passenger vehicles stood at 50% in Nine-Month FY ’25 as compared to 47% in last year.
In Nine-Month FY ‘252 and three-wheeler contribution to overall revenue is at 25%, aftermarket at 12%. Our CV at 8% and balanced 5% was contributed by other categories. On financial highlights, the consolidated revenue for Q3 stood at INR906 crores as compared to INR733 crores, up by 24% year-on-year.
On nine-month FY ’25 basis, revenue is at INR2,504 crores compared to INR2,064 crores, a growth of 21%. EBITDA margin stands at 14% for Q3. Absolute EBITDA for Q3 is at INR127 crores, a growth of 9% on year-on-year basis. Nine months ’25 margins stood at 14% with EBITDA growing by 15% at INR350 crores on a year-on-year basis.
PAT before minority interest for the quarter is at INR56 crores as compared to INR48 crores in Q3 FY ’24, a growth of 17%. The tax-rate for the quarter is 25% and is likely to continue in the same range in the future. The capex outlay during nine months has been at INR83 crores, majorly on account of new product SOPs in IAC and. The guidance for the full-year remains at INR130 crores to INR140 crores.
The company is sitting on healthy free-cash of INR315 crores as on 31st December, whereas the long-term debt is at INR462 crores, which has increased from previous quarter due to acquisition debt for the purchase consideration of greenfuel Energy. The long-term debt-equity ratio stands at 0.53 as on 31st December.
With this, we open the floor for questions
Anmol Jain — Managing Director
Yeah, hi, Manav, the floor is open for question and question-and-answers.
Questions and Answers:
Operator
Sure, sir. 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 withdraw yourself from the question queue, you may press star and 2. Participants are requested to use handsets only while asking a question. Ladies and gentlemen, we’ll wait for a moment while the question queue assembles you. We have our first question from the line of Apour Mehta from AM Investments. Please go-ahead.
Apurva Mehta
Sir, congratulations on great set of numbers. Sir, just wanted your broad outlook on where the four-wheeler industry and the two-wheeler industry is moving on the basis that lot of new EV launches are happening and where do we see ourselves in this EV launches?
Anmol Jain
So Pravesh, thank you very much. Number-one, on the passenger vehicle, I think as I mentioned in my opening address, even in FY ’26, similar to what of FY ’25, I think the growth would be pretty muted. The penetration of electric vehicles, we believe will definitely be far more in the passenger vehicle segment and that’s primarily because of some of the recent launches which we have seen the full-year production of those particular launches from big OEMs like Mahindra and Suzuki will add a significant volumes in FY ’26.
So the penetration levels will definitely be much higher than what they are today. However, overall as a passenger vehicle, I think we are still anywhere looking at estimates between anywhere 3% to 4% or 5% at best. The two-wheeler industry, however, will continue To outperform the other segments. Even in the current year, as I mentioned, the two-wheeler industry has reported a double-digit growth and we are fairly certain that in FY ’26, we will surpass the FY ’19 historic production volume of about 24.5 million units. So two-wheelers will continue to outline. And I think the penetration of EVs in two-wheeler continues to increase. If you see the last three-year trend, it consistently increasing quite significantly. And of course, the players will keep changing, but the good part is that the legacy players are now commanding the top two, top three position in the electric two-wheeler segment and Technologies again both on the four-wheeler as well as on the two-wheeler electric vehicle models has a good presence with a sizable contribution per vehicle.
Apurva Mehta
Okay. And where we are playing today if we want to penetrate more into the EV side of the thing? And are we finding any new products which are particularly focusing on EV side of the pipeline of the thing or anything which is on the pipeline or in the radar where you will be future of trying to penetrate more into the EV side of the business.
Anmol Jain
Yes, absolutely. I think the company is currently also evaluating certain products and technologies to foray into the EV space. We believe that the play in EV will be more on the software and integration side where there will be real value-added rather than the hardware and product manufacturing side, which may slowly but surely get commoditized. So I think there is a lot of significant focus by the company to evaluate how to get into the software and integration space for the EV vertical. And I’m hoping that in FY ’26, you will see some traction and movement towards the same.
Apurva Mehta
And on the JV side, you know has ramp-up lot of orders. Can you just explain which are the JVs which are getting huge orders from this?
Anmol Jain
So if you look at as a whole in the nine months outlook, they have grown by approximately 75%. And in this one of the clear winners was the telematics joint-venture, which started in FY ’24, but for the full-year realization has significantly ramp-up on the volumes. Also the Yokovo joint-venture because of certain new product launches has grown by almost close to 85% to 90%. So these were two. And last was the oxygen sensored joint-venture, which has ramped-up — ramped-up its production in FY ’25. And going-forward in FY ’26, we actually see all of these JVs having a significant run-rate of and contributing to the top-line growth.
Apurva Mehta
So this INR320 crore order breakup is more towards telematics or where it is exactly?
Anmol Jain
Yeah. Yes. So INR220 crores is on the total and I would say that almost half of that would be for the Alp Alpines joint-venture. Along with that, there is also a discussion with a new Japanese player as a Tier-2 contract manufacturing setup, which would further add about INR100 crores to the order book.
Apurva Mehta
Okay. Okay. And that is for export or for domestic.
Anmol Jain
It is domestic product.
Apurva Mehta
Okay. Okay. Any new products or development which you would like to highlight in the last quarter where we have done anything new in this.
Anmol Jain
So, I think the new product as I mentioned, yes, it will get into SOP only in FY ’26. That is something. But along with that, there are two particular products where we have already gone into SOP under the Alp Salpine joint-venture. One is a throttled position sensor and one is a in-vehicle infotainment system. Both are in the two-wheeler space. One is more specific to EV model and one is again going on an ICE model.
Apurva Mehta
Okay. And your outlook for next year broadly, if you just.
Anmol Jain
But it’s too premature to say, but I would suggest that the overall revenue would continue to outperform the industry anywhere close to between 15% to 20% would be our estimate in terms of the top-line growth. And from an EBITDA margin, I think our endeavor is to continue to sustain and further expand these margins in FY ’26 as well. So we do not anticipate any major pickups. There are certain signs of raw-material pricing going up. But again, that is a lag. We should be able to recover them from the OEMs in three to six months timeframe.
Apurva Mehta
Okay. And on the side, where we are currently and what are we doing to complete the chain of the whole package? And is it possible us that we use this greenfuel for the aftermarket also in a bigger way like putting the whole set of the — for CNG kit like a thing.
Anmol Jain
So absolutely. I think green fuel obviously, because of a full-year consolidation will become a much more sizable pie contribution of the pie in terms of the top-line and bottom-line in FY ’26. We continue to believe that the kit value and the content value per vehicle through the CNG core products and other products which we are into should be anywhere between close to INR7,000 to INR10,000 of vehicles in the near-future in maybe another two years time-frame.
On the aftermarket, yes, we are already supplied about 2,000 CNG kits to the African market. We do believe that there is a tremendous export potential of converting CNG kits in Africa. We’ve done this for passenger vehicles as well as buses and we continue to explore further geographies and territories for penetrating this conversion.
Apurva Mehta
Okay. Okay. And on the aftermarket side, we have been muted for last maybe 1.5 years, we are very, very stagnant, which was our area where focus was there and we were hoping to double the turnover in every three years. But last one and a half years for many reasons is not moving at all. So what is your take and where should we look for next three years, should we double the turnover now from next three years or? Yeah.
Anmol Jain
So absolutely. I think it has been an industry-wide phenomenon, nothing specific or exclusive to Lumax technologies. If you look at other Tier-1 peers in the aftermarket space, pretty much most of them, almost 90% of the big names have reported a very muted or low single-digit growth in FY ’25. However, as Mr Sanjay, as I had mentioned, we have already started seeing good traction in-quarter four onwards where January has been a good month and we see a similar momentum continuing in the month of February as well.
So for quarter-four standalone, we should be looking at a good double-digit growth rate, which is pretty similar to what the aftermarket division used to do in — up until FY ’24. Giving you a horizon, I think this growth momentum in FY ’26 will continue, very healthy into a double-digit territory. And yes, our endeavor is still to double the aftermarket revenues in the next three years time-frame. Given the fact that more growth would probably come from the exports vertical, not just the domestic vertical.
Apurva Mehta
Yeah. Thanks a lot and wish you all the best.
Anmol Jain
Thank you. You.
Operator
Thank you. A reminder to all participants, you may press star and one to ask a question. I repeat, if you wish to ask a question, you may press star and one. The next question is from the line of Hitesh Goel from Redesh Advisors. Please go-ahead.
Hitesh Goel
Thanks, sir, for taking my question and congratulations on very good results. Sir, you gave a pretty good background on the three main subsidiaries. So if you can give that about IAC, Lumix, and also Lia. So what has happened in this quarter in terms of Y-o-Y growth, margins, How it has been and order book, if you can repeat because I think I missed the order books in position as well.
Anmol Jain
So I think IAC continues to have a strong growth rate. For the nine months of the current fiscal, total revenue was up by 20%. This was also on a large set of tooling revenue. If I look at the manufacturing, it was up by almost close to 14%. And I do believe that in-quarter four, this momentum would continue to grow. For the full-year, I think we’re looking at a handsome 20% plus percent growth of manufacturing as well as including tooling a total growth of 30% plus. Continues to be a partner of choice for its largest customer, Mahindra and Mahindra.
And as was mentioned earlier, we’re sitting on a very strong order book of almost close to more than INR500 crore INR550 crores in IAC itself. Further to that, we are also in dialogue and touch with other OEMs and expanding our wallet share there. Coming to Lumax Mono as well as Lumax, I think here the growth rate clearly has been a little bit more muted Lumax Mono, while the volumes have grown, however, there has been a shift in the product mix more leaning towards manual transmission than automatic as previous year quarter and that has resulted in a lower-value offtake by the OEM.
So for that reason, you see a muted growth. We have only grown about 1% in the full nine months and we expect a pretty similar muted growth for the full-year. But I think both these joint-ventures, Drumax Fornalia and Mano should have a better growth rate in FY ’26 on the back of a decent order book.
Hitesh Goel
And sir, in IIC India talked about Tata Motors business starting on lighting and plastic business from 4Q FY ’25. So I think is that — is that on-track or there’s some delay there?
Anmol Jain
So Sunil, you want to add to that this?Sunil, you remember call?
Sunil Koparkar
Yes
Anmol Jain
Second. So Tata Motors, very simply, I think there are some dialogs. We did get some order wins for their electric vehicle model. However, for now, they are under a complete revamp on the design. You may have also noticed certain media information where Tata Motors is now completely having a new strategy on how to defend their turf on the electric vehicle segment in the rise of competition. So there have been some changes, but yes, we are deeply engaged with Tata Motors for ambient lighting and other plastic parts for the forthcoming modules. Thank you.
Hitesh Goel
Okay, sir. Thank you.
Anmol Jain
Thank you Mana, we can proceed with next caller.
Operator
Okay, sir. Thank you. A reminder to all participants, you may press star and want to ask a question. The next question is from the line of Amit Hiranandani from PhillipCapital. Please go-ahead.
Amit Hiranandani
Yeah. Congratulations to the team for achieving highest quarterly revenue, EBITDA as well as PAT for Q3. This is a commendable job. Sir, my first question is, sir, we have achieved 10% EBITDA margin at the standalone level, which is 55 basis-points improvement on a Y-o-Y basis and this is 14 quarters high-margin for standalone. So what is driving this improvement and how much of it is sustainable? And this is — we have achieved it despite aftermarket growth of just in the low-single digit. So your views on the same, please?
Ankit Thakral
Sure. So yeah, this is Ankit. So standalone revenue excluding aftermarket has grown by almost 15% if we see nine months-to nine-month basis and which are basically driven by two of its prime customers, which is Bajaj and HMSI. So both have significant — both have shown significant growth, but Bajaj revenue is almost up by 20% with nine months-to nine months and SMSI is also by similar closer to 15% to 18%.
And yes, the EBITDA margin if we exclude the other income part, yes, it has grown by almost 60 to 70 basis-points, which you said at closer to 10%, 10.5% for the nine months. So of course, on one-side, yes, the aftermarket revenue has been flatter, but we have been able to maintain or even say better the last Nine-Month margin by almost 40 to 50 basis-points, which is basically, you can say that by giving certain price — price increases in the market or thereby saving some sort of — thereby doing some savings on account of raw-material and all these reasons have enabled us to achieve the standalone margin better than the last nine months.
Amit Hiranandani
Then sustainable?
Ankit Thakral
Yes, we certainly feel that it’s sustainable going-forward.
Amit Hiranandani
Great. Sir, and my second question is, as per the presentation, our consol 9M EBITDA margin is about 70 basis-points lower than your last nine FY ’24. So are we still maintaining our guidance of similar level margin in FY ’25 versus FY ’24? Also, along with this, if you can help us understand what would be the margin levers in the coming year and conservatively, where do you see it redging by FY ’27, please? Yeah.
Ankit Thakral
So if we see the nine months financial year ’25 EBITDA margin, it is at 14% and yes, it was 14.7% in the nine months last year. So if we see like in the last year, if we exclude the Lumex ancillary, which was acquired sometime in Q4 of last financial year and of course, in order to have the apple-to-apple comparison, if we exclude the green fuel numbers also in the current quarter, so that 14% becomes 14.5% for the Nine-Month current year also because Lumex ancillary is at a lower single-digit EBITDA margin as of now, which is basically we are aspiring to grow in-line with the company EBITDA margins.
So with this, the nine months, you can say that the margins are absolutely similar with respect to the nine months last year and we are — yes, we are able to sustain and we will be able to sustain similar sort of EBITDA margins going-forward in the Q4 and financial year ’25 whole year numbers will be somewhere closer to 14% to 149.5% for the 12 months.
Amit Hiranandani
Right. So sir, my second question was on this thing, like what would be the margin levers in the coming years? And conservatively by FY ‘2 spend, where do you see it reaching?
Ankit Thakral
So again, I think my margin guidance would be that anywhere close to 15% should be the margin which we should be looking at perhaps in FY ’26, let’s say 14.5% to 15% at a consolidated level. Again, as I said, the order book is strong and we are having a significant presence of the order book coming into the next year itself. Backed by multiple small joint-ventures which are firing aftermarket also for FY ’26, we do expect the double-digit growth to bounce-back, which is operating at a higher EBITDA margin. So we do expect anywhere between 14.5% to 15% should be the margin guidance for FY ’26..
Amit Hiranandani
Right. So JVs will turn-around and aftermarket will also do well. So these are the two major levers for the margin improvement.
Ankit Thakral
That’s correct.
Amit Hiranandani
All right. Right. And sir, thirdly, we have added Tata Motors in IAC India as a new client. So are we on-track for the SOP starting Q1 FY ’26? And how large is this business? And additionally, if you can please — sorry, let us know the IAC revenue for 9M please?
Ankit Thakral
So sorry, can you repeat the second part of your question? The revenue of for INR9, yes. So I see total revenue for nine months of this fiscal stood at INR800 crores. And again, maybe I’ll request Sunil to just take the question on Tata Motors launch date and value of the business for IC.
Sunil Koparkar
Can everybody hear me?
Ankit Thakral
Yes, Runil, go-ahead.
Sunil Koparkar
All right. So just to give you Tata’s position right now, I think the answer to your question is, there is a delay in the program. We expect the delay to be about six months. And this delay is primarily driven by one single factor, which is the recent launch of Mahindra BEVs , which are in the market has created a lot of lot of momentum in the EV market. So Tata is rethinking of some of the design changes they need to do to — which was supposed to come on-stream next year. So we expect some delay in that respect. Tata revenue for us was initial on this EV program was expected to be about INR3030 crores to INR35 crores.
Amit Hiranandani
Okay. Thank you,. Okay. Right, right. This is helpful, sir. And secondly on, yes, our largest customer inventor,
Operator
Mr Amit, may we please request you to rejoin the queue as there are several participants waiting for turn.
Amit Hiranandani
Okay. Thank you. Yeah.
Operator
Thank you so much. We have our next question from the line of Ganesh Shram from Unifi Capital. Please go-ahead.
Ganeshram Rajagopalan
Thank you for taking my question. I’m new to tracking this particular company. So what I’m trying to understand is on the structural or in the advanced plastics segment, right, apart from gaining wallet share, I mean with the existing customers, how does the content per vehicle actually increase? Is it just — is it just a function of adding more products that you can supply to OEMs or is there also an angle of premiumization that comes along with it? And with the existing OEMs, what would — what would be our wallet share typically, how do you, as a strategy on expand that wallet share? And what are you sort of doing to add more customers or do you feel you’ve got the broad portfolio over there already right now?
Anmol Jain
So thank you. I think it’s a comprehensive question. Let me try to elaborate as best as possible. Advanced plastics, of course, if you look at the total share, it’s almost close to 55% of the total pie. Largely IAC would be the biggest contributor in the advanced plastic, thereafter followed by, let’s say, the lighting and polymer business for Bajaj Auto as a two-wheeler and then we have HMSI as well as as an entity.
I think the premiumization story is very, very integral to IAC. It’s not just selling more products, it is actually a technological product, which is adding the contribution per vehicle based on premiumization. And if we continue to see the new model launches, our kit value is consistently increasing based on certain new technology — technologies like the soft touch and premiumization.
Going-forward, as I said, we are also trying to integrate the ambient lighting piece to our interior offering so that again the entire kit value goes up significantly. While that holds true for IAC, for HMSI as well as for Bajaj, there is a largely plastic part business, which again we are trying to expand based on getting more-and-more products in our kitty and also getting products which have a higher contribution per vehicle compared to the — really the bottom of the pyramid shoot and ship parts. So these are some of the ways how we are expanding our overall portfolio in the advanced plastics business?
Ganeshram Rajagopalan
Thank you. That’s very clear. And with the existing clients right now, how has the market — our wallet share evolved, right? Who are we competing with in the supply of these products? And how will this drive growth like because you’re guiding about 50% faster than industry, right? So I’m just trying to understand over volumes and ACV, what are the levers you have and what you expect would pan-out in the coming years in terms of growth, some of those levels.
Anmol Jain
So I think it’s a — it’s a pretty difficult question to answer because our wallet share differs entity to entity product segment to product segment. Lumas Technologies being an extremely diverse player in terms of its product offering as well as multiple technologies. It’s a very different equation for each of the entities.
So in certain cases, for example, in Lumax Mano, where we are the market leaders, we would have wallet share as high as 80% to 85% or even 100% in certain OEMs where we continue to be the single-source. Similar would be the case in certain products of Bluemax Pornalia. However, then when we switch gears to certain other businesses like the Metallics business where our wallet share would be probably 30% in the overall Pajaj metallic portfolio. So it would differ. But I think the way we’re trying to do is, number-one, increase our kit value. And number two, by cross-selling towards OEMs because the relationships are between the organization to the organization. That’s how we are trying to expand our presence and our wallet share across different OEMs. So that’s the strategic initiative which we’re trying to get to.
Ganeshram Rajagopalan
Right? That’s very clear. Thank you. And then just one more question is on the segment.
Operator
Obviously, Mr Banesh, may request you to rejoin the queue.
Ganeshram Rajagopalan
Thank you, sir.
Operator
Thank you. Ladies and gentlemen, in order to ensure that the management is able to take questions from all participants in the conference. Please restrict yourself to two questions per participant. Should you have a follow-up question, we request you to rejoin the queue. We have our next question from the line of Pritesh Chheda from Lucky Investments. Please go-ahead.
Pritesh Chheda
Sir, just on, what, what was the Nine-Month revenue number and Y-o-Y growth?
Sanjay Mehta
The nine months revenue number stands at INR800 crores, which is a growth of 20% over nine months last year.
Pritesh Chheda
Okay. And specifically for ISC, what’s your growth outlook next year? So at the company-level, you have given the number, but specifically for IAC, what will be the growth?
Anmol Jain
Okay. So I think we’re still in the process. It largely depends on the Mahindra volumes, but we do expect a growth of at least somewhere 15% or more on the manufacturing revenue side, basically on the back of the new EV launches, which will have the full-year realization.
Pritesh Chheda
Okay. And for ISE 70% is, right?
Anmol Jain
That’s correct.
Pritesh Chheda
And is let’s say 800 divided by 2,500, so about 40% for us is IAC.
Anmol Jain
Yes, almost one-third of the consolidated revenue is IC.
Pritesh Chheda
Is IAC. And my last question is the other acquisition, the green solution, when will it start getting merched? And can you give the pro-forma number for nine months for that entity?.
Anmol Jain
So greenfuel numbers have come into the consolidated revenue with effect from 26th of November 2024, so almost 35 days revenue amounting INR23 crores are part of INR906 crores revenue for the quarter three. And the whole — the full-quarter number, which is the quarter-four — the current quarter, the whole quarter number will come as a part of the consolidated revenue in Q4, which is somewhere closer to INR75 crores to INR80 crores.
Pritesh Chheda
Okay. So for the quarter, it is INR23 crores.
Anmol Jain
INR23 crores, but almost one month revenue only.
Pritesh Chheda
Correct. Can you give the nine-month revenue for Green solutions? So green energy solutions as a Nine-Month revenue was closer to 225 odd crores and what was the growth here I believe it was closer to 15% to 20%
And margin of this business is —
Anmol Jain
So margin is between 17% to 19%.
Pritesh Chheda
Okay. And lastly, sir, here the consolidation is 100% or it is less than 100% that we have? Your ownership is 100% or less than 100 in green.
Anmol Jain
So we have purchased 60% equity stake of green fuel energy. So up to PBT level, it is 100% and then 40% basically goes out as minority interest.
Pritesh Chheda
Okay, okay. That’s thank you very much.
Operator
Thank you. Thank you. A reminder to all participants, please restrict yourself to two questions per participant. We have our next question from the line of Shashank Kanodia from ICICI Securities. Please go-ahead.
Shashank Kanodia
Yeah, thank you, sir, and congratulations for performance. Just wanted to check, sir. Firstly, on what would be the execution timeline of the new order book that you have. I think initially used to guide us that roughly 50% get executed in the first two years and then probably this peak order book hitting in three years time-frame. So if you could please help us explain what is the execution timeline of this order book of INR150 odd crores.
Sanjay Mehta
So the total order book is about INR1,350 crores, about 30% of this will come in Next year FY ’26, 40% in FY ’27 and a remaining 30% in FY ’28. However, please note that this is an evolving number and it will keep changing every quarter.
Shashank Kanodia
Right. And this is all incrementally new orders, right? So apart from the organic growth, this will be the incremental top-line that we’re supposed to clock.
Sanjay Mehta
That’s correct. 90% of the order book is new orders, not replacement orders. So yes, we will expect this to have an incremental impact on the top-line.
Shashank Kanodia
So sir, this INR5,000 crores kind of revenue figure seems doable for us in FY ’27, in your realistic opinion?
Sanjay Mehta
Yeah. Well, I mean, we expect a CAGR of anywhere between 15% to 20%. And if I were to do that number arithmetically, it should take us to somewhere around INR5,000-odd crores in FY ’27.
Shashank Kanodia
Right. Secondly, sir, just I’m a bit curious to know that from last quarter’s presentation to this quarter’s presentation, there has been substantial increase in content per vehicle furnace, right? I think last quarter we mentioned a PV side a content of equal to be around INR55,000 50,000 and now it’s roughly at 70,000 to 75,000. Is it just a of CNG portfolio adding to a portfolio or is there something else to it?
Sanjay Mehta
Yes, absolutely. Yes, absolutely correct. So we have added CNG as a part of our product portfolio, which has led to increase in the content per vehicle for four-wheeler. And there is an addition on account of two-wheeler also because of the SOPs of basically the two main products in fine joint-venture by name of infotainment — infotainment vehicle and TPS throttle position sensor.
Shashank Kanodia
Yeah. But sir, I think initially we used to guide as a content being INR3,2 per vehicle, right, when the passenger vehicle for CNG components that we are supplying. But the increase is quite substantial to that INR15,000 rupees. And in the initial remarks you point that we could reach INR7,000 to INR10,000 in maybe two years time-frame. So is it a potential content per vehicle or is realistically supplied at this point of time?
Sanjay Mehta
So absolutely right. So as of now in P&L, there is a content per vehicle of 4,000 on account of CNG. But going-forward in next year, we are seeing that content to increase to somewhere closer to 8,000 to 10,000 per vehicle. And apart from that, there has been a slight increase in content per vehicle of this IAC EV launch as well, which is having a larger content per vehicle as compared to the earlier quarter
Shashank Kanodia
Okay. Okay. Hi, sir. Thank you so much and wish you all the best.
Sanjay Mehta
Thank you.
Operator
Thank you. We have our next question from the line of Sankeet Kilaskar from Ashika Stock Broking. Please go-ahead.
Sanket Kelaskar
Thank you for the opportunity, sir, and congratulation on good set of numbers. Sir, my first question is on EV agnostic products. So how are EV agnostic product performing in this quarter and what are the steps we have been taken to enhance the market penetration? And if you can also give us like what is the percentage of our revenue coming on from these EV agnostic products
Vikas Marwah
So Sake ji, this is Vikas. Thank you for the question. So of course, the DNA of is very much EV agnostic and more than 90% of the value contribution continues to come from EV agnostic products and we don’t see this trending — this trend changing at least over the next 24 to 36 months. What is driving the EV products sustainability, of course, in all the joint-ventures like IAC or Lumex Manno or Lumex Cornalia or Alpine portfolio are that they do not require currently significant change in their application models and only very spine miniaturization. So that is why I think these are all very sustainable products.
Sanket Kelaskar
Okay, sir. Thank you. Sir, my second question is like as of 1st April 2025, OBT and OB2B norms would be getting implemented. So how are we getting impacted from this norm? And are we expecting any kind of revenue increase but from this — with the help of this norm?
Vikas Marwah
Yes. So OBD2 for technology is a very welcome implementation. One of our joint-ventures, which has been finding a challenge on capacity utilization, that is Lumax FAE has now got into full-blown SOP with major two-wheeler manufacturer down South. We went into the SOP 1.5 months back. We are anticipating almost INR60 crore to INR70 crore increase in our top-line revenues with the implementation of the secondary oxygen sensor, which now becomes mandatory from 1st April 2025.
This will take care for a full-year capacity utilization of about 45%, which was earlier hovering around 10% because of the non-implementation of. We are aggressively pursuing second OEM then to fill-up the remaining capacity and FY ’27 then would be the go-live date of the second OEM. So on oxygen sensor, we are very positively impacted with the OBD2 norm implementation.
Sanket Kelaskar
Okay, sir. Is this also will be going to increase the content per vehicle?
Vikas Marwah
So on two-wheeler definitely this will increase the content per vehicle by almost 800 rupees.
Sanket Kelaskar
Okay, sir. Thank you. That’s all from my side
Operator
Thank you. Ladies and gentlemen, please restrict yourself to two questions per participant. We have our next question from the line of Saket Kapoor from Kapoorko. Please go-ahead,,
Saket Kapoor
Sir, I’m audible, sir.
Anmol Jain
Please go-ahead.
Saket Kapoor
Yeah, yes, sir. Sir, just to sum it up, sir. So taking into account the way we ended our — this quarter on the highest revenue profile on a quarterly basis and also on the increase — increased margin, what should we expect going ahead for the year-to-end with? And on a consolidated level, sir, what steps we are in the annual that will match the levels of our EBITDA margins, which we have posted earlier. I think so there is a 90 basis-point reduction. So these are the two questions, sir.
Sanjay Mehta
Okay. So I think the margin reduction was explained earlier by Mr Ankit Kakral. I think in last year, 14.7% margins for nine months had — was again apple-to-apple for nine months FY ’25, if you were to compare excluding the Lumax ancillary and the green fuel, it stands at about 14.4%. So again, we are at a similar level-playing field of about 14.5% EBITDA margins. There has not been really a decrease in the margins if you compare apple-to-apple.
However, going-forward, I think the full-year outlook is very clear that we should be looking at a growth similar to a nine months growth anywhere between 20% to 25%, which should ideally get the total consolidated revenues closer to around INR3,500 crores and we should be able to sustain a similar EBITDA margin in-quarter four as well.
Going-forward, as I mentioned in FY ’26, the guidance would be that anywhere between 15% to 20% top-line growth and EBITDA margins will surely be more towards 14.5% to 15%. That’s the guidance for FY ’26.
Saket Kapoor
Thank you. Thank you, sir. That’s all from my side. And all the best.
Operator
Thank you so much. We have our next question from the line of Amit Hiranandani from PhillipCapital. Please go-ahead. We have our next question from the line of Hitesh Goel from Ritesh Advisors. Please go-ahead.
Hitesh Goel
Thank you, sir for taking my question. You talked about Obidu — OBD2 norms increasing content by 800 what is per vehicle? What is the content right now?
Anmol Jain
So two-wheeler content as of now it’s closer to 16,000 to 18,000 per vehicle. So this 800 per vehicle relates to a specific product of oxygen sensor, which is — which will be going by that — through the joint-venture. So answering to your question, the OBT2 will give us an enhancement of about INR800 INR2,000 that would be the impact of OBD2 on our content per vehicle.
Hitesh Goel
Yes, and sir, on basically Bajaj’s business, basically which you have in standalone business, it is largely, you know, leveraged towards exports because exports are reviving for Bajaj in a big way. So just wanted to get a sense that, does that help you?
Anmol Jain
Well, we have both. We have a pretty diverse portfolio of the domestic Models as well, right, from the premium segments of KTM as well as for the main — the boxes, the Platinas. However, we also have now a sizable presence on the EV models of Chetak. So that is the reason why the growth has been consistent. Apart from — this is on the metallic frame business. Apart from that, on the plastics and lighting, we are spread across both as well as Pune and Panchnagar clusters as well. So it’s a fairly widespread diverse mix of product for Bajaj.
Hitesh Goel
And any update on Pulsar you were talking about that you were trying to get into the Pulser as well for Bajaj. Any update there?
Anmol Jain
The discussions are ongoing. We hope to see some traction in FY ’26.
Hitesh Goel
Okay, sir. Thank you.
Anmol Jain
Thank you.
Operator
Thank you. Ladies and gentlemen, please restrict yourself to two questions per participant. I repeat, please restrict yourself to two questions per participant. We have our next question from the line of Amit Hiranandannani from PhillipCapital. Please go-ahead.
Amit Hiranandani
Sir, our largest customer in Lumax Konalia is reporting flat to negative growth. So can you please help me with the revenue of this entity for 9M? 9M? And additionally, if you can help us understand whether have we received any compensation from the largest client for rolling back to metals fuel tank?
Anmol Jain
So in-spite of its anchor customer being down this year and production volumes by 5% still reported about 5% kind of a top-line increase. For the full-year, we are expecting Lumex to report around the same number. However, I think what is going to help Konalia is now the new SOPs that are kicking-in also for some new customers for which we cannot disclose that it is right now because the products have not gone into SOP. It will take a couple of months.
The strategy for plastic fuel tank is meanwhile undergoing a change at our end due to the — due to the customer demand not panning out that way and the 2 norms not getting implemented completely in terms of the plastic fuel tanks as a regulatory thing. So the rotor molding business initiatives are now being taken to the direction of making — making the rooftops of E3-wheelers for which we are going into a major SOP in the next two months and also some body cabins.
So these are the potential applications of the rotor molding facility that we have put up and we continue to wait for the expansion of the plastic fuel tank potential.
Amit Hiranandani
Yeah, right, sir. This is the second-last question from my side. So if you can help us understand all these emerging subsidiaries, what we have and, etc., if you can give us an outlook one-by-one on the revenues and margin side, please?
Anmol Jain
I think overall, my commentary would be that we’ve seen a significant growth in the Mechatronics vertical. And for the next year onwards, we do expect to almost double our revenue within the Mechatronics vertical. All the joint-ventures which sit under the are expected to report a very handsome growth, although because of a small pace, but we have gained significant traction on all of them and the margin guidance in pretty much all of them would be similar to the consolidated number or slightly better. So they will add to the top — not just the top-line, but also the margin accretation for the consolidated entity.
Amit Hiranandani
Thank you. All right, sir. All the best. Thank you so much.
Anmol Jain
Thank you.
Operator
Thank you. We have our next question from the line of from Unifi Capital. Please go-ahead.
Ganeshram Rajagopalan
Thank you. So just to continue on the SAE side, SAE that you’re explaining — I read your previous calls that you said there would be heated sensors that you would be supplying and this would be about 0.5 million in volume, I assume on a full-year basis, right? So the INR60 crore INR70 crores that you’re talking, is that the kind of revenue that you expect would materialize on a quarterly basis? And would that also be a strong growth driver for the doubling in revenues that you expect in the coming year?.
Anmol Jain
So secondary sensor application revenue has already started kicking-in and we will now be expecting in FY ’26 a full-year of this revenue emerging. We are expecting a INR70 crores additional top-line to FAE for one full-year. As I mentioned, this would still take us to a 40% capacity utilization only being a new product and being the first year of SOP.
We don’t want to go in an overdrive mode in the first year of this launch and we will slow pace it to come to the second OEM launch in FY ’27 and thereby take-up our capacity utilization closer to 70%.
Ganeshram Rajagopalan
Okay. Very clear. So the — and the last question, just from my understand, how to understand — I mean, this is a basic one, but to understand the order book and ACV numbers and the content value numbers that you report, right? So when you say order book, typically, what’s the timeline I mean, we have given the split, I understand 30%, but what is typically the order inflow on a quarterly basis? Are these more recurring orders that clients present? I mean with you or are they one-off kind of events where they supply for this model for a year? So I’m just trying to understand how these contracts typically work. And as far as the content value in itself is concerned, is this again maybe just a clarification, but is this the potential revenue — I mean, potential addressable value that you can supply to these vehicles or is it what is actually being supplied at the moment?
Anmol Jain
So again, first question on the order book, I’ll just add that, see, the order book is an evolving number. This is not a one-time order. These are orders which have been given on certain models across different product lines, across different entities. So again, these are something which are based on constant engagement, constant RFQ process, which is an ongoing process with multiple OEMs. These businesses are awarded based on competitive bidding, but these are recurrent in nature.
And again, the endeavor should be to get more-and-more business for new models by increasing our wallet share. So that’s a constant endeavor. And if you see the order book, as mentioned earlier, was it’s sitting at about INR1,350 crores, which is close to one-third of the annual revenues of the consolidated entity.
The second question you had was on the contribution per vehicle. I would say that it’s a mixed bag. In certain cases, the content per vehicle is actually being addressed by the entities. However, in certain cases, it is still an addressable market, which we are hopeful of getting into over the next two years.
Ganeshram Rajagopalan
Okay. Thank you very much.
Anmol Jain
Thank you.
Operator
Thank you. Ladies and gentlemen, that would be the last question for today due to time consent. And I now hand the conference over to the management for closing comments. Over to you, sir.
Anmol Jain
Thank you. Well, I’ll take this opportunity to thank everyone for joining into the call today. We will keep the investor community posted on a regular basis for updates on your company. I hope we have been able to address all your queries. For any further information, please get-in touch with us or SGA, our Investor Relations Advisors. Thank you once again and have a good day.
Operator
Thank you. Thank you. On behalf of Umex Auto Technologies Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines.