Lumax Auto Technologies Limited (NSE: LUMAXTECH) Q3 2026 Earnings Call dated Feb. 13, 2026
Corporate Participants:
Anmol Jain — Managing Director
Ankit Thakral — Corporate Finance SGA — investor Relations Advisor
Sanjay Mehta — Director & Group Chief Financial Officer
Sunil Koparkar — Managing Director, IAC India
Analysts:
Amit Hiranandani — Analyst
Vijay Kumar Pandey — Analyst
Dhaval Shah — Analyst
Apurva Mehta — Analyst
Mihir Vora — Analyst
Sahil Sharma — Analyst
Presentation:
operator
Sa. Sa. Sa. It. Ladies and gentlemen, you have been connected to the LumaX Auto Technologies Limited conference call. Please stay connected as you. The call will begin shortly. Thank you. IT. Sa. Sam. It. Ladies and gentlemen, good day and welcome to the LumaX Auto Technologies Limited Q3 and 9 months FY26 earnings conference call. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on the date of this call. These statements are not the guarantees of 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 then zero on a Touchstone phone.
Please note that this conference is being recorded. I now hand the conference over to Mr. Anmol Jain, Managing Director of Lumax 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 Lumac Auto Technologies Limited Q3 and 9 month FY26 earnings conference call. It’s a pleasure to welcome you all today. I’m joined by our leadership team including Mr. Sanjay Mehta, Director and Group CFO. Mr. Vikas Marwa, CEO of the company. Mr. Ankit Thakral, CFO of the company. Mr. Sunil Koparkar, Managing Director, IAC India. Mr. Akshay Kashyap, Managing Director of Green Fuel Energy. Mr. Mr. Naval Khanna, Head of Corporate Taxation. Ms. Priyanka Sharma, Head of Corporate Communications. And I would also like to introduce Ms. Surbhi Chandna Group, Head of Investor Relations and Value Creation. We’re also supported by our investor relations partners at Factors pr. Together the leadership team looks forward to sharing an overview of the company’s operational and financial performance for Q3 and 9 month FY26 along with the key business developments during the period. The results and investor presentations have been already submitted to the stock exchanges and are available on the company’s website and we trust you’ve had the opportunity to review them on the industry performance.
India’s macroeconomic environment during Q3 FY26 remained supportive for the automotive sector with growth visible across all major segments. As per CM production data for Q3FY26 passenger vehicle production was up by 19% year on year. 2 wheelers were up by 15% year on year 3 wheelers at roughly 3.4 lakh units were up by 35% year on year and commercial vehicles also saw a positive upward trend of 18% year on year. This broad based expansion underscores the strong momentum across the industry with overall robust performance of OEMs during the quarter. Importantly, domestic passenger vehicle sales grew by an impressive 21% year on year in Q3 FY26 compared to the same quarter last year.
Demand was further aided by the benefits of recent GST rationalization, a buoyant, festive and married season and continued premiumization trends across different categories. In addition, cumulative RBI rate cuts have helped ease financing costs and improved affordability, particularly for the mass market consumers. These factors have supported higher volumes, better product mix and healthier retail sentiment across urban, semi urban and rural markets, trends that are clearly visible across the sector. Finally, the recent union budget’s continued thrust on infrastructure spending, manufacturing and supply chain development is expected to provide further structural support to the auto ecosystem. In parallel, recent developments on the trade front including the US Trade Agreement and progress on the EU FTA should be positive for the industry over the medium term by improving market access competitiveness.
Overall, the macro and industry environment remains constructive with strong momentum across segments and improved visibility for sustained growth. Speaking on the company’s performance in Q3 FY26, we delivered our highest ever revenue with revenues growing by 4,0 40% year on year. For the nine months ended FY26 revenue increased by 38% year on year reflecting sustained momentum across our businesses supported by healthy demand, successful product launches and a continued shift towards premium offerings. Driven by this momentum, we would like to revise our revenue growth guidance from earlier 25% to now 30% and we remain firmly on track with our growth objectives under our North Star.
On the profitability front, IT EBITDA margins reached 15% for the first time during Q3FY26 and thus remained aligned with our strategic direction of improving EBITDA margins progressively. A Quick Update on Mergers the merger of Green Fuel Energy Solutions Private Limited with the SPV company Lumax Resources Private Limited has been approved by the Honorable NCLT Chandigarh with effect from February 3, 2026. The merger of IAC India with Lumex Auto Technologies is also gaining progress. With the first motion already completed, we continue to evaluate capital allocations in all our partnerships to create sustainable growth for the company.
This reflects a focused effort to simplify the corporate structure, enhance our capital efficiency and sharpen the alignment with future ready mobility platforms. On new launches during the quarter, we continue to strengthen our product portfolio with several new launches across both passenger vehicles as well as two wheeler segments. On the passenger vehicle side, we commenced supplies from Marthi Suzuki’s Celereo model for the failureless tubes and fittings for the CNG version which is an industry first localized solution. As well as interior parts for Maruti Suzuki’s Victoris platform, we also added interior components for Mahindra’s XUV7XO and XEV9E models and emission related parts for Tata’s iconic Sierra.
In the two wheeler segment, we began supplying plastic parts for TVS’s export model and frames for Bajaj’s Triumph platform. These wins underscore our strong OEM relationships and our ability to participate across multiple platforms and product categories. Speaking on the Order book, We are pleased to report a robust order book of rupees 1450 crores which provides healthy visibility for the business going forward. Of this order book, approximately 33% is expected to be executed in the next financial year FY27, 44% in FY28 and the remaining 23% in FY29. The order book continues to reflect healthy traction across all our product verticals with advanced plastics contributing the largest share followed by mechatronics, alternate fuels and structures and control Systems.
In closing Q3 and 9 months, FY26 represent an important milestone in Lumax Auto Technologies journey as we continue to execute our strategy with clarity and confidence. Under our North Star and the Bridge Midterm plan, we are building a stronger, much more diversified and future ready organization anchored by our focus on premiumization, electronics and software led solutions and sustainable mobility With a robust order book, strengthening capabilities through initiatives like Shift our Tech center, growing momentum in businesses such as iac, Mechatronics, Green Fuel and improving industry tailwinds, we believe we are well positioned to consistently deliver profitable growth and create long term value for all our stakeholders in an evolving automotive landscape.
With this, I would like to now hand over the call to Mr. Ankit Thakral, CFO of the company.
Ankit Thakral — Corporate Finance SGA — investor Relations Advisor
Thank you Sir. Good afternoon everyone and thank you for joining us today. The first nine months of FY26 have reflected strong execution across businesses, sustained growth, momentum and continued progress on our strategic priorities. Q3 FY26 builds on the strong foundation laid in the first half with successful transformation of our strategic alignment into strong revenue gains and EBITDA expansion, further solidifying the strength of our diverse and well balanced portfolio. Let me walk you through the consolidated financial and operational highlights for the quarter and nine months ended December 31, 2025. The consolidated revenues reached INR 1271 crores for Q3 FY26 which is historic high for the company and INR 3453 crores for nine month FY26 registering a growth of 40 and 38% year on year for quarter three and nine months respectively.
This reflects a consistent scale up across core product lines, steady traction with OEMs and and continued strong momentum of the aftermarket portfolio. On the profitability front EBITDA for Q3 stood at INR 191 crores while for 9 month FY26 it stood at INR 497 crores. This translated into margins of 15% for Q3 which is an improvement of 100 basis points from Q3 of last year. The same was 14.4% for 9 month FY26 PBT before exceptional item for Q3 FY26 stood at INR 116 crores while for 9 months it stood at INR 295 crores. There is a slight increase in depreciation cost in Q3 of FY26.
Part of it is due to the capitalization but majorly on account of amortization on account of right of use assets because of start of lease on couple of new facilities. It is because of this only. The finance cost is also slightly increased in the current quarter. The impact of change in wage codes notified by the Government of India on 21st November 2025amounting to INR 14.95 crores has been shown as an exceptional item for the quarter 3 and 9 months ending 5 financial year 26. Profit after tax before minority interest for Q3 and 9 month FY26 stood at INR 108 and 240 crores respectively registering an impressive year on year growth of 90 and 60% respectively in tax expense.
There was a one time impact in Q3 FY26 on account of reversal of defer tax as a result of the merger of Green Fuel with the SPV company Excluding the same effective tax rate comes out nearer to 26% both for quarter three and nine month FY26 and we expect it to hold at similar levels way forward too. The share of minority excluding the same defer tax impact for the Q3 FY26 stood at 16% which is again expected to be in the similar range going forward with respect to the division wide breakup beginning with the Advanced Plastics division this segment recorded an year on year growth of 28% in 9 months with revenues increasing from INR 1420 to INR 1811 crores this performance reflects our strategic alignment with OEM programs that prioritize design, durability and lightweighting.
The order book remains strong at INR 745 crores providing solid future visibility. The mechatronics segment sustained its upwards momentum delivering a year on year increase of almost 200% in 9 month FY26 from 67 crores to 198 crores with a healthy order book of INR 345 crores remains a highly technical business 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 year on year growth of 15% in nine months from INR 512 crores to 588 crores with an order book of INR 180 crores.
It strengthens our position as a trusted technology partner in the evolving mobility ecosystem. The aftermarket segment showed a strong growth of 15% from nine months of last year reflecting strong customer traction and product acceptance. We are very much hopeful of sustaining this strong growth for the full year. FY26 the Green Fuel Energy Solutions acquired in November last year FY25 contributed 270 crores in nine months backed by an order book of rupees 180 crores and with margins expected to be accretive to the group average over the medium term the segment is positioned to grow in alignment with our national shift towards alternate fuel platforms and rising OEM adoption.
Over the years there has been a notable shift in our revenue composition leading to a well diversified and balanced mix across mobility platforms. In nine month FY26 the passenger vehicle segment accounted for 53% of total revenues with two and three village segment contributing 24% followed by aftermarket at 10% and CVS at 9%. Capex for nine months stood at INR 172 crore which includes strategic investment in land in Gujarat and Kharkoda region of INR 44 crores. It also includes rupees 50 and rupees 20 crores on the capacity expansion in IAC and Lumex else respectively. These investments are aimed at unlocking medium term revenue growth and supporting localization efforts across key platforms.
The guidance for the full year is close to INR240 crores with a slight increase from the earlier outlook given of around 220 crores as of December 2025. We continue to maintain a strong balance sheet and a healthy liquidity position. Free cash reserves stood at INR421 crores providing us with the financial flexibility to support ongoing investments and navigate market cycles confidently. The long term Debt stood at INR 574 crore resulting in a conservative debt to equity ratio of 0.50 which is within our internal comfort thresholds. With this we conclude the operational and financial overview. We now open the floor for questions.
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 the 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. Also, in order to ensure that the management will be able to address questions from all the participants in the conference, kindly limit the questions to two per participant. Should you have a follow up question, please rejoin the queue. Ladies and gentlemen, we will wait for a moment while the question queue assembles.
Our first question comes from the line of Amit Hiranandani from Philip Capital. Please go ahead.
Amit Hiranandani
Yeah, thanks for the opportunity and first of all congratulations to the team for one more exceptional set of performance especially at the operational front. And it’s good to hear that the FY26 outlook is revised upwards for the second time in this fiscal. So team, are you also looking stronger FY27 as well and can beat the original guidance of 15% organic growth. Also if you can help us understand the, you know, the quantum of growth, the subsidiary wise is just to understand general subsidiaries will, you know still continue to see higher growth momentum in the next fiscal as well.
Sanjay Mehta
Sure. So thank you Amit for your comments on the great set of performance. I think on the revenue growth aspect, the buoyancy across segments continues to be fueled by key customers. As you know, Maruti Suzuki, sorry Mahindra and Mahindra Bajaj Otto and Maruti Suzuki are amongst our top five customers. All of them are showing very positive trends for Q4. So I think for the most part of FY27 we do believe that we will still be able to maintain and in due course we will look at if we need to revise upwards the guidance. But I think we are on track in our North Star of delivering about a 20% CAGR over the next three to four years.
And as I said before, this is a culmination of both organic and inorganic opportunities which the company will evaluate in due course. In terms of your question on subsidiaries, I think yes the subsidiaries have had a significant growth, some of them again coming out of a low base. But I’ll let Ankit handle in terms of the growth in subsidiaries for next year.
Amit Hiranandani
So yes, subsidiaries for the nine month mainly amid IAC and of course Mechatronics division they have led the growth for the subsidiaries and I think IHC for the nine months grew closer to 40 odd percent with respect to the nine months of last year and of course Mechatronics as a whole. Kitty, considering the entities like Lumex l Celpine and Lumex 5 they grew by I think closer to 200% from last year although on a very low basis.
Anmol Jain
Yeah so the subsidiary question was basically for FY27 like which subsidiaries will still continue to see higher growth momentum.
Anmol Jain
So of course apart from the Mechatronics since and especially the Lumex L Sulfide will continue to have a strong trajectory going forward because the SOPs which some of the SOPs which have happened in the middle of the financial year, the full year impact of those will come and as a matter of fact some of the new business wins which have happened in this particular financial year, couple of them, they will also start somewhere in maybe closer to H2 of the next financial year. And of course as you must have read the announcement of Mahindra and their increase in capacity expansion, IAC will still continue to benefit from that and they have a couple of new models lined up for SOP in the next financial year.
With respect to any exact or specific number with respect to FY27 we will be able to provide you some clarity maybe maybe by the end of March or so.
Amit Hiranandani
My second question pertains to margins. So how confident is the company to Attain this guided 16% of EBITDA margin target by FY28? There are three parts. Question is basically first is is there any risk which can, you know, probably restrict this upward journey? And second, what all steps the company is taking to achieve this aim of 16% and lastly, which subsidiaries will mostly be going to contribute positively in attaining the same?
Sunil Koparkar
So Amit, I’ll take this first. I think if you look at Our performance from Q1 onwards, progressively expanded our EBITDA margins which were sitting at around 13% and then inching towards 14 and a half and then for Q3 we’ve done 15%. I think we’re reasonably confident to maintain a similar EBITDA margin going forward for sort of 4 and in FY27 as well we should be able to expand further by about 50 points or so. I think the confidence comes from again as I mentioned, a very, you know, different diversified reasons. One, of course certain subsidiaries like IAC or Green Fuel will have A stronger growth compared to the 15 to 20% guidance which we’ve given.
Both of these sit at a higher margin business. Also the aftermarket which sits at a higher margin business will continue to also deliver accelerated growth. And once again with the premium offerings, our value content per vehicle will also continuously change, thereby pulling the margins further.
Amit Hiranandani
Right. So there are no risk you see, right for this upward journey.
Anmol Jain
I mean most of the risks we are seem to be mitigated but of course if something unforeseen comes then you know we’ll cross that bridge when we get there. But as of now we seem to be on track to maintain the current margins achieved and expand it further as we go forward in FY27 to achieve closer to 16% or so in FY28.
Amit Hiranandani
This is good to hear sir.
Amit Hiranandani
So just last one question especially on the standalone side. So we are in the process of doing some restructuring and appointed an external consultant as well. So wanted to know what is the status, progress and benefits expected on margins and any internal aim for you know, margin improvements especially on the standalone side. And lastly similarly standard is a big portion of your consolidated business now so so from where the growth is expected to come for the next two fiscal and in case you want to highlight any new wins so far for the standalone.
Ankit Thakral
So I think I’ll answ7 margins or I would say that that impact of that particular cost has reflected on the standalone financials for this particular financial year but the full, full impact of that particular expense you can see in the consolidated profitability because some of the various I would say cost cutting or maybe the fixed cost reduction saving impact has been reflected in the consolidated financials apart from the whatever the strategic input they gave on the aftermarket or maybe the couple of other subsidiaries also.
So if you exclude that one time impact in this particular fiscal year even for the standalone financials it will the profitability including the other income will come in the region of maybe closer to 11 odd percent which say in the last maybe 2 to 3 years we have seen slight improvement from the maybe 8 to 9% that was there in couple of years back of the standalone financial.
operator
But if you have a follow up question please rejoin the queue. There are a couple of participants waiting. Thank you. Our next question comes from the line of Vijay Kumar Pandey from Nuvama. Please go ahead.
Vijay Kumar Pandey
Thank you for taking the questions and congratulations for a good set of numbers. First of all wanted to check about the midterm FY28 margin target of 16%. So we are already at 15%, 14.8%. What is the risk of not meeting that target and if is the possibility or in other ways. Can you. Is it okay to assume that we can cross 16% margin in FY27 or only part of FY28?
Anmol Jain
Well Mr. Pandey, I think you know we’ve given an ambitious goal for us to move closer to a 20% EBITDA over the next five to seven years. I think we would appreciate that the margin in this fiscal year where we were starting in quarter one has almost gone up by 180 pips in the nine month. I think we are reasonably confident as I mentioned before that the ebitda margins between 15 to 15.5% will continue to be maintained on a accelerated top line growth of maybe 20% 25%. So in real absolute amounts, yes we will have a significantly higher profit growth in FY27.
But I think for now I would still continue to maintain a guidance of getting close to a 60% EBITDA in FY28. There are always risks of associated with this journey but I think the management team is quite confident given the diverse set of products and systems we do and also the whole premium offerings which we’re trying to, you know get towards as a part of our long term strategy. I think we are fairly confident to. Achieving and sustaining those margins.
Vijay Kumar Pandey
Thank you sir, thank you. Secondly on the subsidiary side wanted to check about the loss making subsidy. So we said that jobs will be again like it turned it was EBITDA positive and second half but at PBT level it will be negative. So if you can help us on a job Eturon helps helping and FAA the profitability and the growth aspect in these subsidiaries that will be pretty helpful. And also sir, just wanted to check about the deferred tax what will take that in the third quarter.
Ankit Thakral
So I’ll answer on the profitability part of your specifically and the defer tax. Then I will let Mr. Vikas Marwa to come in and speak about the growth aspects of all these subsidiaries. So firstly just to answer so with respect to maybe the earlier discussion Vijay, this was specifically for Lumex Yokogo that we mentioned that it will be EBITDA positive for the H2 of the financial current financial year. And just to let you know that quarter three was the first full quarter for the Lumex Yokovo in which it became EBITDA positive and also maybe PBT positive also for some part of the quarter But Lumex Yokovo still will still continue to have the negative EBITDA for the rest of the financial year.
Also and with respect to your defer tax query, so as I mentioned in my opening speech, it was a one off. It was nothing but a notional entry on account of the reversal of the defer tax liability which we accrue when we acquire the green fuel energy through our spv. Now the merger of that green tool has happened with the spb. That is why the reversal of defer tax has come in this particular quarter. However, if we exclude that impact, the etr is at 26 odd percent and will continue to remain at the similar percentage way forward.
Also considering the existing structure. Now I will request Mr. Vikas Marwa to come in and comment on the growth of these GVs.
Anmol Jain
Thank you Ankit. So as far as the subsidiaries are concerned the question is very relevant but let me assure you that even in the subsidiaries also the management continues to focus on the subsidiaries which have got huge scalability and a larger traction. I will begin with Alps. ALPS is set to exceed a revenue mark of 500 crores by FY31 and also target somewhere close to a 15% kind of an EBITDA margin in very technologically intensive products. Yokovo as already mentioned by Ankit has reached a full quarter of profitability as far as the EBITDA margins are concerned and is now approaching market leadership position with at least two major OEMs and going to a revenue scale.
So we have no concerns on that. Also on scalability and potential to improve the profitability. Ituran continues to be profitable. Yes, the telematics vertical as such is not yet completely mature in India. It is still in nascent stage. So we are we have matured our business offering with India’s premium customer Daimler India where our products are already successfully validated and we are waiting for the next business opportunities. FAE already went into successful SOP and is profitable and has got a dominant market share at two two wheeler companies which is Mahindra Motorcycles and Royal Enfield and continues to look at the third opportunity very soon.
YOP of course was an entry into a product line which was a second source when we came in, primarily the products being shift hours and currently even though the order book is parked for future scalability, we continue to have active discussions with the OEMs in terms of how to integrate this better within our transmission division. Lumex Manno and Lumex Cornalia continue to be high revenue, highly profitable entities. So there you go on all these subsidiaries including of course today Greenfield and ISE which are much more profitable than all of them.
Vijay Kumar Pandey
Just sir on the telematics part. So do you see any increase in the business coming? Because ADAS is being meant will become mandatory in the commercial weapons from next year onwards. So.
Anmol Jain
Offerings from right now are primarily in the TCU space which is the telematics control unit which is an advanced version of track and trace. We have now gone into the E can solutions which are there for the EV vehicles. The FY27 focus for telematics will be very strongly on the aftermarket of telematics. That’s a new vertical that we are opening up and we hope to double up telematics revenue in the next 12 to 18 months riding on these things. Besides of course waiting for these full blown ADAS opportunities to open up.
Vijay Kumar Pandey
Okay. Okay sir, thank you and all the best for current quarters.
Anmol Jain
Thank you.
operator
Thank you. Our next question comes from the line of Dhawal Shah from Girig Capital. Please go ahead.
Dhaval Shah
Yeah. Hi team. Great set of performance and great to see guidance upgrade since last two three quarters. So a couple of questions on the balance sheet front. So our debt seems to be as per the guidance and so considering the Capex we’ll be doing around 220, 240 crore this year. How should we think about the capex number for the next two years and will we see an absolute increase in the debt on the balance sheet? Also we have some inorganic plans also on the cards so can you just guide us on that front? And related question is does this the finance cost for this quarter of 27 crores become a become a base now for the future quarters? How should we think of it? Because this has come as a bit of surprise.
So and also the depreciation figure is also quite high. So if you know Qatar can throw some light on that. Thanks.
Anmol Jain
So yeah, so answering your last of the observation first. So as I mentioned in the opening speech which I think you may be your master missed. So regarding the depreciation and finance cost. So it was mainly due to the on account of amortization of the right of use of assets because of start of our lease on couple of new I would say facilities. Of course some part of it is because of capitalization but majorly because as per accounting now when you capitalize as a ROU it comes under depreciation and the lease finance cost. However considering the way forward for finance cost you can as per the existing term loan you can take a quarterly figure of anywhere between around 25 to 26 odd crores for way forward per quarter.
Dhaval Shah
So that would be like the actual actual cost you are saying?
Anmol Jain
Yes, yes.
Dhaval Shah
The actual interest of what you’re going to pay.
Anmol Jain
Yes.
Dhaval Shah
Okay.
Anmol Jain
So it was similar figure which was there in I would say Q2 of the financial year and of course answering to your loan basically that debt position.
Dhaval Shah
So this 27 crore figure which we had, so there was what 3 crores of this India’s impact, 2 odd crores.
Dhaval Shah
1 and a half to 2 odd crores of India’s in finance cost and maybe closer to 2.5 to 3 crores in depreciation. And with respect to your debt query, so considering the existing structure, of course whatever the yearly repayment is there of the existing term loans which are majorly on account of acquisition financing also. So I think in the next three years it is getting repaid in full. And as far as say any new organic. So as of now nothing is concrete. And as. And when if something materializes, we will definitely communicate in due course of time.
Yes, with. Yeah, with respect to CapEx, I think the CapEx.
Anmol Jain
Yeah, I think we continue to believe that the annual capex for organic growth should be anywhere between 150 to 200 odd crores. And I think you know, it would vary across subsidiaries but I think this company is sitting on enough internal resources and free cash to reinvest into the organic growth of the business. And as Ankit mentioned, if there are any inorganic plans which become concrete in due course then we will see how to, you know, leverage and balance the debt versus internal accruals accordingly.
Dhaval Shah
And sir, the 16% EBITDA margin expiration is including other income or excluding other income generally we gave. Including other income if I’m not wrong.
Anmol Jain
Yes, we communicate all our EBITDA numbers. Including other income.
Dhaval Shah
Yeah, for FY28. Okay.
Anmol Jain
Okay.
Dhaval Shah
Got it sir. Okay, thank you.
Anmol Jain
Thank you, thank you, thank you.
operator
Our next question comes from the line of Apurva Mehta from AM Investments. Please go ahead.
Apurva Mehta
Congratulations on great set of numbers. Just only one question. Aftermarket, the growth has been always aspirational to grow beyond 20%. But we are not able to basically scale up that aftermarket. Can we see that happening in coming year?
Ankit Thakral
So Purvaji, thank you very much. I completely agree that the coming quarters you will start seeing a further accelerated growth in the aftermarket. Having said that, if you were to benchmark the other peers in the auto component industry, actually most of them are delivering a growth anywhere between 7 to 11% for the nine months. So we definitely were in that bracket almost about 3 4/4 ago where our growth was also in single digits. But I think with the external interventions with completely redefining what and how, you know, looking at the secondary pull in the market, we’ve been able to have an accelerated growth and we reported a number of 15% growth in the aftermarket and I think we are on course to achieve and further enhance growth.
As I mentioned, I still continue to give the guidance of a 20% growth in the aftermarket will definitely be achieved going forward in the next year.
Apurva Mehta
That’s good to hear. And on the, on the, you know, where we have set up, you know, Software center strip, what kind of where do we stand currently and what is the role of that venture means what are the lead trying to achieve? Because we have set up various subsidiaries in China and everybody just get into it that where are we heading towards for that?
Anmol Jain
Maybe I request Vikas to just give a quick update on the SHIFT facility and maybe Sunil if you want to just give a quick download on the China Resource Center. Thank you.
Ankit Thakral
Thank you Apuji. So as far as the SHIFT sector is concerned, we inaugurated it in October 2025 only with a benchtrand of 25 software engineers. Our first entry of Lumicror technology into such a space. Because of the human capital of software being based out of southern India, SHIFT has got two very clearly defined focuses, the results of which are beginning to be visible after two quarters where they have already lent robustness in terms of the software resilience and in terms of the electronic content into few of the joint ventures that we are operating in India right now where rather than leaning on the overseas support, we have managed to indigenize it on the India side inside Lumex.
Second, there is a substantial new business that is getting incubated inside Lumex Auto Technology standalone entity right now, the details of which we cannot disclose and we will be happy to share it in queue 2 of the next financial year when it gets into SOP. It is wholly being driven in terms of the software management by Shift. Thirdly, Shift on its own has initiated OEMs for two PoCs that would be running on new age EV centric products. Now this is again initiative which is being led by SHIFT directly and that is something which they will be focusing upon.
So SHIFT will have two basic functions. Number one, to give resilience to the existing joint ventures and the standalone operations of Lumix Auto Technology in terms of the electronification and the software content and second drive their own revenues. But more about shift, we will be happy to share with you. In terms of the next exciting news that comes on the China Office, I will request my colleague Sunil to please brief you about it.
Anmol Jain
Thank you, Vikas. Thank you. Good afternoon. I just wanted to update on the China Office. The purpose of China Office remains the same. We have put in the staff primarily to look at the new tooling and development as well as manufacturing, automation etc. So that is the primary focus will remain and as a group company will be looking at. We also have signed a few companies TAs with few companies and that has already turned businesses. Actually we have one ambient lighting business for Maruki Suzuki as well as some of the premium cup holders and mechanism parts which we are developing with China Assistant.
They have already turned into business and will continue to grow as we bring in more premier segmentation into cars. So that will. That’s brief about China. We need to hear all these things. Only last thing, on the greenfield side.
Apurva Mehta
The content for vehicle which going forward was going to expand. Can you throw some light on that?
Anmol Jain
So of course I would request Mr. Akshay Kashyap to come in and maybe speak about increase in the content.
Ankit Thakral
Yeah, thank you very much for that question. As you know, the CNG car market continues to grow. Today our content per vehicle is about 3200 rupees per vehicle out of 11,500. As an opportunity, as Mr. Anmol had mentioned that on the 18th of December we inaugurated a facility of a localized ferulence technology of fittings which every car uses and is an approximate content of 3,500 rupees more per vehicle. We believe and we are the only first company in India to localize this kind of technology. And therefore we’ve already got the order for the Celerio. And as we move forward we are looking to get more of the schedules and visibility on the other vehicles.
So that will significantly ramp up our content per vehicle from 3200 to almost 6700 per vehicle. With the caveat on the models we are in.
Apurva Mehta
And over the period.
Ankit Thakral
Is this Mr. Akshay speaking? No. Okay. Okay.
operator
Sorry to interrupt you sir, but if you have a follow up question, please rejoin the queue. Thank you. Our next question comes from the line of Mihir Vora from Aquarius Capital. Please go ahead.
Mihir Vora
Yeah, hi. Thank you for taking my question. So. So my question was basically on the ISE part where we have seen the new launch of XV9s and the 7X. So just trying to understand whether what kind of content value increase will we see in this new models?
Anmol Jain
So I would request Mr. Sunil to come in and maybe explain you about the content per vehicle of these particular two models.
Sunil Koparkar
I think the content increase if you look at between 707 XO, the content is not really increased because some of the products which are changed is more like bringing the bigger screen. It has not affected our portfolio but we have added some additional premium components to both of these models. So content per vehicle may not increase more than say 1500 rupees in terms of that. Because we, even on the 9S we were already producing these parts for 9E but we have got some additional content as I said which will not value more than. But overall the volume of EV because of 9s introduction will go up.
Also there is a upward looking statement from Mahindra to boost the capacity of 7xO.
Mihir Vora
Okay, but I think previously we had mentioned our 700 content is higher than the EVs. Is it something like that or EVs content is higher than the 700.
Anmol Jain
So Mihir, with respect to the overall manufacturing and thereby integration of all the other parts. So I think XUV700 content was slightly maybe on the higher side. But however with respect to as and when more and more the premiumization vehicles are being manufactured by Mahindra, this content per vehicle surely but slowly will definitely increase over a period of maybe 18 to 24 months. But yes, for a single particular quarter that impact may be too low to be visible.
Mihir Vora
Okay, okay. And second one on this in terms of iit, are we able to tap into other clientele like for selling out more products to Maruti or entering into Tata Motors, anything, any development there.
Anmol Jain
So again I would request Sunil Ji to come in and maybe. Yes, so we have secured some future business for some of the upcoming programs for Maruti Suzuki. We are also looking at expanding our presence in the CV space besides the Volvo Aisha portfolio we have today. So we are in discussion with some other CV manufacturers to grow the content there as well. Tata, we had received the order that program is right now on hold and hopefully it gets kicked off again. But we continue to increase our market share in Maruti and other non Mahindra customers as well. Okay, okay, okay.
Mihir Vora
Just lastly if I can squeeze in one more. So my last question is on the green fuel part where if we see the balance sheet of green fuel, the asset turns seems to be very high for the business. So just wanted to understand whether is it something where we are buying out parts and just Assembling it is it a simply kind of a business some color on that.
Anmol Jain
So yes, as we explained at the beginning of the financial year also. So this particular business is an extreme, extremely asset light business because most of the parts I would say are being procured from outside, some of it from as an imported content also and are getting it getting assembled internally only. However, with respect to this new product line addition which we have just recently done with respect to this Perulas tubes and fittings, so we have made certain capital investment maybe closer to around 8 to 10 crores for this particular financial year that has enabled this particular sop.
But with respect to going forward apart, if you compare with maybe the other business divisions, this particular entity, Green Fuel continue to be asset light and better than of course much better than the company’s overall average atr.
Anmol Jain
Okay, but do we look at backward integrating some components here ahead in the existing product portfolio? So we’ll continue as it is how it is going on right now.
Anmol Jain
Maybe I would request Akshay to come in and maybe elaborate something about the backward integration of whatever the products.
Ankit Thakral
Yeah, so once again thank you for that question. So in our case, if you look at a few years ago, the import content was almost as I had, 65%. We have already brought it down to 35 to 40%. And as we move forward we are looking at localizing more products. Having said that, because our products are very safety critical, there are certain parts that are not produced in India at the moment and suppliers are not available. So those will continue to be imported. But as Mr. Takral explained, with the localization of this new technology, we will be investing more into, you know, expanding that.
And therefore when we look at our overall revenues, the import content will become much lower as we go forward.
Mihir Vora
Okay, sir, thank you.
Anmol Jain
Thank you.
operator
Thank you. Our next question comes from the line of Sahil Sharma from Dalmas Capital Management. Please go ahead.
Sahil Sharma
Yeah. Hi. Thank you for taking my question. So can you provide some more details on the others revenue segments segment this seems to have grown quite a bit this quarter. So maybe with respect to the customer wise, you may be asking about it. Customer wise also and product wise Also, it’s about 110, 11 crores this quarter versus 65 crores in Q3, FY25. So.
Anmol Jain
So it was nothing. It was nothing. But maybe around 45 to 50 crores of tooling and design revenue which was done by the IAC entity in this particular quarter which was not there in Q1 and Q2. Normally these tooling sales and Whatever they happen in the H2 of the financials here. So that is why you are seeing in Q3. But however if you compare with of course nine months with respect to the overall financial, overall last financial year. So I think the percentage is more or less in the similar range.
Sahil Sharma
Understood. And like what would be the profits from this tooling revenue this quarter.
Anmol Jain
So almost more or less in the similar region of the overall company’s profitability.
Sahil Sharma
Okay, understood. And on ISE. So M& M has announced a new greenfield capacity in Nagpur. So you know are we engaging with them on this and you know are we looking to invest in Nagpur for the same.
Anmol Jain
So I would request Sunil Ji to come in and maybe elaborate about it.
Sunil Koparkar
Yeah. So again thank you Ankit. So obviously we have been closely working with Mahindra to at this point I think the decisions are very preliminary stage I would say. But we are in discussion with Mahindra in terms of what kind of acreage or square footage for building we need in case we have to set up supplier park kind of situation in Nagpur. So I would say it’s a little too early but maybe we’ll shed some light maybe next quarter of this. But definitely we are in talks with Mahindra in terms of setting up new plant in Nagpur.
Sure. And if you could just provide some more details on the ambient lighting business with Maruti. I think you mentioned before. So this particular ambient light business we got because of our collaboration with China partner and it is for upcoming program codename Y2V and that has really given us a good in way to get into ambient lighting with Paruthi. Okay, thank you so much.
operator
Thank you. Our next question comes from the line of Dhawal Shah from Greek Capital. Please go ahead.
Dhaval Shah
Yeah, thanks for the opportunity again. So my question is on the again on the finance cost. So last year our Debt was around 770 crores excluding the lease liability part of the borrowings. And today we are at the same number almost. So while our finance cost should be around say 90, 95 crores for the year. So what is the interest rate on the debt for us?
Anmol Jain
So I think as I explained at the beginning of the call, so finance cost for this particular quarter we are seeing an upwards of around 2cr which is basically on account of the lease financing which is done on the basis of the right of use accounting. Because nowadays when you are taking a new facility on lease for a longer period of time you have to account for that lease or liability and the part of it comes under finance cost and the remaining portion comes under the depreciation cost. So that may be certain retrospective impact has come for this particular quarter going forward, this finance cost is considering the existing debt structure and whatever the repayment are being done.
So this, that’s, this finance cost is expected to settle anywhere between around 25 to 25.5 cr.
Dhaval Shah
So what should be the interest rate or average interest rate on our borrowings then?
Anmol Jain
So again on the long term borrowings it varies because most of the debt has been taken on the acquisition financing. And whenever any debt is on acquisition financing, on the purchase of shares that normally comes at a bit, I would say higher basis points with respect to the traditional borrowing. So on account of traditional borrowing the average debt may be closer to around 7 to 7.5. However, with respect to the acquisition financing it is closer to 9%. And on the short term working capital and again it varies from bank to bank. However, average cost of that is again closer to maybe 7 to 7.25%.
Dhaval Shah
7 to 7.25. Okay, understood. And yeah. And in terms of taxation, should we be back to the 26% tax from next year?
Anmol Jain
Yes. So there was a one off again in this particular. And if we even exclude that one off though the ETR comes out as 26 odd percent only and which will continue way forward too.
Dhaval Shah
And also the minority part was higher than what was discussed in the previous last quarter there was 14% of fat was minority. This quarter it is on 24% minority as percentage of fat. And I think for the full year you had guidance somewhere between 15, 16%. So little confused how to understand this minority figure because it takes out a substantial part of the path. So any guidance would you like to share with us?
Anmol Jain
So again, this thing I explained in my opening speech. So whatever the gain in the deferred tax that has come because part of it is my reducing the overall minority. I would say increasing the overall minority percentage because it is on this reversal is on account of the merger of green fuel and SPV and green fuel being a 60% subsidiary. So that is why the 40% impact does come in the minority interest. However, excluding that one off, the share of minority even for this particular quarter is that 16% only. And we have given the similar guidance going forward also between 15 to 17%.
Dhaval Shah
Okay, got it. Thank you.
Anmol Jain
Thank you.
operator
Thank you ladies and gentlemen. In the interest of time, that was the last question. I now hand the conference over to the management for closing comments.
Anmol Jain
Thank you once again for joining us for the quarter three and nine months earnings call and for your continued interest in in Lumax Auto Technologies. We truly appreciate your time and engagement today. Should you have any further questions or require additional information, please feel free to reach out to us or our investor relation advisors at Adfactors pr. We remain committed to keeping the investor community regularly updated on our progress. Thank you and we wish you all a great day ahead.
operator
Thank you on behalf of LumaX Auto Technologies Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines.