Lumax Auto Technologies Limited (NSE: LUMAXTECH) Q4 2025 Earnings Call dated May. 30, 2025
Corporate Participants:
Anmol Jain — Managing Director
Analysts:
Amit Hiranandani — Analyst
Pritesh Chheda — Analyst
Ganeshram — Analyst
Arian Goyel — Analyst
Shashank Kanodia — Analyst
Sankit Kascar — Analyst
Abulamea — Analyst
Shwetta — Analyst
Unidentified Participant
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Lumax Auto Technologies Limited Q4 and 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 involve risks and uncertainties that are difficult to predict.
As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star than zero on your 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. T
Anmol Jain — Managing Director
Thank you. A very good afternoon, ladies and gentlemen. It is our pleasure to welcome you to the Q4 and FY ’25 earnings conference call. Joining me today are Mr Deepak Jain, Director; Mr Vikas Marwa, CEO; Mr Sanjay Mehta, Director and Group CFO; Mr Ashish Dube, CFO; Mr Sanjay, Head of Aftermarket; Mr Naval Khanna, Corporate Head of Taxation; Ms Imani Joshi from Corporate Communications; and Mr Ankit, Finance Controller.
We are also supported by our Investor Relations partners at Factors PR. Together, our leadership team looks forward to sharing the company’s performance highlights and strategic outlook with you. Performance highlights for FY ’25, FY ’25 has been a landmark year for our company with revenue reaching an all-time high of INR3,637 crores, reflecting a strong year-on-year growth of 29%. This performance was driven by strong demand across all segments and deepening engagement with OEM partners.
EBITDA for the year also touched a record of INR516 crores, first time reaching the mark of INR500 crores, marking a 25% increase over the previous year. This growth highlights the strength of our operating model, supported by improved efficiencies, prudent cost management and continued focus on value-added offerings. Talking about the industry, the demand environment during FY ’25 was underpinned by gradual recovery in rural consumption, easing inflation and sustained government thrust on infrastructure development and agri supportive policies.
These positive trends translated into broad-based volume momentum across the automotive sector. In the two and three-wheeler segments, growth was hello, is the management line still connected? I don’t think it’s connected. Can you please check it thank you everyone for waiting. We have the management line connected with us. Sorry for that interruption. Continuing about the industry. In the two and three-wheeler segments,
Growth was fueled by rising rural demand and improving export traction. The passenger vehicle category continued to benefit from a strong premiumization trend with higher consumer preference for feature-rich models leading to robust offtake from our key OEM partners. This was further supported by healthy production schedules and positive market response to new vehicle launches.
The commercial vehicle space witnessed steady demand-driven by infrastructure-led activity and fleet upgrades, while the Farm Equipment segment recorded encouraging growth, supported by favorable monsoons, improved rural liquidity and strong crop procurement. With a well-diversified product portfolio and deep integration with leading OEM platforms, we remain strongly positioned to capitalize on evolving opportunities across segments in a structurally improving macro-environment.
As per CAM report, sales of passenger vehicles has been the highest-ever in FY ’25 at 4.3 million units with a growth of 2% compared to the previous year. Sales of three-wheelers in FY ’25 grew by 7% as compared to last year, which is again the highest-ever in any financial year. Two-wheelers witnessed a good growth of momentum of 9% in this financial year compared to last year with sales of 19.6 million units, while commercial vehicles posted a slight de-growth of negative 1% in FY ’25 compared to last year.
This reflects robust demand across most categories. Talking about the Q4 and FY ’25 company overview, a defining highlight of the year was the successful acquisition of Greenfuel Energy solutions marking Lumax’s strategic entry into the alternate fuel segment. This move aligns with our long-term vision of sustainable and innovation-led growth, offering strong synergies with our core business and expanding our capabilities in clean mobility solutions.
On 22nd May 2025, Lumax Technologies acquired the remaining 25% stake in IAC India, making it a wholly-owned subsidiary and securing full control of its largest revenue contributing business division with the intent to boost free-cash, better leverage, which will enable Technologies to go for future inorganic steps. IAC India also commissioned two new facilities in Chak Pune for the models of Mahindra and Mahindra,
The BE6 and XEB9E. IAC India was recognized with three awards at the recently held Mahindra Supplier Conference 2025, including the most coveted Business Partner of the Year award. Also, our many subsidiaries and plants received multiple accolades, including Lumax Cornalia’s Innovation Award at Mahindra and Hyndra Supplier Conference and the Supplier of the Year from Skoda Volkswagen India. Lumax Telematics earned the Hall of Fame award from Daimler India, while Lumax Technologies B
Angalore plant secured the best award for QCDM second year consecutively by its customer Honda Motorcycle and scooter India apart from the GIPI — JIPM TPM Award. The Lumax Technologies Plastic division, Lumax Manno and IAC India were also recognized at the Suzuki Supplier Conference for overall performance and process excellence. Our Bengaluru and plant won the Manufacturing Excellence Award at the 59th Athma Excellence Awards as well.
During the quarter, we successfully rolled-out cockpit assemblies for Mahindra’s Rocks, BE6 and models. For Honda Car India, we introduced both 80 and empty gear shifters and sharpen antennas for the. Additionally, we initiated the supply of counter box and receptacle assemblies from Suzuki’s newly-launched Swift model, expanding our engagement with key OEMs and enhancing our product portfolio. We are pleased to report a robust order book of INR1,300 crores with strong visibility across next three fiscal years. Of this, approximately 26% is projected to materialize In FY ’26, 42% in FY ’27 and the remaining 32% in FY ’28. The order book reflects healthy traction across all product verticals with advanced plastics contributing the largest share, followed by Mechatronics and structures and control systems. Alternate Fuels also continues to gain momentum, reflecting the industry shift towards cleaner technologies, notably, a significant portion of the order book comprises of new business wins reinforcing our expanding presence across customer platforms. We remain committed to deepening OEM associations, driving incremental order inflows and strengthening our participation in future mobility programs. Talking about the company’s North Start, at Rumex Technologies, we continue to be guided by our long-term strategic framework, the 2020 2020/2020 Northstar, which outlines four key goals. Number-one, minimum 20% revenue CAGR growth from new product segments and future acquisitions; number two, a 20% plus ROCE driven by efficient capital allocation; number three, the vision for mirroring 20% EBITDA margin, reflecting strong operational discipline; and number four, a 20% plus revenue coming from Clean and future mobility solutions, including EVs, CNG, electronification and software-defined platforms. FY ’26 also marks a key milestone in this journey by kickstarting the next six-year midterm plan from FY ’26 until FY 31, which is Bridge, which stands for Bold Roadmap Integrating Diverse Growth Engines, Bridge aims to unlock full potential across all our multiple businesses and helping Lumax Technologies transition from a Tier-1 supplier to a Tier 0.5 systems integrator. The launch of our innovation-driven center Shift, which implies Smart Hub for innovation and future trends, which aims to strengthen the digital edge with a dedicated software-defined vehicle vertical is a step under bridge. With robust performance across segments and OEM partners, we are well-positioned to lead the industry’s transition towards digital, clean and connected mobility. We remain confident in our ability to deliver on our vision through a mix of organic growth, innovation and selective inorganic opportunities. With this, I hand over the call to Mr Sanjay Mehta, Director and Group CFO. Good afternoon, everyone. I would like to begin by highlighting the company’s operational and financial performance for Q4 and FY ’25. We are pleased to report yet another strong quarter concluding the fiscal year-on the robust norms. Revenues for Q4 ’25 registered a solid growth of 50% year-on-year, while for the full-year FY ’25, revenues grew by 29%. This performance reflects our continued focus on innovation, premiumization and expanding our presence across high-growth segments. Now turning to the product category performance for FY ’25, the Advanced plastics segment delivered a healthy 53 year-on-year growth in Q4 FY ’25 from INR409 crores to INR626 crores and the full-year growth of 27% in FY ’25. The performance was supported by the deeper penetration in the premium vehicle segment and sustained product innovation. The order book for this segment remains strong at INR750 crores, underscoring sustained demand across OEMs. The Metatronics segment continues to outperform, recording 87% year-on-year growth in Q4 from INR26 crores to INR48 crores and the full-year growth of 80% in FY ’25. The quarterly momentum was largely driven by higher wallet share and effective cross-selling in new model launches. The current order book stands at INR210 crores, validating the strong momentum in this space. The Structure and control systems vertical has posted stable-growth of 5% year-on-year from INR172 crores to INR181 crores and a full-year growth of 8% in FY ’25. The order book for this segment strength is strong at INR190 crores, strengthening our position as a trusted technology partner in the evolving mobility ecosystem. The Green Energy solutions segment, a recent addition to our portfolio is gaining rapid visibility amid the national ship towards alternative-fuel platforms. In FY ’25, the segment recorded revenue of INR110 crores starting from end of November months with an order book of INR150 crores, this segment is strategically positioned to be a key growth driver for us in the coming years. As anticipated — anticipated aftermarket segment witnessed a meaningful recovery in Q4 FY ’25, registering a double-digit year-on-year growth at 10%, validating our earlier outlook. This rebound was supported by easing liquidity conditions and the successful rollout of new product lines. For the full-year, the segment recorded a growth of 5%. With pivoting to demand-led growth for deeper customer engagement and new revenue streams in-place, we are very much hopeful of much stronger growth for FY ’26. With an enhanced focus on the passenger vehicle segment added by a seamless integration of IAC, our share of passenger vehicle revenue rose to 53% in FY ’25, up from 48% last year. Two and three-wheeler segment contributed 22% of our total revenue. Aftermarket followed with 11%, commercial vehicle contributed 8%. This balanced revenue mix positions us well for sustained growth across segments. On the financial front, we delivered a strong — a strong top-line performance. For the first time, we crossed the landmark of INR1,000 crores in a single quarter. Our consolidated revenue for Q4 FY ’25 stood at INR1,133 crores compared to INR757 crores in Q4 FY ’24, representing a year-on-year growth of 50%. For FY ’25, revenue reached INR3637 crores, up 29% from FY ’24. EBITDA margins held strong at 14.6% for Q4 with absolid EBITDA of INR166 crores and a growth of 51 year-on-year basis. Full-year EBITDA came at INR516 crores, marking a growth of 25% with margins at 14.2%. PAT before minority interest stood at INR229 crores for the year compared to INR167 crores in FY ’24, a growth of 37%. The tax-rate for the year remained stable at 25.6%, a trend we expect to continue. Capex for the year stood at INR177 crores, primarily to towards SOP for new product platforms within IAC and Lumac Health. It also includes INR30 crores for purchase of land-bank at Arian. As of 31st March ’25, the company maintained a strong liquidity position with free-cash reserve of INR322 crores. Our long-term debt stood at INR458 crores following the acquisition-related payout Greenfruit Energy. The long-term debt-to-equity ratio remains healthy at 0.49. We were also pleased to declare a dividend of 5.50 per share to 75% of the face reaffirming our commitment to value-creation. We deeply appreciate the unwaving trust and support of our investors, partners and employees, which continues to drive our success. With this, we conclude the operational and financial overview. We will now open the floor for questions. Thank you.
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 please press star and one on the touchstone phone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question.
Ladies and gentlemen, we will wait for a moment while the question queue assembles. We take the first question from the line of Amit Hiranandani from PhillipCapital. Please go-ahead.
Amit Hiranandani
Yeah, congratulations to the team for exceptional performance and thanks for the detailed presentation. Sir, my questions are related to the vision segments. So for the Vision FY 31, 15% CAGR is likely to come from organic. So how much industry growth you have assumed seen, how confident you are in achieving this target and risk associated to the same? And can we see — I mean, is this growth majorly driven by the subsidiaries? So this is my first question.
. So thank you, Amit. So number-one, the organic growth is again a part of the theme bridge. This growth largely would be coming from across different businesses, but your understanding is correct. Some of the subsidiaries and joint-ventures were will be having a much faster accelerated growth, although on a smaller base. Our recent acquisition
Anmol Jain
Of green fuel is also likely to substantially increase the top-line contribution with a healthy bottom-line margin as well. So aftermarket as well, it continuously going to grow going-forward at a pretty strong CAGR compared to what it has grown over the last five years. And again, there has been a strategic shift in terms of focusing on-demand generation rather than just new product introduction.
So there are multiple factors. We do feel reasonably confident on achieving this CAGR over the next few years organically. Any risk to achieve this talent. Well, the risks are again — first and foremost, let me qualify that most of our growth is coming on the back of new product introductions, new model launches or finding a full-year realization of some of the recently done SOPs or acquisitions.
So to that extent, it is not directly linked with only the production volume of OEMs. I think if there is, of course an unforeseen event in the industry, then of course, it carries its own risk. But I think with the — given diversity of products, companies as well as OEMs, we are fairly de-risked from this kind of growth opportunity.
Amit Hiranandani
Right. And sir, secondly, so ’21 EBITDA margin, including other income is around 14% and the vision statement says 20% in next six years. It means approximately every year we are expecting 100 basis-points improvement in the margin. Can you please explain what’s the plan and strategy here to achieve the same and related risk to this thing?
Anmol Jain
So Amit, number-one, there is a correction in your understanding. We have not anywhere said that we want to achieve 20% in the next six years. I think as a part of the investor presentation also, we say that the 20% EBITDA margin is in North Star where we wish to inch closer towards those margin levels. It is not time-specific to six years. It could possibly be even beyond those six years. However, the clear strategic roadmap is to continuously get into product lines and grow our operating margins.
Having said that, I think by FY ’28, we are fairly certain that with the accelerated growth on subsidiaries on the aftermarket and getting full-year realizations of certain inorganic strategic initiatives, we should be able to double our EBITDA from the last year’s upwards of INR500 crores to possibly crossing the INR1,000 crore mark by FY ’28.
The same is reflected in the investor presentation. And if we were — if you’re able to do that, I think you will start seeing our EBITDA margins expand by about close to 200 1500 bps. Right. Thanks for the clarification for this link. Sir, lastly on the — if you can guide on the emerging subsidiaries like, and, job and FM, which growth FY ’21? And how is the front in which company grow fast and the margin sir, we have seen with the turnaround in these improvement in margins.
Amit Hiranandani
So keeping good in for the six years, please. So the various subsidiaries, of course, for the financial year ’25.
Anmol Jain
So if we say specifically the — all the subsidiaries being materially being the IAC one. So IAC has grown by almost 35% to 40% for this financial year and it has closed at INR1,200 and odd crores with EBITDA margins closer to 17% to 17.5%. If you see the other basically subsidiaries considering the Lumex, else, Jokovo and, so if it is considered as a single division, so division as a single which covers all for subsidiaries has grew by 80% from, say, INR60-odd crores last year to INR115 odd crores this year.
Of course, the detailed revenue and the profitability figures of each and every subsidiary is also covered in our investor presentation as a part of, which has been uploaded on the stock exchanges.
Amit Hiranandani
Sir, my question was
Operator
Amit, sir, I’m so sorry to interrupt maybe your line is breaking a lot. Could you move to an area with better reception?
Amit Hiranandani
Yeah, is it better now?
Anmol Jain
Yeah, just go-ahead, please
Amit Hiranandani
Yeah, hello,
Anmol Jain
Yeah sorry, Amit, you are not audible.
Amit Hiranandani
Sir, am I audible now?
Anmol Jain
Yes, go-ahead.
Amit Hiranandani
So my question was related to the — I mean, growth prospects in FY 31 for these will grow faster than on the margin side.
Anmol Jain
Okay. So I think few of the subsidiaries, for example, Lumax, Alps, Lumax, Yokogo, Lumax, Ituran, they — we foresee a significant growth, perhaps even in the next two to three years, a CAGR of upwards of 30%, 40%. Reason is again, as I said, these have been some recent launches, for example, in Lumax Logogo or as well as Lumax.
And also there is a decent order book, which will get into the SOPs in FY ’26 and FY ’27 for certain subsidiaries like Al Salpine. Again, these are strategic growth drivers for us aligned with the whole theme of getting towards a 20% plus from clean and future mobility. We do believe that these subsidiaries, which have product lines more targeted towards the future mobility will continue to grow at an accelerated growth compared to some of the other business verticals within the company.
Operator
Thank you. We take the next question from the line of Pritesh Heda from Lucky Investments. Please go-ahead.
Pritesh Chheda
Yeah, thank you for the opportunity, sir. Sir, just on your presentation, I was trying to comprehend the Slide 8 and the Slide 10. If you could — on the Slide 8, you guys have given the breakup of order book. So is this comprehension correct that incremental INR33 crore of order booking or revenue on incremental order is supposed to flow-in ’26 and 515 ’27, that’s how is the interpretation of this slide?
Anmol Jain
Yes. So the total order book as on-date stands at INR1,300 crores. Out of that 26% or INR33 crores will get into the P&L of FY ’26 and the remaining will come in FY ’27 and FY ’28 in that much proportion. Perfect. Then on the slide 10, I couldn’t comprehend this as-is basis and post IAC merger. So what are we — any — I was wondering that we are 75% in the company, an additional 25% is being bought, but the delta shown here is quite significant.
Pritesh Chheda
So I was unable to comprehend the math.
Anmol Jain
So it is just a comparison of the EBITDA numbers of the IAC when we bought in 2023. So the EBITDA of IAC at that time was INR90 crores and now the reported EBITDA is INR210 crores. So we were just trying to show that at that time, we purchased at EV multiple of closer to INR6 and now the EV, not that. So not that grid. The grid next to it.
So since this is just say, for example, the mathematics of the reported number of LATL standalone as of financial year ’25 and the IAC standalone numbers as of financial year ’25. So here we are trying to say, so we intend to merge IAC India into the Lumex Auto standalone.
And if that merger happens, so what will be the position based on my current numbers? So this is a comparison of LATL standalone as on today as-is basis without IAC merger and post the IAC merger and apple-to-apple.
Pritesh Chheda
Okay. Now for FY ’26, just to draw attention. So your inorganic will have basically the 25% additional acquisition that you did on IAC to flow-in FY ’26. And on greenfuel, which was merged with effect, I think November. So we will have another eight months of greenfuel to be reflected in FY ’26. These are the two pending acquisition-led numbers which is correct?
Anmol Jain
So number-one, there is no change from the 75% to 100% acquisition in our revenue. We continue to consolidate 100% of revenues of ISE even last year. So there is some change.
Pritesh Chheda
It will be a PAT after minority, where a minority — of now that minority doesn’t go up.
Anmol Jain
Yes. So from a top-line, no change, but yes, at a PAT after minority interest, yeah, it’s correct.
Pritesh Chheda
And greenfield will be available for nine months for eight months for consolidation.
Anmol Jain
So greenfuel plus consolidated for four months for the financial year ’25 and for financial year ’26, full 12 months consolidation will be there.
Pritesh Chheda
Okay. And your inorganic growth will then be a function of whatever orders that you have announced which was there on that plus whatever is the system-level volume growth in the industry for the — for the auto segments that you cater to, which is basically two-wheeler, four-wheeler CV, correct?
Anmol Jain
So that’s correct. So we continue to maintain a outlook of again 20% to 25% growth on the consolidated revenues, in-line with our 2020 theme of growing at a minimum 20% CAGR. You’re absolutely right, certain part of this will come from the full-year advantages, for example, of greenfuels, certain things will come from the new product introductions made during FY ’26 from a part of the order book.
But there is no new inorganic a step, which is as of now planned for FY ’23.
Pritesh Chheda
Okay. Okay. And my last clarification question is, the calculation of the minority, which stands at about 22% 23% today based on what the way you have your holdings. Once IAC of 25% minority goes off, what will be the new minority calculation that we have to do somewhat was 70 — I think 77% of the basic math, what was 77% profit attributable to shareholder in ’23 are minority, what should that mathematics be for FY ’26.
Anmol Jain
So if we see the FY ’25 numbers, so out-of-the 23%, almost 15% to 16% is from IAC only. And of course, so since other JVs are also growing in financial year ’26. So that number is expected to be around 10% to 11% based on our projections as of now.
Pritesh Chheda
Okay. So 23% minority drops to 10% to 11%. Correct?
Anmol Jain
Absolutely. The major, major. Of course, major part of that being the IAC being converted into wholly-owned subsidiary.
Pritesh Chheda
Yes, yes, sir. Okay. Thank you. All the best. Thank you.
Operator
Thank. Ladies and gentlemen, in order to ensure that the management is able to address questions from all participants, please limit your questions to two per participant. I repeat, please limit your questions to two per participant. If you have further follow-up questions, you may rejoin the queue. We take the next question from the line of Ganesh Sham from Unifi Capital. Please go-ahead.
Ganeshram
Thank you for taking my question and congratulations on the performance. My question relates more to the plan that you’ve outlined of about 20%, 15% organic, right? So ex of industry volumes, assuming there’s going to be a higher content value from the new models that you just described. My question is, IAC contributed about — I mean, grew about 35% to 40% and has been the largest driver of growth for us this year. About 95% of this business caters to Mahindra and Mahindra, right?
So my question is going-forward for IAC to continue delivering these sort of numbers, do we have to expand into other OEMs? Or is it just going to be a function of product value increase with Mahindra and Mahindra?
And if we are expanding into other OEMs, how are those conversations progressing? Is there anything in the pipeline right now with the other OEMs?
Anmol Jain
So thank you for that. I think we continue to maintain that, of course, IAC would perhaps not be growing at the same rate as it has over the last few years. As a part of our next midterm plan, we expect IAC growth to be more in the vicinity of around 10% to 15% CAGR. There are two factors for IAC’s future growth. Number-one, we continue to maintain our wallet share at Mahindra and Mahindra,
Which is almost close to above 90% 95% for the integrated cockpits and door panels across different models and we continue to enjoy a healthy order book and be engaged for the forthcoming models as well. The content per vehicle there will continue to grow as long as the premiumization and the soft touch technology continues to be expanded across new models as well.
Number two, there for IC, the discussions with other OEMs, namely Tata Motors, namely Suzuki have actually been kickstarted two years ago when Lumax came in as a 75% owner and those discussions are progressing extremely well. We do not have any significant cockpit or door panel, let us say, current orders in-hand from these two OEMs.
But yes, we are already engaged and we continue to provide parts towards Marji Suzuki and we are also in discussions with Tata Motors for their forthcoming models. So a combination of both will give us this 10% to 15% CAGR for IHC India on a higher base going-forward?
Ganeshram
Okay. If I can just follow-up with that particular part, see, with and Tata, when we’re trying to capture wallet share, right, how are IOC’s products positioned versus peers, right? What is going to tell these OEMs to move from the existing suppliers to us. If you could just give us some understanding of what IAC’s edges there. And now that you have 100% of IAC, will the global parent continue to give us tech support or do we have to pay them some royalty in exchange for the support?
How is that arrangement? Anmul, can I come in?
Anmol Jain
Yeah.
Ganeshram
So let me just address these two, three issues around IAC, right? So ISC is almost about first 100% wallet share on basically door trims and other interior things. I think one trend which you’ve overlooked is the premiumization. I think Mahindra’s volume, of course, is strong with — because of the best coming in and some new platforms. However, the premiumization is also upping the basically value with IAC.
Anmol Jain
That’s one part. Second, the Tata, the inroads, it is actually being done through design and both part selection. So happy to say that in Tata Motors, Budapan platform, which we have probably awarded, they’re probably going to start also from parts and it could be a Tier-2 arrangement, but also kind of a Tier-1 arrangement. Maruti Suzuki already is a supplier — or the customer to ISC, they’re already supplying parts, but now they’re actually going on for a whole design program that.
So the competitive edge is basically on the engineering front and the premiumization front. Given basically the technology adoption and adoption, we are basically having a TA agreement with IAC Global, but more so now we have the flexibility to actually make certain other technology arrangements.
And we are actually looking for a massive human-machine interface going-forward and the leader in the world is China. We are now having that flexibility to actually have certain arrangements to actually get from Chinese players who are established within the China market, within the best — within the whole premiumization there. And we are actually making a roadmap to do that along with certain of our key OEMs.
So I think the leverage and the competitiveness will remain based on the technology, the 100% gives us the flexibility to do that and also the agility to basically do it more independently of that. IAC already has about more than 350 engineers resident in India, Indian engineers working on platforms of our OEMs.
So we feel we want to leverage that around it. Also one aspect is that there is also certain premiumization, which is coming in into the CV segment. We’ll wait-and-watch that, but maybe another two to three years, we will figure it out. But if that happens, that can basically be able to support.
Ganeshram
Understood. That’s right. Yeah. I might connect offline just to get some more details around the rest. And one last question if I hop off is on the inorganic side, I know there is no plans for FY ’26, but there is a 5% delta that you’re expecting on the inorganic side, right. So what — would this tie-up that That you’re discussing potentially in China or what kind of acquisition are you looking at? And what kind of size would these acquisitions be? What’s the target area for that?
Anmol Jain
So I think I may say from an inorganic point-of-view, we are always looking for acquisitions, which are first margin-accretive. Second, it actually am able to have a higher kind of a growth trajectory. There are certain trends which the company is already following, could be on basically lightweighting, could be on plastics, could be on human-machine interface, could be on some other areas as well.
Export could be another opportunity. So we have not defined basically a target, but those are things which we continue to do this. In the recent Board meeting, we have already launched two SCVs and form two SPVs as well. So this will help us to basically be more future-ready in acquisition. Once we have more clarity on targets and all, of course, we’ll be fully reported.
Ganeshram
Thank you. Perfect.
Anmol Jain
Thank you. Thank you.
Operator
Thank you. We take the next question from the line of Arian Goyal from Choice Broking. Please go-ahead.
Arian Goyel
Hello. Congratulations on such a good set of numbers. Most of my questions have already been answered. Just on the green fuel part, the existing share that the has 60% and the company is the EBITDA margins of the company are quite good, 22%, which came in this four months. So are we seeing any — like are we going to increase the share in that in the coming months only? Is there any plan? And if not, then what is the reason we are not doing that if anything or not?
Are you talking about the share in terms of the wallet share? Are you talking about the share of equity? 60% that the has been let me comment.
Anmol Jain
I think we have only recently started this partner book and it is, as I mentioned and we have reported before, it is basically a partnership collaboration. We would basically right now maintain it at about 60%. Going-forward, we’ll see how the partnership basically shapes out. As you saw what happened with IAC, we wanted to continue with 75%, the global scenarios changed that kind of a thing, which gives us a lot more flexibility now.
But I think greenfield has run very well by their promoter manager and special. And I think right now our effort is to basically get more wallet share and enhance the accelerated revenue growth for greenfield. Anyways, the company is basically having the complete consolidation and then of course, such minority.
Arian Goyel
Yeah. And the last quarter you guided that the full-year revenue from the zen fuel will be around INR300 crores to INR350 crores. Is it the same or the wallet share will increase in that, the revenue part from that? So the guidance for FY ’26 of green fuel would be continuing to be similar between INR300 crores to INR350 crores. Okay. And like any — like what is the capex plan for FY ’26 and like what was the capex in FY ’25, can you — if you can give that.
Anmol Jain
So the capex plans for the consolidated entity would be anywhere around a similar number as FY ’25 around INR175 crores to INR200 crores around that vicinity as I again last year, we also spent some amount on land acquisition and we again to fuel our accelerated growth plans, we will continue to probably see if there are strategically more land banks which need to be created across the country.
Arian Goyel
Okay. Thank you. Thank you so much, sir.
Operator
Thank you. Thank you. We take the next question from the line of Shashank Anodia from ICICI Securities. Please go-ahead.
Shashank Kanodia
Yeah, hi, good afternoon, sir, and congratulations for a great set of numbers. Sir, three questions from my side. First and foremost, sir, this new order book of odd crores, this is to my best of an allies, the incremental order book, right? So base business continued to grow at an organic rate and plus you have this order book execution over next three years. So, is my understanding correct? So can you come again wasn’t clear. The INR300 crores is what? Is it the new order book, right?
So the base-case for is the base-case organic growth kind of continues or plus this is INR1,300 crores will get executable over the next three years, right? Yes. So INR1,300 crores, as I mentioned, is coming over the next three years. The order book is an evolving order book. Every quarter this order book changes based on new platforms one, but this INR1,300 as of now, only 26% of it or INR335 odd crores will come in FY ’26 P&L. Yeah. But sir, this is all incremental sales, right?
Anmol Jain
Apart from the base-case business that you’re doing, right, that is what I’m trying to understand. So let’s say, if the volumes grow 5% or there is, let’s say, volumes grow 20%. So your base-case will grow 20% and over and above you have this INR335 crores of sales, right? So on an average, there is about 10% to 12% replacement model sales and the bulk of this 88% or so is incremental sales that will be adding to our overall sales.
Shashank Kanodia
Understood. Understood. Secondly, sir, how do we look at the debt trajectory for you given the fact I think you have this acquisition to be for this year, INR220 odd crores plus INR200 crores of capex as well. So as well as your ambition for inorganic growth. So how do we look at debt trajectory for us?
Is there any parameter that you would not like to violate, let’s say, in terms of debt-EBITDA or debt-equity that we should be focusing upon?
Anmol Jain
You. So if we see our long-term debt-equity ratio on a consolidated basis, it is closer to 0.5 is to one. And considering the — what — and mostly long-term debt has been there on account of our acquisition financing also. And if the — considering the current repayment plan which is considered for the current year and maybe in the next one to two years. So if we do not consider any new acquisition financing, so that equity ratio is more or less in a comfortable zone and it will continue to decline.
So however, considering your next part of that, so we anywhere look around below, say, 0.7 to 0.8 is to one. Internally, we consider it as a comfortable position on account of long-term debt-to-equity.
Shashank Kanodia
Right. Sir, the only suggestion from my side would be in your pension of growth, we kind of calibrate it through a balance sheet strength as well. That is the last word from my side. Thank you so much. Thank you.
Operator
Thank you. Thank you. We take the next question from the line of Sanket Kelaskar from Ashika Stock Broking. Please go-ahead.
Sankit Kascar
Thank you for the opportunity, sir, and congratulation on good set of numbers. Sir, my first question is on Lumax Mano. So this year, we have seen EBITDA has been declined by 3% and there has been some margin decline as well. So can you please shed some light on that? And what initiatives are we taking in order to improve on that. So if we see the Rumex also as a revenue base, so it has more or less remained flat at around INR360 odd crores with respect to the previous year.
Anmol Jain
So of course, this is owning to some product mix relating to the automatic shifter and manual transmission shifter which was there somewhere closer to 75 25 in favor of MT last year. So that has reduced to say 85% of MT and 15% of 80%. So that has impacted the revenue when it comes to the value part of it. So now EBITDA margins, of course, yes, EBITDA margin, if we consider the other income has reduced by almost 80 to 90 basis-points, not the 300 basis-points.
So still if we see the reported number for EBITDA for the current year, it is anywhere closer to 16% to 16.3%, which was 17% to 17.2% last year. Again, this has been due to certain, as I mentioned in the revenue, the product mix of AT and MT and due to the less content per vehicle because of the higher MT sales. So these are one of two or three reasons that has impacted the EBITDA with respect to the last year.
Sankit Kascar
Okay, sir. Sir, my second question is on ADAS as in our presentation, we have mentioned that we are catering to ADAS. So I would like to know like, do we have our existing products which are catering to this particular segment or are we planning on coming up with these products which are catering to ADAS?
So for ADAS as well, are we catering to — are we planning for passenger vehicle or commercial vehicle because there is one regulation coming on commercial vehicles. So I wanted to know on that front.
Anmol Jain
So currently, our ADA strategy is based around the — out-of-the telematics and the connected Vehicle systems portfolio. As you are aware that we have launched our telematics products with a major commercial truck manufacturer and already there are more than 80,000 sets in the market. The driver management system, the DMS as we Call-IT in the commercial vehicle is ADAS compatible and currently your company is working on rolling out the POCs for that.
Second, in our other joint-venture, which is Lumax Pine in the human-machine interface products, we are actively working on the ADAS systems. A pilot batch has been already rolled-out to a major two-wheeler manufacturer. Unfortunately, their EV volumes are currently not ramping-up, so we don’t See the scale, but your company is already aligned on that path to pursue the ADAS objective. Sure, sir. Thank you. And my last question would be on content per vehicles. So sir, how much content per vehicle increase are we looking for in four-wheeler and two-wheeler in FY ’26. So if we see our current content per vehicle, it is closer to 70K as of financial year ’25 and in terms of the percentage of vehicle, so we are seeing a similar sort of content vehicle, maybe an increase of around 8% to 10% owing to the — mainly the increase with respect to the greenfuel numbers, which will come as a 12-month consolidated revenues.
Sankit Kascar
Sure, sir. Thank you very much. Thank you.
Anmol Jain
Thank you.
Operator
Thank you. We take the next question from the line of Apourva Mehta from AM Investments. Please go-ahead.
Abulamea
Sir, congratulations on great set of numbers. Sir, just wanted to most of the questions are answered. So just wanted to know your thoughts on aftermarket because you were really talking about increasing in a big way. So what are the plans for the next few years and where do we see this growth coming?
Anmol Jain
So thank you,. I think aftermarket, again, FY ’25 was an anomaly, I think you know, whatever plans we had set forth because of certain external conditions in the aftermarket, specifically not about demand, but more so on liquidity, I think we were not able to fructify that. As was mentioned in the opening address,
We’ve already seen some good, let’s say, recovery, specifically in-quarter four and we see that the momentum in-quarter one is a very strong momentum, which gives us that confidence that we will be able to deliver on a very strong growth in aftermarket for FY ’26. Also, we are changing the fundamental strategic focus area.
From this year onwards, we’re going to be actually spending a lot of resources and a lot of strategic focus on generating demand across different districts and also going to the last mile in terms of the connect with the retail and the mechanics. So I think those are some strategic shifts along with a very strong product development plan,
We’ve also recently engaged an external agency to kind of spearhead and handhold our team to deliver on the full potential of aftermarket over the next few years. So we’re quite bullish on aftermarket from a long-term perspective, and we are quite positively optimistic that for FY ’26, we should be able to again come back and deliver a very handsome growth, maybe upwards of 15 odd percent for aftermarket division.
And any new products which you are trying to bring in the aftermarket where we can really steer the growth for that? Yes. So I just want to update you that there are three very important new first categories which are going to launch. We in, we are actually present in all the segments, two-wheeler, four-wheeler, commercial.
So in two-wheeler segment, they’re going to launch the CDI, starter motors and RR. So this is the regulator electrifiers. This is a complete range of electrical products, which we’ll be launching actually the first-quarter, which is now next month. So in two-wheelers, this is going to be our new product launches. In case of four-wheeler, we are looking at launching the suspension system.
So we see an opportunity of growth in suspension and in the brake systems. So this will come in the 3rd-quarter. So that is the kind of plan for the new product launches.
Abulamea
And oncelpine, what are your plans means any new products coming from Al or strategically on the information system or on the dashboard side?
Anmol Jain
Yeah. So in this ji, as Salpine registered a revenue of around INR50 crores in FY ’25, it is expected to deliver INR120 crores in FY ’26. And very clearly, we are set for a INR500 crore-plus journey over the next four to five years. The products have been very well-identified with our JV partners. These are largely HMI interface products, new kinds of switches and sensors.
We are also actively talking to the customers in terms of the display systems with a lot of software integration. So just to give you more comfort on Al-celpine, there is — there is a ’22 product rollout, which will be fully functional from Al global portfolio by FY ’29 itself and that will then give us a base for future expansion.
Abulamea
Okay. Great, sir. Sir, and one more thing, when we were looking at the standalone numbers, the EBITDA margin we saw big drop on from which was around 10%, 11% kind of 12% kind of thing to somewhere around 7%, 8%. Why is there any one-off in this?
Anmol Jain
Yes,, there is — you’re absolutely right. So there are certain one-off expenses was there in the quarter-four on account of the, say, for example, whatever the green fuel, the deal which we did and certain consultancy expenses with respect to that. So however, for the full-year, the reported margin, including the other income was closer to 11%, but for a single quarter, so there was a decline because of that one-off thing.
Abulamea
So can you give me the number? What was there acquisition cost
Anmol Jain
At it was closer to 2% to 2.2% of the standalone revenues.
Abulamea
Okay. Okay. Great. And thanks and wish you all the best for future. Thanks.
Anmol Jain
Thank you.
Operator
Thank you. We will take the last two questions now. The next question is from the line of from Arihant Capital Market Limited. Please go-ahead.
Shwetta
Yeah. Thank you for the opportunity. So my first question is regarding the percentage of the current order pipeline. If you could tell me about the percentage of current order pipeline is from BEV program? And are you seeing any ramp-up in the content per BEV vehicle compared to IC?
Anmol Jain
So from the total order book of INR1,300 crores, the PET is almost 40% of the total order book. So that is close to approximately INR500 odd crores is from platforms. I think again on the, most of our product lines are EV agnostic, but we do see that because of certain lightweighting trends and premiumization trends, specifically on our interior cockpits and door panels, there is a higher-value content per vehicle on the platforms compared to the traditional ICE.
Having said that, we also foresee some of these trends continuing in the future ICE models, which are yet to be launched.
Shwetta
Okay. And can you share some revenue potential about the new BEV plant over the next two, three years and whether there are any plan to add capacities for other OEM programs at this location? Thank you.7
Anmol Jain
So we recently inaugurated, as was mentioned, new plant in for the bev platforms of Mahindra and Mahindra. Again, the average content per vehicle would be even as high as about INR40,000 to INR45,000 per vehicle for these PEV models. And again, we continue to service them through FY ’26. A significant part of IAC growth for FY ’26 will come from the incremental volumes of these PEP platforms. In terms of capacities, I think we have sufficient capacities to feed the BEV models as well as the other models in Mahindra’s region.
There may be some brownfield expansions that we will undergo in the Nashik facility to cater to the forthcoming models in Nashik for Mahindra and.
Shwetta
Okay. Okay. Thank you so much, sir, for your kind. Thank you and all the best for you. Thank you.
Anmol Jain
Thank you.
Operator
Thank you. We take the last question from the line of from Ardeco Asset Management. Please go-ahead.
Unidentified Participant
Thanks for the opportunity. I just wanted to understand one part. When you pursue I mean targeted acquisition funds, what are typical markers or the milestone that are defined internally for those acquired entities? And how would it far, I mean on those markers, if at all, I mean you can share something on qualitative on that. Yeah. So you were talking about mostly about our acquisition targets. Is that what you’re saying? The markers
Unidentified Participant
For it or the boundary around that?
Anmol Jain
Yeah. If you see our last two acquisitions, right, let me say number-one, first and foremost, it is basically very much customer-driven. For example, IC was basically Mahindra, greenfield was mainly Maoti. Second, we see that all acquisitions, they’re not turnarounds, but profit accretives. Number three, they have potential to have accelerated growth as soon as we come in.
And number four, most importantly, that the management is intact and we then basically come in to see how we can incentivize the management to ensure that there’s a better performance. We, of course, are very clear about certain areas where we have already explained our investor relationship that what are the future trends we are looking at, where we are basically going to invest on capital if we want to achieve inorganic.
Also very clearly, we believe in the India growth story and we are basically looking at assets within India. It could be export-driven, it could be domestic-driven, that doesn’t matter, but mostly having manufacturing within India and a scalability per se. So these are a few areas, of course, Amit, when we look at potential targets, whatever available, then we do definitely do a lot of financial diligence and make sure that the standalone company the business is not over-leveraged, obviously, that’s.
And we basically make sure that we get profitable assets, add good value so that we can further unlock value by accelerated growth. So this is our fundamental ethos on as acquisitions.
Unidentified Participant
Thank you. Yeah, sure. Thanks. That’s it from my side.
Operator
Thanks. Thank you. Thank you. Ladies and gentlemen, that was the last question. I would now like to hand the conference over to Mr Anmul Jain for closing comments. T
Anmol Jain
Hank you. Well, I would like to take this opportunity to thank everyone for joining into the call. 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 at Factors, our IR and PR advisors. Thank you once again and have a good day.
Operator
On behalf of Lumax Auto Technologies Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines