Lumax Industries Limited (NSE: LUMAXIND) Q1 2026 Earnings Call dated Aug. 08, 2025
Corporate Participants:
Unidentified Speaker
Anmol Jain — Joint Managing Director
Ravi Teltia — Chief Financial Officer
Analysts:
Unidentified Participant
Rehan Syed — Analyst
Viraj Kacharia — Analyst
Mihir Vora — Analyst
Harshit Javeri — Analyst
Apurva Mehta — Analyst
Heet Vora — Analyst
Kashyap Javeri — Analyst
Presentation:
Unidentified Speaker
Please wait while you are joined to the conference. The conference is now being recorded.
Unidentified Speaker
Sat.
operator
Ladies and gentlemen, good day and welcome to Q1FY26 earnings conference call of Flumax Industries Limited. 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 do not guarantee the future performance of the company. It may 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 and then zero on your touchstone phone.
Please note that this conference is being recorded. I now hand the conference over to Mr. Anmol Jain, Joint Managing Director for Lumax Industries Ltd. Thank you. And over to you sir.
Anmol Jain — Joint Managing Director
Thank you very much. A very good morning everyone. I hope everyone is doing well. Along with me on this call Today I have Mr. Raju Ketkale, CEO of the company, Mr. Sanjay Mehta, the Group CFO Mr. Ravi Teltia, CFO of the company Mr. Naval Khanna, the Corporate Head Taxation and Ms. Priyanka Sharma, Head of Corporate Communications along with SGA, our Investor Relations Advisor. We have uploaded our earnings presentation on stock exchanges and company’s website. I do hope everybody had an opportunity to go through the same. I’ll begin by giving an overview of the economy followed by an overview on the overall automotive industry before we get to the company performance.
India’s economic journey remains strong, making it the fastest growing major economy in the world today. To put things in perspective for the year 2425, India’s real GDP growth is estimated at 6.5% and the Reserve bank of India expects this robust pace to continue into FY25 26. What’s particularly noteworthy is that this growth is taking place against the backdrop of global uncertainty, highlighting the resilience and consistency of India’s economic momentum. Coming to the performance of the auto industry, Growth in the automobile industry has been relatively muted which stands in contrast to the broader momentum of India’s economy.
This is largely due to industry specific headwinds seen currently. There’s a noticeable pause from several OEMs on aggressively pushing forward with electric vehicle launches. One of the key reasons is the limited availability of rare earth magnets, critical components for the EVs. China, which processes over 90% of the world’s supply, imposed export restrictions in April, creating a significant supply bottleneck. In response, many OEMS are now exploring alternative sourcing options and are likely to resume full scale EV plans once these constraints begin to ease. Talking about the industry performance for the quarter, according to CM, passenger vehicle sales crossed the 1 million mark in Q1 FY26 reaching 1.01 million units.
However, this represents a slight decline of minus 1.4% compared to the same period last year. Interestingly, utility vehicles now account for a dominant 66% share of the overall passenger vehicle segment, reflecting a clear shift in consumer preference. While domestic sales have been relatively muted, exports have provided a bright spot. The industry recorded its highest ever Q1 exports of 2.04 lakh units, marking a strong growth of 13.2% over Q1 FY25. This export momentum was supported by steady demand across global markets, especially in in the Middle east and Latin America. Additionally, recovering markets like Sri Lanka and Nepal, rising demand from Japan and growing trade under FTA such as with Australia further boosted this segment’s performance.
Turning to the two wheeler segment, Q1 sales stood at 4.67 million units, reflecting a year on year decline of negative 6.2% largely due to inventory corrections across the industry. On the export front, however, two wheelers showed robust recovery with 1.14 million units shipped. Exports grew by 23.2% over the same period last year, still below the 2223 peak, but a strong sign of resurgence driven by recovering neighborhood market and sustained demand from key global regions. As for commercial vehicles, the segment reported a marginal decline of 0.6% with Q1 sales totalling to 2.23 lakh units. Within this, passenger carriers saw growth indicating continued investment in public transportation.
However, the goods carrier segment recorded a slight contraction. Looking ahead to Q2, the industry maintains a cautiously optimistic outlook. While some of the headwinds from Q1 may persist in the near term, a combination of positive macroeconomic indicators and seasonal tailwinds gradually getting into the festive season is expected to support a gradual recovery. On the company front, Lumax Industries has sustained its strong momentum this quarter, delivering industry beating growth of 20.5% over the same period last year. This impressive performance has been driven by the success of key vehicle models in which the company has a strong presence coupled with a well optimized product mix, notably the increasing share of LED lighting in the portfolio and has further supported overall revenue growth.
The company stands as a leading force in the automotive lighting industry, renowned for its extensive expertise and enduring partnerships. With a strong tier one relationship with all major OEMs in India, the company has firmly established itself as a trusted partner in the automotive lighting space. Few updates for the Quarter the company has started SOP for Maruti’s first ever EV model, the Evitara at its Tanan facility. Chathan Phase 2 will commence operations from age 2 of the current fiscal year which will primarily cater to Koda and Volkswagen models. During the quarter the company has successfully launched lighting products for the Tata Altroz and the Maruti Grand Vitara models in the passenger vehicle segment and for the Suzuki E Access Hero Vida VX and the Mahindra YesD models in the two wheeler space.
Lumac Industries continues to demonstrate resilience, agility and leadership in a rapidly evolving automotive landscape. Backed by strong industry partnership, robust innovation capabilities and a clear growth roadmap, the company remains well positioned to capitalize on emerging opportunities. With a healthy order book of almost 2000 crore rupees as of date and focus on enhancing operational efficiencies, we are confidently moving forward on the path of a sustainable long term value creation for all stakeholders. I would like to now hand over to our CFO Mr. Ravi Keltia for giving the financial update.
Ravi Teltia — Chief Financial Officer
Thank you sir. Good morning everyone. Let me take you through the key highlights of our operational and financial performance for the quarter starting with the financials. As our GMD mentioned, we delivered strong top line growth this quarter. Our consolidated revenue stood at Rs 923 crore making a healthy 20.5% year on year increase. EBITDA for the quarter came in at Rs 85 crores up from Rs 70 crore in Q1FY25 reflecting a growth of 20.7%. EBITDA margin improved to 9.2% up 10 basis points year on year. This improvement is a result of continued focus on cost discipline, operational efficiencies and a growing contribution from our premium product portfolio.
Moving to the bottom line, our consolidated profit after tax including shares of Associates for quarter one FY26 stood at rupees 36 crore compared to rupees 34 crore in the same quarter last year registering a growth of 6%. Fat margin stood at 3.9%. The effective tax rate for the quarter stood at 25.109%. Now turning to the operations side, we are seeing strong traction in the LED Lighting segment which continues to be a key growth driver. In quarter one FY26 and LED lighting accounted for 61% of our total revenue up from 45% in the same quarter last year.
This reinforced our strategic focus on LED solutions. Importantly 84% of our current order book is now LED based which gives us strong visibility and confidence in further expanding this segment and increasing our market share in the quarters ahead. Looking at our segment mix for the quarter, revenue contribution stood at 65% from passenger vehicles, 29% from two wheelers and 6% from commercial vehicles. This well diversified mix underscores our solid positioning across multiple segments of the automotive market. From a product standpoint, front lighting contributed 68% of total revenue followed by rear lighting at 23% with other products making up the remaining 9%.
With that, we are now open the floor for questions. Thank you once again.
Questions and Answers:
operator
Thank you very much. We’ll now begin the question and answer session. Anyone who wishes to ask a question may press Star and one on their touchstone telephone. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen will wait for a moment while the question queue assembles. The first question is from the line of Rehan Syed from Trnehdra Asset Manager. Please go ahead.
Rehan Syed
Good morning to everyone and thank you for giving me the opportunity. Sir, I have only two questions. First 12 you have mentioned before customer price correction impacting quarter one margin. So could you clarify the expected quantum of this correction in quarter two and whether they will be targeted? Please just put light on more on this.
Anmol Jain
I’m sorry, you’re not audible. Can you. There is a lot of echo at your end. Could you please repeat the question?
Rehan Syed
Sorry, sorry. I repeat my question again. So you have mentioned deferred customer price correction impacting quarter by margin. Could you clarify the expected quantum of this correction in quarter two and whether they will be back dated this. Could it be more. Put more lag on this.
Anmol Jain
So we’ve already got price corrections to the tune of almost 1313 crores in quarter one which was pending from quarter four. And again this is a recurring phenomena in the subsequent quarters. Also we continue to perhaps expect certain realizations.
Rehan Syed
Okay, as a next question is Green School segment 5. Green School contributed 95% crore revenue in quarter one. So what’s the growth trajectory you foresee in the alternate school segment?
Anmol Jain
Sorry, I’m unable to hear you. Maybe you’re using a speaker.
Rehan Syed
Okay, I’ll shift to my speaker.
operator
Sorry to interrupt but I request you to use your handsets while asking a question.
Rehan Syed
Ma’, am, I am using my hands. Okay, now I’m. Am I audible now?
Anmol Jain
Yes, please go ahead.
Rehan Syed
Okay, so you. My second question is the Green fuel segment. Sir, the green school contributed a 95% crore revenue in quarter one. So what’s the pro trajectory you foresee in the alternate school segment over the next two to three years? And how is hydrogen created R D prophetic in this?
Anmol Jain
Sir, this call is for Lumax Industries Ltd. I would restrict the conversation to Lumax Industries Ltd. Green fuel is a part of Lumax Photo Technologies Ltd. Which is another company.
operator
Thank you. The next question is from the line of Viraj from Simpl. Please go ahead.
Viraj Kacharia
Yeah hi, thanks for the opportunity. Just couple of questions. First is you know if you see the competitive landscape in four wheeler lighting, you know one of the major players also entered into a GV with Tata Autocom so value Lighting system, you know both Digico and Lumac, sorry Tata Autocom has kind of entered into a jv. So just trying to get a sense how do you see the competitive landscape shaping up and related question is you know you also see a lot of other players targeting the ambient lighting and the interior lighting space. So any color you can give, how you see competitive landscape within various sub segments in polar lighting and are you seeing any pressure in terms of realization?
Anmol Jain
So thank you. And number one on the competition landscape we do not foresee any major change based on the recent announcements of Ichiko and Taco. Again Valeo was always here and they are just acquiring the company. Value Lighting as I’ve always maintained is already having a hyper competitive scenario in India. Despite that your company continues to have the majority market share along with its associate company SL Lumax for India. So coming to the competitive landscape I think we are pretty well positioned to competitively continue to maintain our market share and continue to grow our wallet share across OEMs with respect to the future order book.
So again I don’t see that as a threat. Also given the fact that it is Perhaps a taco JV it would automatically get restricted to entering into multiple OEMs being a taco company. So that’s my comment on the specific joint venture. The second question you had on the ambient lighting, I’m happy to share that the ambient lighting business of one of of Honda’s forthcoming model has already been awarded to Lumas Industries limited and it is currently under development and going forward we are trying to rationalize the optimum synergies at a group level because usually ambient lighting also becomes an integral part of the interior systems.
So how do we try and synergize our strengths both on ambient lighting as well as interior solutions as a group to at least offer a lucrative solution to our OEMS So we are very much working on ambient lighting as a product at a group level.
Viraj Kacharia
Got it, thank you. Second, one more question I had was on the order book. So if you look at the current revenue mix, you know you still have fair representation from two wheelers as a category. But if I look at the order book incrementally is most skewed towards four wheelers. So is it more to do with the focus for us relatively being more on four wheeler as a space? You know, maybe because the time is higher and the play is more higher or any perspective we can give. How are we going about this?
Anmol Jain
So first you have to understand currently the company sits with a 61% revenue mix from passenger vehicle segment. Actually it’s 65% from passenger vehicle and it’s about 29% from two wheeler. The value, the content per vehicle on a passenger vehicle for lighting is almost close to seven times that of a two wheeler. And that’s the reason when you look at the value wise distribution, the passenger vehicle will always outperform the two wheeler. So again 80% of our order book comes from the passenger vehicle segment. And again keeping that in mind, we do not expect any significant change to our overall segmental pie.
Viraj Kacharia
Understood.
Viraj Kacharia
Last query if I may. You know you’ve seen a very good success with scaling of the hsmi, right? So can you give some more perspective what model means we have won commercialized and whom we are taking share? You know any color you can give more on this.
Anmol Jain
You’re talking about hmsi.
Viraj Kacharia
Yes.
Anmol Jain
So hmsi, we continue to maintain a very strong wallet share of almost more than 50%. Specifically on the front lighting, I do believe our share is anywhere between 60 to 70%. And the order book also continues to maintain that wallet share. So we are across models of HMSI for across their facilities both in north as well as in Gujarat and in Bangalore.
Viraj Kacharia
Got it. So you know the said customer, they have a very strong pipeline both in EV and ice. So in terms of incremental pipeline, also any color you can give. Are we there on a. Are we able to maintain a similar share or.
Anmol Jain
Yes, absolutely. We have order book of HMSI as well. Almost. I would think close to about 50 to 70 crores out of this total order book would be of new models of hmsi.
Viraj Kacharia
Okay, thank you and good luck.
Anmol Jain
Thank you.
operator
Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their touchstone telephone. The next question is from the line of mihir Vora from iCVirus. Please go ahead.
Mihir Vora
Yeah, thanks for taking my question. So sir, firstly the clarification on this ended lighting from. So when we say as a group we’ll be providing the solutions to the oem. So. So is it that ambient lighting production can also go to the Lumax Auto or it will be in Lumax Industries only.
Anmol Jain
So it really depends on the customer ask. And again ambient lighting, there could be a mix that there could be certain customers who could be catered to from Lumax Industries. There could be certain customers who could be catered from Lumax Auto Technologies subsidiary IAC India. Again, maybe the engineering would rest in Lumax Industries but in terms of production and integration with the interior modules could happen at Lumax Auto Technology. So that’s something which again would be more driven from the customer’s, let’s say ask rather than more of an internal strategy. But I do believe that ambient lighting as a first step we have started already at Lumax Industries Ltd.
Mihir Vora
Right. And in terms of production, how would this ambient lighting production be different than our LED lighting?
Anmol Jain
Well, it’s the science behind it is similar but again the ambient lighting could be very, very different again based on the kind of features and the kind of mood lighting which is there from the customer. From a product standpoint it’s fairly simple. But again the idea is how much of an integration with the software we can do. And that’s again what the bigger challenge would be. But it is a much simpler product compared to let’s say the front lighting or the rear lighting in terms of the product specifications.
Mihir Vora
And for any broader range of only if we consider ambient lighting, what would be the content in a broader range sense like there would be, you know, depending on the coverage, you may have a dashboard ambient lighting or a full car ambient lighting. But any broader range here in terms.
Anmol Jain
Of content value, it really depends again on the customer ask and the model. In our initial estimates we’ve seen the range go from anywhere between thousand twelve hundred rupees per vehicle all the way up to ten thousand rupees per vehicle. So again it would hugely differ based on what the customer wants as an experience inside the cabin.
Mihir Vora
Okay, and my second question sir was on basically us going through the Slumax number for XY25. The margins there have been quite good and the profitability has been good, which is reflecting on our share of associate numbers also. But, but going ahead, do we expect this kind of performance from SN Lumax to continue? Because around 60% of your pad is derived from this share of associates. So that is the reason I’M asking this question.
Anmol Jain
So again, Lumax, SL Lumax continues to be a very symbiotic partner for Hyundai India. I don’t see any reason why the performance would drift from where we are currently and historically. My only comment there is that rather than looking at SL Lumax’s performance on a quarter to quarter basis because there are a lot of price corrections, adjustments which happen with Hyundai, it is better to look at it from an annual perspective and then compare it to a year on year growth. But I don’t see any reason why the performance would going forward change.
Mihir Vora
All right. Okay sir, that’s all from me.
Anmol Jain
Thank you.
operator
Thank you. Before we take the next participant, a reminder to the participant. Anyone who wishes to ask a question may press Star and one on their Touchstone telephone. The next question is from the line of Harshit Javeri from PI Square. Please go ahead.
Harshit Javeri
Yes sir, Good morning. My first question would be towards our localization efforts. So if we see the cost of raw materials is shooting up, I think this is due to the high value imports. So what is the status on our localization efforts?
Anmol Jain
So number one, I think if you look at our raw material consumption for the manufacturing part, we’ve actually improved that on a year, on year basis from 65.1 to 64.3. And also on a consecutive quarter on quarter from Q4 to Q1, it’s gone down from 66.5 to 64.3. There are multiple reasons for it, one of them being the product mix. But more than that, the localization efforts which were kick started last year, they have now started to come in from Q1 onwards. And that’s why we do expect that going forward we should be able to maintain our raw material consumption between 64 to 65.5% or so.
But the localization efforts are starting to be seen from Q1 onwards. And we continue to drive further localization efforts throughout the year.
Harshit Javeri
And sir, with a higher concentration in the passenger vehicle, with a high reliance on Hyundai and Maruti and you said in the industry outlook that passenger vehicle is still facing some inventory challenges. So how do we plan to mitigate this and how do we plan to have that double digit growth trajectory going ahead?
Anmol Jain
I think despite the muted quarter, you can see that the company has reported a 20% growth. And again, while the overall industry volumes seem to be under pressure, there are also certain outliers like for example Mahindra and Mahindra which have actually shown a very robust performance for their quarter one and they continue to be very, very Buoyant and optimistic for the remaining part of the year. Again the company is privileged to have such a diverse customer base. Again, I do believe that our growth is coming mainly on account of higher wallet share and the deeper penetration of LED which actually goes to a higher content value per vehicle.
And hence our growth will always be outperforming the industry growth whether it’s passenger vehicle or even the two wheeler segment. But again we remain cautiously optimistic about the current financial year going ahead.
Harshit Javeri
Okay, so last question on the margin front we saw a dip of around 60 basis point on the pat margins. Any specific reason? First due to SL Lumix. Secondly, how do we see the recovery in the pat margins in the coming quarters?
Ravi Teltia
Hi this side, Ravi, this side. So especially on SL Lumex in the quarter one there are certain drips in the margin part and that is because some of the profit generating models of SL were not picking up. So that’s why on the SL impact is there. But if you see our PBT level which is there therein we are showing the growth better than the profit growth. Like our sales growth is 20.5% and our PBT growth is 20. And in terms of the next, the coming quarter we are maintaining the margin on upper side only in the range of say 9.5 to 9.8%.
That’s what we are focusing on.
Harshit Javeri
Okay, thank you and all the best. I’ll join in.
operator
Thank you. Ladies and gentlemen, anyone who wishes to ask a question may press star and one on their Touchstone telephone. The next question is from the line of Apurva Mehta from AM Investments. Please go ahead.
Apurva Mehta
Hi sir, congratulations on December the employee cost from QOQ has gone up substantially. Is it anything one off in that?
operator
Sorry to enter your. Sir, your voice is not clear. I request you to use your handset while asking the question.
Apurva Mehta
Hello?
Anmol Jain
Yes, go ahead please.
Apurva Mehta
Yeah, yeah. So congratulations on decent numbers on the top line field. Just wanted to ask that the employee cost Q1Q has gone up substantially. Is there any one off or is it that, you know, Q4 is always where we take adjustments and that’s why that was lower end. Q1 is where the price are there, that’s why.
Anmol Jain
So I’ll just say, I mean I think Q1 usually from the annual appraisals and annual inflation, usually there is a higher aspect which kicks into the beginning of the financial year. But again if I look at it purely from a point of view of percentage to sales compared to Q1 on a year on year basis there is an Improvement I do believe the overall manpower cost dropped from 13.5 to less than 13%. But we do expect this to be within the 12 to 13% range as we go forward as well.
Apurva Mehta
So it will over the period it should rationalize.
Anmol Jain
Sorry, can you repeat that?
Apurva Mehta
Yeah, over the period it should rationalize. I think.
Anmol Jain
Yes, that’s correct. I think we are looking at a further growth on a every quarter basis on our revenue from 850 odd crores revenue. I do expect possibly a double digit growth on top of this into Q2. So as we move forward we will also get those fixed cost benefits on the manpower cost and yet the percentages will get rationalized.
Apurva Mehta
So the target of around 20 plus percent growth is still intact. And should we see that the margin improvement coming going ahead?
Anmol Jain
That’s correct. I think the forecast for the current year continues to be anywhere between 15 to 20% in terms of the top line growth also at the EBITDA margin. I think currently Q1 we are at 9.2%. We’ve seen almost close to 100 pips expansion on the manufacturing EBITDA compared to year on year Q1, FY25. So we do maintain that. I think as Ravi mentioned a 30 to 50 bps improvement on our EBITDA margins going into quarter two. And for the full year I think the forecast remains to be in the double digit EBITDA space on the back of this 15 to 20% top line growth.
operator
Sir, the line for the current participant has been disconnected. Can we move on to the next participant?
Anmol Jain
Go ahead please.
operator
Sir, the next question is from the line of Heath Vora from Guardian Capital Partners. Please go ahead.
Heet Vora
Yeah, good morning. Just one question on the Charkan phase two. So when do we expect commercial operations to begin and how do we expect the ramp up in this plant?
Ravi Teltia
So basically in Charkan Phase 2 as we mentioned we are expecting that the SOP will start by end of this quarter or early next quarter. That is the focus and the peak revenue which we are expecting that is somewhat sometime in FY27 is somewhere around 250 to 300 crore from phase two. And primarily we will, as we mentioned we are catering it to the Skoda and Volkswagen group.
Heet Vora
And just one more question was on the debt side. So while the finance cost has been constant, I just want to understand how do we expect the debt to move going forward.
Ravi Teltia
So we are maintaining that in the current financial year we are not looking at any new long term debt. So we will continue to pay our long term debt as per Schedule which is somewhere around 70 to 75 crore. And with this we will only the working capital part some increases. That’s the update about.
Heet Vora
Understood. Thank you.
operator
Thank you Ladies and gentlemen. Anyone who wishes to ask a question may press star and one on their touch tone telephone. The next question is from the line of Sourabh Jain from SUNY Deep. Please go ahead.
Unidentified Participant
Hello. Congratulations sir for a wonderful set of numbers. So I have a few questions first to begin with on the split of order book. If you can provide some broader perspective who are the major customers building up this order book? Like you had you know talked about it in the last quarter also.
Anmol Jain
So from an order book perspective more than half of the order book is coming from Maruti Suzuki India followed by Tata Motors Mahindra and Mahindra and Honda Car India almost at an equal proportion to the order book. And in the two wheeler space we have TVS and HMSI as the frontrunners of the order book. That’s just a pie of almost close to 80% coming from these five ought customers. After the Maruti Suzuki’s order book we do expect a significant increase in our wallet share within Maruti Suzuki’s both front lighting and rear lighting as well. And again from an order book perspective the entire order book should be realized by FY28 and maybe some residual in FY29.
Unidentified Participant
Okay. And sir, how much of this 1900 crore plus order book to flow in current fiscal?
Anmol Jain
So almost half of this will come into the current fiscal. About 30% will be in the next fiscal FY27 and the remaining 15 to 20% would be in FY28 and maybe some part in FY29.
Unidentified Participant
Great, thanks. My next question is on EBITDA margins. Of course you have mentioned about manufacturing EBITDA margin but we are looking at overall EBITDA margins which were one of the best in last five quarters at 8.9%. Visa was 8.9% in the current quarter and 8.6% in previous quarter which was almost 140 basis points on BIOI basis improvement. So now that order book is now flowing to SOPs and does more revenue likely to command lesser share overall in revenue piece. So do we see you know from 8.9% to almost 10% kind of number we can see in this fiscal.
Anmol Jain
So yes, as I mentioned the profitability is an aspect of the manufacturing sales profit and the tooling sales profit. The tooling sales profit continues to hugely vary on a quarter on quarter basis because it is aligned with the new product launches. And there could be certain significant launches made in a particular quarter and hence it’s not a like to like comparison on a manufacturing footprint. I think as I mentioned the full year, last year we were at Almost close to 8.7% EBITDA margin where we have increased by 50bps in quarter one and as I mentioned in quarter two on the back of a double digit consecutive quarter growth, we do expect a 30 to 50 pips enhancement in our EBITDA margin from a manufacturing standpoint and for the full year.
Yes, we remain to maintain the forecast of a double digit total EBITDA of the company on the back of a 15 to 20% top line growth.
Unidentified Participant
Just a suggestion if we can, you know, give a split of, you know, mold revenue EBITDA margin and manufacturing EBITDA margin. Because last year we saw contraction of 50 basis points on the EBITDA front for the full year whereas we saw an improvement of almost 50 basis points on the manufacturing EBITDA. So if we can, you know, for historical numbers also, if we can sometime in next quarter, if we can give those numbers, it would be better for all of us.
Ravi Teltia
Yeah, your point is noted. Basically in our investor presentation we are showing a split of revenue and we will discuss with our the team and then we’ll add it over there. Point is noted.
Unidentified Participant
Yeah, revenue is there but would be great if we can give EBITDA for both. Also sir, my last question is on SLU Max. We saw a fantastic growth for FY24 and FY25 in our share of profits from the associate. So 39% kind of growth in FY24 and 29% in previous fiscal. So any color, what kind of, you know, growth in FY26 and 27 we can continue to expect?
Anmol Jain
Sure. If I look at, it’s directly proportionate to Hyundai India’s performance. Since Hyundai India is the sole 100% customer from SL Lumax. Hyundai’s own performance has been muted for the quarter one. Despite that again on the back of certain new model launches, SL Lumax has shown a positive growth and I think we continue to remain optimistic for SL Lumax’s full financial year performance.
Unidentified Participant
Can it be like 15 to 20% kind of growth?
Anmol Jain
I think it should be more around maybe 10 to 15% but again that’s something which is very dynamic and I would not be able to give you an exact number but I would suggest a 10 to 15% would be more practical and pragmatic.
Unidentified Participant
Sure, thanks. That’s all from my side, sir. All the Best.
operator
Thank you. A reminder to the participants, anyone who wishes to ask a question may press star and one on their touchstone telephone. The next question is from the line of Apurva Mehta from AM Investments. Please go ahead.
Apurva Mehta
Sorry sir, I got disconnected. Sir, just wanted to ask on the. Hello. Yeah, yeah, just wanted to ask that are we maintaining the guidance of mold sales and margin that is around the 12 to 15% kind of thing which you have. You are told are we maintaining that thing?
Anmol Jain
Yes, we are continuously maintaining that. That between a 12 to 15% margin on the tooling is what we expect in the current full year. And again it would vary quarter on quarter. There may be certain quarters where we are low and certain quarters where we are very high because of certain particular models where we have lower or higher margins. But for the year, yes, that guidance continues between 12 to 15% which will be significantly higher than our last year’s performance on the tooling margins.
Apurva Mehta
Yeah. So when I, when we going to balance sheet. You had mentioned about export potential. You know you were with some US based CV and bus manufacturer and Southeast Asia manufacturing. So are we trying to build export from India or we will be putting a plant for them in the US or Southeast Asia Square?
Anmol Jain
I don’t know Apurva Bhai where this information is. We will also check at our end. But Lumaf Industries continues to be focused on the domestic market. On the India growth story. We continue to remain absolutely focused to grow our wallet share and service our OEMs in India. We do very negligible direct exports to certain OEMs. But there is no clear roadmap or strategy into enhancing the export significantly. Especially given the recent geopolitical factors. Our focus is now a lot more laser sharp on capturing the domestic growth market.
Ravi Teltia
It was in the balance sheet so I don’t know but I will just maybe I’ll send you a clip of that.
Apurva Mehta
Sure.
Anmol Jain
We’ll also check it out.
Anmol Jain
And, and on, on, on the incremental. You know, whenever we try to get new orders and where you are incrementally all the new orders which we are going to get is margin accretive businesses would be looking at.
Anmol Jain
So again I think our endeavor is that we continue to pick up orders which are margin accretive to the company. However, in certain cases as I mentioned because Lighting in India has a very hyper competitive situation, there could be certain certain strategic calls from our competition which kind of forces us to also take the order at a lesser margin than what we should have ideally wished for. But then Again, once we do book the order, there is a strong focus on improving the raw material consumption through certain VAV activities between the engineering and operations team so that by the time we get into SOP we are able to re stabilize our margin at least intact with the company’s overall margin.
So usually we do get anywhere between 1218-24 months from the order being given to us from the sop. And that’s a reasonably long time for us to really start rethinking on how can we enhance the margin.
Apurva Mehta
Okay. Okay. Thanks a lot and yeah, wish you all the best.
Anmol Jain
Thank you.
Ravi Teltia
Thank you.
operator
Thank you. Before we take the next question, a reminder to participants to ask question may press star and one on their touchstone phone. The next question is from the line of Kashyap Zwaderi from MK Investment managers. Please go ahead.
Kashyap Javeri
Yes. Am I audible?
Anmol Jain
Yes, please go ahead.
Kashyap Javeri
Congratulations on great set of numbers for the quarter and quite reinforcing guidance for the full year. FY26 My question is pertaining to our breakup of sales in terms of customers, particularly TVS and MG tvs you know one of the fastest growing two wheeler brand in the country. Again there are significant have either stagnated or have been declining. You know any commentary on that? And second one is on mg. I understand their volumes have anyways been declining but what are our conversations now that they are going to expand their capacity at their halul lunch?
Anmol Jain
Your question is again from a TVS perspective. I think if I look at the full year forecast for the compared to our business with them last year we are almost going to double our revenue with TVS in the current fiscal year. And again if I look at the quarter one performance, I think quarter one performance has been fairly muted. But again there are certain new models which are expected to come in to the Q2, Q3, Q4 and again TVs for us is a strategically important customer and we continue to remain optimistic in terms of the growth going forward.
With respect to MG Motor. I think again MG Motors for us is usually again they have themselves seen a massive decline in some of their models and going forward also I do believe that they will be more on the case with perhaps not so much of a localization content. And I don’t see much of optimism on MG Motors account with the company.
Kashyap Javeri
Sure, that’s it from my side sir. Thank you so much.
Anmol Jain
Thank you.
operator
Thank you. The next question is from the line of Harshit Javeri from PI Square. Please go ahead.
Harshit Javeri
My questions were answered. Thank you.
Anmol Jain
Thank you.
operator
Thank you. Ladies and gentlemen, we’ll take this as the last question for today and I would now like to hand the conference over to the management for closing comments.
Anmol Jain
Well, I 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 the the company. I hope we have been able to address all your queries. For any further information, please do get in touch with us or Strategic Growth Advisors, our Investor Relations Advisors. Thank you very much and have a great day.
operator
Thank you on behalf of Flumax Industries Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your lines.
Ravi Teltia
It.