Lumax Industries Limited (NSE: LUMAXIND) Q4 2025 Earnings Call dated May. 29, 2025
Corporate Participants:
Unidentified Speaker
Deepak Jain — Non-Executive Director
Ravi Teltia — Chief Financial Officer
Anmol Jain — Group Managing Director
Analysts:
Unidentified Participant
Akshat Hariya — Analyst
Saurabh Jain — Analyst
Ravi Shah — Analyst
Rohan Mehta — Analyst
Apoorva Mehta — Analyst
Mihir Vyas — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to the Q4NFY 25 earnings conference call of Lumax 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 date of this call. These statements do not guarantee the future performance of the company and 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 Start then zero on your touchstone phone.
Please note that this conference has been recorded. I now hand the conference over to Mr. Deepak Jain, Chairman and Managing Director of Lumax Industries Limited. Thank you. And over to you sir.
Deepak Jain — Non-Executive Director
Thank you very much. Good afternoon everyone. I hope you and your families are doing well. I’m joined today by Mr. Anmol Jain, the Joint Managing Director of the company Mr. Raju Ket Kale, the CEO Mr. Sanjay Mehta, Lumax Group CFO Mr. Ravi Devia, the CFO of the company and Mr. Naval Khanna, Corporate Led Taxation. Our Q4 and FY25 earnings presentation has also been uploaded to the stock exchanges and a company website. I trust you’ve had a chance to review it. Let me begin by highlighting the key developments in the automotive industry for the fiscal year 2425 which provides important context.
For our own performance.
Deepak Jain — Non-Executive Director
Despite a high base in the previous year, the industry delivered a healthy performance. Domestic auto sales grew by 7.3% while exports rose by an impressive 19% driven by a continued policy support and a strong shift towards green mobility. The segment wise highlights are as follows. The passenger vehicle segment in the domestic PV sales reached an all time high. Of the 4.3 million units, growth was led by utility vehicles which contributed to 65% of the total PV sales. It was also supported by feature rich models and launches which were targeting younger consumers. In the two wheeler, the sales reached 19.6 million units.
Driven by rural demand and a strong second half performance. Electric two wheelers gained traction and now a point for 6% of the total segment sales. Export growth of 21% was supported by demand recovery in African and Latin American markets. In the three wheelers, the segment surpassed.
Deepak Jain — Non-Executive Director
Its 2019 peak recording 740,000 units. Lastly, due to rising demand for the last mile electric mobility solutions and easy access to vehicle financing, the commercial performance of the vehicle’s performance declined marginally. And impacted by election related activity and temporary pause in the CAPEX. However, outlook for the 2526 fiscal year remains positive, stable macroeconomic conditions and continued infrastructure development, favorable monsoons and RBI led rate cuts all expected to support demand across vehicle categories. I’m pleased to share that the Lumax Industries reported its highest ever revenue in both Q4 and FY25. In the Q4 FY25 the revenue of 923 crores was with a growth of 24% year on year.
For the financial year 25 revenue of 3400 crores was a year on year growth of 29%. This performance reflects a continued outperformance relative to the broader industry and is supposed fit by an optimized product mix and strong tractions of a high value LED lighting portfolio. The key growth drivers are the higher LED content across new product launches, expanding partnerships with OEMs and some new project mills for marquee passenger and two wheeler models. During the quarter we deepened our relationships with leading OEMs through successful new product introductions in the two wheeler segments, the head labs of Honda Motor Scooters India.
Deepak Jain — Non-Executive Director
Hmsis Activa Shine and also their Activa Electric ev. In the passenger vehicles there were lighting solutions for the Maruki Suzuki E Vitara, also the complete land sets of Toyota’s Urban Cruiser, headlamps for the Tata Motors decor and full lighting suites for our Mahindra Scorpio. Our leadership in the automotive lighting market. Is built on scale and footprint as.
Deepak Jain — Non-Executive Director
We have 12 strategically located manufacturing facilities across six states. Stanley Electric, a long standing partner, continues to give us the technology support on various collaborations and our OEM trust through deep and multi decade relationships with our main customers, further strengthening our position. We have also received multiple awards and recognitions. Some of them are as follows the Special Appreciation Award for Vero and Innovation Award for The recently launched BE6 for.
Deepak Jain — Non-Executive Director
The Mahindra Supply Meet the Inner Part. Localization Award at the recently concluded Maruti Suzuki vendor conference in 2025 and the new the Best Development Model Award at the Suzuki Motorcycle India Annual venture conference in 2025. Looking ahead, we are pleased to report a healthy order book of rupees 2,275 crores. Notably 37 of this is dedicated to. The electric vehicle and 85% is allocated.
Deepak Jain — Non-Executive Director
By the passenger vehicle segment. This diversified order book positions us for a sustained growth and reinforces our leadership in the industry with strategic focus on LED lighting, a growing EV order pipeline and also continued robust OEM relationships. We are well positioned to have a continued value creation and sustained growth in FY26 and beyond. With this, I now hand over the call to Mr. Ravik Chelsea, our CFO to take over through the finance performance.
Ravi Teltia — Chief Financial Officer
Good afternoon everyone. I’ll take you through the operational and financial performance. On the financial front as Highlighted by our PMG, we have demonstrated all time high revenue of 923 crore in quarter 4 and 3400 crore in financial year 2425 with YoY growth of 24% in quarter 4 and 29% in full year 2425. On EBITDA front, our EBITDA stood at 85 crore and 289 crore for quarter 4 and FY25 respectively growing by 20%. We witnessed a margin of 9.2% for the quarter marking the highest quarterly margin performance of the fiscal year. The improvement reflects our disciplined cost management, enhanced operational efficiency and consumed one premium product offering.
Turning on to our bottom line, consolidated profit after tax for quarter four FY25 stood at rupees 44 crore up from rupees 36 crore. In quarter four FY24 reflecting a growth of 22%. Cash margin for quarter four, FY25 stood at 4.8%. For the full year FY25 consolidated PAT reach rupees one hundred and forty crore representing a robust 26% year on year increase with margin at 4.1%. On the operations front, we continue to witness strong momentum especially in LED lighting. For FY25, LED lighting accounted for 58% of our total revenue, a significant rise from 39% in the previous year.
This highlights our strategic focus on LED lighting. Further, 88% of our current order book is dedicated to LED lighting, underscoring our confidence in expanding this segment and capturing a larger market share going forward. Regarding our segment mix for FY25, revenue contribution stood at 66% from passenger vehicle, 28% from two wheelers and 6% from commercial vehicle. This diverse portfolio reinforced our strong position across multiple market segments. From a product perspective, front lighting contributed 68% of total revenue followed by real lighting at 23% making up the remaining 9%. With this, we now open the floor for Q and A.
Thank you.
Questions and Answers:
operator
Thank you very much. Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press in one on their touch tone telephone. I repeat, anyone who wishes to ask a question may press star N1 on their 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. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Akshat Hariya from Multi Act.
Please proceed.
Akshat Hariya
Yeah, thank you for the opportunity. So I wanted to have a particular question on hmsi. So if I look at sequential revenue that we’ve got from hmsi, there is a significant jump. So you know, could you explain what kind of has led to this jump? Is it due to mainly volumes or mainly change in some realization due to move from, you know, conventional to led? So just wanted to understand the sequential jump in HMSI revenues.
Ravi Teltia
So basically we have one that new models from Honda Motor that is a model called K0NH and K1KG. So these two models has contributed which is being manufactured at our Bangalore plant. So that’s why we see that this. Value increase there in Honda R2 Wheeler compared to last year.
Anmol Jain
So specifically just to add this is Anmojan. So if you look at the quarter performance of HMSIA, they grew sequentially. They grew sequentially 5% and on a year, on year basis for the quarter 3% compared to our growth of almost 55%. That is largely because of improved volume share. As Ravi mentioned there has been introductions of new models. We are the single source. So it’s not driven by volume gain, it is driven by wallet share gain.
Akshat Hariya
So sorry, you mentioned the code for these models but could you help us with what are these mod because they have been already launched. Right. So can we give up with the model names?
Ravi Teltia
It is CD10 one model and second thing is eway.
Anmol Jain
So these are active and shine models which I said in my commentary. And this is also basically on the EV platform.
Akshat Hariya
All right. So earlier these were not hundred percent with us but now we are single source for them.
Anmol Jain
That is correct. For the lighting would be test.
Akshat Hariya
Sorry, for the,
Anmol Jain
for the lighting, you. Know, for the forward lighting for example and one model beyond headlight while the other model be also in the tail light.
Akshat Hariya
All right, understood. Thank you. Thanks a lot.
operator
Thank you. Before I take the next question, I would like to remind participants that you. The next question is from the line of Saul Jeans from Suniti. Please proceed.
Saurabh Jain
Hello. Congratulations sir for the wonderful set of numbers. I have a couple of questions. So first to begin with the bookkeeping. So if we keep the tooling business aside, what would be our EBITDA margins for the quarter and full year? And how much tooling revenue are we projecting for FY26 and 27.
Ravi Teltia
So if. We see our manufacturing EBITDA for the quarter four is at 9.8% and on a full year basis we are at 8.7%. In terms of the second question you had about the tooling. So we this year was one of the highest tooling top time we generated next year because of. Yeah, so next year, next year we will see somewhere around range of 240. So 260 or more from doing business.
Saurabh Jain
Okay, so 9.8% and 8.7% is without tooling business, right?
Ravi Teltia
Yes, correct.
Saurabh Jain
Okay. And which are the facilities which are still, you know, it’s still about to ramp up this year which can see significant ramp up this year. And what kind of growth are we looking at for FY26 and 27?
Ravi Teltia
So overall growth as we mentioned in our previous call also is in the range of somewhere around sub 20%. That’s the top line growth we are anticipating in current financial year 25, 26
Saurabh Jain
and 27. Sir.
Anmol Jain
Sorry if you repeat that.
Saurabh Jain
And for FY27, do you have any, you know, revenue guidance?
Anmol Jain
We don’t. I think the long term plan is to consistently grow at a 15% cable over the next few years. This year of course has been exceptional in terms of a growth of 29% overall. And with respect to bilal cooling, it’s 24%. I think going forward in FY26 we continue a similar between a 20 to 25% growth rate forecast for FY26. And again a lot of these new businesses from the order book will come in almost close to more than 50 to 60% of the order book will actually come in FY26 as well across different manufacturing facilities.
Saurabh Jain
Okay, that’s helpful sir. If we look at our FY25 revenue, 58% of our revenue comes from three clients. Maruti contributed 24%, Mahindra 20% and HMSI 14%. While our order book has nearly 60% of the business from Maruti alone, as you had mentioned on the previous call. So do you think the customer mix is likely to change substantially in the coming years and you see Maruti growing at a higher rate and others stagnating at these levels.
Anmol Jain
So yes, I think we are envisaging growth across a lot. At least all our top five OEMs. HMSI for example, as was mentioned before, we’ve already significantly grown compared to their own volume growth from the order book. We will be also gaining a lot of our wallet share. Specifically on the tail lamp business of Maruti Suzuki on the headland the company already enjoys a very strong wallet share at Maruti Suzuki which will be maintained. But we’ve been able to get a lot of the tail land future businesses thereby improving our wallet share from our competition.
Saurabh Jain
So from 2200 crore kind of order book which we have like more than 50% is from Maruti.
Anmol Jain
That’s correct. Almost close to 55% to 60% is from Maruti Suzuki and SMGs put together.
Saurabh Jain
Okay. And roughly 50 to 60% of this is likely to go into SOP in FY26. Right. So we can see a substantial growth in Maruti’s turnover this year.
Anmol Jain
That’s correct. We are expecting a significant growth in Maruti for FY26.
Saurabh Jain
Okay. And sir, my another question is on phase two of Chathan plant which was scheduled for Q2 of FY26 which is going to cater to Tata Motors, Mahindra and Volkswagen. So is it on track and how much of the revenue do we see that to contribute in FY26? And also if you can comment on the ramp up of phase one, how has it progressed? What was the capacity utilization in Q4?
Ravi Teltia
So on phase one our capability utilization is around 70 to 80%. And this year we are expecting that it will touch somewhere around 90%. And you rightly mentioned the Phase 2 SOP schedule in the Quarter 2. And at this moment we are going ahead with this quarter two schedule. The peak revenue from phase two is expected to come in FY27 and that would be in the range of 250 to 300 crore. So this year we are expecting that somewhere around 40 to 50% the achievement of the peak revenue could come in this year.
Saurabh Jain
Okay cool. And what are the capex plans for FY26 and 27 and how do we see our debt profile in these two years?
Anmol Jain
So profile we did approximately a 200 crore capex in FY25. The guidance for FY26 would be continuing in a similar bank of approximately between 180 to 220 crores.
Saurabh Jain
Answer FY27.
Anmol Jain
We do not have any specific CapEx guidance for FY27. But considering the massive growth which we are bringing in FY26 we do believe that the asset turnover ratio also should improve compared to FY25 in FY27.
Saurabh Jain
Sir, my last question, if we do some back calculation, LED contribution for the quarter is coming to around 90% for Q4 and accordingly conventional has come down substantially. So firstly is that number correct and how do we see this trend for FY26, clearly you have given in the order book breakup that around 88% is led now. So this 90% for Q4 is right. And how do you see and is that also the reason for some pressure on the margins? Because I remember on a couple of calls you had mentioned that LED doesn’t necessarily increase your margins but realizations.
Anmol Jain
So number one, on the Q4 numbers specifically it seems incorrect, LED would not be at 90%. Again, I would urge you to look at the total full year because a lot of times based on certain model product mix, the Q on Q numbers of LED penetration may be misleading. On an annualized basis, FY24, we were at close to 40% of LED. FY25, we have moved to 58% of LED. And FY26, we are actually looking at probably 65% of total revenue coming from LED lighting. So that’s just to give you a sense of where the LED is moving.
Number two, I think yes, there is a bit of a pressure on the margins because of higher LED concentration, specifically on the raw material consumption because the material margin on an LED lamp is lower. But then there are several other factors, as Ravi pointed out, where we do expect margins to become better going forward in FY20.
Saurabh Jain
Okay, thanks. That’s all from my side. I’ll take this LED contribution with sga. Thanks a lot, sir. All the best.
operator
Thank you. Before I take the next question, a reminder to the participants that you may press star N1 to ask a question. The next question is from the line of Ravi Shah from VRs Capital. Please proceed.
Ravi Shah
Hi sir. Am I clearly audible? Sorry, there was some issue?
Ravi Shah
Yeah. So I have two questions. You have mentioned in your opening remarks that they are going faster than the industry. So could you give us some color whether this is market share we’re taking from other players or is it the industry itself which is growing.
Anmol Jain
So clearly I think it’s a combination of both. But if I again look at the growth of the company compared to the customer growth, clearly you will see in certain OEMs it is actually the wallet share which is improving significantly. In terms of FY25, again, if I look at the growth specifically on Maruti Suzuki, I would say that has been fairly in line with the customer’s own growth. But as I mentioned earlier in FY26 we see that radically changing where we expect a significant growth perhaps of even close to 35% or upwards in Maruti Suzuki, whereas their growth is likely to be perhaps in single digit.
If I look at Mahindra and Mahindra which is the number two customer. Our growth has been a massive 37% in FY25 compared to 10% of Mahindra’s own growth. And similarly in HMSI also we grew by almost 27% versus 18% of their own growth. So a lot of this is not just volume driven but as I mentioned earlier, a lot of new products and quality expansion in certain oem.
Ravi Shah
Understood sir, thank you for the detailed answer. So I had one more question on our, on our market share. So could you share some data points on what would be our market share for the LED business and the non LED business? If you have this data available it’s.
Anmol Jain
Very difficult to give you the market share based on LED and non led. However I can give you some color on what our wallet share would be across let’s say the top three top four OEMs. So on a Maruti Suzuki we are currently sitting at around a 27 to 30% wallet share of their total buying. And this is definitely going to increase over the next two to three years clearly because as I mentioned almost more than 50% of the order book is of Maruti Suzuki. And we’ve also had some strong recent wins on the tail lamp and the rare lighting business of Maruti Suzuki.
Coming to Mahindra and Mahindra we already are at a 50% wallet share compared to total lighting and here again we will strategically grow our rare lighting business and our number three customer which is HMSI, we are already close to 60% of the wallet share.
Ravi Shah
Understood sir, really helpful. Thank you and all the best.
operator
Thank you. Before I take the next question, I would like to remind participants that you may press Star in one to ask a question. The next question is from the line of Rohan Mehta from Nexus Capital. Please proceed.
Rohan Mehta
Thanks for the opportunity. Am I audible?
Anmol Jain
Yes, please go ahead.
Rohan Mehta
Yes. So firstly sir, on the front lighting and the rear lighting, could you just explain as to how the pricing works and what is the delta between these two in terms of the pricing and realization.
Anmol Jain
So I would say front lighting and rear lighting pricing. I think it’s a very different basically business both together. I think what you can probably look at it is basically in a conventional, basically headlamp you are actually at roundabout in the four wheeler space, you are probably roundabout in a range in the LED of about 8 to 12,000 and on tail lamp it’s about close to around about 3000. However I must qualify the statement because the new tail lamps, what you’re becoming, they’re actually becoming much more Longer, much more sleeker. The front headlamps mostly driven by the EV adoption has got projector lamps, LEDs.
So the kit value is actually increasing on the four wheeler, two wheeler. It’s also actually become more standardized because now you’ve actually on the front lighting have not just a headlamp but DRX which is actually a newer function. So the total kit value, particularly on the two wheeler cave, it actually comes out around about maximum of 1500 rupees as well. So this is what it is. But if you see from our mix point of view, a product mix from a two wheeler to four wheeler Anisha, we are basically having the four wheeler segment at revenue of about 65% and.
Anmol Jain
The balance basically about 30% is coming. Or 27% is coming from the two.
Rohan Mehta
Sure. So that was very helpful. Secondly, you said on your presentation on the slides talking about the technological advancements in the lighting space. So could you please provide some color as to, you know, what is our content for the currently and how these advancements that you are working on will push it up further.
Anmol Jain
So the content per vehicle continues to increase both on the passenger car as well as two wheeler. I would not be able to give you a quantified number, but we are seeing that with the new technologies which usually take a two to three year period to come in, the average content per vehicle should go up by Approximately close to 20% with every technological shift. For example, we are the first company in the country to have successfully launched the adb, the adaptive driving beam function in one of the forthcoming models of Maruti Suzuki for their first EV project.
And again, once that technology becomes, let’s say, more adaptive to across OEMs, you will see that that content per vehicle will significantly go up. Specifically on that particular model, I would say that our content per vehicle of all the front red lighting put together would be at least about 20, 25% more than that of another OEM model.
Rohan Mehta
Understood? Understood, sir. Thank you for the detailed answer. That’s it for my answer. Wishing you all the best. Thank you.
operator
Thank you. Before I take the next question, I would like to remind participants that you may press Star in one to ask a question. The next question is from the line of Apoorva Mehta from AM Investments. Please proceed.
Apoorva Mehta
Yes sir. Congratulations on great numbers, especially on the top line. Sir, can you just guide us? What kind of margin improvement can we see and what are the levers for that?
Deepak Jain
Thank you. I think we have been saying that we would like to at least achieve a double digit. However, let’s be realistic because of more LED adoption, hyper competitive market situation and of course certain basically headwinds in the industry. I think we remain to be cautious, be optimistic on the margin outlook. I think we have performed better on the Q4. We expect this run rate to continue in basically the next fiscal year. So you probably see this and of course with basically more product launches and again a healthy kind of outlook in terms of the revenue, we expect this to become a bit better as well.
So you can see this kind of a margin maybe closer towards 10% or 9.5, 9.10% somewhere in this range going for the next fiscal year.
Apoorva Mehta
When we are looking, is there any chance that due to this, you know where our volumes are going up, but still the margins are not going up in the manner which we should see because there are economies of scale also working in. But is there that we have bits very competitive for the new orders and that’s why we are facing such type of lower margin or because of the import content or because of, you know, we were planning to do lot of localization also which will improve our margins over a period of time where we can see, you know, in next one, two years of margin.
Deepak Jain
So I think this is a mix of all the three combinations. Number one, product mix, more technology adoption, which we are we have to invest a lot more and probably take it at a much, much more competitive rates. Number two, also I think there is a parallelization drive coming in. You’ve seen that globally, I mean say being on the imports, on the dollar also in terms of the electronic ecosystem did not develop as fast as we expected. We also invested considerable amount of money into the whole PCB FMT kind of structure. However, as I said, economies of scale should kick in.
We would like to first sustain these margins and then marginally start growing it as well. Rest assured, this fiscal year we probably would have a Q4 kind of a run rate getting up for the whole year. So that should basically be profit equity for us.
Apoorva Mehta
And on the mold front, we were having usually about 2, 3 years, 4 years back the mold margins were close to 18, 20%, 15%, 20%. Now these mold margins are negligible or they are very low single digit margins like 5, 6%. What is the shift that has happened and should this continue or the mold margins will improve over the period of time?
Anmol Jain
This is unmol. So I think mold margins for this specific year, if you see they are in single digits or. Absolutely, but this is not a consistent phenomenon that we see. If I look at FY24 tooling margins, we were in double digits around 12%. There were a few strategic competitive models which we did get a business for and they were made into sob and FY25 and those had very, very negligible tooling margins. Going forward, I think I would say the guidance would be that we should continue anywhere between 12 to 15% on tooling margins which should be on a sustained basis.
Apoorva Mehta
So this, this year, current year, which we are expecting 250 crore tooling, we could see 12 to 15% margin. And on the lighting side, which is Q4, we were at close to 9.8% margin. That is the base case scenario which we have to take for next year.
Anmol Jain
That’s correct. I think that is exactly the kind of direction I would set for.
Apoorva Mehta
And on the working capital cycle, you know where our debt is keeping rising and we are at now close to 750 crore of debt. This is our peak debt or no we will because we are investing a lot of technologies and a lot of capex. If a debt is going to rise, grow and you know, go keep on rising for next two, three years or this is the peak debt.
Ravi Teltia
Basically on the debt part, you know, we have some term loan for our new facility. So those term loans we are paying now and in next three years down the line we’ll repay that. So the current financial year we are not looking for, as we mentioned in our last call, we are not looking for any new loan, new term loan for the business. So in fact we will repay somewhere around 70 to 80 cr in this current fiscal year. And as far as working capital requirement, because business expansion will continue, so some working capital requirement would arise especially because the electronic components are increasing and those are imported parts.
So we may go for some working capital loan expansion.
Apoorva Mehta
And where we today what is the capacity utilization you would be having currently on maybe different plants. But overall what is the capacity utilization and what will be the peak revenue from the current block? Because we have certain working capital, working progress also about 200 crore. But getting that working progress into capitalization, what will be our peak revenue and where we have currently where we have utilization.
Anmol Jain
So the capacity again would be a very difficult combination of various factors. And it will not be appropriate to say that with the current installed capacities, what could be the peak revenue? Case in point, for example, that for some of the models which we are getting, the nature of the lamp technology and the size of the lamp technology compels us to invest in new machinery and new equipment, certain processes. Lighting is essentially a three part process. There is injection molding, there is a paint shop and there is final assembly in paint shop. I would say the capacity utilization overall as a company would be approximately 80%.
Where there is an upside that even for another 20 30% growth we should be able to suffice with the current infrastructure and the machineries installed. However, when it comes to injection molding we think because of the lamp size and the technologies like two color there is a significant new investment. Ask for new injection molding processes and injection molding equipment. We are trying to optimize that as best as possible. But a lot of the new growth and the new orders would entail injection molding investments and then the final assembly. Anyway it’s very specific to each lamp with I would say only certain amount of flexibility.
So the assembly lines will always be new for any new models, not replacement models.
Apoorva Mehta
Thanks a lot and wish you all the best.
Anmol Jain
Thank you.
operator
Thank you. Before I take the next question I would like to remind participants that you may press Star in one to ask a question. The next question is from the line of mihir Vyas from Nine Raise Equi Research. Please proceed. I would request. Mr. Yeah.
Mihir Vyas
Hello. I just wanted to understand what would your input content currently in case of LED light and is there any scope for indigenization or localization.
Ravi Teltia
Basically as we explained in our last communication also LED typically has four items. One is the LED module which is primarily been imported and will continue to be imported in in the coming years also. The second is the bare PCB wherein as we mentioned some PCB we have already localized and the remaining ones will get localized in the due course of time. The third thing is related to SMT which is in India also. And for us we already have our FNT plant so it’s more of a localized. And the last thing is related to connector.
So connectors are family now being imported. But in coming years I would say some action will be starting on the connectors localization but at this moment it is more of a imported part.
Mihir Vyas
Okay, and can you show, can you throw some light on the performance of FL Lumax for the year particularly on the margins front?
Ravi Teltia
Yeah. SL Lumix has registered a sales of close to 3000 crore with a year on year growth of approximately 11 with the EBITDA margin of 17.9%.
Mihir Vyas
Okay sir. And just one qualitative question. If you can share some color on industry outlook especially on the competition side.
Deepak Jain
So industry outlook as I said in my commentary, you know the. If I look at the CM data you’re actually looking at the overall industry growth of about 4 to 5% there are certain headwinds particularly on the export restrictions. What China has done on the REE which means the rare earth elements and because of that the import basically for magnet and for certain key fab cons and semicons are a threat. The company as Lumex Industries we have no concern directly but still concerns come in as on Q1 as however it plays out if certain suppliers stop that production.
And as recent as last week CIAM has put out a caution note where they say that the industry could have certain disruptions in the month of June and July. Other than that I think the competition intensity has increased over the past few years. We’ll continue to do so but we are very optimistic with our order book to regain wallet share. Particularly our strategy has been on focus on certain key customers and enhance wallet share there we are very very bullish on Maruti, Suzuki, on Mahindra, on Tata, on hmsi as well as TVS which happen to be the first four happen to be the top four basically customers.
TVS is a growing account for us. So this is how we basically continue to beat industry estimates and share. Of course lighting being a product is always privy to a minor change over the next three to four years in a model life cycle. This gives the company again an opportunity to bid for new businesses. So the order book as we mentioned of the current order book of around close to 2,275 crores, about 65% you will be seeing in 2526 and the balance would basically be come up in the next 2627 and 2728. But we expect then that the next.
Year we will be getting more orders. So that we are able to to maintain a healthy order book from a ratio of how we are doing at the revenue.
Mihir Vyas
Thank you.
operator
Thank you ladies and gentlemen. Due to time constraints this was the last question for the day and I would now like to hand the conference over to the management for closing comments.
Deepak Jain
Well thank you. I take this opportunity to thank everyone for joining into this call. We’ll keep the investor community posted on a regular basis for updates on the company. I hope you’ve been able to address all your queries and for any other further information please do get in touch with us or our investor relations advisor which is strategic growth advice. Thank you once again for your patience and your continued support to the company.
operator
On behalf of Lumax Industries Ltd. That concludes this conference. Thank you for joining us and you may now disconnect your line.