{"id":175112,"date":"2026-01-22T12:31:46","date_gmt":"2026-01-22T17:31:46","guid":{"rendered":"https:\/\/alphastreet.com\/india\/lumax-industries-limited-lumaxind-q3-2025-earnings-call-transcript\/"},"modified":"2026-01-22T12:31:46","modified_gmt":"2026-01-22T17:31:46","slug":"lumax-industries-limited-lumaxind-q3-2025-earnings-call-transcript","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/lumax-industries-limited-lumaxind-q3-2025-earnings-call-transcript\/","title":{"rendered":"Lumax Industries Limited (LUMAXIND) Q3 2025 Earnings Call Transcript"},"content":{"rendered":"

Lumax Industries Limited (NSE: LUMAXIND) Q3 2025 Earnings Call dated Feb. 13, 2025<\/span><\/strong><\/p>\n

Corporate Participants:<\/h2>\n

Deepak Jain<\/strong> \u2014 Chairman & Managing Director<\/em><\/p>\n

Ravi Teltia<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Anmol Jain<\/strong> \u2014 Joint Managing Director<\/em><\/p>\n

Analysts:<\/h2>\n

Unidentified Participant<\/strong><\/p>\n

Mihir Vora<\/strong> \u2014 Analyst<\/em><\/p>\n

Viraj Kacharia<\/strong> \u2014 Analyst<\/em><\/p>\n

Saumil Shah<\/strong> \u2014 Analyst<\/em><\/p>\n

Presentation:<\/h2>\n

Operator<\/strong><\/p>\n

Ladies and Gentlemen, good day and welcome to Lumax Industries Limited Q3 and 9 months FY25 earnings conference call. This conference call may contain forward looking statements about the company which are based on the beliefs, opinions and expectations of the company as on date of this call. These statements are not the guarantee of 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 this conference call, please signal an operator by pressing Starden0 on your touchdown phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Deepak Jain, Chairman and Managing Director of Lumast Industries Ltd. Thank you and over to you Mr. Jain.<\/p>\n

Deepak Jain<\/strong> \u2014 Chairman & Managing Director<\/em><\/p>\n

A very good afternoon everyone. I hope everyone is doing well. Along with me on this call Today I have Mr. Anmol Jain, Joint Management Director, Mr. Raju Ketkale CEO Mr. Sanjay Mehta Group Chief Financial Officer, Mr. Ravi Telthia, CFO Mr. Ankit Chakrawal from the Corporate Finance and Mr. Naval Khanna from Corporate Head along with Mr. Priyanka Sharma, Head Corporate Communication and SGA Investor Relations Advisor. We have uploaded our earnings presentation on Stock Exchange and company’s website. I hope everybody has had an opportunity to go through the same.<\/p>\n

I’ll begin by giving an update on the industry, followed by an overview on the company’s operations for the 3rd-quarter and nine months ended FY ’25. The Indian automotive industry demonstrated stead performance throughout the year. Despite challenges such as elections, unseasonal rainfall and global uncertainties, consumer sentiment remains strong. However, towards the latter part of the year, the industry experienced a slowdown with rising inventory levels, a softening in consumer demand.<\/p>\n

In the PV segment, industry data from shows that the domestic PV wholesales reached 4.3 million units, reflecting a 4.7% year-on-year growth. The demand for SUVs continue to rise with their share in total PV sales increasing to 55% in 2024, up from less than 50% last year. While the high inventory levels posed a challenge in the second-half of the year, OEMs implemented various strategies to streamline stock and optimize supply chains.<\/p>\n

The two-wheeler segment saw an even stronger recovery after facing challenges between 2020 to 2023 due to the combined impact of COVID-19 and rising regulatory costs, the segment rebounded significantly in 2024. Notably, the trend of premiumization gained momentum with 125 CC plus models experiencing the strong demand. While the two-wheeler industry has yet to come to its 2019 peak, the growth momentum is expected to continue into 2025.<\/p>\n

The commercial vehicle or the CV segment faced a slowdown due to the government elections and reduced private sector capital expenditure. However, since CVs contribute only a mid-single-digit share of our revenues, the overall impact remain limited for the company. The segment is expected to recover in 2025, driven by increased government and private sector investments in capex along with the continued push for. Looking ahead, the 2025 union budget has also provided a boost to consumer spending by raising the income tax exemption limit, thereby increasing disposable income.<\/p>\n

This is expected to benefit the overall automotive sector with the passenger vehicles and two-wheeler leading the growth in 2025. Coming to the operational performance for the quarter and nine months ended for the company, on the revenue front, we have recorded a strong year-on-year growth of 40% with revenues reaching all-time high of INR887 crores for the quarter. For the nine-month period, revenues also grew by 31%, totaling INR2,477 crore compared to the same-period last year.<\/p>\n

This impressive growth despite temporary plant shutdown by OEMs for scheduled maintenance in December was primarily driven by a strong product mix with a higher share of LED lighting, coupled with robust order wins for key models launched by leading OEMs. I would also like to highlight the key happenings for the company in the quarter. We successfully launched lighting systems for the latest Mahindra best platforms, D6 and XAV 9, Swift design new for Maruti Suzuki and Tiago refresh for Tata Motors.<\/p>\n

We have also regained our revenue-share from Suzuki with order wins for most of its upcoming models. Additionally, we have increased our market-share with M&M and Tata, strengthening our position as a preferred lighting solutions provider. Industries has also been selected under the PLI scheme for white goods and automotive components. We have reramped our engineering team to increase efficiency and cost optimization.<\/p>\n

And on the capex front, the capex done for nine months FY ’25 stands at INR160 crore rupees. For the full-year, we expect the capex to be at around INR200 crores to INR225 crores. We remain focused on enhancing our content per vehicle by staying in the forefront of technological advancements in the automotive lighting sector. We are poised to drive sustained growth and create significant value for our customers and stakeholders.<\/p>\n

I now hand over to Ravi, CFO at Lumex Industries for his financial updates.<\/p>\n

Ravi Teltia<\/strong> \u2014 Chief Financial Officer<\/em><\/p>\n

Good afternoon, everyone. I’ll take you through the operational and financial performance. On the financial front, we have demonstrated strong revenue growth of 40% for the 3rd-quarter and 31% for nine months ended December ’24. On EBITDA front, our EBITDA stood at INR71 crores and INR203 crore for Q3 and nine months FY ’25 respectively. Despite this growth, we observed a slight dip in our EBITDA margin, which stood at 8% for quarter three and 8.2% for nine months FY ’25.<\/p>\n

The decline in margins was due to the falling region. The anti-dumping duty on PCV has resulted in a 50 60 basis-point increase in cost. The upward trend in prices of certain essential raw materials, which had an impact on overall cost structure, USC INR our FX changes has impacted by-10 to 20 basis-points. Talking about our bottom-line, profit-after-tax for Q3 FY ’25 stood at INR33 crores as compared to INR26 crores in Q3 FY ’24, a growth of 31%.<\/p>\n

PAT margin for Q3 FY ’25 stood at 3.8%. PAT for nine months FY ’25 stood at INR96 crores, registering a growth of 28% on Y-o-Y basis with a margin at 3.9%. Coming to the operations front, we continue to experience significant momentum, particularly in our LED lighting segment for nine months FY ’25, LED lighting now constitutes 52% of our total revenue compared to just 36% during the same-period last year.<\/p>\n

This emphasize on our strategic focus for LED lighting and with 86% of our current order book dedicated to LED lighting, we are confident in our ability to further expand this segment and capture an even larger share of the market moving forward. With respect to segment mix for nine months FY ’25 as a percentage of revenue, 66% from passenger vehicle, 28% from two-wheelers and 6% from commercial vehicles.<\/p>\n

This diverse portfolio reflects our strong market position across various segments. With respect to product mix as a percentage of total revenue, 66% of revenue is from front lighting, followed by real lighting at 23% and other product contributing 11%. Looking ahead, I am pleased to report that we have a strong and healthy order book of INR2,600 crores, of this a significant 33% is dedicated to electric vehicles, reflecting our growing commitment to the EV sector and 78% is allocated to passenger vehicles.<\/p>\n

We are confident that this diversified order book position us for continued growth and reinforce our leadership in the industry. With this, we can open the floor for Q&A.<\/p>\n

Questions and Answers:<\/h2>\n

Operator<\/strong><\/p>\n

Thank you very much. We will now begin with the question-and-answer session. Anyone who wishes to ask a question may press R&1 on the touchtone telephone. If you wish to remove yourself from the question queue, you may press R&2. Participants are requested to use handsets while asking a question.<\/p>\n

Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press one to ask the question. The first question is from Jaythan Chawla from RTL Investments. Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, hi, good afternoon and thanks for the opportunity. My first question is when I look at our Nine-Month numbers, there is almost a 30% growth in revenues, a EBITDA growth of only 3% and PBT decline of actually 30%. Whereas a year back, we were talking about that once the new plant comes in, we were actually expecting margins to expand. So what has gone wrong and what are you doing to correct the same on the margin side?<\/p>\n

Ravi Teltia<\/strong><\/p>\n

Okay. So basically, as I mentioned in my remarks that in-quarter three, we have three specific situation. One is the anti-dumping duty, which we mentioned. And second thing is related to the raw-material price increases which started from this quarter three in the market and then this FX impact. So these all three points put together has impacted somewhere around 1.5 plus percent of margin in this quarter.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, but still your margins were supposed to actually go up with the new plant coming in. They are down as I see right now by almost 500 basis-points. So what you’re explaining is only 150 basis-points. There is still a very large gap, which is unexplained.<\/p>\n

Anmol Jain<\/strong><\/p>\n

So Mr Chawla, this is Anmul Jain. Let me come in here. If you look at the Nine-Month manufacturing EBITDA, which is without the tooling income, there is a 40 bps reduction In the margins as EBITDA from 8.6 to 8.2 this is largely contributed because of the three reasons which Ravi had just mentioned, the anti-dumping duty. There has been a significant increase in the raw-material consumption for quarter three specifically, where if you look at quarter three to quarter three, it’s actually gone up from 63.3% to 65%. These again are on basis the raw-material escalations, which we will get back from the OEMs in the subsequent quarters. But this particular quarter, quarter we’ve had a hit.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it and so essentially what you’re saying is then on the tooling side you are not making any money<\/p>\n

Operator<\/strong><\/p>\n

Hello, sir, can you hear us?<\/p>\n

Anmol Jain<\/strong><\/p>\n

Yeah, I can hear you,<\/p>\n

Operator<\/strong><\/p>\n

Sir, can you hear us?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, I can hear you. I think the management line is — I can’t hear them.<\/p>\n

Anmol Jain<\/strong><\/p>\n

Am I audible?<\/p>\n

Operator<\/strong><\/p>\n

Yes, sir. Now you’re audible.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Yeah, now you’re audible.<\/p>\n

Anmol Jain<\/strong><\/p>\n

Yeah. Okay. So I was saying that on the tooling side, you’re absolutely right. On a nine-month basis, the margin on tooling used to be in last year at about 24%, which has declined to 7% in the current nine months. It is not that we haven’t made money, but please understand that on model-to-model, the tooling profit hugely varies.<\/p>\n

Again, if I look at this fiscal also, in-quarter one, we made a tooling margin of almost close to 18% and then subsequently, quarter two, there was a tooling loss. And in-quarter three, we made a negligible tooling profit of about 8%. So you’re absolutely right, the tooling is something which differs model-to-model, but on a realistic long-term sustainable basis, we still feel anywhere between 10% to 15% tooling margin is sustainable.<\/p>\n

We made 12% as a full-year last year in terms of tooling and this year with certain forecast on quarter-four, we do expect maybe close to 10% or so for the current year as well. But answering to your question, the plant has now reached a capacity utilization of 70 odd percent and standalone as a plant, it definitely has contributed to the bottom-line.<\/p>\n

But unfortunately, because of the three reasons primarily, that incremental contribution is not reflected in the overall company’s EBITDA.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. And the fact that the tooling revenue has gone up so much in the nine-month period, is it reflective of the kind of revenue increase we anticipate going-forward? Because I’m assuming this must be for new models, right, that you’re giving the tools?<\/p>\n

Ravi Teltia<\/strong><\/p>\n

No, you are absolutely right. So basically this is for the new edge, new model for which the revenue realization — peak revenue realization will happen in subsequent period. So therefore, we don’t expect any kind of high tool revenue in coming — coming quarters.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

No, no, my question was the other way that does this mean that we should see very strong revenue traction going-forward because tooling is a precursor to actual business, right?<\/p>\n

Anmol Jain<\/strong><\/p>\n

That’s correct. The INR2,600 crore order book, which we are sitting on, 15% of that has already realized in FY ’25. A lot of the tooling sales which you see in nine months, a lot of it is actually come in Q3. If you see out-of-the INR250-odd crores tooling revenue in the nine months, almost INR140 crores is in Q3 itself. So again, these are new models which have just been launched and yet the peak revenue realization of this will come in FY ’23.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Got it. Thanks a lot. I’ll go back to the queue.<\/p>\n

Anmol Jain<\/strong><\/p>\n

Thank you.<\/p>\n

Mihir Vora<\/strong><\/p>\n

Thank you. Thank you very much. Next question is from the line of Mier Vora from Equirus Securities. Please go-ahead. Yeah. Am I audible?<\/p>\n

Deepak Jain<\/strong><\/p>\n

Yes, go-ahead.<\/p>\n

Mihir Vora<\/strong><\/p>\n

Sir, my question was on. You mentioned in the opening remarks that we are winning back few models there. So are we now seeing traction in the SUV segment there that are we getting the SUV models or how is it — can you throw some more color on the market part of business?<\/p>\n

Deepak Jain<\/strong><\/p>\n

Yes. So I’m happy to share that out-of-the INR2,600 crores order book the company is sitting on, 60% of that is Maruti Suzuki alone. So we’re looking at a very strong order book of Maruti Suzuki. Almost every model, which currently is bringing over the next few years, we are associated with that model either for the front lighting or the rare lighting. So yes, the SUV share, which we had lost few years ago, we will be able to definitely regain that in Suzuki in the subsequent years.<\/p>\n

Mihir Vora<\/strong><\/p>\n

All right. All right. And secondly, sir, on this, the — basically on Maruti, previously, there was a thing that rare lighting used to cost lesser than the front light. But now with the connected lights and LED, is the difference now got lesser, like how is it now in the LED part of the business?<\/p>\n

Anmol Jain<\/strong><\/p>\n

So there is still a difference between the front lighting and the red lighting. However, yes, you’re right, the difference has definitely narrowed down over the years, largely contributed to the technology of the lamp on the rare side as well as the size of the lamp, which has increased significantly, thereby the kit value on a rare lighting has also increased over the years. Having said that, certain technologies on the front lighting side have also evolved.<\/p>\n

Mihir Vora<\/strong><\/p>\n

So again, the difference still remains between a front lighting and rear lighting, but yes, the gap has narrowed down. Right. Okay. And sir, my second question is on the PCB side, which you mentioned, the anti-dumping. So whether you — is it a quarterly indexation with the customers that we pass-on this pricing or how will it work? Just understand on the margin portfolio.<\/p>\n

Anmol Jain<\/strong><\/p>\n

So as of now, it is a mixed bag. Certain customers are open to evaluating a compensation on the anti-dumping duty on the PCB. Certain customers are not looking at compensating us. However, this is something which we will continue to commercially negotiate with the customers as a part of our overall commercial strategic, let’s say, discussion for the subsequent years. However, internally, we have already kick-started actions and in FY ’26, we do expect a large part of this imported PCB will be localized.<\/p>\n

So in reducing or eliminating the anti-dumping duty impact, we do not expect this impact to continue for the most part of FY ’26.<\/p>\n

Mihir Vora<\/strong><\/p>\n

Okay. All right. All right. And sir, lastly on the capex front, so given that we are seeing a good traction from also now. So does this mean that FY ’26 we would be spending more on capex or the number remains the same as mentioned in last quarter.<\/p>\n

Ravi Teltia<\/strong><\/p>\n

So in fact, the number on capex from the current year basis, I think which the guidance was close to about INR200 crores for the full-year, INR160 crores has already been done in the nine months. I would expect that in FY ’26, the capex number would be much lower than that of FY ’25.<\/p>\n

And the reason for that is that we’ve already had certain capacity enhancements in the current year, both in the Northern region, the Gujarat region as well as the Western region with the inclusion of the new facility. So we have enough capacities where we do not need to invest for greenfield expansions, but however, with some minor incremental brownfield expansions, we should be able to service the order book.<\/p>\n

So overall capex will reduce in FY ’26 compared to FY ’25.<\/p>\n

Mihir Vora<\/strong><\/p>\n

All right. All right. Okay, that’s all from my side. Thank you for taking my questions.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Participants, you may press R&1 to answer question. Next question is from the line of Harshul Shah from AM Investments. Please go-ahead.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Hello, sir. Sir, employee cost is lower as a percentage of sales and also the absolute amount quarter-on-quarter. Sir, my question is, is it sustainable? Have you lowered the headcount or what are the measures you’ve taken?<\/p>\n

Anmol Jain<\/strong><\/p>\n

So the manpower cost, if I look at on a quarter-to-quarter basis was similar. It was about INR84 crores in FY ’24 quarter three, which is at INR88 crores in FY ’25, quarter three. Even for the nine months<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Of INR97 crore last quarter, it is 88 this quarter.<\/p>\n

Anmol Jain<\/strong><\/p>\n

She is talking about the sequential quarters?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sequential-quarter, yes.<\/p>\n

Ravi Teltia<\/strong><\/p>\n

Okay, yeah. So basically, this reflection is there and going-forward in coming quarters, we will start looking at some opportunity here. Only one point is in-quarter three, we have a one-off — one-off item of approximately INR4 crore that is related to our previous variable pay reversal. So that is the point.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

So INR4 crore reversal.<\/p>\n

Ravi Teltia<\/strong><\/p>\n

Yeah. So actually it is — it is around INR92 crores, INR93 crores, yes.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Sir, and also the other expenses are up as a percentage of sales, sir. Can you explain that, sir?<\/p>\n

Anmol Jain<\/strong><\/p>\n

Yeah. So basically in other expenses as I mentioned, the impact is related to one is for the ForEx impact that is one of the reason that this cost has gone up and we also see certain impact related to the higher — higher-power cost. So these are the two growth reasons.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. And last question is on the debt reduction front, sir.<\/p>\n

Anmol Jain<\/strong><\/p>\n

Sorry?<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Debt reduction like what was the plans for debt reduction, sir in next year?<\/p>\n

Anmol Jain<\/strong><\/p>\n

So as we mentioned in our previous meeting, we are not looking for as such any new long-term debt. So it will continue — we will be paying as per schedule. So it will continue to show a reduction in next year.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

But any plans of asset monetization?<\/p>\n

Anmol Jain<\/strong><\/p>\n

Well, as of now, we do not have any immediate plans of any asset monetization. However, if we do feel that there is something which will fetch us the real value, we will look at monetizing our assets as well.<\/p>\n

Unidentified Participant<\/strong><\/p>\n

Okay. Thank you. Thank you. Thank you, sir.<\/p>\n

Operator<\/strong><\/p>\n

Thank you. Participants, you may press star and one to ask the question. Next question is from the line of Viraj from SIMBL. Please go-ahead.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Hi, thanks for the opportunity. Hello.<\/p>\n

Anmol Jain<\/strong><\/p>\n

Yes, please go-ahead.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Yeah, I just had one question. Generally in terms of the LTT transition which we are seeing in the industry, are you — what is the kind of trend you are seeing in terms of realization for LED?<\/p>\n

Anmol Jain<\/strong><\/p>\n

So when you said realization, are you talking about the material margin or are you talking about the absolute EBITDA?<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

So I’m talking about the unit realization, the transition we’ve seen from conventional lighting to LED. So if I have to compare two, three years back, the kind of unit realization and LED unit would give us, what is the trend you are seeing right now? Because what we hear is there are a lot of new technologies also with common LED. So are you seeing any pressure in terms of unit realization?<\/p>\n

And similarly in terms of unit EBITDA<\/p>\n

Anmol Jain<\/strong><\/p>\n

No. So let’s say LED clearly is gaining traction. If you look at, as Ravi had mentioned, last full-year financial, we were at only about 40% LED penetration into our products. At nine months current year, we are sitting at almost 52% already. And if I look at the order book of INR2,600 crores, I would say almost close to 90% of that order book is with LED lighting.<\/p>\n

So clearly, the future models will continue to have more-and-more presence of LEDs as one of its features, if not all. With LEDs, two things are certain. One is the electronic components will continue to go up, thereby which means that the raw-material consumption as an percentage to the value will be significantly higher than what it is today. Again, if you look at the overall material consumption today, it’s roughly around 65-odd percent, where we see that on a LED per se, it is much higher.<\/p>\n

So the raw-material consumption is expected to increase, primarily because of more penetration on LED. However, the realization at the bottom-line is fairly, if not more equal — equivalent because the other cost structures do not increase in that ratio.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

So see, I’m — sorry, I probably am not put it in a correct way. What I was trying to ask is, if I have to compare an LED kit value for auto headlight or a taillight, say, two, three years back? And if I have to compare a similar kit value today, would the realization be same? Would the realization be much lower given the kind of advancement in technology we are seeing? That is one question.<\/p>\n

And second is, I think if you go back-in our own conversations, what we are seeing as the penetration of LED lighting in our own mix keep on improving, the overall EBITDA margin will also expand, you know, purely because that the kit value is much higher than the conventional lighting. So there is a better absorption in terms of fixed costs and yeah. So in that sense, I’m just trying to understand, you know where are we in terms of those two parameters?<\/p>\n

Anmol Jain<\/strong><\/p>\n

So you’re right. So the kit value earlier, the differential between a conventional to a LED was significant, almost to the tune of, let’s say, 4 times, 3x in certain cases. With the scale and with the volumes, this kitch value differentiation has definitely narrowed down. It’s probably at about 2.5 times or so now, which was earlier at, let’s say, upwards of 3x or 3.5x.<\/p>\n

So it has narrowed down. However, it still differs model-to-model because you’re looking at just LED as one source of lighting. There are other technologies like multiple adaptive driving beam and projectors, et-cetera, which will still have a higher kit value compared to a conventional lighting. So that’s one-piece of the pile.<\/p>\n

The second, yes, at a bottom-line, the contribution from LEDs would be in absolute amounts more than that of a conventional purely because as I said, the material margin shrinks. However, the other cost structures do not increase in the same ratio. So I do expect, like I’ve added before, that going-forward, our EBITDA margins should also continue to expand.<\/p>\n

And again, the management team is cognizant of certain reasons why in Q3 and Q4, we are probably not seeing that expansion in the same vicinity, but we are still very confident that going-forward in FY ’26, the margins will continue to expand at the EBITDA level.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Just one last follow-up. So if you kind of take a case of say the recent Mahindra BEVs where we have a content, you know you’ve seen various other technologies embedded along with LED. So in these kind of offerings, does the case value so does the customer is willing to pay for additionally for this kind of feature solutions or do you think that given the way the technology is mature, the pricing is now pricing is now similar to what we have been offering in let’s the tech incentive lighting solutions.<\/p>\n

Anmol Jain<\/strong><\/p>\n

So it’s a mixed bag. I think specifically on the BE6 model where the company does enjoy the front lighting. I think there are a host of technologies. LED is just basic hygiene there. But again, the customer does pay for these additional technologies. For example, there is a high beam booster technology, which is embedded in the PE6. This is something which is again unique and has not been utilized before. So it’s a new technology addition for which clearly the company gets compensated by customers.<\/p>\n

Viraj Kacharia<\/strong><\/p>\n

Thank you and good luck.<\/p>\n

Anmol Jain<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. Participants, you may press star in one to ask the question. Next question is from the line of Samal Shah from Paras Investments. Please go-ahead.<\/p>\n

Saumil Shah<\/strong><\/p>\n

Hi, sir. Congrats on a very good set of numbers. My question was similar to the previous participant that our LED share keeps on increasing. So currently, I think for nine months, it is at 52%. So by next year, where do we see the LED share around 60 plus levels?<\/p>\n

Anmol Jain<\/strong><\/p>\n

Yeah. So yes, I think I would not have an exact number, but definitely, we do expect the LED share next year to be around between 60% to 65% or so. As I mentioned, the order book, almost 90% of the order book is with LEDs. But again, only about 50% of that order book will get into the P&L in next year and then subsequently about 25% to 30% will come in FY ’27. So yes, LED penetration next year should definitely be upwards of 60%.<\/p>\n

Saumil Shah<\/strong><\/p>\n

Okay. And sir, our order book has marginally come down. I mean, if we compare it quarter-on-quarter from INR2,900 crores to INR2,600 crores. So can you update us by end of this financial year, where do we see our order book?<\/p>\n

Anmol Jain<\/strong><\/p>\n

So this is a continuously evolving process. I think, Mr Shah, what I — it’s not a number which is like-to-like. Some of the big models like, for example, the Swift and certain other models have already gone into SOP like even the Thar rock have gone into SOP, which were earlier in the order book. And again, as we speak, the company continues to be engaged in various RFQs with various OEMs.<\/p>\n

So this number will continue to evolve, but we’re still very bullish that we have a very healthy order book going-forward. And again, I think between anywhere between INR2,500 crores to INR3,000 crores order book is something which we would like to sustain going-forward as well.<\/p>\n

Saumil Shah<\/strong><\/p>\n

And sir, how do we see the current quarter panning out? I mean, we are already at 30% plus run-rate in terms of revenue. So would you like to revise our guidance for current financial year?<\/p>\n

Anmol Jain<\/strong><\/p>\n

So I think the current — as I said, the current biggest challenge for quarter-four, which I foresee is again on the raw-material consumption, the raw-material consumption, both because of the anti-dumping duty being imposed as well as the recent escalations on basic raw materials. Also the foreign-exchange has got a direct impact on our raw-material consumption because a lot of the material is still imported.<\/p>\n

All of that put together does put a lot of pressure on the raw-material cost and the material margin of — we do expect that to continue to be under pressure for quarter-four as well. In terms of revenue, I think the growth will continue. I think in-quarter four, we’re looking at even better revenue and probably highest revenue for the current fiscal year for any of the quarters. But again, we are trying to mitigate the margin pressure by taking multiple actions on how do we try to neutralize the raw-material impact.<\/p>\n

So I would say that the performance for quarter-four should be pretty much similar than what we have already seen for the current fiscal year. And again, for the full-year onwards, I would still expect anywhere between INR3200 crores to INR3,500 crores of top-line, registering maybe anywhere between 25% to 30% of top-line growth.<\/p>\n

Saumil Shah<\/strong><\/p>\n

Okay. And sir, we can pass-on the raw-material cost to the — I mean companies<\/p>\n

Anmol Jain<\/strong><\/p>\n

That’s correct. So raw-material costs, we definitely pass-on and there is a lag of anywhere between three to six months when they compensate us back. So since we’ve only seen this recent phenomenon quarter three onwards, and I expect in-quarter four, it to be worsening compared to quarter three. We do expect that some compensation realization will only happen perhaps in late quarter-four or quarter one of FY ’26, but we will definitely get a compensation back from the OEMs on raw-material escalations.<\/p>\n

Saumil Shah<\/strong><\/p>\n

Okay. And that comes in other income. Where do we — I mean put it in P&L,<\/p>\n

Anmol Jain<\/strong><\/p>\n

It comes as a part of the raw-material — raw-material cost<\/p>\n

Saumil Shah<\/strong><\/p>\n

In that particular quarter<\/p>\n

Anmol Jain<\/strong><\/p>\n

In the revenue. Yeah.<\/p>\n

Saumil Shah<\/strong><\/p>\n

Okay, okay. And sir, my last question, sir, any guidance in terms of revenue and EBITDA for FY ’26?<\/p>\n

Anmol Jain<\/strong><\/p>\n

For FY ’26, I think it’s too premature, but I would still say that we should be looking at anywhere between 15% to 20% of top-line growth and again expansion on the margins, especially at the EBITDA level, we definitely should see at least 100, 150 bps expansion on the material or the EBITDA margins.<\/p>\n

Saumil Shah<\/strong><\/p>\n

So in terms of revenue, we have no issues. I mean in last previous year also, but in terms of EBITDA, we are not able to cross the double-digit mark. So we clearly hope next financial year we do cross the double figure.<\/p>\n

Anmol Jain<\/strong><\/p>\n

We certainly will work towards that certainly.<\/p>\n

Saumil Shah<\/strong><\/p>\n

Yeah. Okay. Thank you and all the best for your future holders.<\/p>\n

Anmol Jain<\/strong><\/p>\n

Thank you.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. Participants you may press to ask a question ladies and gentlemen you must press RN1 to ask a as there are no further questions, I would now like to hand the conference over to the management for closing comments.<\/p>\n

Deepak Jain<\/strong><\/p>\n

So thank you very much for today’s participation. Other side will continue to strive to perform as per the customer expectations and provide more value to our stakeholders. In case if you have any follow-up or clarifications, you may continue to be engaged with SG. Thank you once again.<\/p>\n

Operator<\/strong><\/p>\n

Thank you very much. On behalf of Lumax Industries Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you<\/p>\n","protected":false},"excerpt":{"rendered":"

Lumax Industries Limited (NSE: LUMAXIND) Q3 2025 Earnings Call dated Feb. 13, 2025 Corporate Participants: Deepak Jain \u2014 Chairman & Managing Director Ravi Teltia \u2014 Chief Financial Officer Anmol Jain \u2014 Joint Managing Director Analysts: Unidentified Participant Mihir Vora \u2014 Analyst Viraj Kacharia \u2014 Analyst Saumil Shah \u2014 Analyst Presentation: Operator Ladies and Gentlemen, good […]<\/p>\n","protected":false},"author":2377,"featured_media":147581,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[6349],"tags":[10169,9175,9104,9092,14492,10089],"class_list":["post-175112","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transcripts","tag-earnings","tag-earnings-call","tag-earnings-conference","tag-earnings-transcripts","tag-financial-results","tag-quarterly-earnings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/05\/Transcript-thumbnail.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":133734,"url":"https:\/\/alphastreet.com\/india\/lumax-industries-limited-q1-fy23-earnings-conference-call-insights\/","url_meta":{"origin":175112,"position":0},"title":"Lumax Industries Limited Q1 FY23 Earnings Conference Call Insights","author":"Praveen","date":"September 6, 2022","format":false,"excerpt":"Key highlights from Lumax Industries Limited (LUMAXIND) Q1 FY23 Earnings Concall Q&A Highlights: Asim with Equirus asked about the drivers of sequential decline in margin. 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