Lumax Auto Technologies financials and balance sheet

NSE: LUMAXTECHBSE: 532796Auto ComponentsSmall Cap

₹1,807.70₹9.70 (0.53%)BSE ₹1,800.40

Share price at the NSE close on 23 Oct 2026. Previous close ₹1,817.40.

52-week range of traded prices to 23 Oct 2026

₹1,120.00Low, 31 Oct 2025₹2,190.00High, 23 Sep 2026

Next results date: the board meets on 24 Oct 2026 to consider: financial results and other business matters.

Market cap: ₹12,321 Cr525th largest listed
P/E: 38.0
P/B: 10.2
Dividend yield: 0.30%
ROE: 30.2%
ROCE: 21.6%
Debt to equity: 0.68
Volume, NSE: 1,21,93840.1% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.Lumax Auto Technologies annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Operating and net margin, per cent

Operating margin
Net margin

From Apr 2019 leases sit on the balance sheet: rent is charged as depreciation and interest instead, so operating profit and total assets step up with nothing about the business having changed. Borrowings here leave lease liabilities out. Lease payments were 6.8% of operating profit in the first full year.

The years either side of a change of basis do not compare. From the year to Mar 2019, the company's revenue for that year, ₹1,187 Cr, differs from its quarters added, ₹1,322 Cr; the company reports a discontinued business.

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue4,870
Materials and goods−3,127
Employee costs−612
Other expenses−473
Operating profit659
Depreciation−179
Other income+46
One-off items−14
Finance costs−105
Profit before tax406
Tax−69
Net profit337

What the company owns

Plant, investments and other assets₹2,174 Cr
Receivables₹1,015 Cr
Inventory₹412 Cr
Current investments₹252 Cr
Cash and bank₹94 Cr

What pays for it: net worth and liabilities

Net worth₹1,476 Cr
Borrowings₹1,001 Cr
Owed to suppliers₹860 Cr
Other liabilities₹610 Cr

Profit and loss

Consolidated, ₹ crore, years to March.Lumax Auto Technologies quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 18 Jun	Mar 2021Filed 14 Jun	Mar 2022Filed 18 May	Mar 2023Filed 31 May	Mar 2024Filed 28 May	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
Revenue from operations	1,012	1,139	1,187	1,141	1,108	1,508	1,847	2,822	3,637	4,870
	942	1,037	1,077	1,050	1,010	1,357	1,647	2,454	3,172	4,212
Materials and goods bought	734	778	804	772	751	1,028	1,241	1,803	2,345	3,127
Employee costs	95	–	132	135	132	163	198	362	476	612
Other expenses	113	–	140	143	127	166	208	289	350	473
Operating profit before depreciation	70	102	110	91	98	151	200	368	465	659
Operating margin	7.0%	8.9%	9.3%	8.0%	8.8%	10.0%	10.8%	13.0%	12.8%	13.5%
Materials, % of revenue	72.5%	–	67.8%	67.7%	67.8%	68.2%	67.2%	63.9%	64.5%	64.2%
Employee costs, % of revenue	9.4%	–	11.1%	11.8%	12.0%	10.8%	10.7%	12.8%	13.1%	12.6%
Other expenses, % of revenue	11.2%	–	11.8%	12.5%	11.4%	11.0%	11.2%	10.2%	9.6%	9.7%
Depreciation and amortisation	24	25	27	35	34	40	52	118	129	179
Operating profit after depreciation	47	76	83	56	64	112	148	250	336	479
Other income	16	15	14	18	18	13	24	45	51	46
Finance costs	4	3	3	10	10	9	16	68	79	105
Profit before one-off items and tax	58	89	94	65	72	115	156	227	308	420
One-off items	−3	−3	−6	0	−1	−2	−9	0	0	−14
Profit before tax	55	86	88	65	72	113	147	227	308	406
	17	29	31	14	20	31	35	60	79	69
Current tax	17	28	30	19	19	31	35	55	80	109
Deferred tax	0	1	1	−6	1	0	1	4	−1	−40
Share of profit of joint ventures and associates	–	–	0	0	0	−1	–	–	–	–
Profit from discontinued businesses	–	–	13	8	–	–	–	–	–	–
	34	57	69	59	51	82	111	167	229	337
Belonging to the company's shareholders	34	–	66	58	47	69	93	130	178	279
Belonging to outside owners of subsidiaries	–	–	3	1	4	12	19	37	51	58
Other comprehensive income	–	–	−17	−51	39	−36	50	28	5	98
Total comprehensive income	–	–	52	8	90	46	162	195	234	435
Net margin	3.4%	5.0%	–	–	4.6%	5.4%	6.0%	5.9%	6.3%	6.9%
Net margin without joint ventures and associates	–	–	–	–	4.6%	5.5%	–	–	–	–

Materials, employee costs and other expenses are shown for the years they add up to operating expenses; for the year to Mar 2018 they do not, so they are left blank. Belonging to the company's shareholders is left blank for the year to Mar 2018: the filing's earnings per share does not match the profit it states, and cannot be multiplied back into the owners' profit because a split, bonus or rights issue between the start of the period and the filing changed the share count the earnings per share is on. Net margin is left blank for the years to Mar 2019 and Mar 2020: the profit includes the result of a business the company has discontinued, which the revenue does not, so the two make no margin.

Balance sheet

Consolidated, ₹ crore, at 31 March.

₹ crore	Mar 2019Filed 20 May	Mar 2020Filed 18 Jun	Mar 2021Filed 14 Jun	Mar 2022Filed 18 May	Mar 2023Filed 31 May	Mar 2024Filed 28 May	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
	522	488	571	605	849	1,013	1,293	1,476
	480	446	531	544	662	790	935	1,210
Share capital	14	14	14	14	14	14	14	14
Reserves	467	433	517	530	648	776	921	1,197
Belonging to outside owners of subsidiaries	42	42	40	61	187	224	359	266
	66	88	52	125	552	680	768	1,001
Repayable after a year	8	17	6	10	395	322	341	376
Repayable within a year	58	72	47	114	158	359	427	625
	371	316	374	470	756	1,111	1,420	1,875
Trade payables	239	157	205	231	384	486	686	860
Other financial liabilities	40	39	53	40	86	87	119	158
Other liabilities	27	36	52	84	123	158	146	170
Provisions	6	12	15	0	0	20	35	55
Tax owed	0	0	3	1	6	0	8	7
	37	57	45	64	580	475	526	596
Other financial liabilities	–	0	0	40	95	111	109	168
Other liabilities	–	21	19	0	9	0	8	8
Provisions	8	5	6	0	2	15	3	4
Deferred tax	21	14	14	14	79	28	64	41
	930	861	990	1,139	2,185	2,599	3,239	3,947
Held for sale or for a demerger	40	–	–	–	–	–	1	5
	456	455	503	509	1,200	1,281	1,643	1,965
Plant in use, after depreciation	287	307	332	349	567	575	682	802
Plant being built	22	21	9	12	13	36	69	65
Intangible assets	1	2	3	54	327	322	435	516
Goodwill	0	0	0	0	122	94	176	177
Property held to earn rent	19	18	18	13	12	23	22	22
Investments	101	50	89	53	104	156	198	313
Stakes in joint ventures and associates	0	–	0	0	0	–	0	0
Loans given	5	6	6	0	1	1	1	1
Other financial assets	11	2	0	13	27	30	24	30
Deferred tax	2	1	0	0	6	2	4	0
Other assets	6	48	45	15	21	43	32	40
	435	406	487	630	985	1,318	1,594	1,977
Inventories	60	64	84	112	161	249	366	412
Trade receivables	278	193	223	266	461	585	792	1,015
Cash and cash equivalents	26	37	17	48	75	51	72	82
Other bank balances	30	67	81	90	82	24	7	12
Current investments	19	11	40	69	97	250	191	252
Loans given	1	1	1	1	1	1	2	2
Other financial assets	1	2	13	2	44	54	22	43
Other assets	20	32	29	41	65	103	141	159
Net debt	−9	−27	−86	−83	299	355	497	655

Borrowings are counted again inside the liabilities due within a year and after a year. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March.

₹ crore	Mar 2021Filed 14 Jun	Mar 2022Filed 18 May	Mar 2023Filed 31 May	Mar 2024Filed 28 May	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
	98	87	137	265	290	460
	112	120	175	329	365	567
	6	−32	−15	−55	−103	−89
Receivables	−31	−43	−15	−80	−170	−224
Inventories	−19	−28	−1	−67	−86	−50
Payables	50	27	2	40	168	172
Other working capital	6	13	−1	53	−16	13
Tax paid	−15	−33	−38	−64	−74	−107
Interest paid	10	0	0	0	0	0
Capital spending	0	51	83	104	180	248
Free cash flow	98	36	54	162	110	213
	−76	−65	−476	−249	−216	−280
Plant and property sold	1	5	6	5	8	1
Companies bought	0	0	−395	−66	−151	0
Interest received	5	3	7	8	5	6
Dividends received	0	0	1	1	5	5
	−43	10	365	−40	−53	−170
Borrowings raised	2	62	421	110	493	440
Borrowings repaid	−25	−10	−6	−9	−410	−212
Interest paid	−10	−9	−14	−70	−76	−103
Lease payments	0	−10	0	0	−20	−28
Dividends paid	8	23	27	54	40	47
Shares bought back	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0
Net change in cash	−20	32	26	−24	21	10

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.Lumax Auto Technologies dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 18 Jun	Mar 2021Filed 14 Jun	Mar 2022Filed 18 May	Mar 2023Filed 31 May	Mar 2024Filed 28 May	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
	₹5.01	₹35.76	₹9.67	₹8.52	₹6.91	₹10.18	₹13.63	₹19.10	₹26.08	₹40.91
As stated that year	₹25.05	₹35.76	₹9.67	₹8.52	₹6.91	₹10.18	₹13.63	₹19.10	₹26.08	₹40.91
	₹5.01	₹35.76	–	₹8.52	₹6.91	₹10.18	₹13.63	₹19.10	₹26.08	₹40.91
As stated that year	₹25.05	₹35.76	–	₹8.52	₹6.91	₹10.18	₹13.63	₹19.10	₹26.08	₹40.91
	₹0.94	₹2.00	₹3.00	₹3.00	₹3.00	₹3.50	₹4.50	₹5.50	₹5.50	₹5.50
As declared that year	₹4.70	₹2.00	₹3.00	₹3.00	₹3.00	₹3.50	₹4.50	₹5.50	₹5.50	₹5.50
Book value per share	–	–	₹70.45	₹65.46	₹77.87	₹79.80	₹97.07	₹115.85	₹137.14	₹177.56
Dividend payout	18.8%	–	31.1%	35.2%	43.4%	34.4%	33.0%	28.8%	21.1%	13.4%
Shareholder yield	–	–	–	–	0.7%	2.0%	1.5%	1.6%	1.1%	0.4%
Market cap at the year end (₹ crore)	675	1,133	952	340	1,106	1,142	1,833	3,293	3,680	10,375

Every year is restated for later splits and bonuses, so they do not break the line. The figure the company stated that year is under each line it differs from.

Ratios

Consolidated, years to March.Lumax Auto Technologies PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 20 May	Mar 2020Filed 18 Jun	Mar 2021Filed 14 Jun	Mar 2022Filed 18 May	Mar 2023Filed 31 May	Mar 2024Filed 28 May	Mar 2025Filed 16 Jun	Mar 2026Filed 29 May
Revenue growth	11.8%	12.5%	–	−3.9%	−2.9%	36.1%	22.5%	52.7%	28.9%	33.9%
Operating profit growth	–	44.1%	–	−17.4%	7.8%	54.3%	32.4%	83.8%	26.3%	41.7%
Net profit growth	7.5%	67.3%	–	−14.0%	−13.7%	60.1%	36.1%	49.8%	37.3%	47.1%
Earnings per share growth	–	613.8%	–	−11.9%	−18.9%	47.3%	33.9%	40.1%	36.5%	56.9%
	–	–	13.7%	12.5%	9.6%	12.9%	15.4%	17.9%	20.6%	26.0%
	–	–	–	−1.2 pts	−2.9 pts	3.3 pts	2.5 pts	2.5 pts	2.7 pts	5.4 pts
From the net margin	–	–	–	–	–	0.8 pts	1.2 pts	−1.3 pts	1.1 pts	3.5 pts
From asset turnover	–	–	–	–	–	1.9 pts	−3.0 pts	0.9 pts	1.1 pts	2.1 pts
From borrowing	–	–	–	–	–	0.6 pts	4.3 pts	2.9 pts	0.5 pts	−0.3 pts
Return on capital employed	–	–	14.1%	9.8%	10.2%	15.3%	10.6%	14.8%	16.3%	19.4%
Cash conversion	–	–	–	–	191.9%	106.8%	123.1%	158.9%	126.8%	136.5%
Interest cover	11.8	27.1	26.1	5.9	6.5	12.0	9.1	3.7	4.3	4.5
Debt to equity	–	–	0.13	0.18	0.09	0.21	0.65	0.67	0.59	0.68
Receivable days	–	–	85	62	73	64	91	76	80	76
Inventory days	–	–	27	30	41	40	47	50	57	48
Payable days	–	–	108	74	100	82	113	98	107	100
Cash conversion cycle, days	–	–	4	18	15	22	26	28	30	24
Working capital days	–	–	14	15	7	16	26	31	33	29
Asset turnover	–	–	1.28	1.27	1.20	1.42	1.11	1.18	1.25	1.36
Assets per rupee of net worth	–	–	1.94	1.93	1.89	1.98	2.76	3.30	3.39	3.35
Sales per rupee of plant	–	–	4.13	3.71	3.34	4.32	3.26	4.90	5.33	6.08
Capital spending to depreciation	–	–	–	–	0.00	1.30	1.60	0.88	1.40	1.38
Plant being built, % of plant in use	–	–	7.7%	6.7%	2.8%	3.5%	2.3%	6.2%	10.1%	8.2%

Revenue growth and operating profit growth are left blank for the year to Mar 2019: between the two periods the company restated its earlier figures and the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. Net profit growth and earnings per share growth are left blank for the year to Mar 2019: between the two periods the company began reporting a business as discontinued, so the two are on different bases and the change is not worked out. From the net margin, from asset turnover and from borrowing are left blank for the years to Mar 2020 and Mar 2021: the profit of this year or the year before includes a business the company has discontinued while its revenue does not, so the change in return on equity is not split into margin, turnover and borrowing. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 7.8%
Cash from operations against operating profit: 69.9%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	18.3%	34.5%	38.1%
Profit growth, yearly rate	24.3%	42.7%	44.3%
Return on equity, average	–	18.6%	21.5%
Return on capital employed, average	–	15.3%	16.8%
Operating margin, average	10.2%	12.0%	13.1%
Net margin, average	–	6.1%	6.4%
Asset turnover, average	–	1.26	1.26
Cash conversion cycle, days, average	–	26	27
Interest cover, average	11.1	6.7	4.2
Debt to equity, average	–	0.56	0.65

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,241	1,016	460
Cash from investing	−1,287	−746	−280
Cash from financing	111	−263	−170
Capital spending	667	532	248
Dividends paid	190	140	47
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	1,527	1,043	440
Borrowings repaid	646	631	212

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	7	7	7	6	7	8
Altman Z-scorePublished threshold 1.81	–	–	3.78	2.99	3.84	3.78	2.46	3.22	3.11	4.64
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.62	−2.30	−1.36	−2.56	−2.19	−2.44
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	3.11	5.62	27.08	6.30	5.30	4.38
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.32	1.36	1.37	1.39
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−26.66	18.56	−16.64	50.61	−25.79	6.47	−5.85
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	12.22	32.54	−3.22	23.41	9.20	17.19	−20.91
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.04	0.69	0.15	3.52	1.72	0.15	0.82
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.38	0.16	0.21	0.05	0.28	0.29	0.22
Effective tax ratePublished threshold 17.16 per cent	30.18	33.48	35.70	21.05	28.42	27.35	24.07	26.36	25.64	16.94
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−1.61	−2.02	−1.82	1.54	−9.30

A threshold marked as ours has no published figure; it is the line we read the check against.

Credit ratings

An agency's view of the chance the company repays a borrowing on time, from AAA, the highest, down to D, in default.

Date	Agency	Borrowing rated	Rating	Outlook	Amount, ₹ Cr
14 May 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil A1+Review, Re-affirm		59
14 May 2026	CRISIL Ratings Limited (opens in a new tab)	Bank Facilities	Crisil AAReview, Re-affirm	Stable	60
14 May 2026	CRISIL Ratings Limited (opens in a new tab)	Commercial Paper	Crisil A1+Review, Re-affirm		50

The latest rating on each borrowing. The agency's name opens its reasoning for the rating.