Lumax Auto Technologies manufactures automotive components — advanced plastics, mechatronics, alternate fuel systems and structures — for passenger vehicles, two/three-wheelers and commercial vehicles, and enters this quarter on the back of record industry volumes and a ₹1,601 Cr order book. The print will speak to whether the 15% FY27 EBITDA margin guide holds as resin prices climbed ~21% through the quarter, and how the ₹156.23 Cr Chakan plant for Mahindra & Mahindra orders is pacing toward its Q4 FY27 Phase 1 deadline.
| Results date | October 24, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 1,364 Cr |
| Previous quarter PAT | Rs. 99 Cr (before minority interest) |
| Previous quarter EBITDA margin | 15.1% (incl. other income) |
| Market cap | Rs. 13,217.11 Cr |
| CMP | Rs. 1,939.2 |
As intimated on October 13, 2026, the Board of Directors will meet on Saturday, October 24, 2026, to approve the un-audited standalone and consolidated financial results for Q2 and the half-year ended September 30, 2026, under SEBI LODR Regulations 29 and 33. The trading window remained closed from October 1 to October 26, 2026 (48 hours post-results).
The quarter's story is whether strong demand converts into margin: every month of Q2 ran well above management's 10–12% FY27 industry-growth assumption — SIAM PV dispatches rose 34.3% in July and 36.5% in August, September PV sales rose ~22%, and FADA retail hit a best-ever September of 25,36,920 units (+31.82% YoY) — while anchor customers Maruti Suzuki (+35%/+37% in Aug/Sep) and Mahindra (SUVs +50% in August) outgrew the market. Against that, the cost tape turned unfavourable: domestic PVC resin climbed ~21% from Rs. 78/kg in early July to Rs. 94/kg on September 1, energy costs were flagged as rising, and Q1 already showed cost of materials as a share of revenue up 209 bps YoY — with only ~26 days of inventory, in-quarter resin direction hits the P&L fast, though back-to-back OEM arrangements pass through 80–90% of commodity moves within the same quarter and management committed to maintain or improve margins by ~30 bps. A known Q2 drag is the normalization of Greenfuel's ~3% one-off tooling income (Q1 subsidiary margin of 23% guided to 19–20% going forward), and management has already guided that growth rates will moderate in Q3/Q4 FY27 as the post-GST-rationalization low base fades. The call should also show capex acceleration — only Rs. 23 Cr was deployed in Q1 against the Rs. 300 Cr FY27 guide — and progress on the debt-reduction-starts-FY27 message against total borrowings of ~Rs. 1,000 Cr carried in from March.
Guidance scorecard to interrogate: Key guidance items from the Q1 FY27 call and their tracking status:
Strategic follow-ups
Risk follow-ups
Narrative shifts to test
Management transitions
Yes. CFO Ankit Thakral clarified that the 15% FY27 EBITDA margin guidance includes other income, translating to Rs. 800–850 Cr FY27 EBITDA and ~Rs. 1,000 Cr FY28 EBITDA at 15.5–16%, with the realistic long-term target at 17–17.5% over the next three to five years.
The 23% Q1 FY27 Greenfuel margin included about 3% (roughly Rs. 3 Cr) of one-off tooling income. Excluding it, the operational margin was ~20%, and management has guided 19–20% going forward.
Management has framed the 20% CAGR over FY27–FY28 as roughly 15% organic plus the balance inorganic, and considers 20% attainable even without acquisitions. Acquisitions will be evaluated on strategic fit, scalability, value addition and appropriate valuation.
More than 90% of IAC's Rs. 500 Cr order book is from M&M. Firm Maruti Suzuki orders have been secured and conversations with Honda Car and Tata are ongoing, with substantial outcomes expected by FY28.
Consolidated revenue rose 33% YoY to Rs. 1,364 Cr in Q1 FY27, with Maruti Suzuki revenue up 48% YoY and Bajaj up 64% YoY on wallet-share gains and new products. Management has flagged that growth rates will moderate in Q3 and Q4 FY27 as the post-GST-rationalization low base fades.