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BSE: 517206 | NSE: LUMAXIND | Auto Ancillary | Small Cap
Past 10 year's financial track record analysis by Moneyworks4me indicates that Lumax Industries Ltd is a average quality company.
The key valuation ratios of Lumax Industries Ltd's currently when compared to its past seem to suggest it is in the Fair zone.
The Price Trend analysis by MoneyWorks4Me indicates it is Semi Strong which suggest that the price of Lumax Industries Ltd is likely to Rise-somewhat in the short term. However, please check the rating on Quality and Valuation before investing.
Data adjusted to bonus, split, extra-ordinary income, rights issue and change in financial year end.
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROCE % ⓘ | 8.8% | 16.8% | 19.9% | 26% | 34.2% | 17.2% | 8.7% | 9.1% | 16.6% | 17.5% | - |
| Value Creation Index ⓘ | -0.4 | 0.2 | 0.4 | 0.9 | 1.4 | 0.2 | -0.4 | -0.4 | 0.2 | 0.3 | - |
Growth Parameters ⓘGrowth Parameters Colour Code Guide ⓘ | |||||||||||
| Sales ⓘ | 1,143 | 1,255 | 1,271 | 1,649 | 1,851 | 1,602 | 1,426 | 1,751 | 2,320 | 2,637 | 2,784 |
| Sales YoY Gr. | - | 9.9% | 1.3% | 29.8% | 12.3% | -13.5% | -11% | 22.8% | 32.4% | 13.7% | - |
| Adj EPS ⓘ | 17.8 | 40.1 | 47.4 | 66.1 | 90.4 | 80.1 | 13 | 49.5 | 80.4 | 87.4 | 97.6 |
| YoY Gr. | - | 125.2% | 18.1% | 39.4% | 36.9% | -11.4% | -83.8% | 280.2% | 62.6% | 8.7% | - |
| BVPS (₹) ⓘ | 184.6 | 210.2 | 264.7 | 313.3 | 398.2 | 411.3 | 424.9 | 452.2 | 515 | 577.9 | 599.2 |
| Adj Net Profit ⓘ | 16.7 | 37.5 | 44.3 | 61.7 | 84.5 | 74.8 | 12.2 | 46.2 | 75.2 | 81.7 | 91 |
| Cash Flow from Ops. ⓘ | 59.1 | 81.3 | 99.6 | 140 | 104 | 103 | 76.2 | 108 | 111 | 133 | - |
| Debt/CF from Ops. ⓘ | 2.7 | 1.6 | 0.9 | 0.7 | 1.3 | 3.1 | 4 | 3.4 | 3.5 | 4.5 | - |
CAGR Colour Code Guide ⓘ
| 9 Years | 5 Years | 3 Years | 1 Years | |||||
|---|---|---|---|---|---|---|---|---|
| Sales ⓘ | 9.7% | 7.3% | 22.7% | 13.7% | ||||
| Adj EPS ⓘ | 19.3% | -0.7% | 88.7% | 8.7% | ||||
| BVPSⓘ | 13.5% | 7.7% | 10.8% | 12.2% | ||||
| Share Price | 20.5% | 14.9% | 23.8% | 12.4% | ||||
Performance Ratio Colour Code Guide ⓘ
| Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity % ⓘ | 9.4 | 19.5 | 19.6 | 22.9 | 25.4 | 19.8 | 3.1 | 11.3 | 16.6 | 16 | 16.6 |
| Op. Profit Mgn % ⓘ | 5.2 | 7.1 | 7.9 | 8.2 | 8.5 | 10.3 | 7.2 | 7.7 | 9.1 | 8.7 | 8.4 |
| Net Profit Mgn % ⓘ | 1.5 | 3 | 3.5 | 3.7 | 4.6 | 4.7 | 0.9 | 2.6 | 3.2 | 3.1 | 3.3 |
| Debt to Equity ⓘ | 0.9 | 0.7 | 0.4 | 0.4 | 0.4 | 0.8 | 0.8 | 0.9 | 0.8 | 1.1 | - |
| Working Cap Days ⓘ | 88 | 88 | 96 | 110 | 119 | 130 | 152 | 135 | 125 | 148 | 69 |
| Cash Conv. Cycle ⓘ | -24 | -19 | -24 | -21 | -11 | -2 | 6 | 1 | 4 | 14 | -19 |
Return on Equity has increased versus last 3 years average to 16.60%
Sales growth is growing at healthy rate in last 3 years 22.74%
Net Profit is growing at healthy rate in last 3 years 88.71%
Sales growth is good in last 4 quarters at 14.70%
Debt to equity has increased versus last 3 years average to 1.11
| Standalone | Consolidated | |
|---|---|---|
| TTM EPS (₹) | 97.6 | 130.6 |
| TTM Sales (₹ Cr.) | 2,784 | 2,784 |
| BVPS (₹.) ⓘ | 599.2 | 735 |
| Reserves (₹ Cr.) ⓘ | 551 | 678 |
| P/BV ⓘ | 4.17 | 3.40 |
| PE ⓘ | 25.61 | 19.13 |
| From the Market | |
|---|---|
| 52 Week Low / High (₹) | 2020.05 / 3045.00 |
| All Time Low / High (₹) | 11.00 / 3045.00 |
| Market Cap (₹ Cr.) | 2,335 |
| Equity (₹ Cr.) | 9.4 |
| Face Value (₹) | 10 |
| Industry PE ⓘ | 53.8 |
| Pledged * | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,143 | 1,255 | 1,271 | 1,649 | 1,851 | 1,602 | 1,426 | 1,751 | 2,320 | 2,637 |
| Operating Expenses ⓘ | 1,083 | 1,167 | 1,170 | 1,515 | 1,698 | 1,443 | 1,326 | 1,616 | 2,112 | 2,408 |
| Manufacturing Costs | 155 | 188 | 206 | 233 | 160 | 227 | 155 | 213 | 261 | 279 |
| Material Costs | 748 | 769 | 731 | 969 | 1,183 | 877 | 859 | 1,064 | 1,444 | 1,649 |
| Employee Cost | 125 | 141 | 160 | 189 | 218 | 210 | 207 | 241 | 276 | 315 |
| Other Costs ⓘ | 56 | 69 | 73 | 124 | 137 | 129 | 105 | 98 | 131 | 165 |
| Operating Profit ⓘ | 59 | 89 | 101 | 135 | 154 | 158 | 100 | 135 | 208 | 229 |
| Operating Profit Margin (%) | 5.2% | 7.1% | 7.9% | 8.2% | 8.3% | 9.9% | 7.0% | 7.7% | 9.0% | 8.7% |
| Other Income ⓘ | 6 | 4 | 6 | 9 | 26 | 10 | 25 | 13 | 15 | 38 |
| Interest ⓘ | 14 | 13 | 11 | 8 | 16 | 23 | 29 | 22 | 30 | 48 |
| Depreciation ⓘ | 36 | 38 | 41 | 48 | 60 | 64 | 65 | 64 | 80 | 92 |
| Exceptional Items ⓘ | 0 | 0 | 0 | 0 | 36 | 0 | 0 | -17 | -5 | 0 |
| Profit Before Tax ⓘ | 14 | 42 | 55 | 88 | 139 | 82 | 32 | 46 | 107 | 126 |
| Tax ⓘ | -2 | 4 | 9 | 25 | 32 | 10 | 14 | 11 | 37 | 40 |
| Profit After Tax | 17 | 37 | 46 | 63 | 107 | 72 | 17 | 35 | 71 | 86 |
| PAT Margin (%) | 1.5% | 3.0% | 3.6% | 3.8% | 5.8% | 4.5% | 1.2% | 2.0% | 3.0% | 3.3% |
| Adjusted EPS (₹) | 17.7 | 40.0 | 49.3 | 67.7 | 114.9 | 77.4 | 18.2 | 37.9 | 75.6 | 92.1 |
| Dividend Payout Ratio (%) | 31% | 30% | 29% | 34% | 30% | 30% | 38% | 36% | 36% | 38% |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
Equity and Liabilities | ||||||||||
| Shareholders Fund | 180 | 204 | 247 | 293 | 372 | 384 | 397 | 423 | 481 | 540 |
| Share Capital ⓘ | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 | 9 |
| Reserves ⓘ | 171 | 195 | 238 | 284 | 363 | 375 | 388 | 413 | 472 | 531 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt | 116 | 95 | 83 | 101 | 138 | 292 | 301 | 346 | 363 | 563 |
| Long Term Debt | 38 | 11 | 4 | 2 | 1 | 26 | 0 | 58 | 61 | 154 |
| Short Term Debt | 79 | 85 | 79 | 99 | 137 | 266 | 301 | 288 | 302 | 409 |
| Trade Payables | 296 | 310 | 327 | 536 | 380 | 315 | 374 | 474 | 560 | 703 |
| Others Liabilities ⓘ | 171 | 185 | 180 | 251 | 297 | 293 | 238 | 210 | 327 | 632 |
| Total Liabilities ⓘ | 764 | 794 | 837 | 1,181 | 1,187 | 1,284 | 1,310 | 1,452 | 1,732 | 2,438 |
Fixed Assets | ||||||||||
| Gross Block | 713 | 760 | 460 | 605 | 695 | 862 | 900 | 1,048 | 1,156 | 1,459 |
| Accumulated Depreciation | 317 | 352 | 41 | 87 | 147 | 210 | 274 | 338 | 414 | 502 |
| Net Fixed Assetsⓘ | 396 | 408 | 419 | 518 | 549 | 652 | 626 | 710 | 742 | 957 |
| CWIP ⓘ | 26 | 17 | 20 | 34 | 50 | 32 | 47 | 48 | 43 | 177 |
| Investmentsⓘ | 5 | 5 | 5 | 5 | 6 | 5 | 5 | 8 | 16 | 21 |
| Inventories | 110 | 105 | 116 | 169 | 204 | 179 | 222 | 264 | 378 | 582 |
| Trade Receivables | 144 | 181 | 191 | 318 | 221 | 173 | 216 | 232 | 306 | 345 |
| Cash Equivalents | 19 | 3 | 1 | 2 | 2 | 38 | 3 | 16 | 7 | 46 |
| Others Assetsⓘ | 64 | 76 | 86 | 136 | 155 | 205 | 190 | 174 | 239 | 310 |
| Total Assets ⓘ | 764 | 794 | 837 | 1,181 | 1,187 | 1,284 | 1,310 | 1,452 | 1,732 | 2,438 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow From Operating Activity ⓘ | 59 | 81 | 100 | 140 | 104 | 103 | 76 | 108 | 111 | 133 |
| PBT ⓘ | 14 | 42 | 55 | 88 | 139 | 82 | 32 | 46 | 107 | 126 |
| Adjustment ⓘ | 48 | 51 | 49 | 52 | 22 | 89 | 87 | 82 | 103 | 108 |
| Changes in Working Capital ⓘ | -3 | -3 | 7 | 17 | -24 | -52 | -47 | -10 | -75 | -85 |
| Tax Paid ⓘ | 0 | -8 | -12 | -17 | -33 | -16 | 4 | -10 | -25 | -16 |
| Cash Flow From Investing Activity ⓘ | -30 | -37 | -62 | -128 | -97 | -194 | -31 | -129 | -93 | -245 |
| Capex | -45 | -38 | -63 | -132 | -112 | -166 | -62 | -129 | -87 | -253 |
| Net Investments | 0 | 1 | 0 | 0 | 0 | -30 | 30 | -1 | -2 | -15 |
| Others ⓘ | 16 | 1 | 1 | 4 | 14 | 3 | 1 | 0 | -5 | 23 |
| Cash Flow From Financing Activityⓘ | -13 | -59 | -39 | -11 | -6 | 96 | -51 | 34 | -26 | 137 |
| Net Proceeds from Shares ⓘ | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Proceeds from Borrowing ⓘ | -34 | -32 | -23 | 0 | 0 | 0 | 0 | 76 | 3 | 108 |
| Interest Paid ⓘ | -14 | -14 | -11 | -7 | -15 | -19 | -26 | -18 | -25 | -40 |
| Dividend Paid ⓘ | -3 | -16 | 0 | -14 | -21 | -49 | -6 | -7 | -13 | -25 |
| Others ⓘ | 39 | 3 | -6 | 9 | 31 | 164 | -18 | -17 | 9 | 94 |
| Net Cash Flow ⓘ | 16 | -15 | -2 | 1 | 1 | 6 | -5 | 13 | -9 | 24 |
| PARTICULARS | Mar'15 | Mar'16 | Mar'17 | Mar'18 | Mar'19 | Mar'20 | Mar'21 | Mar'22 | Mar'23 | Mar'24 |
|---|---|---|---|---|---|---|---|---|---|---|
| Ratios | ||||||||||
| ROE (%) | 9.8 | 20.25 | 20.78 | 23.41 | 32.3 | 19.11 | 4.36 | 8.64 | 15.63 | 16.85 |
| ROCE (%) | 8.76 | 16.78 | 19.89 | 26.03 | 34.19 | 17.2 | 8.67 | 9.14 | 16.64 | 17.45 |
| Asset Turnover Ratio | 1.69 | 1.8 | 1.75 | 1.68 | 1.56 | 1.3 | 1.1 | 1.27 | 1.46 | 1.27 |
| PAT to CFO Conversion(x) | 3.47 | 2.19 | 2.17 | 2.22 | 0.97 | 1.43 | 4.47 | 3.09 | 1.56 | 1.55 | Working Capital Days |
| Receivable Days | 40 | 42 | 48 | 55 | 53 | 45 | 50 | 47 | 42 | 45 |
| Inventory Days | 27 | 28 | 28 | 31 | 37 | 44 | 51 | 50 | 50 | 66 |
| Payable Days | 134 | 136 | 159 | 163 | 141 | 145 | 147 | 146 | 131 | 140 |
Lumax Industries Ltd. was incorporated in 1945, promoted by S C Jain has grown from success to success since its foundation. The company went public in the year 1984 , and thus in the same year embarked on its highly successful technical collaboration with Stanley, Japan .Ten years of highly rewarding partnership resulted in Stanley picking up financial stake in Lumax in the year 1994 .
Lumax signifies ‘LUMINOSITY MAXIMA’ for today’s demanding automobile users. It has taken automotive lighting to an entirely new level. Today Lumax accounts for over 60% market share in the Indian automobile lighting business, catalyzed by its over two decades strong technical and financial collaboration with Stanley Electric Company Ltd, Japan, a world leader in vehicle lighting and illumination products for automobiles.
As the most experienced automotive lighting solutions company in South Asia, Lumax , enjoys a history of more than half a century of innovation, technology, manufacturing and market leadership. Today, Lumax Industries Limited is a full-capability provider of high quality automotive lighting solutions for four wheelers and two wheeler applications, serving automobile manufacturing in India as-well-as worldwide.
Lumax strives for continual improvement of manufacturing processes with emphasis on consistent quality and cost effectiveness. Lumax has come a long way since its inception as a trading company in the year 1945, under the aegis of its founder S.C. Jain .
Lumax became an ISO 9002 certified company in 1995 , attained its QS 9000 certification in the year 1998 and achieved the ISO/TS 16949 : 2002 and ISO 14001 in 2003. In the same year Lumax Industries Ltd de-merged from its Mirror and Filter Division , there-by focusing on its core competency of producing stellar automotive lighting products.
Lumax has seven ultra modern manufacturing plants in India. Of these, two are located in cities of Gurgaon , Dharuhera in the state of Haryana, near New Delhi and three plants in Pune, near Mumbai in Maharashtra and one plant near Chennai . These facilities have been laid out to match world's best plant engineering standards, their plants are busy producing automotive lighting products in large quantities to customer's exacting standards.
Lumax has a futuristic vision with an experienced and customer focused management team. Lumax facilities are manned by over a 2000 highly skilled and specialized personnel composed of associates, executives and managers. Lumax is listed on major stock exchanges in India and depicts a shareholding holding of 26% by Indian promoters, and 46% by public and corporate bodies .
Product range of the company includes:
Lumax Industries offers a wide array of complete automobile lighting systems and solutions, which includes; stellar quality Head Lamps and Tail Lamps, Sundry and Auxiliary Lamps and other related products and accessories for four wheeler, two wheeler, trucks, buses, earth-movers, tractors and a variety of diverse applications.
Clients
The company is having a highly diversified customer base its clientele includes global as well as domestic automotive majors like, John Deere, Nissan, TruckLite, Vignal, Maruti Suzuki, Hero Honda, Tata, Bajaj, Ford, Volvo Fiat and many more.
Technical Alliance:
Milestones:
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Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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