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Last Updated: April 2, 2026, 3:16 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 517206 | NSE: LUMAXIND

Lumax Industries Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹3,503.00Overvalued by 27.10%vs CMP ₹4,805.00

P/E (25.8) × ROE (19.3%) × BV (₹873.00) × DY (0.73%)

₹2,893.87Overvalued by 39.77%vs CMP ₹4,805.00
MoS: -66% (Negative)Confidence: 59/100 (Moderate)Models: 1 Fair, 7 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹4,619.3126%Fair (-3.9%)
Graham NumberEarnings₹1,847.0819%Over (-61.6%)
DCFCash Flow₹3,192.8813%Over (-33.6%)
Net Asset ValueAssets₹871.598%Over (-81.9%)
EV/EBITDAEnterprise₹3,145.2311%Over (-34.5%)
Earnings YieldEarnings₹1,736.908%Over (-63.9%)
ROCE CapitalReturns₹1,717.058%Over (-64.3%)
Revenue MultipleRevenue₹3,636.106%Over (-24.3%)
Consensus (8 models)₹2,893.87100%Overvalued
Key Drivers: EPS CAGR 31.9% lifts DCF — verify sustainability. | Wide model spread (₹872–₹4,619) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 31.9%

*Investments are subject to market risks

Investment Snapshot

64
Lumax Industries Ltd scores 64/100 (Average)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health65/100 · Strong
ROCE 16.4% GoodROE 19.3% ExcellentD/E 0.65 ModerateInterest Coverage 0.0x RiskyProfitable 5/5 years Consistent
Smart Money60/100 · Moderate
FII holding up 0.41% (6mo) Slight increasePromoter holding at 75.0% Stable
Earnings Quality50/100 · Moderate
OPM stable around 9% Steady
Quarterly Momentum78/100 · Strong
Revenue (4Q): +22% YoY AcceleratingProfit (4Q): +24% YoY Positive
Industry Rank70/100 · Strong
P/E 25.8 vs industry 36.1 In-lineROCE 16.4% vs industry 20.4% AverageROE 19.3% vs industry 13.3% Above peers3Y sales CAGR: 25% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Lumax Industries Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
40/100
Moderate
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 25.8 vs Ind 36.1 | ROCE 16.4% | ROE 19.3% | CFO/NP N/A
Balance Sheet Stress
50/100
Manageable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.65x | IntCov 0.0x | Current 0.63x | Borrow/Reserve 1.23x
Cash Flow Reliability
29/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹140 Cr | CFO/NP N/A
Ownership Accumulation
0
Neutral
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII +0.25 pp | DII -0.27 pp | Prom 0.00 pp
Business Momentum
+49
Stable
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales +4.4% | Q NP +30.6% | Q OPM +2.0 pp
Derived FieldValueHow it is derived
Valuation Gap %-39.8%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves1.23xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change+0.25 ppLatest FII% minus previous FII%
DII Change-0.27 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change+885Latest shareholder count minus previous count
Quarterly Sales Change+4.4%Latest quarter sales vs previous quarter sales
Quarterly Profit Change+30.6%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change+2.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 3:16 am

Market Cap 4,493 Cr.
Current Price 4,805
Intrinsic Value₹2,893.87
High / Low 6,970/2,100
Stock P/E25.8
Book Value 873
Dividend Yield0.73 %
ROCE16.4 %
ROE19.3 %
Face Value 10.0
PEG Ratio0.81

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Lumax Industries Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Lumax Industries Ltd 4,493 Cr. 4,805 6,970/2,10025.8 8730.73 %16.4 %19.3 % 10.0
Fiem Industries Ltd 5,197 Cr. 1,975 2,555/1,15621.6 4101.52 %27.8 %21.0 % 10.0
Varroc Engineering Ltd 7,309 Cr. 478 695/36529.4 1100.21 %17.1 %7.37 % 1.00
Uravi Defence & Technology Ltd 139 Cr. 122 588/10767.6 44.20.00 %%5.31 % 10.0
Industry Average4,284.50 Cr1,845.0036.10359.300.62%20.43%13.25%7.75

All Competitor Stocks of Lumax Industries Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 5796086186446327437668128879239231,0091,053
Expenses 524559567589573677708752817844841920942
Operating Profit 564951555866586070798289111
OPM % 10%8%8%9%9%9%8%7%8%9%9%9%11%
Other Income 1314141513283122182516141
Interest 891011131516191918181919
Depreciation 20212121242726262733323738
Profit before tax 41333438355246374253484755
Tax % 27%38%32%31%27%31%26%23%19%18%25%24%15%
Net Profit 30212326263634283344363647
EPS in Rs 31.6022.2024.7328.0827.3738.5936.5730.2535.8247.0438.7238.1349.80

Last Updated: March 4, 2026, 1:16 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 24, 2026, 9:16 pm

MetricMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 1,2521,2711,6491,8511,6021,4261,7512,3202,6373,4003,907
Expenses 1,1641,1701,5151,6981,4431,3261,6162,1122,4053,1203,547
Operating Profit 89101135154158100135208231280360
OPM % 7%8%8%8%10%7%8%9%9%8%9%
Other Income 41719571927351708457
Interest 131181622292230497373
Depreciation 384148606465648093113140
Profit before tax 416598134923353149159178204
Tax % 10%16%27%23%22%45%23%31%30%21%
Net Profit 525471104721841103111140162
EPS in Rs 55.6658.1676.34111.0376.9219.4243.56110.27118.77149.67173.69
Dividend Payout % 22%25%30%32%31%36%31%24%29%23%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)3.85%31.48%46.48%-30.77%-75.00%127.78%151.22%7.77%26.13%
Change in YoY Net Profit Growth (%)0.00%27.64%15.00%-77.25%-44.23%202.78%23.44%-143.45%18.36%

Lumax Industries Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 9 years from 2016-2017 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:%
5 Years:16%
3 Years:25%
TTM:27%
Compounded Profit Growth
10 Years:%
5 Years:14%
3 Years:38%
TTM:16%
Stock Price CAGR
10 Years:27%
5 Years:22%
3 Years:37%
1 Year:41%
Return on Equity
10 Years:%
5 Years:15%
3 Years:19%
Last Year:19%

Last Updated: September 5, 2025, 9:55 am

Balance Sheet

Last Updated: December 4, 2025, 1:35 am

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 99999999999
Reserves 259300353426437451482574662765806
Borrowings 12792104140347338401431723888989
Other Liabilities 4634787516154905646548521,2071,1991,293
Total Liabilities 8598801,2171,1901,2831,3621,5461,8662,6012,8613,098
Fixed Assets 4084195185496536277117499681,1061,316
CWIP 1720345032474843178212129
Investments 697988819092102147179246272
Other Assets 3653625775105085966859271,2761,2971,380
Total Assets 8598801,2171,1901,2831,3621,5461,8662,6012,8613,098

Reserves and Borrowings Chart

Cash Flow

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 8110014010410376108108133212
Cash from Investing Activity + -37-62-128-97-194-31-129-90-245-293
Cash from Financing Activity + -59-39-11-696-5134-2613759
Net Cash Flow -15-2116-513-824-22
Free Cash Flow 43378-8-6314-2119-124-110
CFO/OP 101%110%117%89%75%72%87%64%64%81%

Free Cash Flow

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow-38.009.0031.0014.00-189.00-238.00-266.00-223.00-492.00-608.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 53557044395548484850
Inventory Days 455257617594919612992
Days Payable 135146180114131159163141154147
Cash Conversion Cycle -36-39-53-9-17-9-24322-6
Working Capital Days -58-54-57-49-78-75-60-38-49-44
ROCE %19%24%22%17%8%11%19%17%16%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%75.00%
FIIs 0.84%1.12%1.15%1.12%1.09%1.17%1.18%0.92%0.97%1.18%1.13%1.38%
DIIs 0.62%1.03%1.27%1.42%1.46%1.57%3.56%4.94%5.63%5.75%5.98%5.71%
Public 23.54%22.84%22.57%22.45%22.44%22.25%20.27%19.13%18.39%18.07%17.89%17.91%
No. of Shareholders 20,08919,41019,74219,39519,32919,99918,88418,81418,66019,62321,48622,371

Shareholding Pattern Chart

No. of Shareholders

Lumax Industries Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
HDFC Small Cap Fund 447,170 0.59 217.64435,0822026-02-23 02:53:532.78%
HDFC Retirement Savings Fund - Hybrid Equity 30,000 0.86 14.634,8602026-01-26 07:39:11-13.94%
Quantum Small Cap Fund 10,485 2.85 5.1N/AN/AN/A
Navi Flexi Cap Fund 8,000 1.54 3.895,5002026-01-26 01:40:0945.45%
LIC MF Value Fund 6,444 1.64 3.147,0842026-02-23 02:53:53-9.03%
Navi Aggressive Hybrid Fund 2,299 1.01 1.124,2992025-12-15 04:06:12-46.52%
HDFC Retirement Savings Fund - Hybrid Debt 1,100 0.42 0.681,5002025-12-29 02:53:27-26.67%
Navi Large & Midcap Fund 1,000 0.16 0.49N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 149.67118.77110.2743.5719.42
Diluted EPS (Rs.) 149.67118.77110.2743.5719.42
Cash EPS (Rs.) 190.93155.92151.15104.5486.78
Book Value[Excl.RevalReserv]/Share (Rs.) 828.32718.41624.30526.06492.56
Book Value[Incl.RevalReserv]/Share (Rs.) 828.32718.41624.30526.06492.56
Revenue From Operations / Share (Rs.) 3637.682820.582481.381873.521525.49
PBDIT / Share (Rs.) 308.75258.66237.64158.72133.20
PBIT / Share (Rs.) 187.55159.33152.1590.6164.18
PBT / Share (Rs.) 110.23108.11114.9349.3733.72
Net Profit / Share (Rs.) 69.7356.5965.6636.4317.77
NP After MI And SOA / Share (Rs.) 149.67118.77110.2743.5719.42
PBDIT Margin (%) 8.489.179.578.478.73
PBIT Margin (%) 5.155.646.134.834.20
PBT Margin (%) 3.033.834.632.632.21
Net Profit Margin (%) 1.912.002.641.941.16
NP After MI And SOA Margin (%) 4.114.214.442.321.27
Return on Networth / Equity (%) 18.0616.5317.668.283.94
Return on Capital Employeed (%) 14.3013.7617.8612.8010.68
Return On Assets (%) 4.894.265.522.631.33
Long Term Debt / Equity (X) 0.270.220.100.110.00
Total Debt / Equity (X) 0.990.880.650.740.65
Asset Turnover Ratio (%) 1.251.181.421.241.11
Current Ratio (X) 0.750.790.780.690.63
Quick Ratio (X) 0.440.410.420.390.35
Inventory Turnover Ratio (X) 6.223.634.794.634.29
Dividend Payout Ratio (NP) (%) 23.3822.7312.2416.0630.89
Dividend Payout Ratio (CP) (%) 12.9212.386.896.266.78
Earning Retention Ratio (%) 76.6277.2787.7683.9469.11
Cash Earning Retention Ratio (%) 87.0887.6293.1193.7493.22
Interest Coverage Ratio (X) 3.995.057.576.934.37
Interest Coverage Ratio (Post Tax) (X) 1.902.103.283.391.58
Enterprise Value (Cr.) 3121.112795.802030.761175.941796.46
EV / Net Operating Revenue (X) 0.911.060.870.671.26
EV / EBITDA (X) 10.8111.569.147.9314.43
MarketCap / Net Operating Revenue (X) 0.690.850.710.471.05
Retention Ratios (%) 76.6177.2687.7583.9369.10
Price / BV (X) 3.053.342.841.683.26
Price / Net Operating Revenue (X) 0.690.850.710.471.05
EarningsYield 0.050.040.060.040.01

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Lumax Industries Ltd. is a Public Limited Listed company incorporated on 10/12/1981 and has its registered office in the State of Delhi, India. Company's Corporate Identification Number(CIN) is L74899DL1981PLC012804 and registration number is 012804. Currently Company is involved in the business activities of Manufacture of electric lighting equipment. Company's Total Operating Revenue is Rs. 3400.39 Cr. and Equity Capital is Rs. 9.35 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Auto Ancl - Equipment Lamp2nd Floor, Harbans Bhawan-II, New Delhi Delhi 110046Contact not found
Management
NamePosition Held
Mr. Dhanesh Kumar JainChairman Emeritus
Mr. Deepak JainChairman & Managing Director
Mr. Anmol JainJoint Managing Director
Mr. Tadayoshi AokiSenior Executive Director
Mr. Raajesh Kumar GuptaExecutive Director
Mr. Kenjiro NakazonoExecutive Director
Mr. Tomohiro KondoNon Executive Director
Mr. Rajeev KapoorIndependent Director
Ms. Ritika SethiIndependent Director
Mr. Vikrampati SinghaniaIndependent Director
Mr. Harish LakshmanIndependent Director
Mr. Pradeep Singh JauharIndependent Director
Ms. Pallavi Dinodia GuptaIndependent Director

FAQ

What is the intrinsic value of Lumax Industries Ltd and is it undervalued?

As of 04 April 2026, Lumax Industries Ltd's intrinsic value is ₹2893.87, which is 39.77% lower than the current market price of ₹4,805.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (19.3 %), book value (₹873), dividend yield (0.73 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Lumax Industries Ltd?

Lumax Industries Ltd is trading at ₹4,805.00 as of 04 April 2026, with a FY2026-2027 high of ₹6,970 and low of ₹2,100. The stock is currently in the middle of its 52-week range. Market cap stands at ₹4,493 Cr..

How does Lumax Industries Ltd's P/E ratio compare to its industry?

Lumax Industries Ltd has a P/E ratio of 25.8, which is below the industry average of 36.10. This is broadly in line with or below the industry average.

Is Lumax Industries Ltd financially healthy?

Key indicators for Lumax Industries Ltd: ROCE of 16.4 % indicates efficient capital utilization; ROE of 19.3 % shows strong shareholder returns. Dividend yield is 0.73 %.

Is Lumax Industries Ltd profitable and how is the profit trend?

Lumax Industries Ltd reported a net profit of ₹140 Cr in Mar 2025 on revenue of ₹3,400 Cr. Compared to ₹41 Cr in Mar 2022, the net profit shows an improving trend.

Does Lumax Industries Ltd pay dividends?

Lumax Industries Ltd has a dividend yield of 0.73 % at the current price of ₹4,805.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Lumax Industries Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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