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10-Nov-2025

Lumax Industries

Setting up a new manufacturing plant to meet orders from MSIL and Toyota


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Lumax Industries hosted a conference call on Nov 10, 2025. In the conference call, the company was represented by: Mr. Deepak Jain – Chairman & Managing Director, Mr. Anmol Jain – Joint Managing Director, and Mr. Raju Ketkale – CEO

Key takeaways of the call

In Q2 FY26, PV segment witnessed muted trend, while 2W and CVs showed strong performance.

The PV segment is set to recover sharply from Q3 FY26 driven by recent GST reforms, and new product launches from OEMs.

Post-GST Cut, the company has upgraded its revenue growth guidance to 20–25% for FY26, up from 15–20%. Additionally, the company is confident of good growth in FY27.

Margins for the quarter were affected by exceptional foreign exchange fluctuations in Q2 FY26. Excluding the impact of forex losses, the EBITDA margin would have been approximately 70–80 basis points higher than th...



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