Lumax Auto Q2: consolidated PAT up 50% YoY to ₹116.7 Cr, margin cools off Q1's 15.1%

Lumax Auto Technologies' consolidated revenue grew 34.5% YoY (14.1% QoQ) to ₹1,555.5 Cr, and consolidated PAT rose 50.4% YoY (18.3% QoQ) to ₹116.7 Cr (₹105.5 Cr attributable to owners, up 57.8% YoY) — comfortably ahead of both our pre-result preview's expectation (revenue ₹1,400–1,450 Cr, PAT ₹80–90 Cr) and the FY27 full-year consensus run-rate (analyst estimates imply roughly ₹1,613 Cr revenue and ₹111 Cr PAT per quarter; no single-quarter Q2 consensus was published given Lumax's thin sell-side coverage, a risk our preview itself flagged). No exceptional items feature in either the standalone or consolidated statement this quarter, so the growth is on a clean, comparable base — there is no raw-vs-adjusted distinction to draw. The net-margin story is unambiguously positive: NPM expanded to 7.41% of total income, up from 6.62% a year ago and 7.15% last quarter. But the EBITDA line tells a more mixed story — by our calculation (PBT + depreciation + finance costs, which reconciles to the company's own reported Q1 EBITDA of ₹205 Cr/15.1% margin), Q2 EBITDA margin works out to roughly 14.7%, a step down from Q1's 15.1% and below the lower end of our preview's 15.0–15.5% expected band. Management's prior guidance was explicitly to "sustain Q1 levels for the rest of the year" — on that specific metric, this quarter is a modest miss even as revenue and the bottom line both beat; the gap sits in the cost lines between EBITDA and PBT (materials, employee cost, or other expenses growing slightly faster than revenue), since depreciation and finance costs rose only in line with the capex build-out. The board paired the results with a new ₹150 Cr Mechatronics manufacturing facility at Manesar (targeting ~₹500 Cr peak annualised turnover, commissioning in two phases from Q3 FY28, debt-and-accrual funded) and the relocation of an existing Aurangabad plant to Chhatrapati Sambhajinagar — both consistent with the FY27 ₹300 Cr capex plan and the longer-term ₹10,000 Cr FY31 revenue target disclosed on the last concall. It also approved an incremental ₹15 Cr corporate guarantee for 60%-owned Lumax Greenfuel Energy Solutions, continuing to fund that subsidiary's capex/working-capital needs. No standalone management press release was available in this context to cross-check against the board's own framing of the quarter. Going into H2 FY27, the quarter confirms the top-line momentum flagged after Q1 (33% YoY growth then, 34.5% now) but puts the margin-sustainability watch item — which our preview explicitly called out — squarely in focus, since the 15.1% Q1 print was not repeated.