Lumax Q2 FY27: consolidated PAT +46% YoY to ₹52 Cr on 33% revenue growth, OPM dips to 8.2%

Lumax Industries' consolidated Q2 FY27 (quarter ended September 30, 2026) revenue rose 33.0% YoY to ₹1,341.84 Cr from ₹1,008.60 Cr, and 9.7% QoQ from ₹1,223.23 Cr. Consolidated PAT — the primary basis, since it diverges materially from standalone this quarter — climbed 45.9% YoY to ₹51.99 Cr from ₹35.64 Cr, though the QoQ advance was a much steadier 1.8% over Q1's ₹51.08 Cr, underlining that the YoY jump, not the QoQ print, is the real story. EPS was ₹55.62 versus ₹38.13 a year earlier. Standalone PAT was lower at ₹39.14 Cr on the identical ₹1,341.84 Cr revenue base.

Net margin expanded to 3.87% from 3.53% YoY, but that masks a softer operating print: EBITDA margin (OPM) came in near 8.2%, down from 8.97% in Q1 FY27 and 8.80% in Q2 FY26 — compression on both counts even as PAT grew. The gap between NPM expansion and OPM compression is explained by the ₹16.46 Cr share of associate (SL Lumax) profit recognized in consolidated PBT this quarter (consolidated PBT ₹69.57 Cr vs standalone ₹52.43 Cr) — a non-operating contribution that lifts the bottom line without showing up in the cost structure. No exceptional item was booked this quarter, so the print is otherwise clean of one-offs (FY26 carried a ₹17.85 Cr labour-code related exceptional charge).

The stock went into the print at ₹5,120, down 11.5% over the past month of trading.

For context: this is the second-highest quarterly PAT of the last 6 quarters; revenue is at a 6-quarter high.

Against management's own FY27 outlook from the Q1 concall — revenue growth of 15-20%, EBITDA margin of 10.5-11%, and capex of ₹200-250 Cr — this quarter's 33% YoY revenue growth runs well ahead of plan, but ~8.2% OPM sits meaningfully below the guided margin band and has now slipped for two straight quarters, a shortfall worth tracking into H2. H1 FY27 capex (PP&E including CWIP, per the cash-flow statement) of ₹139.36 Cr is broadly on pace with the raised full-year guidance. We found no quarter-specific Street estimate for Q2 FY27 to benchmark against; Q1 FY27 had beaten broker PAT estimates by roughly 12%, and full-year FY27 consensus pegs revenue near ₹4,980 Cr (+19%), a bar this quarter's growth rate is tracking comfortably ahead of. Lumax did not issue a separate press release with this filing. Alongside the results, the board approved issuing ₹50 Cr of unlisted commercial paper to Kotak Mahindra Bank — a funding step that lines up with the working-capital build visible in the cash flow, where trade receivables rose ₹182.7 Cr and inventories ₹157.0 Cr over H1 FY27 as the business scaled.