Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹5,572, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 28x in the Auto Components industry in India. Total returns to shareholders of 205% over the past three years. Reported Earnings • Feb 11
Third quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2026 results: EPS: ₹49.79 (up from ₹35.82 in 3Q 2025). Revenue: ₹10.5b (up 19% from 3Q 2025). Net income: ₹465.5m (up 39% from 3Q 2025). Profit margin: 4.4% (up from 3.8% in 3Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) exceeded analyst estimates by 1.4%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has increased by 57% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₹6,136, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 29x in the Auto Components industry in India. Total returns to shareholders of 271% over the past three years. New Risk • Feb 03
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 7.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.8x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.2% average weekly change). Announcement • Feb 02
Lumax Industries Limited to Report Q3, 2026 Results on Feb 10, 2026 Lumax Industries Limited announced that they will report Q3, 2026 results on Feb 10, 2026 Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₹4,632, the stock trades at a forward P/E ratio of 23x. Average forward P/E is 28x in the Auto Components industry in India. Total returns to shareholders of 185% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹2,157 per share. Price Target Changed • Nov 12
Price target increased by 7.9% to ₹4,670 Up from ₹4,328, the current price target is an average from 3 analysts. New target price is 7.2% below last closing price of ₹5,033. Stock is up 119% over the past year. The company is forecast to post earnings per share of ₹164 for next year compared to ₹150 last year. Announcement • Oct 18
Lumax Industries Limited to Report Q2, 2026 Results on Nov 07, 2025 Lumax Industries Limited announced that they will report Q2, 2026 results on Nov 07, 2025 Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹4,955, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 30x in the Auto Components industry in India. Total returns to shareholders of 208% over the past three years. New Risk • Aug 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Indian stocks, typically moving 6.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.7% average weekly change). Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₹3,892, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 28x in the Auto Components industry in India. Total returns to shareholders of 163% over the past three years. Reported Earnings • Aug 04
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ₹150 (up from ₹119 in FY 2024). Revenue: ₹34.0b (up 29% from FY 2024). Net income: ₹1.40b (up 26% from FY 2024). Profit margin: 4.1% (down from 4.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 9.9%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jul 31
Upcoming dividend of ₹35.00 per share Eligible shareholders must have bought the stock before 07 August 2025. Payment date: 24 September 2025. Payout ratio is a comfortable 23% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Indian dividend payers (1.2%). Higher than average of industry peers (0.6%). Announcement • Jul 21
Lumax Industries Limited to Report Q1, 2026 Results on Aug 06, 2025 Lumax Industries Limited announced that they will report Q1, 2026 results on Aug 06, 2025 Reported Earnings • May 28
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: ₹150 (up from ₹119 in FY 2024). Revenue: ₹34.0b (up 29% from FY 2024). Net income: ₹1.40b (up 26% from FY 2024). Profit margin: 4.1% (down from 4.2% in FY 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 9.9%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 34% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • May 20
Now 21% undervalued Over the last 90 days, the stock has risen 19% to ₹2,664. The fair value is estimated to be ₹3,370, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 30% in 2 years. Earnings are forecast to grow by 48% in the next 2 years. Buy Or Sell Opportunity • Mar 28
Now 20% undervalued Over the last 90 days, the stock has risen 6.6% to ₹2,533. The fair value is estimated to be ₹3,174, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 29%. Revenue is forecast to grow by 30% in 2 years. Earnings are forecast to grow by 48% in the next 2 years. Valuation Update With 7 Day Price Move • Mar 26
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₹2,562, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 25x in the Auto Components industry in India. Total returns to shareholders of 197% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₹3,085 per share. Price Target Changed • Feb 18
Price target increased by 8.8% to ₹3,316 Up from ₹3,049, the current price target is an average from 2 analysts. New target price is 47% above last closing price of ₹2,259. Stock is down 6.9% over the past year. The company is forecast to post earnings per share of ₹136 for next year compared to ₹119 last year. Price Target Changed • Feb 12
Price target decreased by 13% to ₹3,049 Down from ₹3,492, the current price target is an average from 2 analysts. New target price is 33% above last closing price of ₹2,290. Stock is down 0.4% over the past year. The company is forecast to post earnings per share of ₹143 for next year compared to ₹119 last year. Board Change • Feb 12
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Harish Lakshman was the last director to join the board, commencing their role in 2024. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Jan 14
Lumax Industries Limited Announces Resignation of Todd Christopher Morgan as Chief Technology and Innovation Officer, Effective January 31, 2025 Lumax Industries Limited announced the resignation of Mr. Todd Christopher Morgan as Chief Technology and Innovation Officer due to his personal reasons, effective January 31, 2025. Reported Earnings • Nov 14
Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2025 results: EPS: ₹30.25 (up from ₹28.08 in 2Q 2024). Revenue: ₹8.14b (up 27% from 2Q 2024). Net income: ₹282.8m (up 7.7% from 2Q 2024). Profit margin: 3.5% (down from 4.1% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 02
Upcoming dividend of ₹35.00 per share Eligible shareholders must have bought the stock before 09 September 2024. Payment date: 27 October 2024. Payout ratio is a comfortable 29% but the company is not cash flow positive. Trailing yield: 1.2%. Within top quartile of Indian dividend payers (1.1%). Higher than average of industry peers (0.5%). Announcement • Aug 21
Lumax Industries Limited, Annual General Meeting, Sep 27, 2024 Lumax Industries Limited, Annual General Meeting, Sep 27, 2024. Announcement • Aug 20
Lumax Industries Limited Announces Board Cessations, Effective August 21, 2024 Lumax Industries Limited at its board of directors meeting held on August 20, 2024, took note of the cessation of Directorship of Mr. Rattan Kapur, Non-Executive Independent Director from the Board of Directors of the Company consequent upon completion of second term of 5 years with effect from the close of business hours of August 21, 2024. The cessation of Directorship of Mr. Dhiraj Dhar Gupta, Non-Executive Independent Director from the Board of Directors of the Company consequent upon completion of second term of 5 years with effect from the close of business hours of August 21, 2024, and the cessation of Directorship of Mr. Avinash Parkash Gandhi, Non- Executive Independent Director from the Board of Directors of the Company consequent upon completion of second term of 5 years with effect from the close of business hours of August 21, 2024. Price Target Changed • Aug 14
Price target increased by 7.0% to ₹3,246 Up from ₹3,033, the current price target is an average from 3 analysts. New target price is 28% above last closing price of ₹2,535. Stock is up 18% over the past year. The company is forecast to post earnings per share of ₹152 for next year compared to ₹119 last year. New Risk • Aug 09
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.9x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.9x net interest cover). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Aug 09
First quarter 2025 earnings released: EPS: ₹36.56 (vs ₹24.73 in 1Q 2024) First quarter 2025 results: EPS: ₹36.56 (up from ₹24.73 in 1Q 2024). Revenue: ₹7.78b (up 26% from 1Q 2024). Net income: ₹341.8m (up 48% from 1Q 2024). Profit margin: 4.4% (up from 3.7% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Announcement • Aug 08
Lumax Industries Limited Announces Director Changes Lumax Industries Limited announced the resignation of Mr. Yoshitsugu Matsushita from the position of Non-Executive Director (Nominee - Stanley Electric Co. Ltd., Japan) of the Company with effect from close of the business hours of August 08, 2024 and appointment of Mr. Tetsuya Hojo, as an Additional Non-Executive Director of the Company with effect from August 09, 2024, as recommended by the Nomination and Remuneration Committee. Mr. Tetsuya Hojo is Nominee of Stanley Electric Co. Ltd. Japan, the Financial and Technical Collaborator of the Company. Mr. Tetsuya Hojo is a Bachelor of Economics from MEIJI-GAKUIN University, Tokyo, Japan. He has rich experience in the automotive industry and is associated with the Stanley Group since April 1990. Announcement • Aug 02
Lumax Industries Limited to Report Q1, 2025 Results on Aug 08, 2024 Lumax Industries Limited announced that they will report Q1, 2025 results on Aug 08, 2024 Announcement • Jun 10
Lumax Industries Limited Announce CEO Changes Lumax Industries Limited at its Board of Directors meeting held June 08, 2024, considered and accepted the resignation letter dated June 08, 2024 received from Mr. Vishnu Johri from the position of Chief Executive Officer (Key Managerial Personnel) of the Company owing to his personal reasons with effect from close of business hours of June 30, 2024. The company also considered and approved the appointment of Mr. Raju Bhauso Ketkale as a Chief Executive Officer designated as Key Managerial Personnel of the Company with effect from July 01, 2024. Mr. Raju Bhauso Ketkale, a BE Mechanical and Masters in Machine Design from Bangalore University, is a senior industry veteran and has over 3 decades of experience in the manufacturing sector. He has been associated with Lumax D.K. Jain Group since October 2023. Before joining Lumax he was associated with Toyota Kirloskar Motors (TKML) as Executive Vice President- Manufacturing. He was also on the Board of TKML. He has successfully led massive structural reforms in manufacturing, technical function and Human Resource Development HRD) & Sustainability to achieve cost competitiveness & manufacturing excellence, establishing a future ready organization & leadership pipeline ready to face challenges of new technology, electrification, carbon neutrality and digitalization. Reported Earnings • May 25
Full year 2024 earnings: EPS misses analyst expectations Full year 2024 results: EPS: ₹119 (up from ₹110 in FY 2023). Revenue: ₹26.5b (up 14% from FY 2023). Net income: ₹1.11b (up 7.7% from FY 2023). Profit margin: 4.2% (down from 4.4% in FY 2023). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 6.0%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 13
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: ₹27.37 (down from ₹31.60 in 3Q 2023). Revenue: ₹6.32b (up 9.0% from 3Q 2023). Net income: ₹255.8m (down 13% from 3Q 2023). Profit margin: 4.0% (down from 5.1% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 8.4%. Earnings per share (EPS) also missed analyst estimates by 12%. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 08
Second quarter 2024 earnings released: EPS: ₹28.08 (vs ₹35.27 in 2Q 2023) Second quarter 2024 results: EPS: ₹28.08 (down from ₹35.27 in 2Q 2023). Revenue: ₹6.46b (up 4.1% from 2Q 2023). Net income: ₹262.5m (down 20% from 2Q 2023). Profit margin: 4.1% (down from 5.3% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. New Risk • Nov 08
New major risk - Revenue and earnings growth Earnings have declined by 0.8% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.8% per year over the past 5 years. Minor Risks High level of debt (72% net debt to equity). Dividend is not well covered by cash flows (148% cash payout ratio). Announcement • Aug 23
Lumax Industries Limited approves Dividend for the Financial Year Ended March 31, 2023 Lumax Industries Limited approved dividend of INR 27/- per equity share as recommended by the Board of Directors for the Financial Year ended March 31, 2023. Price Target Changed • Aug 14
Price target increased by 11% to ₹2,575 Up from ₹2,321, the current price target is an average from 2 analysts. New target price is 21% above last closing price of ₹2,126. Stock is up 54% over the past year. The company is forecast to post earnings per share of ₹124 for next year compared to ₹110 last year. Upcoming Dividend • Aug 05
Upcoming dividend of ₹27.00 per share at 1.3% yield Eligible shareholders must have bought the stock before 10 August 2023. Payment date: 20 September 2023. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Indian dividend payers (1.4%). Higher than average of industry peers (0.8%). Reported Earnings • Aug 03
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ₹110 (up from ₹43.57 in FY 2022). Revenue: ₹23.2b (up 32% from FY 2022). Net income: ₹1.03b (up 153% from FY 2022). Profit margin: 4.4% (up from 2.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.2%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Announcement • Aug 03
Lumax Industries Limited to Report Q1, 2024 Results on Aug 09, 2023 Lumax Industries Limited announced that they will report Q1, 2024 results on Aug 09, 2023 Upcoming Dividend • Jul 31
Upcoming dividend of ₹27.00 per share at 1.3% yield Eligible shareholders must have bought the stock before 07 August 2023. Payment date: 21 September 2023. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Indian dividend payers (1.5%). Higher than average of industry peers (0.8%). Price Target Changed • Jul 07
Price target decreased by 9.4% to ₹2,258 Down from ₹2,493, the current price target is an average from 2 analysts. New target price is 5.8% above last closing price of ₹2,134. Stock is up 57% over the past year. The company is forecast to post earnings per share of ₹139 for next year compared to ₹110 last year. Announcement • Jun 02
Lumax Industries Limited Appoints Yoshitsugu Matsushita an as an Additional Director (Non-Executive and Non-Independent) of the Company W.E.F. June 01, 2023 Lumax Industries Limited has appointed Mr. Yoshitsugu Matsushita an as an Additional Director (Non-Executive and Non-Independent) of the Company w.e.f. June 01, 2023. Mr. Yoshitsugu Matsushita is Bachelor of Economics, from HOSEI University, Tokyo, Japan. He has experience of more than 35 years in the Automotive Industry. He is associated with Stanley Electric Co. Ltd. Since 1987. Reported Earnings • May 30
Full year 2023 earnings: EPS misses analyst expectations Full year 2023 results: EPS: ₹110 (up from ₹43.57 in FY 2022). Revenue: ₹23.3b (up 33% from FY 2022). Net income: ₹1.03b (up 153% from FY 2022). Profit margin: 4.4% (up from 2.3% in FY 2022). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 2.2%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 9.4% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • May 19
Lumax Industries Limited to Report Q4, 2023 Results on May 27, 2023 Lumax Industries Limited announced that they will report Q4, 2023 results on May 27, 2023 Reported Earnings • Feb 10
Third quarter 2023 earnings released: EPS: ₹31.60 (vs ₹7.25 in 3Q 2022) Third quarter 2023 results: EPS: ₹31.60 (up from ₹7.25 in 3Q 2022). Revenue: ₹5.81b (up 33% from 3Q 2022). Net income: ₹295.4m (up 336% from 3Q 2022). Profit margin: 5.1% (up from 1.6% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Announcement • Feb 03
Lumax Industries Limited to Report Q3, 2023 Results on Feb 09, 2023 Lumax Industries Limited announced that they will report Q3, 2023 results on Feb 09, 2023 Reported Earnings • Nov 16
Second quarter 2023 earnings released: EPS: ₹35.27 (vs ₹16.40 in 2Q 2022) Second quarter 2023 results: EPS: ₹35.27 (up from ₹16.40 in 2Q 2022). Revenue: ₹6.20b (up 37% from 2Q 2022). Net income: ₹329.7m (up 115% from 2Q 2022). Profit margin: 5.3% (up from 3.4% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.3% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Reported Earnings • Nov 13
Second quarter 2023 earnings released: EPS: ₹35.27 (vs ₹16.40 in 2Q 2022) Second quarter 2023 results: EPS: ₹35.27 (up from ₹16.40 in 2Q 2022). Revenue: ₹6.24b (up 38% from 2Q 2022). Net income: ₹329.7m (up 115% from 2Q 2022). Profit margin: 5.3% (up from 3.4% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.2% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Auto Components industry in India. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improved over the past week After last week's 17% share price gain to ₹1,781, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 23x in the Auto Components industry in India. Total returns to shareholders of 46% over the past three years. Price Target Changed • Nov 01
Price target increased to ₹1,824 Up from ₹1,537, the current price target is an average from 3 analysts. New target price is 19% above last closing price of ₹1,526. Stock is up 14% over the past year. The company is forecast to post earnings per share of ₹90.80 for next year compared to ₹43.57 last year. Reported Earnings • Aug 11
First quarter 2023 earnings released: EPS: ₹21.20 (vs ₹10.60 loss in 1Q 2022) First quarter 2023 results: EPS: ₹21.20 (up from ₹10.60 loss in 1Q 2022). Revenue: ₹5.17b (up 65% from 1Q 2022). Net income: ₹198.2m (up ₹297.3m from 1Q 2022). Profit margin: 3.8% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the next year, revenue is forecast to grow 9.6%, compared to a 18% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Price Target Changed • Jul 28
Price target increased to ₹1,537 Up from ₹1,426, the current price target is provided by 1 analyst. New target price is 6.5% above last closing price of ₹1,443. Stock is down 5.8% over the past year. The company is forecast to post earnings per share of ₹88.70 for next year compared to ₹43.57 last year. Reported Earnings • Jul 02
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: ₹43.57 (up from ₹19.42 in FY 2021). Revenue: ₹17.5b (up 23% from FY 2021). Net income: ₹407.2m (up 124% from FY 2021). Profit margin: 2.3% (up from 1.3% in FY 2021). Revenue exceeded analyst estimates by 3.7%. Earnings per share (EPS) also surpassed analyst estimates by 72%. Over the next year, revenue is forecast to grow 19%, compared to a 22% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Jul 01
Upcoming dividend of ₹13.50 per share Eligible shareholders must have bought the stock before 08 July 2022. Payment date: 21 August 2022. Payout ratio is a comfortable 31% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Indian dividend payers (1.9%). Higher than average of industry peers (0.7%). Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improved over the past week After last week's 16% share price gain to ₹1,294, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 23x in the Auto Components industry in India. Total returns to shareholders of 8.5% over the past three years. Reported Earnings • Feb 13
Third quarter 2022 earnings: EPS and revenues exceed analyst expectations Third quarter 2022 results: EPS: ₹7.25 (down from ₹21.20 in 3Q 2021). Revenue: ₹4.35b (down 2.5% from 3Q 2021). Net income: ₹67.8m (down 66% from 3Q 2021). Profit margin: 1.6% (down from 4.4% in 3Q 2021). Revenue exceeded analyst estimates by 26%. Earnings per share (EPS) also surpassed analyst estimates by 242%. Over the next year, revenue is forecast to grow 11%, compared to a 16% growth forecast for the industry in India. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Price Target Changed • Nov 19
Price target decreased to ₹1,617 Down from ₹1,777, the current price target is provided by 1 analyst. New target price is 9.0% above last closing price of ₹1,483. Stock is up 13% over the past year. The company is forecast to post earnings per share of ₹41.60 for next year compared to ₹19.42 last year. Reported Earnings • Nov 13
Second quarter 2022 earnings released: EPS ₹16.40 (vs ₹7.74 in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: ₹4.57b (up 15% from 2Q 2021). Net income: ₹153.3m (up 112% from 2Q 2021). Profit margin: 3.4% (up from 1.8% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Aug 13
Upcoming dividend of ₹7.00 per share Eligible shareholders must have bought the stock before 20 August 2021. Payment date: 30 September 2021. Trailing yield: 0.5%. Lower than top quartile of Indian dividend payers (1.5%). In line with average of industry peers (0.6%). Reported Earnings • Aug 09
First quarter 2022 earnings released: ₹10.60 loss per share (vs ₹33.81 loss in 1Q 2021) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2022 results: Revenue: ₹3.14b (up 303% from 1Q 2021). Net loss: ₹99.0m (loss narrowed 69% from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Price Target Changed • Jun 22
Price target increased to ₹1,777 Up from ₹1,641, the current price target is provided by 1 analyst. New target price is 15% above last closing price of ₹1,545. Stock is up 43% over the past year. 
