Lumax Auto- Modest Expansion Needs, Negligible Debt Levels Provide Comfort: HDFC Securities Initiates Coverage

HDFC Securities Retail Research

Lumax Auto Technologies Ltd. is among the largest automobile ancillary manufacturers in India with a diversified portfolio of products and marquee client base.

The outlook for automobile demand is improving and the company is witnessing increased offtake for its products. It has added new models to its portfolio.

The company is in talks with various original equipment manufacturers for producing and developing products for their future electric vehicle requirement. It is also looking for inorganic growth opportunities in the non-EV space.

Post the implementation of BS-VI emission norms, Lumax Auto has introduced new products such as urea tanks for passenger vehicles and commercial vehicles and oxygen sensors for two-wheeler.

New products will increase content per vehicle and drive the company’s growth.

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