Lumax Industries Limited (LUMAXIND.NS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-28.4%

₹3,764.02

vs ₹5,258.50 price

Levered DCF

₹7,184.48

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.33

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	25.22×	17.17×	20.26×	16.04×	20.36×	82.75×	11.28×	16.59×
P/B	4.74×	3.1×	3.35×	2.83×	1.69×	3.26×	1.82×	3.96×
P/S	1.04×	0.72×	0.85×	0.71×	0.47×	1.05×	0.51×	0.93×
EV / EBITDA	11.82×	11.34×	9.8×	9.57×	9.23×	14.67×	6.94×	8.82×
Gross margin	19.1%	31.1%	33.4%	34.8%	35.5%	36.6%	38.5%	34.4%
Operating margin	6.1%	3.9%	20.9%	5.7%	4.2%	2.8%	6.5%	5.7%
Net margin	4.1%	4.2%	4.2%	4.4%	2.3%	1.3%	4.5%	5.6%
Current ratio	0.76×	0.76×	0.8×	0.78×	0.69×	0.64×	0.59×	0.65×
Debt / equity	1.06×	1.15×	1.08×	0.74×	0.82×	0.73×	0.78×	0.32×
Interest coverage	3.42×	1.81×	11.5×	4.42×	3.36×	1.36×	4.62×	6.49×
Dividend yield	0.8%	1.4%	1.1%	0.8%	0.8%	0.4%	7.2%	1.2%
Payout ratio	19.0%	23.4%	22.7%	12.2%	16.1%	31.0%	81.7%	20.7%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	18.8%	18.1%	16.5%	17.7%	8.3%	3.9%	16.1%	23.9%
Return on invested capital	9.6%	5.8%	25.1%	8.1%	5.8%	2.5%	9.6%	14.8%
Return on assets	5.0%	4.9%	4.3%	5.5%	2.6%	1.3%	5.6%	8.7%
Free cash flow yield	1.0%	-4.7%	-5.8%	1.0%	-2.6%	0.6%	-7.9%	-2.7%
Earnings yield	4.0%	5.8%	4.9%	6.2%	4.9%	1.2%	8.9%	6.0%
Enterprise value	₹53B	₹32.8B	₹29.4B	₹20.8B	₹12.1B	₹18.4B	₹11.5B	₹18.6B
Net debt / EBITDA	2.11×	3.03×	2.3×	1.95×	2.93×	2.68×	2.05×	0.65×
Cash conversion cycle (days)	13	19	29	14	-16	0	-8	-7