Outlook and Valuation: Near term outlook looks tough for the industry, however
considering the long term perspective, LIL is a good bet to play on auto growth and
increasing LED penetration, which will help Lumax to grow above the industry rate
going forward. At the CMP of `1,402 stock is available at 12x of FY21E EPS of
`118. Given the near term slowdown in the sector, we have reduced our Target
Price from `2,150 to `2,000 and recommend BUY on Lumax Industries with
potential upside of 43% over the next 9-12 months.

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