3 Two-Wheeler Lamps, Steel Wheels and Lighting Systems Stocks With a Strong Future Roadmap: Fiem Industries, Wheels India and Lumax Industries
- October 21, 2026
- Posted by: Harsh Piplani
- Category: Best Stocks
Fiem Industries, Wheels India and Lumax Industries: ROE of 14.9% to 21.0% and FY22 to FY26 revenue CAGR of 8.4% to 24.1%. Prices as of 20 Oct 2026.
Quick Answer
The three vehicle parts stocks to watch are Fiem Industries, Wheels India and Lumax Industries. Their return on equity ranges from 14.9% to 21.0%, and their revenue compound annual growth from FY22 to FY26 ranges from 8.4% to 24.1%. Fiem Industries has the highest return on equity at 21.0%, while Lumax Industries has the fastest revenue growth at 24.1% a year. Prices are based on the 20 October 2026 close, and this article is educational, not investment advice.
Vehicle parts stocks let investors follow the vehicle industry through the suppliers that fit lamps, wheels and other parts to every new vehicle. Fiem Industries, Wheels India and Lumax Industries cover two-wheeler lighting and signalling, steel wheels and related products, and automotive lighting systems.
This list covers three vehicle parts stocks with complete current figures: Fiem Industries, Wheels India and Lumax Industries. Every figure comes from the latest reported financials and the 20 October 2026 market close. Companies without complete current figures were left out.
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What Are Vehicle Parts Stocks?
Vehicle parts stocks are listed companies that supply components to vehicle makers and the replacement market. Their earnings follow vehicle production, content per vehicle and long-term supply relationships.
Vehicle Parts Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Fiem Industries | 1,823.6 | 4,790 | 18.2 | 36.9 | 21.0 | 0.05 |
| Wheels India | 2,439.4 | 6,549 | 39.4 | 36.9 | 14.9 | 0.74 |
| Lumax Industries | 5,432.5 | 5,073 | 27.1 | 36.9 | 18.8 | 1.06 |
On valuation, Fiem Industries and Lumax Industries trade at a P/E below the industry P/E, while Wheels India trades above it, which reflects the growth the market already expects. Readers comparing vehicle parts stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Vehicle Parts Stocks Have a Strong Roadmap in India?
Vehicle parts stocks have a strong roadmap in India because vehicle production is rising and each new vehicle carries more lighting, safety and electronic content.
- Rising vehicle output. Higher two-wheeler, car and commercial vehicle production lifts component demand.
- Content per vehicle. LED lighting and advanced features raise the value of parts per vehicle.
- Customer relationships. Long-term supply contracts with leading vehicle makers support volumes.
Why Fiem Industries Features Among These Vehicle Parts Stocks
Among the vehicle parts stocks on this list, Fiem Industries makes automotive lighting, signalling equipment and rear view mirrors, mainly for two-wheelers, with leading Japanese and Indian makers as customers.
The company has a return on equity of 21.0%, a debt to equity ratio of 0.05 and a market capitalisation of Rs 4,790 crore. The stock trades at a P/E of 18.2, below the industry P/E of 36.9.
Revenue rose from Rs 1,575 crore in FY22 to Rs 2,836 crore in FY26, a compound annual growth rate of 15.8%. Net profit grew from Rs 95.3 crore in FY22 to Rs 256 crore in FY26, which works out to a compound annual growth rate of 28.0%. In the June 2026 quarter, revenue grew 17.4% year on year to Rs 780 crore, while net profit rose 12.9% to Rs 64.9 crore.
Roadmap: LED lighting is replacing older bulbs, which raises the value of each vehicle’s lighting set. Fiem is also adding capacity and customers, and the move to premium two-wheelers helps its mix.
What to watch: Follow two-wheeler production volumes and customer-specific launch schedules.
Why Wheels India Features Among These Vehicle Parts Stocks
Among the auto lighting and wheel shares on this list, Wheels India, based in Chennai, manufactures steel wheels for commercial vehicles, tractors and off-highway machines, and is part of the Amalgamations group.
Revenue rose from Rs 3,979 crore in FY22 to Rs 5,488 crore in FY26, a compound annual growth rate of 8.4%. Net profit grew from Rs 74.2 crore in FY22 to Rs 158 crore in FY26, which works out to a compound annual growth rate of 20.8%.
In the June 2026 quarter, revenue grew 17.7% year on year to Rs 1,493 crore, while net profit rose 27.3% to Rs 38.9 crore. The company has a return on equity of 14.9%, a debt to equity ratio of 0.74 and a market capitalisation of Rs 6,549 crore. The stock trades at a P/E of 39.4, above the industry P/E of 36.9.
Roadmap: Demand from trucks, tractors and construction equipment, along with exports and a growing aftermarket, supports its volumes. The company is also working on lighter wheels and new products for farm and construction machines.
What to watch: Follow farm and construction equipment demand and steel prices.
Why Lumax Industries Features Among These Vehicle Parts Stocks
Among the three companies on this list, Lumax Industries makes automotive lighting systems such as headlamps and tail lamps for passenger cars, two-wheelers and commercial vehicles.
In the June 2026 quarter, revenue grew 32.6% year on year to Rs 1,227 crore, while net profit rose 41.1% to Rs 51.1 crore. Revenue rose from Rs 1,765 crore in FY22 to Rs 4,191 crore in FY26, a compound annual growth rate of 24.1%.
Net profit grew from Rs 40.7 crore in FY22 to Rs 172 crore in FY26, which works out to a compound annual growth rate of 43.5%. The company has a return on equity of 18.8%, a debt to equity ratio of 1.06 and a market capitalisation of Rs 5,073 crore. The stock trades at a P/E of 27.1, below the industry P/E of 36.9.
Roadmap: The shift to LED and advanced lighting raises the value of each vehicle’s lighting set. Lumax is adding new programmes with its customers and is investing in technology tie-ups to stay close to design changes.
What to watch: Track new vehicle launches and the pace at which LED content is added.
Fiem Industries vs Wheels India vs Lumax Industries on Key Financials
The table below sets the three vehicle parts stocks side by side on revenue, profit and margin, using reported figures.
| Company | FY22 Revenue (Rs Cr) | FY26 Revenue (Rs Cr) | Revenue CAGR (FY22-FY26) | FY26 Net Profit (Rs Cr) | FY26 Net Margin |
|---|---|---|---|---|---|
| Fiem Industries | 1,575 | 2,836 | 15.8% | 256 | 9.0% |
| Wheels India | 3,979 | 5,488 | 8.4% | 158 | 2.9% |
| Lumax Industries | 1,765 | 4,191 | 24.1% | 172 | 4.1% |
Fiem Industries posts the highest return on equity in this group at 21.0%. Wheels India has the largest FY26 revenue at Rs 5,488 crore, and Lumax Industries shows the fastest revenue growth with a 24.1% compound annual rate. A useful habit with vehicle parts stocks is to check each new quarterly result against the capacity plans the company described earlier.
The June 2026 quarter, the latest reported, gives a fresh read on momentum:
| Company | Q1 FY26 Revenue (Rs Cr) | Q1 FY27 Revenue (Rs Cr) | Year-on-Year Growth |
|---|---|---|---|
| Fiem Industries | 665 | 780 | 17.4% |
| Wheels India | 1,269 | 1,493 | 17.7% |
| Lumax Industries | 925 | 1,227 | 32.6% |
Key Risks to Check Before Investing in Vehicle Parts Stocks
Every theme carries risks that deserve a check before any decision. For these vehicle parts stocks, the main points are: Long-term auto lighting and wheel shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Vehicle cycles. Component demand follows vehicle sales, which can vary with the economy.
- Customer concentration. A few vehicle makers account for a large share of sales.
- Raw material costs. Steel, aluminium and plastic prices influence margins.
Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.
Use the Univest Stock Screener to filter vehicle parts stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Vehicle Parts Stocks
Vehicle parts stocks reward investors who follow production trends, content growth and customer wins. Fiem Industries, Wheels India and Lumax Industries each tie their growth to a specific part of the vehicle. Based on the 20 October 2026 close, Fiem Industries trades at Rs 1,823.6, Wheels India at Rs 2,439.4 and Lumax Industries at Rs 5,432.5.
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Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).
What are vehicle parts stocks?
Ans. Vehicle parts stocks are listed companies that supply components to vehicle makers and the replacement market. Their earnings follow vehicle production, content per vehicle and long-term supply relationships. This list looks at three of them, Fiem Industries, Wheels India and Lumax Industries, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.
Which vehicle parts stocks are covered in this list?
Ans. This list covers Fiem Industries, Wheels India and Lumax Industries. Based on the 20 October 2026 close, Fiem Industries traded at Rs 1,823.6, Wheels India at Rs 2,439.4 and Lumax Industries at Rs 5,432.5. Their return on equity ranges from 14.9% to 21.0%, and their revenue compound annual growth from FY22 to FY26 ranges from 8.4% to 24.1%.
Why do vehicle parts stocks have a strong future roadmap in India?
Ans. Vehicle parts stocks have a strong roadmap in India because vehicle production is rising and each new vehicle carries more lighting, safety and electronic content. The main drivers are as follows. Rising vehicle output. Higher two-wheeler, car and commercial vehicle production lifts component demand. Content per vehicle. LED lighting and advanced features raise the value of parts per vehicle. Customer relationships. Long-term supply contracts with leading vehicle makers support volumes. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Fiem Industries performed financially?
Ans. Revenue rose from Rs 1,575 crore in FY22 to Rs 2,836 crore in FY26, a compound annual growth rate of 15.8%. Net profit grew from Rs 95.3 crore in FY22 to Rs 256 crore in FY26, which works out to a compound annual growth rate of 28.0%. In the June 2026 quarter, revenue grew 17.4% year on year to Rs 780 crore, while net profit rose 12.9% to Rs 64.9 crore. The company has a return on equity of 21.0%, a debt to equity ratio of 0.05 and a market capitalisation of Rs 4,790 crore. The stock trades at a P/E of 18.2, below the industry P/E of 36.9. Looking ahead, lED lighting is replacing older bulbs, which raises the value of each vehicle’s lighting set. Fiem is also adding capacity and customers, and the move to premium two-wheelers helps its mix.
How has Wheels India performed financially?
Ans. Revenue rose from Rs 3,979 crore in FY22 to Rs 5,488 crore in FY26, a compound annual growth rate of 8.4%. Net profit grew from Rs 74.2 crore in FY22 to Rs 158 crore in FY26, which works out to a compound annual growth rate of 20.8%. In the June 2026 quarter, revenue grew 17.7% year on year to Rs 1,493 crore, while net profit rose 27.3% to Rs 38.9 crore. The company has a return on equity of 14.9%, a debt to equity ratio of 0.74 and a market capitalisation of Rs 6,549 crore. The stock trades at a P/E of 39.4, above the industry P/E of 36.9. Looking ahead, demand from trucks, tractors and construction equipment, along with exports and a growing aftermarket, supports its volumes. The company is also working on lighter wheels and new products for farm and construction machines.
How has Lumax Industries performed financially?
Ans. Revenue rose from Rs 1,765 crore in FY22 to Rs 4,191 crore in FY26, a compound annual growth rate of 24.1%. Net profit grew from Rs 40.7 crore in FY22 to Rs 172 crore in FY26, which works out to a compound annual growth rate of 43.5%. In the June 2026 quarter, revenue grew 32.6% year on year to Rs 1,227 crore, while net profit rose 41.1% to Rs 51.1 crore. The company has a return on equity of 18.8%, a debt to equity ratio of 1.06 and a market capitalisation of Rs 5,073 crore. The stock trades at a P/E of 27.1, below the industry P/E of 36.9. Looking ahead, the shift to LED and advanced lighting raises the value of each vehicle’s lighting set. Lumax is adding new programmes with its customers and is investing in technology tie-ups to stay close to design changes.
What risks should investors check before buying vehicle parts stocks?
Ans. Investors should check a few risks before buying vehicle parts stocks. Vehicle cycles. Component demand follows vehicle sales, which can vary with the economy. Customer concentration. A few vehicle makers account for a large share of sales. Raw material costs. Steel, aluminium and plastic prices influence margins. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.
Is this list of vehicle parts stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 20 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.
