3 Exhaust Systems, Vehicle Lighting and Safety Locks Stocks With a Strong Future Roadmap: Sharda Motor Industries, Lumax Industries and Sandhar Technologies
- October 22, 2026
- Posted by: Lakshit Sharma
- Category: Best Stocks
Sharda Motor Industries, Lumax Industries and Sandhar Technologies: ROE of 14.9% to 26.3% and FY22 to FY26 revenue CAGR of 11.1% to 24.1%. Prices as of 21 Oct 2026.
Quick Answer
The three auto exhaust and lighting stocks to watch are Sharda Motor Industries, Lumax Industries and Sandhar Technologies. Their return on equity ranges from 14.9% to 26.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.1% to 24.1%. Sharda Motor Industries has the highest return on equity at 26.3%, while Lumax Industries has the fastest revenue growth at 24.1% a year. Prices are based on the 21 October 2026 close, and this article is educational, not investment advice.
Auto exhaust and lighting stocks let investors follow suppliers whose parts meet emission, visibility and safety needs. Sharda Motor Industries, Lumax Industries and Sandhar Technologies cover exhaust systems, automotive lighting, and locks, mirrors and safety systems.
This list covers three auto exhaust and lighting stocks with complete current figures: Sharda Motor Industries, Lumax Industries and Sandhar Technologies. Every figure comes from the latest reported financials and the 21 October 2026 market close. Companies without complete current figures were left out.
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What Are Auto Exhaust and Lighting Stocks?
Auto exhaust and lighting stocks are listed component makers that supply exhaust systems, lamps, locks and mirrors to vehicle makers. Their earnings depend on vehicle output, content per vehicle and long-term supply contracts.
Auto Exhaust and Lighting Stocks at a Glance
| Company | CMP (Rs) | Market Cap (Rs Cr) | P/E | Industry P/E | ROE (%) | D/E |
|---|---|---|---|---|---|---|
| Sharda Motor Industries | 826.55 | 4,995 | 15.0 | 36.9 | 26.3 | 0.04 |
| Lumax Industries | 5,325 | 5,073 | 27.1 | 36.9 | 18.8 | 1.06 |
| Sandhar Technologies | 484.8 | 3,135 | 15.1 | 36.9 | 14.9 | 0.86 |
On valuation, all three trade at a P/E below their industry P/E, which means the market is pricing them at a lower multiple than their peer group. Readers comparing auto exhaust and lighting stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain.
Why Do Auto Exhaust and Lighting Stocks Have a Strong Roadmap in India?
Auto exhaust and lighting stocks have a strong roadmap in India because tighter emission norms, a shift to LED lighting and rising safety content are increasing the value of parts in each vehicle.
- Emission norms. Stricter rules raise the need for advanced exhaust systems.
- LED lighting. Vehicle makers are fitting more advanced lamps across models.
- Safety content. Locks and safety systems add value to every vehicle.
Why Sharda Motor Industries Features Among These Auto Exhaust and Lighting Stocks
Among the auto exhaust and lighting stocks on this list, Sharda Motor Industries makes exhaust systems and catalytic converters, with large passenger vehicle makers among its main customers.
Revenue rose from Rs 2,285 crore in FY22 to Rs 3,483 crore in FY26, a compound annual growth rate of 11.1%. Net profit grew from Rs 149 crore in FY22 to Rs 345 crore in FY26, which works out to a compound annual growth rate of 23.3%.
In the June 2026 quarter, revenue grew 33.2% year on year to Rs 1,038 crore. The company has a return on equity of 26.3%, a debt to equity ratio of 0.04 and a market capitalisation of Rs 4,995 crore. The stock trades at a P/E of 15.0, below the industry P/E of 36.9.
Roadmap: Tighter emission norms increase the content per vehicle for exhaust systems and catalysts. The company is adding capacity in line with its customers’ production plans and expanding into new product lines, which broadens its revenue base.
What to watch: Follow volume trends at its key customers and precious metal price movements.
Why Lumax Industries Features Among These Auto Exhaust and Lighting Stocks
Among the exhaust system shares 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.
Why Sandhar Technologies Features Among These Auto Exhaust and Lighting Stocks
Among the three companies on this list, Sandhar Technologies supplies safety systems, locks, mirrors, wheels, aluminium die castings and sheet metal parts to two-wheeler, commercial vehicle and passenger vehicle makers.
The company has a return on equity of 14.9%, a debt to equity ratio of 0.86 and a market capitalisation of Rs 3,135 crore. The stock trades at a P/E of 15.1, below the industry P/E of 36.9.
Revenue rose from Rs 2,331 crore in FY22 to Rs 4,927 crore in FY26, a compound annual growth rate of 20.6%. Net profit grew from Rs 55.9 crore in FY22 to Rs 199 crore in FY26, which works out to a compound annual growth rate of 37.3%. In the June 2026 quarter, revenue grew 25.6% year on year to Rs 1,394 crore, while net profit rose 33.1% to Rs 37.3 crore.
Roadmap: The company supplies leading vehicle makers and has been growing its content per vehicle through new product lines. It has also expanded in aluminium die casting and in electronics and mechatronics.
What to watch: Watch new product ramp-ups and growth in the electric two-wheeler segment.
Sharda Motor Industries vs Lumax Industries vs Sandhar Technologies on Key Financials
The table below sets the three auto exhaust and lighting 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 |
|---|---|---|---|---|---|
| Sharda Motor Industries | 2,285 | 3,483 | 11.1% | 345 | 9.9% |
| Lumax Industries | 1,765 | 4,191 | 24.1% | 172 | 4.1% |
| Sandhar Technologies | 2,331 | 4,927 | 20.6% | 199 | 4.0% |
Sharda Motor Industries posts the highest return on equity in this group at 26.3%. Sandhar Technologies has the largest FY26 revenue at Rs 4,927 crore, and Lumax Industries shows the fastest revenue growth with a 24.1% compound annual rate. A useful habit with auto exhaust and lighting 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 |
|---|---|---|---|
| Sharda Motor Industries | 779 | 1,038 | 33.2% |
| Lumax Industries | 925 | 1,227 | 32.6% |
| Sandhar Technologies | 1,110 | 1,394 | 25.6% |
Key Risks to Check Before Investing in Auto Exhaust and Lighting Stocks
Every theme carries risks that deserve a check before any decision. For these auto exhaust and lighting stocks, the main points are: Long-term exhaust system shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.
- Auto cycle swings. Component demand can move with vehicle sales.
- Technology shifts. Changes in vehicle design can alter the parts needed.
- Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.
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 auto exhaust and lighting stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.
Final Thoughts on Auto Exhaust and Lighting Stocks
Auto exhaust and lighting stocks reward investors who follow vehicle volumes, content per vehicle and margins together. Sharda Motor Industries, Lumax Industries and Sandhar Technologies each have long-standing customer ties. Based on the 21 October 2026 close, Sharda Motor Industries trades at Rs 826.55, Lumax Industries at Rs 5,325 and Sandhar Technologies at Rs 484.8. Valuation matters as much as growth, so compare each company’s P/E with its industry P/E before adding any of these auto exhaust and lighting stocks to a watchlist.
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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 auto exhaust and lighting stocks?
Ans. Auto exhaust and lighting stocks are listed component makers that supply exhaust systems, lamps, locks and mirrors to vehicle makers. Their earnings depend on vehicle output, content per vehicle and long-term supply contracts. This list looks at three of them, Sharda Motor Industries, Lumax Industries and Sandhar Technologies, using reported FY22 to FY26 financials and the 21 October 2026 closing prices.
Which auto exhaust and lighting stocks are covered in this list?
Ans. This list covers Sharda Motor Industries, Lumax Industries and Sandhar Technologies. Based on the 21 October 2026 close, Sharda Motor Industries traded at Rs 826.55, Lumax Industries at Rs 5,325 and Sandhar Technologies at Rs 484.8. Their return on equity ranges from 14.9% to 26.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.1% to 24.1%.
Why do auto exhaust and lighting stocks have a strong future roadmap in India?
Ans. Auto exhaust and lighting stocks have a strong roadmap in India because tighter emission norms, a shift to LED lighting and rising safety content are increasing the value of parts in each vehicle. The main drivers are as follows. Emission norms. Stricter rules raise the need for advanced exhaust systems. LED lighting. Vehicle makers are fitting more advanced lamps across models. Safety content. Locks and safety systems add value to every vehicle. Together these factors give the companies on this list a visible path for growth over the coming years.
How has Sharda Motor Industries performed financially?
Ans. Revenue rose from Rs 2,285 crore in FY22 to Rs 3,483 crore in FY26, a compound annual growth rate of 11.1%. Net profit grew from Rs 149 crore in FY22 to Rs 345 crore in FY26, which works out to a compound annual growth rate of 23.3%. In the June 2026 quarter, revenue grew 33.2% year on year to Rs 1,038 crore. The company has a return on equity of 26.3%, a debt to equity ratio of 0.04 and a market capitalisation of Rs 4,995 crore. The stock trades at a P/E of 15.0, below the industry P/E of 36.9. Looking ahead, tighter emission norms increase the content per vehicle for exhaust systems and catalysts. The company is adding capacity in line with its customers’ production plans and expanding into new product lines, which broadens its revenue base.
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.
How has Sandhar Technologies performed financially?
Ans. Revenue rose from Rs 2,331 crore in FY22 to Rs 4,927 crore in FY26, a compound annual growth rate of 20.6%. Net profit grew from Rs 55.9 crore in FY22 to Rs 199 crore in FY26, which works out to a compound annual growth rate of 37.3%. In the June 2026 quarter, revenue grew 25.6% year on year to Rs 1,394 crore, while net profit rose 33.1% to Rs 37.3 crore. The company has a return on equity of 14.9%, a debt to equity ratio of 0.86 and a market capitalisation of Rs 3,135 crore. The stock trades at a P/E of 15.1, below the industry P/E of 36.9. Looking ahead, the company supplies leading vehicle makers and has been growing its content per vehicle through new product lines. It has also expanded in aluminium die casting and in electronics and mechatronics.
What risks should investors check before buying auto exhaust and lighting stocks?
Ans. Investors should check a few risks before buying auto exhaust and lighting stocks. Auto cycle swings. Component demand can move with vehicle sales. Technology shifts. Changes in vehicle design can alter the parts needed. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. 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 auto exhaust and lighting stocks investment advice?
Ans. No. This article is educational and uses publicly available data as of the 21 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.