{"id":198975,"date":"2026-08-12T12:52:00","date_gmt":"2026-08-12T07:22:00","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=198975"},"modified":"2026-08-12T12:52:02","modified_gmt":"2026-08-12T07:22:02","slug":"mahindra-cie-automotive-vs-lumax-industries-comparison","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/mahindra-cie-automotive-vs-lumax-industries-comparison\/","title":{"rendered":"Mahindra CIE Automotive vs Lumax Industries: Share Price, Comparison and Key Differences"},"content":{"rendered":"<div class=\"meta-block\"><\/div>\n<p style=\"border-left: 4px solid #1F4E79; background: #EBF3FB; padding: 10px 16px; font-style: italic;\"><em>Mahindra CIE Automotive MCap Rs 15,560 Cr, PE 17.23x, ROE 11.66%, D\/E 0.07, Div 1.71%. Lumax Industries MCap Rs 5,412 Cr, PE 31.38x, ROE 18.80%, D\/E 1.06.<\/em><\/p>\n<p>Mahindra CIE Automotive vs Lumax Industries is a comparison auto ancillary investors look up when evaluating two listed Indian automotive component manufacturers. Mahindra CIE Automotive, a Mumbai-based company (Mahindra and CIE Automotive of Spain joint venture), is a global automotive forgings and machined components company supplying connecting rods, crankshafts, gear blanks and other high-strength forged parts to OEMs. Lumax Industries, a Gurugram-based company (Lumax-DK group), manufactures automotive lighting systems including headlamps, tail lamps, fog lamps and DRL LEDs for two-wheelers, passenger vehicles and commercial vehicles. Both Mahindra CIE vs Lumax Industries supply to major Indian auto OEMs.<\/p>\n<p>This Mahindra CIE Automotive vs Lumax Industries article covers reach and market position, key products, latest declared results and stock valuation. All data is sourced from Groww and public company filings.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_65 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/univest.in\/blogs-2\/mahindra-cie-automotive-vs-lumax-industries-comparison\/#Reach_and_Market_Position\" title=\"Reach and Market Position\">Reach and Market Position<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/univest.in\/blogs-2\/mahindra-cie-automotive-vs-lumax-industries-comparison\/#Key_Products_and_Business_Mix\" title=\"Key Products and Business Mix\">Key Products and Business Mix<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/univest.in\/blogs-2\/mahindra-cie-automotive-vs-lumax-industries-comparison\/#Latest_Results_and_Financial_Data\" title=\"Latest Results and Financial Data\">Latest Results and Financial Data<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/univest.in\/blogs-2\/mahindra-cie-automotive-vs-lumax-industries-comparison\/#Stock_Performance_and_Valuation\" title=\"Stock Performance and Valuation\">Stock Performance and Valuation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/univest.in\/blogs-2\/mahindra-cie-automotive-vs-lumax-industries-comparison\/#Mahindra_CIE_Automotive_vs_Lumax_Industries_Quick_Comparison_Table\" title=\"Mahindra CIE Automotive vs Lumax Industries: Quick Comparison Table\">Mahindra CIE Automotive vs Lumax Industries: Quick Comparison Table<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/univest.in\/blogs-2\/mahindra-cie-automotive-vs-lumax-industries-comparison\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/univest.in\/blogs-2\/mahindra-cie-automotive-vs-lumax-industries-comparison\/#Frequently_Asked_Questions\" title=\"Frequently Asked Questions\">Frequently Asked Questions<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/mahindra-cie-automotive-vs-lumax-industries-comparison\/#What_does_Mahindra_CIE_Automotive_make\" title=\"What does Mahindra CIE Automotive make?\">What does Mahindra CIE Automotive make?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/mahindra-cie-automotive-vs-lumax-industries-comparison\/#What_does_Lumax_Industries_make\" title=\"What does Lumax Industries make?\">What does Lumax Industries make?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/mahindra-cie-automotive-vs-lumax-industries-comparison\/#What_is_automotive_forging\" title=\"What is automotive forging?\">What is automotive forging?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/univest.in\/blogs-2\/mahindra-cie-automotive-vs-lumax-industries-comparison\/#Who_owns_Mahindra_CIE\" title=\"Who owns Mahindra CIE?\">Who owns Mahindra CIE?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/univest.in\/blogs-2\/mahindra-cie-automotive-vs-lumax-industries-comparison\/#Are_Mahindra_CIE_and_Lumax_in_Nifty_50\" title=\"Are Mahindra CIE and Lumax in Nifty 50?\">Are Mahindra CIE and Lumax in Nifty 50?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/univest.in\/blogs-2\/mahindra-cie-automotive-vs-lumax-industries-comparison\/#Which_is_larger\" title=\"Which is larger?\">Which is larger?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/univest.in\/blogs-2\/mahindra-cie-automotive-vs-lumax-industries-comparison\/#Does_Mahindra_CIE_pay_dividends\" title=\"Does Mahindra CIE pay dividends?\">Does Mahindra CIE pay dividends?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Reach_and_Market_Position\"><\/span><strong>Reach and Market Position<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In this Mahindra CIE Automotive vs Lumax Industries comparison, Mahindra CIE manufactures forgings and machined components for automotive OEMs in India, Europe and North America. Market capitalisation is Rs 15,560 Cr.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&amp;utm_medium=mahindracie-vs-lumax\"><strong>Click Here &#8211; Get Free Investment Predictions<\/strong><\/a><\/p>\n<p>Lumax Industries manufactures automotive lighting systems for Hero MotoCorp, Honda Motorcycle, TVS Motor, Maruti Suzuki and other OEMs. Market capitalisation is Rs 5,412 Cr.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Key_Products_and_Business_Mix\"><\/span><strong>Key Products and Business Mix<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>For the Mahindra CIE Automotive vs Lumax Industries product breakdown, Mahindra CIE Automotive: Mahindra CIE earns from automotive forgings (crankshafts, connecting rods, gear blanks) and machined components. EPS is Rs 23.81. PE is 17.23x, ROE 11.66 percent, D\/E 0.07. Div 1.71 percent.<\/p>\n<p>Lumax Industries: Lumax earns from automotive headlamps, tail lamps, DRL LEDs and other lighting systems. EPS is Rs 184.46. PE is 31.38x, ROE 18.80 percent, D\/E 1.06.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Latest_Results_and_Financial_Data\"><\/span><strong>Latest Results and Financial Data<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>On the Mahindra CIE Automotive vs Lumax Industries results front: Mahindra CIE has a market cap of Rs 15,560 Cr and PE of 17.23x. ROE is 11.66 percent. Mahindra CIE is 2.9 times larger than Lumax and is dramatically cheaper on PE.<\/p>\n<p>Lumax Industries has a market cap of Rs 5,412 Cr and PE of 31.38x. ROE is 18.80 percent &#8211; higher than Mahindra CIE. Lumax has a higher ROE but more expensive PE and some debt.<\/p>\n<p style=\"margin-top: 24px;\"><a href=\"https:\/\/univest.in\/screeners\"><strong>Compare Mahindra CIE Automotive and Lumax Industries Fundamentals on the Univest Screener<\/strong><\/a><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Stock_Performance_and_Valuation\"><\/span><strong>Stock Performance and Valuation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Investors tracking the Mahindra CIE Automotive vs Lumax Industries comparison should verify current prices on NSE or BSE before trading. The Mahindra CIE Automotive vs Lumax Industries stock data below reflects the latest available figures from Groww and public company filings.<\/p>\n<p>Mahindra CIE vs Lumax at current valuations: Mahindra CIE trades at Rs 15,560 Cr market cap, PE 17.23x, ROE 11.66 percent. Lumax trades at Rs 5,412 Cr market cap, PE 31.38x, ROE 18.80 percent. Mahindra CIE is much cheaper on PE; Lumax has a higher ROE.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Mahindra_CIE_Automotive_vs_Lumax_Industries_Quick_Comparison_Table\"><\/span><strong>Mahindra CIE Automotive vs Lumax Industries: Quick Comparison Table<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The comparison table below summarises the key metrics side by side.<\/p>\n<table style=\"border-collapse: collapse; width: 100%;\">\n<tbody>\n<tr>\n<th style=\"border: 1px solid #ccc; padding: 8px;\">Parameter<\/th>\n<th style=\"border: 1px solid #ccc; padding: 8px;\"><a href=\"https:\/\/univest.in\/stocks\/mahindra-cie-automotive-ltd\">Mahindra CIE Automotive<\/a><\/th>\n<th style=\"border: 1px solid #ccc; padding: 8px;\"><a href=\"https:\/\/univest.in\/stocks\/lumax-industries-ltd\">Lumax Industries<\/a><\/th>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Sector<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Automotive forgings + machined parts: crankshafts, con-rods (India + Europe)<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Automotive lighting: headlamps, tail lamps, DRL LEDs (2W + PV + CV)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Market Cap<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Rs 15,560 Cr<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Rs 5,412 Cr<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">P\/E Ratio<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">17.23x<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">31.38x<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">ROE<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">11.66%<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">18.80%<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Debt to Equity<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">0.07<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">1.06<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Partner<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">CIE Automotive (Spain, global forgings)<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Stanley Electric (Japan, lighting JV)<\/td>\n<\/tr>\n<tr>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">Dividend Yield<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">1.71%<\/td>\n<td style=\"border: 1px solid #ccc; padding: 8px;\">0.95%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><strong>Conclusion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The Mahindra CIE Automotive vs Lumax Industries comparison above covers reach, products, results and valuation. Mahindra CIE Automotive vs Lumax Industries covers auto forgings versus automotive lighting. Mahindra CIE is a global-scale forgings company at a cheap PE. Lumax is an automotive lighting company with a higher ROE at a premium PE. Mahindra CIE vs Lumax investors should track OEM production volumes and the shift to LED lighting and EV content. Consult a SEBI-registered advisor for personalised guidance.<\/p>\n<p style=\"margin-top: 24px;\"><em>Download the <a href=\"https:\/\/apps.apple.com\/in\/app\/univest\/id1543832872\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"https:\/\/play.google.com\/store\/apps\/details?id=com.univest.android\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track Mahindra CIE Automotive and Lumax Industries live price and get daily stock recommendations.<\/em><\/p>\n<div style=\"background: #CC0000; border-radius: 8px; padding: 16px 20px; margin: 24px 0;\">\n<p style=\"color: #ffffff; font-size: 13px; line-height: 1.7; margin: 0;\"><strong style=\"color: #ffffff;\">Disclaimer:<\/strong> 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).<\/p>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span><strong>Frequently Asked Questions<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><span class=\"ez-toc-section\" id=\"What_does_Mahindra_CIE_Automotive_make\"><\/span><strong>What does Mahindra CIE Automotive make?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Mahindra CIE Automotive manufactures automotive forgings &#8211; crankshafts, connecting rods, gear blanks, differential parts, shafts and other precision forged components for engines and transmissions.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_does_Lumax_Industries_make\"><\/span><strong>What does Lumax Industries make?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Lumax Industries manufactures automotive lighting systems including headlamps, rear combination lamps (tail lamps + turn signals + reverse), fog lamps, DRL (Daytime Running Lamps) and position lamps for two-wheelers, passenger vehicles and commercial vehicles.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_is_automotive_forging\"><\/span><strong>What is automotive forging?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Automotive forging involves shaping metal under extreme pressure into high-strength components like crankshafts and connecting rods &#8211; used in vehicle engines and transmissions where strength-to-weight ratio is critical.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Who_owns_Mahindra_CIE\"><\/span><strong>Who owns Mahindra CIE?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Mahindra CIE Automotive is a joint venture between Mahindra Group (India) and CIE Automotive (Spain &#8211; a global automotive forgings and metal components company).<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Are_Mahindra_CIE_and_Lumax_in_Nifty_50\"><\/span><strong>Are Mahindra CIE and Lumax in Nifty 50?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Neither is in Nifty 50. Both are tracked in smaller indices.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_is_larger\"><\/span><strong>Which is larger?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Mahindra CIE at Rs 15,560 Cr is approximately 2.9 times larger than Lumax Industries at Rs 5,412 Cr.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Does_Mahindra_CIE_pay_dividends\"><\/span><strong>Does Mahindra CIE pay dividends?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Yes. Mahindra CIE Automotive pays a dividend yield of approximately 1.71 percent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mahindra CIE Automotive vs Lumax Industries compared on forgings, automotive lighting, ROE and valuation. 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