{"id":323444,"date":"2026-10-22T12:15:18","date_gmt":"2026-10-22T06:45:18","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=323444"},"modified":"2026-10-22T12:15:18","modified_gmt":"2026-10-22T06:45:18","slug":"exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\/","title":{"rendered":"3 Exhaust Systems, Vehicle Lighting and Safety Locks Stocks With a Strong Future Roadmap: Sharda Motor Industries, Lumax Industries and Sandhar Technologies"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>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.<\/em><\/p>\n<div style=\"background:#F0F9FF;border-left:4px solid #2E7D32;border-radius:6px;padding:14px 18px;margin:18px 0;\">\n<p style=\"margin:0;color:#1F4E79;font-size:14px;\"><strong>Quick Answer<\/strong><\/p>\n<p style=\"margin:8px 0 0;\">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.<\/p>\n<\/div>\n<p>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.<\/p>\n<p>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.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/user\/log-in?utm_source=blogs&#038;utm_medium=exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\">Click Here &#8211; Get Free Investment Predictions<\/a><\/strong><\/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\/exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\/#What_Are_Auto_Exhaust_and_Lighting_Stocks\" title=\"What Are Auto Exhaust and Lighting Stocks?\">What Are Auto Exhaust and Lighting Stocks?<\/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\/exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\/#Auto_Exhaust_and_Lighting_Stocks_at_a_Glance\" title=\"Auto Exhaust and Lighting Stocks at a Glance\">Auto Exhaust and Lighting Stocks at a Glance<\/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\/exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\/#Why_Do_Auto_Exhaust_and_Lighting_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Auto Exhaust and Lighting Stocks Have a Strong Roadmap in India?\">Why Do Auto Exhaust and Lighting Stocks Have a Strong Roadmap in India?<\/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\/exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\/#Why_Sharda_Motor_Industries_Features_Among_These_Auto_Exhaust_and_Lighting_Stocks\" title=\"Why Sharda Motor Industries Features Among These Auto Exhaust and Lighting Stocks\">Why Sharda Motor Industries Features Among These Auto Exhaust and Lighting Stocks<\/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\/exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\/#Why_Lumax_Industries_Features_Among_These_Auto_Exhaust_and_Lighting_Stocks\" title=\"Why Lumax Industries Features Among These Auto Exhaust and Lighting Stocks\">Why Lumax Industries Features Among These Auto Exhaust and Lighting Stocks<\/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\/exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\/#Why_Sandhar_Technologies_Features_Among_These_Auto_Exhaust_and_Lighting_Stocks\" title=\"Why Sandhar Technologies Features Among These Auto Exhaust and Lighting Stocks\">Why Sandhar Technologies Features Among These Auto Exhaust and Lighting Stocks<\/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\/exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\/#Sharda_Motor_Industries_vs_Lumax_Industries_vs_Sandhar_Technologies_on_Key_Financials\" title=\"Sharda Motor Industries vs Lumax Industries vs Sandhar Technologies on Key Financials\">Sharda Motor Industries vs Lumax Industries vs Sandhar Technologies on Key Financials<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/univest.in\/blogs-2\/exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\/#Key_Risks_to_Check_Before_Investing_in_Auto_Exhaust_and_Lighting_Stocks\" title=\"Key Risks to Check Before Investing in Auto Exhaust and Lighting Stocks\">Key Risks to Check Before Investing in Auto Exhaust and Lighting Stocks<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/univest.in\/blogs-2\/exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\/#Final_Thoughts_on_Auto_Exhaust_and_Lighting_Stocks\" title=\"Final Thoughts on Auto Exhaust and Lighting Stocks\">Final Thoughts on Auto Exhaust and Lighting Stocks<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/univest.in\/blogs-2\/exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\/#What_are_auto_exhaust_and_lighting_stocks\" title=\"What are auto exhaust and lighting stocks?\">What are auto exhaust and lighting stocks?<\/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\/exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\/#Which_auto_exhaust_and_lighting_stocks_are_covered_in_this_list\" title=\"Which auto exhaust and lighting stocks are covered in this list?\">Which auto exhaust and lighting stocks are covered in this list?<\/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\/exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\/#Why_do_auto_exhaust_and_lighting_stocks_have_a_strong_future_roadmap_in_India\" title=\"Why do auto exhaust and lighting stocks have a strong future roadmap in India?\">Why do auto exhaust and lighting stocks have a strong future roadmap in India?<\/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\/exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\/#How_has_Sharda_Motor_Industries_performed_financially\" title=\"How has Sharda Motor Industries performed financially?\">How has Sharda Motor Industries performed financially?<\/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\/exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\/#How_has_Lumax_Industries_performed_financially\" title=\"How has Lumax Industries performed financially?\">How has Lumax Industries performed financially?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/univest.in\/blogs-2\/exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\/#How_has_Sandhar_Technologies_performed_financially\" title=\"How has Sandhar Technologies performed financially?\">How has Sandhar Technologies performed financially?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/univest.in\/blogs-2\/exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\/#What_risks_should_investors_check_before_buying_auto_exhaust_and_lighting_stocks\" title=\"What risks should investors check before buying auto exhaust and lighting stocks?\">What risks should investors check before buying auto exhaust and lighting stocks?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/univest.in\/blogs-2\/exhaust-systems-vehicle-lighting-and-safety-locks-stocks-roadmap-meridian-list\/#Is_this_list_of_auto_exhaust_and_lighting_stocks_investment_advice\" title=\"Is this list of auto exhaust and lighting stocks investment advice?\">Is this list of auto exhaust and lighting stocks investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Auto_Exhaust_and_Lighting_Stocks\"><\/span><strong>What Are Auto Exhaust and Lighting Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Auto_Exhaust_and_Lighting_Stocks_at_a_Glance\"><\/span><strong>Auto Exhaust and Lighting Stocks at a Glance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">CMP (Rs)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Market Cap (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Industry P\/E<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">ROE (%)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">D\/E<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/shardamotr\/sharda-motor-industries-ltd-share-price-today\">Sharda Motor Industries<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">826.55<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4,995<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.0<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">36.9<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">26.3<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.04<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/lumaxind\/lumax-industries-ltd-share-price-today\">Lumax Industries<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5,325<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5,073<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">27.1<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">36.9<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">18.8<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.06<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/sandhar\/sandhar-technologies-ltd-share-price-today\">Sandhar Technologies<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">484.8<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,135<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">15.1<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">36.9<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">14.9<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.86<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>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.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Auto_Exhaust_and_Lighting_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Auto Exhaust and Lighting Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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.<\/p>\n<ul>\n<li><strong>Emission norms.<\/strong> Stricter rules raise the need for advanced exhaust systems.<\/li>\n<li><strong>LED lighting.<\/strong> Vehicle makers are fitting more advanced lamps across models.<\/li>\n<li><strong>Safety content.<\/strong> Locks and safety systems add value to every vehicle.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Why_Sharda_Motor_Industries_Features_Among_These_Auto_Exhaust_and_Lighting_Stocks\"><\/span><strong>Why Sharda Motor Industries Features Among These Auto Exhaust and Lighting Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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.<\/p>\n<p>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%.<\/p>\n<p>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.<\/p>\n<p><strong>Roadmap:<\/strong> Tighter emission norms increase the content per vehicle for exhaust systems and catalysts. The company is adding capacity in line with its customers&#8217; production plans and expanding into new product lines, which broadens its revenue base.<\/p>\n<p><strong>What to watch:<\/strong> Follow volume trends at its key customers and precious metal price movements.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Lumax_Industries_Features_Among_These_Auto_Exhaust_and_Lighting_Stocks\"><\/span><strong>Why Lumax Industries Features Among These Auto Exhaust and Lighting Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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.<\/p>\n<p>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%.<\/p>\n<p>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.<\/p>\n<p><strong>Roadmap:<\/strong> The shift to LED and advanced lighting raises the value of each vehicle&#8217;s lighting set. Lumax is adding new programmes with its customers and is investing in technology tie-ups to stay close to design changes.<\/p>\n<p><strong>What to watch:<\/strong> Track new vehicle launches and the pace at which LED content is added.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Sandhar_Technologies_Features_Among_These_Auto_Exhaust_and_Lighting_Stocks\"><\/span><strong>Why Sandhar Technologies Features Among These Auto Exhaust and Lighting Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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.<\/p>\n<p>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.<\/p>\n<p>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.<\/p>\n<p><strong>Roadmap:<\/strong> 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.<\/p>\n<p><strong>What to watch:<\/strong> Watch new product ramp-ups and growth in the electric two-wheeler segment.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Sharda_Motor_Industries_vs_Lumax_Industries_vs_Sandhar_Technologies_on_Key_Financials\"><\/span><strong>Sharda Motor Industries vs Lumax Industries vs Sandhar Technologies on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table below sets the three auto exhaust and lighting stocks side by side on revenue, profit and margin, using reported figures.<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY22 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Revenue CAGR (FY22-FY26)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Net Profit (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">FY26 Net Margin<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Sharda Motor Industries<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,285<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">3,483<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">11.1%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">345<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">9.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Lumax Industries<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,765<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4,191<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">24.1%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">172<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4.1%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Sandhar Technologies<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,331<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4,927<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">20.6%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">199<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4.0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>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.<\/p>\n<p>The June 2026 quarter, the latest reported, gives a fresh read on momentum:<\/p>\n<div style=\"overflow-x:auto;\">\n<table style=\"border-collapse:collapse;width:100%;\">\n<thead>\n<tr>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Company<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Q1 FY26 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Q1 FY27 Revenue (Rs Cr)<\/th>\n<th style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;background:#F0F4F8;\">Year-on-Year Growth<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Sharda Motor Industries<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">779<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,038<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">33.2%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Lumax Industries<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">925<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,227<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">32.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Sandhar Technologies<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,110<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,394<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">25.6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Key_Risks_to_Check_Before_Investing_in_Auto_Exhaust_and_Lighting_Stocks\"><\/span><strong>Key Risks to Check Before Investing in Auto Exhaust and Lighting Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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.<\/p>\n<ul>\n<li><strong>Auto cycle swings.<\/strong> Component demand can move with vehicle sales.<\/li>\n<li><strong>Technology shifts.<\/strong> Changes in vehicle design can alter the parts needed.<\/li>\n<li><strong>Valuation levels.<\/strong> Some of these companies trade at high earnings multiples, so growth must continue to justify them.<\/li>\n<\/ul>\n<p>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.<\/p>\n<p style=\"margin-top:24px;\"><strong><a href=\"https:\/\/univest.in\/screeners\">Use the Univest Stock Screener<\/a><\/strong> to filter auto exhaust and lighting stocks by market capitalisation, P\/E, ROE and growth, and build your own shortlist.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Thoughts_on_Auto_Exhaust_and_Lighting_Stocks\"><\/span><strong>Final Thoughts on Auto Exhaust and Lighting Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>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&#8217;s P\/E with its industry P\/E before adding any of these auto exhaust and lighting stocks to a watchlist.<\/p>\n<p style=\"margin-top:24px;\"><em>Download the <a href=\"http:\/\/apps.apple.com\/in\/app\/univest-stocks-investment\/id6443753518\" rel=\"nofollow noopener\" target=\"_blank\">Univest iOS App<\/a> or <a href=\"http:\/\/play.google.com\/store\/apps\/details?id=com.univest.capp&#038;hl=en_IN\" rel=\"nofollow noopener\" target=\"_blank\">Univest Android App<\/a> to track auto exhaust and lighting stocks, set price alerts and get research-backed stock ideas.<\/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<h3><span class=\"ez-toc-section\" id=\"What_are_auto_exhaust_and_lighting_stocks\"><\/span><strong>What are auto exhaust and lighting stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_auto_exhaust_and_lighting_stocks_are_covered_in_this_list\"><\/span><strong>Which auto exhaust and lighting stocks are covered in this list?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_do_auto_exhaust_and_lighting_stocks_have_a_strong_future_roadmap_in_India\"><\/span><strong>Why do auto exhaust and lighting stocks have a strong future roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Sharda_Motor_Industries_performed_financially\"><\/span><strong>How has Sharda Motor Industries performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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&#8217; production plans and expanding into new product lines, which broadens its revenue base.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Lumax_Industries_performed_financially\"><\/span><strong>How has Lumax Industries performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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&#8217;s lighting set. Lumax is adding new programmes with its customers and is investing in technology tie-ups to stay close to design changes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Sandhar_Technologies_performed_financially\"><\/span><strong>How has Sandhar Technologies performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_risks_should_investors_check_before_buying_auto_exhaust_and_lighting_stocks\"><\/span><strong>What risks should investors check before buying auto exhaust and lighting stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Is_this_list_of_auto_exhaust_and_lighting_stocks_investment_advice\"><\/span><strong>Is this list of auto exhaust and lighting stocks investment advice?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> 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.<\/p>\n<div class=\"faq-schema\"><script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@type\":\"FAQPage\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What are auto exhaust and lighting stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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.\"}},{\"@type\":\"Question\",\"name\":\"Which auto exhaust and lighting stocks are covered in this list?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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%.\"}},{\"@type\":\"Question\",\"name\":\"Why do auto exhaust and lighting stocks have a strong future roadmap in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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.\"}},{\"@type\":\"Question\",\"name\":\"How has Sharda Motor Industries performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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.\"}},{\"@type\":\"Question\",\"name\":\"How has Lumax Industries performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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.\"}},{\"@type\":\"Question\",\"name\":\"How has Sandhar Technologies performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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.\"}},{\"@type\":\"Question\",\"name\":\"What risks should investors check before buying auto exhaust and lighting stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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.\"}},{\"@type\":\"Question\",\"name\":\"Is this list of auto exhaust and lighting stocks investment advice?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"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.\"}}]}<\/script><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Auto Exhaust and Lighting Stocks with a strong future roadmap: Sharda Motor Industries, Lumax Industries and Sandhar Technologies. Compare price, valuation, return on equity and revenue growth as of 21 October 2026.<\/p>\n","protected":false},"author":36,"featured_media":323443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[14606,3803,14607,9552,14608,9234,10085],"class_list":["post-323444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-auto-exhaust-and-lighting-stocks","tag-best-stocks","tag-exhaust-system-shares","tag-lumax-industries","tag-safety-system-stocks","tag-sandhar-technologies","tag-sharda-motor-industries"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["323443"],"rank_math_title":["Auto Exhaust and Lighting Stocks With a Strong Roadmap"],"rank_math_description":["Compare 3 auto exhaust and lighting stocks with a strong future roadmap on CMP, market cap, P\/E, ROE and revenue growth. 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