{"id":325344,"date":"2026-10-23T14:22:18","date_gmt":"2026-10-23T08:52:18","guid":{"rendered":"https:\/\/univest.in\/blogs-2\/?p=325344"},"modified":"2026-10-23T14:22:18","modified_gmt":"2026-10-23T08:52:18","slug":"exhaust-systems-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-list","status":"publish","type":"post","link":"https:\/\/univest.in\/blogs-2\/exhaust-systems-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-list\/","title":{"rendered":"3 Exhaust Systems and Catalytic Converters, Gear Shift Systems and Exterior Lighting Specialist Stocks With a Strong Future Roadmap: Sharda Motor Industries, Lumax Auto Technologies and Varroc Engineering"},"content":{"rendered":"<p style=\"border-left:4px solid #1F4E79;background:#EBF3FB;padding:10px 16px;font-style:italic;\"><em>Sharda Motor Industries, Lumax Auto Technologies and Varroc Engineering: ROE of 14.3% to 26.3% and FY22 to FY26 revenue CAGR of 11.0% to 34.1%. Prices as of 22 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 exhaust system, gear shift and lighting stocks to watch are Sharda Motor Industries, Lumax Auto Technologies and Varroc Engineering. Their return on equity ranges from 14.3% to 26.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.0% to 34.1%. Sharda Motor Industries has the highest return on equity at 26.3%, while Lumax Auto Technologies has the fastest revenue growth at 34.1% a year. Prices are based on the 22 October 2026 close, and this article is educational, not investment advice.<\/p>\n<\/div>\n<p>Exhaust system, gear shift and lighting stocks let investors follow auto parts makers that add technology to every vehicle. Sharda Motor Industries, Lumax Auto Technologies and Varroc Engineering cover exhaust systems and catalytic converters, gear shift systems and electronics and an exterior lighting specialist.<\/p>\n<p>This list covers three exhaust system, gear shift and lighting stocks with complete current figures: Sharda Motor Industries, Lumax Auto Technologies and Varroc Engineering. Every figure comes from the latest reported financials and the 22 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-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-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-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-list\/#What_Are_Exhaust_System_Gear_Shift_and_Lighting_Stocks\" title=\"What Are Exhaust System, Gear Shift and Lighting Stocks?\">What Are Exhaust System, Gear Shift 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-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-list\/#Exhaust_System_Gear_Shift_and_Lighting_Stocks_at_a_Glance\" title=\"Exhaust System, Gear Shift and Lighting Stocks at a Glance\">Exhaust System, Gear Shift 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-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-list\/#Why_Do_Exhaust_System_Gear_Shift_and_Lighting_Stocks_Have_a_Strong_Roadmap_in_India\" title=\"Why Do Exhaust System, Gear Shift and Lighting Stocks Have a Strong Roadmap in India?\">Why Do Exhaust System, Gear Shift 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-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-list\/#Why_Sharda_Motor_Industries_Features_Among_These_Exhaust_System_Gear_Shift_and_Lighting_Stocks\" title=\"Why Sharda Motor Industries Features Among These Exhaust System, Gear Shift and Lighting Stocks\">Why Sharda Motor Industries Features Among These Exhaust System, Gear Shift 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-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-list\/#Why_Lumax_Auto_Technologies_Features_Among_These_Exhaust_System_Gear_Shift_and_Lighting_Stocks\" title=\"Why Lumax Auto Technologies Features Among These Exhaust System, Gear Shift and Lighting Stocks\">Why Lumax Auto Technologies Features Among These Exhaust System, Gear Shift 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-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-list\/#Why_Varroc_Engineering_Features_Among_These_Exhaust_System_Gear_Shift_and_Lighting_Stocks\" title=\"Why Varroc Engineering Features Among These Exhaust System, Gear Shift and Lighting Stocks\">Why Varroc Engineering Features Among These Exhaust System, Gear Shift 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-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-list\/#Sharda_Motor_Industries_vs_Lumax_Auto_Technologies_vs_Varroc_Engineering_on_Key_Financials\" title=\"Sharda Motor Industries vs Lumax Auto Technologies vs Varroc Engineering on Key Financials\">Sharda Motor Industries vs Lumax Auto Technologies vs Varroc Engineering 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-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-list\/#Key_Risks_to_Check_Before_Investing_in_Exhaust_System_Gear_Shift_and_Lighting_Stocks\" title=\"Key Risks to Check Before Investing in Exhaust System, Gear Shift and Lighting Stocks\">Key Risks to Check Before Investing in Exhaust System, Gear Shift 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-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-list\/#Final_Thoughts_on_Exhaust_System_Gear_Shift_and_Lighting_Stocks\" title=\"Final Thoughts on Exhaust System, Gear Shift and Lighting Stocks\">Final Thoughts on Exhaust System, Gear Shift 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-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-list\/#What_are_exhaust_system_gear_shift_and_lighting_stocks\" title=\"What are exhaust system, gear shift and lighting stocks?\">What are exhaust system, gear shift 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-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-list\/#Which_exhaust_system_gear_shift_and_lighting_stocks_are_covered_in_this_list\" title=\"Which exhaust system, gear shift and lighting stocks are covered in this list?\">Which exhaust system, gear shift 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-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-list\/#Why_do_exhaust_system_gear_shift_and_lighting_stocks_have_a_strong_future_roadmap_in_India\" title=\"Why do exhaust system, gear shift and lighting stocks have a strong future roadmap in India?\">Why do exhaust system, gear shift 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-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-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-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-list\/#How_has_Lumax_Auto_Technologies_performed_financially\" title=\"How has Lumax Auto Technologies performed financially?\">How has Lumax Auto Technologies 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-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-list\/#How_has_Varroc_Engineering_performed_financially\" title=\"How has Varroc Engineering performed financially?\">How has Varroc Engineering 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-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-list\/#What_risks_should_investors_check_before_buying_exhaust_system_gear_shift_and_lighting_stocks\" title=\"What risks should investors check before buying exhaust system, gear shift and lighting stocks?\">What risks should investors check before buying exhaust system, gear shift 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-and-catalytic-converters-gear-shift-systems-and-exterior-lighting-specialist-stocks-roadmap-overture-list\/#Is_this_list_of_exhaust_system_gear_shift_and_lighting_stocks_investment_advice\" title=\"Is this list of exhaust system, gear shift and lighting stocks investment advice?\">Is this list of exhaust system, gear shift and lighting stocks investment advice?<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"What_Are_Exhaust_System_Gear_Shift_and_Lighting_Stocks\"><\/span><strong>What Are Exhaust System, Gear Shift and Lighting Stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Exhaust system, gear shift and lighting stocks are listed auto component companies that make emission parts, shift systems and lamps. Their earnings depend on vehicle output, emission norms and content per vehicle.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Exhaust_System_Gear_Shift_and_Lighting_Stocks_at_a_Glance\"><\/span><strong>Exhaust System, Gear Shift 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\/lumaxtech\/lumax-auto-technologies-ltd-share-price-today\">Lumax Auto Technologies<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,833.6<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12,977<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">34.0<\/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;\">23.0<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1.02<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\"><a href=\"https:\/\/univest.in\/stocks\/varroc\/varroc-engineering-ltd-share-price-today\">Varroc Engineering<\/a><\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">796.75<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">12,256<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">61.2<\/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;\">14.3<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">0.52<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p>On valuation, Sharda Motor Industries and Lumax Auto Technologies trade at a P\/E below the industry P\/E, while Varroc Engineering trades above it, which reflects the growth the market already expects. Readers comparing exhaust system, gear shift and lighting stocks should look at return on equity and debt together, since a high return earned with low debt is easier to sustain. With the Q2 FY27 results season close, investors in exhaust system, gear shift and lighting stocks can use the coming numbers to test whether growth is holding.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Do_Exhaust_System_Gear_Shift_and_Lighting_Stocks_Have_a_Strong_Roadmap_in_India\"><\/span><strong>Why Do Exhaust System, Gear Shift and Lighting Stocks Have a Strong Roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Exhaust system, gear shift and lighting stocks have a strong roadmap in India because tighter emission norms and feature-rich vehicles increase the value of parts in every vehicle.<\/p>\n<ul>\n<li><strong>Emission norms.<\/strong> Tighter rules raise exhaust system content.<\/li>\n<li><strong>Product range.<\/strong> Plastics and electronics widen the product basket.<\/li>\n<li><strong>Lighting upgrades.<\/strong> LED lamps lift value per vehicle.<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Why_Sharda_Motor_Industries_Features_Among_These_Exhaust_System_Gear_Shift_and_Lighting_Stocks\"><\/span><strong>Why Sharda Motor Industries Features Among These Exhaust System, Gear Shift and Lighting Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the exhaust system, gear shift 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>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>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.<\/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_Auto_Technologies_Features_Among_These_Exhaust_System_Gear_Shift_and_Lighting_Stocks\"><\/span><strong>Why Lumax Auto Technologies Features Among These Exhaust System, Gear Shift and Lighting Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the emission norm beneficiary shares on this list, Lumax Auto Technologies supplies gear shift systems, plastic components and electronics to two-wheeler and passenger vehicle makers, as part of the Lumax group.<\/p>\n<p>Revenue rose from Rs 1,521 crore in FY22 to Rs 4,917 crore in FY26, a compound annual growth rate of 34.1%. Net profit grew from Rs 81.9 crore in FY22 to Rs 337 crore in FY26, which works out to a compound annual growth rate of 42.5%.<\/p>\n<p>In the June 2026 quarter, revenue grew 32.9% year on year to Rs 1,379 crore, while net profit rose 82.7% to Rs 98.6 crore. The company has a return on equity of 23.0%, a debt to equity ratio of 1.02 and a market capitalisation of Rs 12,977 crore. The stock trades at a P\/E of 34.0, below the industry P\/E of 36.9.<\/p>\n<p><strong>Roadmap:<\/strong> The company is widening its product range and customer base, including electric vehicle programmes and new categories through joint ventures and acquisitions. Content per vehicle is rising as vehicles add more electronics and plastics, which helps its revenue per unit.<\/p>\n<p><strong>What to watch:<\/strong> Follow integration of new businesses and the pace of electric vehicle orders.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_Varroc_Engineering_Features_Among_These_Exhaust_System_Gear_Shift_and_Lighting_Stocks\"><\/span><strong>Why Varroc Engineering Features Among These Exhaust System, Gear Shift and Lighting Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Among the three companies on this list, Varroc Engineering is a Maharashtra-based automotive component maker with a focus on exterior lighting systems, electrical and electronic parts and polymer products for two-wheeler, passenger car and commercial vehicle makers across the world.<\/p>\n<p>In the June 2026 quarter, revenue grew 29.9% year on year to Rs 2,640 crore. Revenue rose from Rs 5,878 crore in FY22 to Rs 8,917 crore in FY26, a compound annual growth rate of 11.0%.<\/p>\n<p>Net profit for FY26 was Rs 230 crore, a net margin of 2.6%. The company has a return on equity of 14.3%, a debt to equity ratio of 0.52 and a market capitalisation of Rs 12,256 crore. The stock trades at a P\/E of 61.2, above the industry P\/E of 36.9.<\/p>\n<p><strong>Roadmap:<\/strong> The company is growing its lighting business with advanced LED products and increasing content per vehicle in India and overseas. Orders from vehicle makers, including electric vehicle programmes, give visibility on future volumes.<\/p>\n<p><strong>What to watch:<\/strong> Monitor order wins in lighting and the growth of content per vehicle.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Sharda_Motor_Industries_vs_Lumax_Auto_Technologies_vs_Varroc_Engineering_on_Key_Financials\"><\/span><strong>Sharda Motor Industries vs Lumax Auto Technologies vs Varroc Engineering on Key Financials<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The table below sets the three exhaust system, gear shift 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 Auto Technologies<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,521<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">4,917<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">34.1%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">337<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">6.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Varroc Engineering<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">5,878<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">8,917<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">11.0%<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">230<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2.6%<\/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%. Varroc Engineering has the largest FY26 revenue at Rs 8,917 crore, and Lumax Auto Technologies shows the fastest revenue growth with a 34.1% compound annual rate. A useful habit with exhaust system, gear shift 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 Auto Technologies<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,037<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">1,379<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">32.9%<\/td>\n<\/tr>\n<tr>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">Varroc Engineering<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,033<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">2,640<\/td>\n<td style=\"border:1px solid #DDDDDD;padding:8px 10px;text-align:left;\">29.9%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<h2><span class=\"ez-toc-section\" id=\"Key_Risks_to_Check_Before_Investing_in_Exhaust_System_Gear_Shift_and_Lighting_Stocks\"><\/span><strong>Key Risks to Check Before Investing in Exhaust System, Gear Shift 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 exhaust system, gear shift and lighting stocks, the main points are: Long-term emission norm beneficiary 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.<\/strong> Vehicle demand can slow with interest rates or fuel prices.<\/li>\n<li><strong>Customer concentration.<\/strong> A few large vehicle makers account for a major share of sales.<\/li>\n<li><strong>Commodity costs.<\/strong> Steel and polymer prices influence margins.<\/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 exhaust system, gear shift 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_Exhaust_System_Gear_Shift_and_Lighting_Stocks\"><\/span><strong>Final Thoughts on Exhaust System, Gear Shift and Lighting Stocks<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Exhaust system, gear shift and lighting stocks reward investors who follow vehicle demand, emission norms and content per vehicle together. Sharda Motor Industries, Lumax Auto Technologies and Varroc Engineering each have a clear plan to expand. Based on the 22 October 2026 close, Sharda Motor Industries trades at Rs 826.55, Lumax Auto Technologies at Rs 1,833.6 and Varroc Engineering at Rs 796.75. Valuation matters as much as growth, so compare each company&#8217;s P\/E with its industry P\/E before adding any of these exhaust system, gear shift 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 exhaust system, gear shift 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_exhaust_system_gear_shift_and_lighting_stocks\"><\/span><strong>What are exhaust system, gear shift and lighting stocks?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Exhaust system, gear shift and lighting stocks are listed auto component companies that make emission parts, shift systems and lamps. Their earnings depend on vehicle output, emission norms and content per vehicle. This list looks at three of them, Sharda Motor Industries, Lumax Auto Technologies and Varroc Engineering, using reported FY22 to FY26 financials and the 22 October 2026 closing prices.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Which_exhaust_system_gear_shift_and_lighting_stocks_are_covered_in_this_list\"><\/span><strong>Which exhaust system, gear shift 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 Auto Technologies and Varroc Engineering. Based on the 22 October 2026 close, Sharda Motor Industries traded at Rs 826.55, Lumax Auto Technologies at Rs 1,833.6 and Varroc Engineering at Rs 796.75. Their return on equity ranges from 14.3% to 26.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.0% to 34.1%.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Why_do_exhaust_system_gear_shift_and_lighting_stocks_have_a_strong_future_roadmap_in_India\"><\/span><strong>Why do exhaust system, gear shift and lighting stocks have a strong future roadmap in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Exhaust system, gear shift and lighting stocks have a strong roadmap in India because tighter emission norms and feature-rich vehicles increase the value of parts in every vehicle. The main drivers are as follows. Emission norms. Tighter rules raise exhaust system content. Product range. Plastics and electronics widen the product basket. Lighting upgrades. LED lamps lift value per 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_Auto_Technologies_performed_financially\"><\/span><strong>How has Lumax Auto Technologies performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 1,521 crore in FY22 to Rs 4,917 crore in FY26, a compound annual growth rate of 34.1%. Net profit grew from Rs 81.9 crore in FY22 to Rs 337 crore in FY26, which works out to a compound annual growth rate of 42.5%. In the June 2026 quarter, revenue grew 32.9% year on year to Rs 1,379 crore, while net profit rose 82.7% to Rs 98.6 crore. The company has a return on equity of 23.0%, a debt to equity ratio of 1.02 and a market capitalisation of Rs 12,977 crore. The stock trades at a P\/E of 34.0, below the industry P\/E of 36.9. Looking ahead, the company is widening its product range and customer base, including electric vehicle programmes and new categories through joint ventures and acquisitions. Content per vehicle is rising as vehicles add more electronics and plastics, which helps its revenue per unit.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"How_has_Varroc_Engineering_performed_financially\"><\/span><strong>How has Varroc Engineering performed financially?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><strong>Ans.<\/strong> Revenue rose from Rs 5,878 crore in FY22 to Rs 8,917 crore in FY26, a compound annual growth rate of 11.0%. Net profit for FY26 was Rs 230 crore, a net margin of 2.6%. In the June 2026 quarter, revenue grew 29.9% year on year to Rs 2,640 crore. The company has a return on equity of 14.3%, a debt to equity ratio of 0.52 and a market capitalisation of Rs 12,256 crore. The stock trades at a P\/E of 61.2, above the industry P\/E of 36.9. Looking ahead, the company is growing its lighting business with advanced LED products and increasing content per vehicle in India and overseas. Orders from vehicle makers, including electric vehicle programmes, give visibility on future volumes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"What_risks_should_investors_check_before_buying_exhaust_system_gear_shift_and_lighting_stocks\"><\/span><strong>What risks should investors check before buying exhaust system, gear shift 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 exhaust system, gear shift and lighting stocks. Auto cycle. Vehicle demand can slow with interest rates or fuel prices. Customer concentration. A few large vehicle makers account for a major share of sales. Commodity costs. Steel and polymer prices influence margins. 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_exhaust_system_gear_shift_and_lighting_stocks_investment_advice\"><\/span><strong>Is this list of exhaust system, gear shift 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 22 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 exhaust system, gear shift and lighting stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Exhaust system, gear shift and lighting stocks are listed auto component companies that make emission parts, shift systems and lamps. Their earnings depend on vehicle output, emission norms and content per vehicle. This list looks at three of them, Sharda Motor Industries, Lumax Auto Technologies and Varroc Engineering, using reported FY22 to FY26 financials and the 22 October 2026 closing prices.\"}},{\"@type\":\"Question\",\"name\":\"Which exhaust system, gear shift and lighting stocks are covered in this list?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"This list covers Sharda Motor Industries, Lumax Auto Technologies and Varroc Engineering. Based on the 22 October 2026 close, Sharda Motor Industries traded at Rs 826.55, Lumax Auto Technologies at Rs 1,833.6 and Varroc Engineering at Rs 796.75. Their return on equity ranges from 14.3% to 26.3%, and their revenue compound annual growth from FY22 to FY26 ranges from 11.0% to 34.1%.\"}},{\"@type\":\"Question\",\"name\":\"Why do exhaust system, gear shift and lighting stocks have a strong future roadmap in India?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Exhaust system, gear shift and lighting stocks have a strong roadmap in India because tighter emission norms and feature-rich vehicles increase the value of parts in every vehicle. The main drivers are as follows. Emission norms. Tighter rules raise exhaust system content. Product range. Plastics and electronics widen the product basket. Lighting upgrades. LED lamps lift value per 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 Auto Technologies performed financially?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Revenue rose from Rs 1,521 crore in FY22 to Rs 4,917 crore in FY26, a compound annual growth rate of 34.1%. Net profit grew from Rs 81.9 crore in FY22 to Rs 337 crore in FY26, which works out to a compound annual growth rate of 42.5%. In the June 2026 quarter, revenue grew 32.9% year on year to Rs 1,379 crore, while net profit rose 82.7% to Rs 98.6 crore. The company has a return on equity of 23.0%, a debt to equity ratio of 1.02 and a market capitalisation of Rs 12,977 crore. The stock trades at a P\/E of 34.0, below the industry P\/E of 36.9. 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Looking ahead, the company is growing its lighting business with advanced LED products and increasing content per vehicle in India and overseas. Orders from vehicle makers, including electric vehicle programmes, give visibility on future volumes.\"}},{\"@type\":\"Question\",\"name\":\"What risks should investors check before buying exhaust system, gear shift and lighting stocks?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Investors should check a few risks before buying exhaust system, gear shift and lighting stocks. Auto cycle. Vehicle demand can slow with interest rates or fuel prices. Customer concentration. A few large vehicle makers account for a major share of sales. Commodity costs. Steel and polymer prices influence margins. 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Compare price, valuation, return on equity and revenue growth as of 22 October 2026.<\/p>\n","protected":false},"author":35,"featured_media":325343,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[845],"tags":[3803,15363,15361,15362,5465,10085,11158,15364],"class_list":["post-325344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-best-stocks","tag-best-stocks","tag-emission-norm-beneficiary-shares","tag-exhaust-system","tag-gear-shift-and-lighting-stocks","tag-lumax-auto-technologies","tag-sharda-motor-industries","tag-varroc-engineering","tag-vehicle-electronics-component-stocks"],"metadata":{"rank_math_internal_links_processed":["1"],"_thumbnail_id":["325343"],"rank_math_title":["Exhaust System, Gear Shift and Lighting Stocks"],"rank_math_description":["Compare 3 exhaust system, gear shift and lighting stocks with a strong future roadmap on CMP, market cap, P\/E, ROE and revenue growth. 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