3 Gear Shift Systems, Auto Lighting and Light Commercial Vehicles Stocks With a Strong Future Roadmap: Lumax Auto Technologies, Fiem Industries and Force Motors

Auto lighting and vehicle stocks let investors follow suppliers and makers who benefit when vehicle sales rise. Lumax Auto Technologies, Fiem Industries and Force Motors cover gear shift systems, automotive lighting and light commercial vehicles.

This list covers three auto lighting and vehicle stocks with complete current figures: Lumax Auto Technologies, Fiem Industries and Force Motors. Every figure comes from the latest reported financials and the 20 October 2026 market close. Companies without complete current figures were left out.

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What Are Auto Lighting and Vehicle Stocks?

Auto lighting and vehicle stocks are listed companies that make vehicle components, lighting systems or complete vehicles for domestic and export customers. Their earnings depend on vehicle volumes, content per vehicle and customer relationships.

Auto Lighting and Vehicle Stocks at a Glance

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 lighting and vehicle 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 auto lighting and vehicle stocks can use the coming numbers to test whether growth is holding.

Why Do Auto Lighting and Vehicle Stocks Have a Strong Roadmap in India?

Auto lighting and vehicle stocks have a strong roadmap in India because vehicle sales are growing, and customers are asking for more electronics, lighting and safety features in every vehicle.

• Higher content per vehicle. Newer models carry more lighting and electronics.
• Two-wheeler demand. Steady sales support component makers with long-term contracts.
• Commercial vehicle use. Light carriers and traveller vans serve growing transport needs.

Why Lumax Auto Technologies Features Among These Auto Lighting and Vehicle Stocks

Among the auto lighting and vehicle stocks 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.

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.

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.

Roadmap: 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.

What to watch: Follow integration of new businesses and the pace of electric vehicle orders.

Why Fiem Industries Features Among These Auto Lighting and Vehicle Stocks

Among the two-wheeler component shares on this list, Fiem Industries makes automotive lighting, signalling equipment and rear view mirrors, mainly for two-wheelers, with leading Japanese and Indian makers as customers.

Revenue rose from Rs 1,575 crore in FY22 to Rs 2,836 crore in FY26, a compound annual growth rate of 15.8%. Net profit grew from Rs 95.3 crore in FY22 to Rs 256 crore in FY26, which works out to a compound annual growth rate of 28.0%.

In the June 2026 quarter, revenue grew 17.4% year on year to Rs 780 crore, while net profit rose 12.9% to Rs 64.9 crore. The company has a return on equity of 21.0%, a debt to equity ratio of 0.05 and a market capitalisation of Rs 4,790 crore. The stock trades at a P/E of 18.2, below the industry P/E of 36.9.

Roadmap: LED lighting is replacing older bulbs, which raises the value of each vehicle's lighting set. Fiem is also adding capacity and customers, and the move to premium two-wheelers helps its mix.

What to watch: Follow two-wheeler production volumes and customer-specific launch schedules.

Why Force Motors Features Among These Auto Lighting and Vehicle Stocks

Among the three companies on this list, Force Motors, based in Pune, makes light commercial vehicles such as the Traveller and Gurkha, and supplies engines and axles to global carmakers.

In the June 2026 quarter, revenue grew 6.7% year on year to Rs 2,478 crore, while net profit rose 22.8% to Rs 217 crore. Revenue rose from Rs 3,292 crore in FY22 to Rs 9,168 crore in FY26, a compound annual growth rate of 29.2%.

Net profit grew from Rs 801 crore in FY25 to Rs 1,212 crore in FY26, a rise of 51.3%. The company has a return on equity of 25.2%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 23,296 crore. The stock trades at a P/E of 18.6, below the industry P/E of 24.1.

Roadmap: Its traveller and ambulance range, defence vehicle supply and contract manufacturing for international partners give it several growth routes. It has no debt on its books, which leaves room for investment in new models.

What to watch: Track order flow from state transport and defence customers.

Lumax Auto Technologies vs Fiem Industries vs Force Motors on Key Financials

The table below sets the three auto lighting and vehicle stocks side by side on revenue, profit and margin, using reported figures.

Force Motors posts the highest return on equity in this group at 25.2%. Force Motors has the largest FY26 revenue at Rs 9,168 crore, and Lumax Auto Technologies shows the fastest revenue growth with a 34.1% compound annual rate. A useful habit with auto lighting and vehicle stocks is to check each new quarterly result against the capacity plans the company described earlier.

The June 2026 quarter, the latest reported, gives a fresh read on momentum:

Key Risks to Check Before Investing in Auto Lighting and Vehicle Stocks

Every theme carries risks that deserve a check before any decision. For these auto lighting and vehicle stocks, the main points are: Long-term two-wheeler component shares holders usually track revenue growth, margins and cash flow side by side rather than relying on a single ratio.

• Auto cycle swings. Vehicle sales can rise and fall with demand conditions.
• Customer dependence. A few vehicle makers account for much of the orders.
• Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them.

Treat this list as a starting point for research and not as a recommendation. Read the latest results presentation, check the management commentary on order books or capacity plans, and compare each company with its peers before you decide anything.

Use the Univest Stock Screener to filter auto lighting and vehicle stocks by market capitalisation, P/E, ROE and growth, and build your own shortlist.

Final Thoughts on Auto Lighting and Vehicle Stocks

Auto lighting and vehicle stocks reward investors who follow vehicle volumes, content growth and margins together. Lumax Auto Technologies, Fiem Industries and Force Motors each have distinct strengths. Based on the 20 October 2026 close, Lumax Auto Technologies trades at Rs 1,902.9, Fiem Industries at Rs 1,823.6 and Force Motors at Rs 17,563. Valuation matters as much as growth, so compare each company's P/E with its industry P/E before adding any of these auto lighting and vehicle stocks to a watchlist.

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What are auto lighting and vehicle stocks?

Ans. Auto lighting and vehicle stocks are listed companies that make vehicle components, lighting systems or complete vehicles for domestic and export customers. Their earnings depend on vehicle volumes, content per vehicle and customer relationships. This list looks at three of them, Lumax Auto Technologies, Fiem Industries and Force Motors, using reported FY22 to FY26 financials and the 20 October 2026 closing prices.

Which auto lighting and vehicle stocks are covered in this list?

Ans. This list covers Lumax Auto Technologies, Fiem Industries and Force Motors. Based on the 20 October 2026 close, Lumax Auto Technologies traded at Rs 1,902.9, Fiem Industries at Rs 1,823.6 and Force Motors at Rs 17,563. Their return on equity ranges from 21.0% to 25.2%, and their revenue compound annual growth from FY22 to FY26 ranges from 15.8% to 34.1%.

Why do auto lighting and vehicle stocks have a strong future roadmap in India?

Ans. Auto lighting and vehicle stocks have a strong roadmap in India because vehicle sales are growing, and customers are asking for more electronics, lighting and safety features in every vehicle. The main drivers are as follows. Higher content per vehicle. Newer models carry more lighting and electronics. Two-wheeler demand. Steady sales support component makers with long-term contracts. Commercial vehicle use. Light carriers and traveller vans serve growing transport needs. Together these factors give the companies on this list a visible path for growth over the coming years.

How has Lumax Auto Technologies performed financially?

Ans. 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.

How has Fiem Industries performed financially?

Ans. Revenue rose from Rs 1,575 crore in FY22 to Rs 2,836 crore in FY26, a compound annual growth rate of 15.8%. Net profit grew from Rs 95.3 crore in FY22 to Rs 256 crore in FY26, which works out to a compound annual growth rate of 28.0%. In the June 2026 quarter, revenue grew 17.4% year on year to Rs 780 crore, while net profit rose 12.9% to Rs 64.9 crore. The company has a return on equity of 21.0%, a debt to equity ratio of 0.05 and a market capitalisation of Rs 4,790 crore. The stock trades at a P/E of 18.2, below the industry P/E of 36.9. Looking ahead, lED lighting is replacing older bulbs, which raises the value of each vehicle's lighting set. Fiem is also adding capacity and customers, and the move to premium two-wheelers helps its mix.

How has Force Motors performed financially?

Ans. Revenue rose from Rs 3,292 crore in FY22 to Rs 9,168 crore in FY26, a compound annual growth rate of 29.2%. Net profit grew from Rs 801 crore in FY25 to Rs 1,212 crore in FY26, a rise of 51.3%. In the June 2026 quarter, revenue grew 6.7% year on year to Rs 2,478 crore, while net profit rose 22.8% to Rs 217 crore. The company has a return on equity of 25.2%, a debt to equity ratio of 0.00 and a market capitalisation of Rs 23,296 crore. The stock trades at a P/E of 18.6, below the industry P/E of 24.1. Looking ahead, its traveller and ambulance range, defence vehicle supply and contract manufacturing for international partners give it several growth routes. It has no debt on its books, which leaves room for investment in new models.

What risks should investors check before buying auto lighting and vehicle stocks?

Ans. Investors should check a few risks before buying auto lighting and vehicle stocks. Auto cycle swings. Vehicle sales can rise and fall with demand conditions. Customer dependence. A few vehicle makers account for much of the orders. Valuation levels. Some of these companies trade at high earnings multiples, so growth must continue to justify them. Reading the latest results presentation and comparing each company with its peers helps judge how these risks apply to each stock.

Is this list of auto lighting and vehicle stocks investment advice?

Ans. No. This article is educational and uses publicly available data as of the 20 October 2026 close. Please verify figures on NSE and BSE, read company filings and consult a SEBI registered adviser before investing. Univest is SEBI registered research analyst INH000013776.