Mahindra CIE Automotive vs Lumax Industries: Share Price, Comparison and Key Differences

Mahindra CIE Automotive MCap Rs 15,560 Cr, PE 17.23x, ROE 11.66%, D/E 0.07, Div 1.71%. Lumax Industries MCap Rs 5,412 Cr, PE 31.38x, ROE 18.80%, D/E 1.06.

Updated: 12 Aug 2026 • 12:52 pm

Posted by:

Mahindra CIE Automotive vs Lumax Industries: Share Price, Comparison and Key Differences

Mahindra CIE Automotive vs Lumax Industries is a comparison auto ancillary investors look up when evaluating two listed Indian automotive component manufacturers. Mahindra CIE Automotive, a Mumbai-based company (Mahindra and CIE Automotive of Spain joint venture), is a global automotive forgings and machined components company supplying connecting rods, crankshafts, gear blanks and other high-strength forged parts to OEMs. Lumax Industries, a Gurugram-based company (Lumax-DK group), manufactures automotive lighting systems including headlamps, tail lamps, fog lamps and DRL LEDs for two-wheelers, passenger vehicles and commercial vehicles. Both Mahindra CIE vs Lumax Industries supply to major Indian auto OEMs.

This Mahindra CIE Automotive vs Lumax Industries article covers reach and market position, key products, latest declared results and stock valuation. All data is sourced from Groww and public company filings.

Table of Contents

Reach and Market Position

In this Mahindra CIE Automotive vs Lumax Industries comparison, Mahindra CIE manufactures forgings and machined components for automotive OEMs in India, Europe and North America. Market capitalisation is Rs 15,560 Cr.

Click Here – Get Free Investment Predictions

Lumax Industries manufactures automotive lighting systems for Hero MotoCorp, Honda Motorcycle, TVS Motor, Maruti Suzuki and other OEMs. Market capitalisation is Rs 5,412 Cr.

Key Products and Business Mix

For the Mahindra CIE Automotive vs Lumax Industries product breakdown, Mahindra CIE Automotive: Mahindra CIE earns from automotive forgings (crankshafts, connecting rods, gear blanks) and machined components. EPS is Rs 23.81. PE is 17.23x, ROE 11.66 percent, D/E 0.07. Div 1.71 percent.

Lumax Industries: Lumax earns from automotive headlamps, tail lamps, DRL LEDs and other lighting systems. EPS is Rs 184.46. PE is 31.38x, ROE 18.80 percent, D/E 1.06.

Latest Results and Financial Data

On the Mahindra CIE Automotive vs Lumax Industries results front: Mahindra CIE has a market cap of Rs 15,560 Cr and PE of 17.23x. ROE is 11.66 percent. Mahindra CIE is 2.9 times larger than Lumax and is dramatically cheaper on PE.

Lumax Industries has a market cap of Rs 5,412 Cr and PE of 31.38x. ROE is 18.80 percent – higher than Mahindra CIE. Lumax has a higher ROE but more expensive PE and some debt.

Compare Mahindra CIE Automotive and Lumax Industries Fundamentals on the Univest Screener

Stock Performance and Valuation

Investors tracking the Mahindra CIE Automotive vs Lumax Industries comparison should verify current prices on NSE or BSE before trading. The Mahindra CIE Automotive vs Lumax Industries stock data below reflects the latest available figures from Groww and public company filings.

Mahindra CIE vs Lumax at current valuations: Mahindra CIE trades at Rs 15,560 Cr market cap, PE 17.23x, ROE 11.66 percent. Lumax trades at Rs 5,412 Cr market cap, PE 31.38x, ROE 18.80 percent. Mahindra CIE is much cheaper on PE; Lumax has a higher ROE.

Mahindra CIE Automotive vs Lumax Industries: Quick Comparison Table

The comparison table below summarises the key metrics side by side.

Parameter	Mahindra CIE Automotive	Lumax Industries
Sector	Automotive forgings + machined parts: crankshafts, con-rods (India + Europe)	Automotive lighting: headlamps, tail lamps, DRL LEDs (2W + PV + CV)
Market Cap	Rs 15,560 Cr	Rs 5,412 Cr
P/E Ratio	17.23x	31.38x
ROE	11.66%	18.80%
Debt to Equity	0.07	1.06
Partner	CIE Automotive (Spain, global forgings)	Stanley Electric (Japan, lighting JV)
Dividend Yield	1.71%	0.95%

Conclusion

The Mahindra CIE Automotive vs Lumax Industries comparison above covers reach, products, results and valuation. Mahindra CIE Automotive vs Lumax Industries covers auto forgings versus automotive lighting. Mahindra CIE is a global-scale forgings company at a cheap PE. Lumax is an automotive lighting company with a higher ROE at a premium PE. Mahindra CIE vs Lumax investors should track OEM production volumes and the shift to LED lighting and EV content. Consult a SEBI-registered advisor for personalised guidance.

Download the Univest iOS App or Univest Android App to track Mahindra CIE Automotive and Lumax Industries live price and get daily stock recommendations.

Disclaimer: Data and figures in this article are sourced from publicly available information. These may or may not be accurate. Please verify all data with the official NSE (nseindia.com) and BSE (bseindia.com) websites before making any investment decision. Investments in securities are subject to market risk. This content is for educational purposes only and is not investment advice by Univest (SEBI RA INH000013776).

Frequently Asked Questions

What does Mahindra CIE Automotive make?

Ans. Mahindra CIE Automotive manufactures automotive forgings – crankshafts, connecting rods, gear blanks, differential parts, shafts and other precision forged components for engines and transmissions.

What does Lumax Industries make?

Ans. Lumax Industries manufactures automotive lighting systems including headlamps, rear combination lamps (tail lamps + turn signals + reverse), fog lamps, DRL (Daytime Running Lamps) and position lamps for two-wheelers, passenger vehicles and commercial vehicles.

What is automotive forging?

Ans. Automotive forging involves shaping metal under extreme pressure into high-strength components like crankshafts and connecting rods – used in vehicle engines and transmissions where strength-to-weight ratio is critical.

Who owns Mahindra CIE?

Ans. Mahindra CIE Automotive is a joint venture between Mahindra Group (India) and CIE Automotive (Spain – a global automotive forgings and metal components company).