We recently met the management of Lumax Auto Technologies (LATL) to understand its business model. LATL, established in 1981, is a part of DK Jain Group with diversified product portfolio like Lighting, Gear shifter, Chassis & Frame, Air Intake systems and others. Of the total revenue 82% is derived from OEM (of which 2-W /3-W account for 46%, PV-27% and 9% others) & balance 18% is from aftermarket. Besides its normal growth from lighting business, the incremental growth is expected from its JVs which have new products & technology complying emission norms &...