We met the management of Lumax Industries (LIL) to understand its business model. LIL, founded in 1945, is a part of DK Jain Group, provides automotive lighting solutions Front lighting (68% of revenue), rear lighting (22% of revenue) & others (auxiliary lamp and indicators balance 10% of revenue). It is the market leader with >60% market share in the Indian automotive lighting solutions. PV accounts for 64% of revenue, 2-W (31% of revenue) & CV space account the balance of 5%. Maruti Suzuki is its biggest client accounting >30% of its revenue. LIL is...