We estimate the size of domestic auto lighting segment (front lamps+ tail lamps + side indicators) at ~| 7,000 crore with content/vehicle of conventional lighting at ~| 1,000/unit for 2-W, 3-W, ~| 5,000/unit for PV, CV & LED lighting content pegged at ~2.5-3x conventional lighting, respectively. Market capitalisation (| crore) Lumax Auto Technologies is a diversified automobile ancillary player with sales of ~| 1,187 crore in FY19, EBITDA at | 104 crore and associated EBITDA margins at 8.8%. PAT was at | 66 crore as of FY19. In terms of revenue,...