We initiate coverage on Lumax Industries (LMXI), the largest auto lighting player in India, with a BUY and a TP of Rs1,794. A long history of catering to the biggest domestic auto players like Maruti, Hyundai, HMSI, and Hero MotoCorp (HML), demonstrate LMXI's product R&D; and impeccable quality. We believe that the key driver for increased LED penetration will be the impending fusion of BS-VI and CAFE norms, which will compel OEMs to incorporate LEDs and other lightweight materials. LMXI has been a substantive beneficiary of a three-decade old equity and technical partnership with Stanley, which has, inter alia, laid the foundation for its debt-free...