We remain convinced of Lumax Industries (LMXI) strong client portfolio and cost rationalisation efforts and hence maintain a BUY with a TP of Rs1,397. In the current uncertain climate, LMXI is focussed on conserving cash and being prudent with CAPEX. Currently, LMXI has Rs1.5bn worth of unutilised credit lines and thus faces no immediate liquidity challenge. We stand by our existing conviction that greater LED penetration and higher local content will aid LMXI's margin profile and new products with Stanley will help diversify revenue streams. LED revenue share intact while margin expansion continued: LMXI's top line...