We remain convinced of Lumax Industries (LMXI) strong entry segment market leading client portfolio and a gradual increase in annual LED revenue share. What provides us additional confidence is that in the current uncertain climate, LMXI has a low D/E of 0.15x and is being prudent with its CAPEX planning. 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. We maintain a BUY with a TP of Rs1,650. LED revenue share slips due to HMSI: LMXI's top line declined by 80.6% to...