Lumax to be a key beneficiary of demand revival in PV segment Company operates in the niche segment of auto ancillary industry and features amongst India's top Auto lamp manufacturers having 55-60% market share in passenger vehicle segment. Close to 48% of its revenue is from PV segment. Passenger cars and UVs volumes grew by 3.9% in FY15 and set to witness a faster growth of 10.3% CAGR over FY15-FY18E on back of improvement in economic activity, low inflation level and interest rates, increased affordability, improved penetration from rural and Semi urban areas, and easing commodity prices. According to Confederation of Indian Industry (CII), the Indian auto ancillary industry is set to become the third largest in the world by 2025. Indian auto...