Old Lumax Industries Shares: What Your Certificate Is Worth Today

If you have an old Lumax Industries share certificate, the number printed on it is probably not the number of shares you own today.

Lumax Industries is the Delhi company behind many of the headlamps and tail-lamps on Indian cars and two-wheelers, run together with its long-time Japanese partner, Stanley Electric. Its shares have traded on the stock exchanges since the 1980s. Since then it has given its shareholders two bonus issues and, in 2003, shares in a second company.

So 100 Lumax Industries shares held before 1991 are 500 shares today — worth about ₹28.7 lakh at the closing price of about ₹5,730 a share on 24 September 2026. The same family should also have received 250 shares of a company called Lumax Automotive Systems. That company is now in liquidation, and this page explains why you should not spend money chasing it.

Every number here comes from the company’s own records, its filings with the stock exchanges, and NSE records. If you would rather we checked your certificate for you, start with Find Your Shares.

How many Lumax Industries shares does an old certificate become today?

It depends on when the shares were first held in your family’s name — anywhere from the same number to five times as many. Two bonus issues added shares to every holding on the register at the time: one in 1991 and one in August 1994. A holding from before 1991 received both. A holding from after August 1994 received neither.

Find the row that matches your certificate. The numbers are for every 100 shares printed on it.

*At Lumax Industries’ closing price of about ₹5,730 on 24 September 2026. The Lumax Automotive Systems shares are shown for completeness; that company is under liquidation and its shares should be treated as having no value.

What matters is when the shares were registered in your family’s name, not only the date printed on the front. If your father bought the shares in the market, the transfer is usually stamped on the back of the certificate with a date. That date decides which row you are in.

For a family holding from before 1991, here is how the numbers grow:

*At about ₹5,730 a share (closing price, 24 September 2026). Share prices move every day; the share count does not.

When did Lumax Industries issue bonus shares?

Twice: 1 for 1 in 1991, and 3 for 2 in August 1994. There has been no bonus issue since 1994.

• 1991 — 1 bonus share for every 1 held. The company’s paid-up capital doubled exactly, from 9,49,500 shares to 18,99,000 shares.
• August 1994 — 3 bonus shares for every 2 held. Every 2 shares became 5. The share price on the exchange fell from about ₹305 to about ₹120 in the same weeks — the drop you expect when each share is split into two and a half.

Put together, 1 share from before 1991 became 2 in 1991, and those 2 became 5 in 1994. That is where the “five times” comes from.

Lumax Industries has never split its shares. Many companies cut the face value of a share from ₹10 to ₹2 or ₹1 to make it cheaper to buy. Lumax did not. A Lumax Industries share still has a face value of ₹10, so an old certificate is not hiding a split. What face value means, and why it matters.

The share count also rose a few other times — through new shares Lumax issued in the 1990s, and 10 lakh shares issued to Stanley Electric in 2007. None of those were free shares for existing holders, so they do not change what an old certificate is worth.

What did Lumax Industries shareholders receive in 2003?

One share of a new company, Lumax Air-Cleaners Limited, for every two Lumax Industries shares they held on 31 October 2003.

In 2002–03, Lumax Industries decided to keep only its lighting business. Its rear-view mirror and automotive filter divisions were moved into a separate company, Lumax Air-Cleaners Limited. The Delhi High Court approved the scheme on 15 September 2003, and the record date was 31 October 2003.

Three things about this are worth knowing:

• Your Lumax Industries shares were not reduced. The company’s share count was 83,47,732 both before and after 2003. The new company’s shares were extra.
• Lumax Air-Cleaners was renamed Lumax Automotive Systems Limited. Its shares were listed on the stock exchanges in August 2004.
• It came as a separate certificate. A family that held physical Lumax Industries shares in 2003 should have received a second certificate in the post. Many never noticed it, or never received it.

Are Lumax Automotive Systems shares worth anything today?

Almost certainly not — the company is under liquidation and its shares stopped trading in May 2017.

Here is what the records show:

• 2015: the company told the exchanges that its entire net worth had been wiped out, and it filed a reference with the BIFR, the old board for sick industrial companies.
• 2 May 2017: the last trade in its shares, at ₹13.10.
• Today: exchange records list the shares as delisted, and the government’s company registry shows the company’s status as “Under Liquidation”. Its last filed accounts are for the year ending March 2015.

In a liquidation, the company’s assets are sold and the money goes to lenders, workers, tax authorities and other creditors first. Shareholders are paid last, only if anything is left. When a company’s net worth was already wiped out years ago, there is rarely anything left.

So do not pay anyone to “recover” Lumax Automotive Systems shares. Keep the certificate with your papers — it costs nothing to keep. Put your effort into the Lumax Industries shares, which is where the value is.

Which “Lumax” certificates are NOT Lumax Industries?

Two other listed companies carry the Lumax name, and neither is Lumax Industries. Mixing them up is the most common mistake we see with this family of companies.

• Lumax Auto Technologies Limited is a separate company in the wider Lumax group. It raised its own money from the public and listed in January 2007. An old Lumax Industries certificate gives you no shares in it. If you hold a Lumax Auto Technologies certificate, it is its own holding with its own history.
• Lumax Automotive Systems Limited (earlier Lumax Air-Cleaners Limited) is the 2003 spin-off described above — now delisted and under liquidation.

Check the company name on the certificate, word for word, before doing anything else. If the name is hard to read or the paper is damaged, send us a photo and we will tell you which company it is.

Why do old Lumax families usually find fewer shares than they own?

Because the bonus shares were never printed on the original certificate — they came later, in separate envelopes, and those envelopes are the ones that go missing.

Take a family that bought 100 Lumax Industries shares in 1988. By 2003 they should have had four certificates:

• the original certificate for 100 shares (1988);
• a bonus certificate for 100 shares (1991);
• a bonus certificate for 300 shares (1994 — 3 for every 2 of the 200 they then held);
• a Lumax Air-Cleaners certificate for 250 shares (2003).

Most families find only the first one. They see “100” and assume that is the holding. The other 400 Lumax Industries shares — about ₹23 lakh today — are still recorded against the family’s folio, but not in any drawer.

If a bonus certificate came back to the company undelivered — a changed address, a locked house — the shares are not lost. They are moved to the company’s unclaimed suspense account, where they wait for the holder. And if nobody claims their dividends for seven years, those shares go on to the IEPF.

How do you know if your Lumax shares have gone to the IEPF?

If nobody in the family has cashed a Lumax dividend for seven years in a row, the shares have very likely been moved to the IEPF.

The IEPF is the government’s Investor Education and Protection Fund. The law requires a company to move shares there when the dividend on them goes unclaimed for seven consecutive years. Lumax Industries has paid a dividend every year since at least 2019, so an old address or a closed bank account is enough to start that clock.

You can check in two places:

• Lumax’s own investor page. Lumax Industries publishes, year by year, the lists of shareholders whose shares are due to move to the IEPF and whose shares have already moved, along with its unpaid dividend lists. Lumax Industries’ IEPF page.
• The IEPF Authority’s search at iepfa.gov.in, by company name and holder name. It is slow and fussy about spellings; here is how to use it.

If the shares have moved to the IEPF, they are not lost. They are held in the IEPF Authority’s demat account, and every later dividend and bonus on them is held there too, until the owner claims them back.

How do you claim Lumax Industries shares back from the IEPF?

You get an entitlement letter from Lumax, file Form IEPF-5 online, and send the signed papers to the company for verification. Step by step:

1. Open a demat account in exactly the name on the certificate. The shares are returned only to a demat account.
2. Update your KYC with the registrar, KFin Technologies: PAN, specimen signature, bank account, address and mobile number, on Form ISR-1 and its companion forms.
3. Get an entitlement letter from Lumax Industries confirming how many shares, and which dividends, went to the IEPF from your folio. Since October 2025 this letter is a required part of the claim.
4. File Form IEPF-5 on the Ministry of Corporate Affairs website. How Form IEPF-5 works, field by field.
5. Send the signed form, an indemnity bond and the supporting documents to Lumax Industries’ corporate office or to KFin Technologies. The company’s Nodal Officer for IEPF matters is Mr Raajesh Kumar Gupta, Executive Director and Company Secretary; contact details are on Lumax’s investor contacts page.
6. The company verifies the claim and sends its report to the IEPF Authority, which releases the shares to your demat account.

On paper this is quick: the rules give the company 15 days to send its verification report and the IEPF Authority 60 days to decide. In practice claims often take much longer, usually while documents go back and forth. Why IEPF claims sit pending, and what moves them.

If you hold Lumax shares that are still with the company — not yet in the IEPF — the job is simpler: update the KYC, then convert the paper certificates to demat. How we convert physical shares to demat.

What if the certificate is lost, or the holder has died?

Both are common, and neither stops the recovery — each simply adds its own step.

• The certificate is lost or damaged. A duplicate can be issued, and SEBI has simplified the paperwork. The current rules for a lost share certificate.
• The shares are in a parent’s or grandparent’s name. The shares must first be moved into the heirs’ names — this is called transmission. How transmission of shares works.
• The name does not match. The certificate says “R. K. Sharma” and the PAN says “Rajesh Kumar Sharma”. How to fix a name or signature mismatch.

If more than one of these applies, the order matters. Doing them in the wrong order means repeating steps. Tell us what you have and we will set out the order for your case.

Why not just hand the certificate to a local lawyer or agent?

Because a claim is only as good as the holding traced behind it — and with Lumax, the number on the paper can be one-fifth of the truth.

Take the family with the 1988 certificate for 100 shares. A generalist reads “100”, files for 100, and recovers about ₹5.7 lakh. The folio actually holds 500 shares — about ₹28.7 lakh. The other 400 are on bonus certificates nobody found, possibly in the suspense account, possibly in the IEPF. Unless someone traces them first, they are never claimed. The family is back in the queue years later, if it ever finds out.

It can go wrong the other way too. Someone spots the Lumax Automotive Systems certificate and charges you to “recover” shares in a company under liquidation.

We work the other way round. We trace the complete holding first — every bonus, every folio, every IEPF transfer, and which certificates are worth pursuing and which are not. Then a vetted local partner handles the paperwork where you live, on the full holding, the first time.

There is also the question of who is paid for what. A lawyer or agent is paid whether or not your shares ever arrive. We are not. Zero advance — you pay only once the shares are credited to your demat account. So the only thing we are paid for is the whole chain working.

And the IEPF claim itself is decided in Delhi, where the IEPF Authority sits. Lumax Industries is a Delhi company too. Our team is in Delhi, so we can follow your file up in person, not by letter from another city.

The document is the start, not the finish. After it come the KYC, the entitlement letter, the verification, the demat credit, and a transmission if the holder has died. Anyone can get you a piece of paper. We get you the shares. See how our IEPF claim service works.

Dates you should know about

22 September 2026 has just passed. That was Lumax Industries’ deadline for its unclaimed dividend of 2018–19. Shares whose dividends had gone unclaimed for seven years in a row, starting from 2018–19, are now due to move to the IEPF. If nobody has claimed a Lumax dividend on your folio since 2019, the shares may already be on their way there.

The next batch falls due in 2027. It is tied to the interim dividend Lumax declared in March 2020. Claiming any one dividend before then keeps the shares with the company.

4 February 2027 is when SEBI’s special window for old physical transfers closes. It covers transfer deeds signed before 1 April 2019 that were rejected, returned or never processed — for example, Lumax shares bought on paper and never registered in your own name. Shares already moved to the IEPF are not covered. The full rules of the window.

Holding other old auto shares too? Here is what an old MRF certificate is worth today, or how old Motor Industries (MICO) certificates became Bosch shares.

Not sure what your Lumax certificate is worth? Start with Find Your Shares →

Frequently Asked Questions

How many Lumax Industries shares do 100 old shares become today?
It depends on when the shares were first held in your name. 100 shares held before 1991 are 500 shares today, because of a 1-for-1 bonus in 1991 and a 3-for-2 bonus in August 1994. 100 shares held between 1991 and August 1994 are 250 shares. 100 shares held after August 1994 are still 100 shares. At about ₹5,730 a share (closing price, 24 September 2026), 500 shares are worth about ₹28.7 lakh.

When did Lumax Industries issue bonus shares?
Twice. In 1991 it issued 1 bonus share for every 1 held, and in August 1994 it issued 3 bonus shares for every 2 held. There has been no bonus issue since 1994. Together the two bonuses turn 1 share held before 1991 into 5 shares.

Has Lumax Industries ever split its shares?
No. Lumax Industries has never split its shares. The face value is still ₹10 a share, the same as on the oldest certificates, so an old certificate is not hiding a split.

What did Lumax Industries shareholders get in the 2003 demerger?
One share of Lumax Air-Cleaners Limited for every two Lumax Industries shares held on the record date of 31 October 2003. The rear-view mirror and filter businesses were moved into that company under a scheme approved by the Delhi High Court on 15 September 2003. The Lumax Industries holding itself was not reduced. Lumax Air-Cleaners was later renamed Lumax Automotive Systems Limited.

Are Lumax Automotive Systems shares worth anything?
Almost certainly not. Lumax Automotive Systems reported in 2015 that its net worth had been wiped out, its shares last traded on 2 May 2017 at ₹13.10, exchange records now list them as delisted, and the company registry shows it as under liquidation. In a liquidation shareholders are paid last, only after every creditor, so do not pay anyone to recover these shares.

Is Lumax Auto Technologies the same company as Lumax Industries?
No. Lumax Auto Technologies is a separate company in the wider Lumax group. It raised money through its own public issue and listed in January 2007. An old Lumax Industries certificate gives you no shares in Lumax Auto Technologies.

Who is the registrar for Lumax Industries shares?
KFin Technologies Limited is the registrar and share transfer agent for Lumax Industries. KYC updates, demat requests and IEPF paperwork for Lumax Industries shares go through KFin or the company itself.

How do I check if my Lumax Industries shares have gone to the IEPF?
If no dividend on your folio has been claimed for seven years in a row, the shares have very likely moved to the IEPF. Lumax Industries publishes year-wise lists of shareholders whose shares are due to move, or have already moved, to the IEPF on its investor website. You can also search the IEPF Authority’s website by company name and holder name.

How do I claim Lumax Industries shares from the IEPF?
Open a demat account in the name on the certificate, update your KYC with KFin Technologies, and get an entitlement letter from Lumax Industries. Then file Form IEPF-5 on the Ministry of Corporate Affairs website and send the signed form, an indemnity bond and the supporting documents to the company for verification. The company’s Nodal Officer for IEPF matters is Mr Raajesh Kumar Gupta, Executive Director and Company Secretary.

What was the latest Lumax Industries IEPF deadline?
22 September 2026. That was the last date to claim the unclaimed dividend for 2018–19. Shares whose dividends had gone unclaimed for seven consecutive years from 2018–19 are now due to move to the IEPF. The next batch, tied to the interim dividend declared in March 2020, falls due in 2027.

How long does it take to get Lumax shares back from the IEPF?
The rules allow 15 days for the company to send its verification report and 60 days for the IEPF Authority to decide, so 75 days on paper. In practice claims often take much longer, usually while documents go back and forth between the claimant, the company and the Authority.

Do I have to pay SharesRecover anything upfront?
No. Zero advance — you pay only once the shares are credited to your demat account.