LMW Ltd
Lakshmi Machine Works Ltd is a leading Textile Machinery Manufacturer in India engaged in the manufacturing and selling of textile spinning machinery, CNC Machine Tools, Heavy castings, and parts and components catering to diverse sectors.[1]
- Market Cap ₹ 14,538 Cr.
- Current Price ₹ 13,609
- High / Low ₹ 18,250 / 11,729
- Stock P/E 92.4
- Book Value ₹ 2,744
- Dividend Yield 0.22 %
- ROCE 4.58 %
- ROE 3.80 %
- Face Value ₹ 10.0
Pros
- Company is almost debt free.
- Company has been maintaining a healthy dividend payout of 21.7%
Cons
- Stock is trading at 4.96 times its book value
- Company has a low return on equity of 10.5% over last 3 years.
- Earnings include an other income of Rs.125 Cr.
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Peer comparison
Industrials Capital Goods Industrial Manufacturing Industrial Products
Part of BSE Allcap BSE Industrials
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2,242 | 2,385 | 2,753 | 2,213 | 2,559 | 2,636 | 1,570 | 1,690 | 3,072 | 4,533 | 4,597 | 2,909 | 3,017 | |
| 1,984 | 2,096 | 2,434 | 1,958 | 2,292 | 2,367 | 1,547 | 1,621 | 2,842 | 4,130 | 4,167 | 2,769 | 2,829 | |
| Operating Profit | 258 | 288 | 319 | 256 | 266 | 269 | 24 | 69 | 229 | 404 | 430 | 141 | 188 |
| OPM % | 12% | 12% | 12% | 12% | 10% | 10% | 2% | 4% | 7% | 9% | 9% | 5% | 6% |
| 107 | 97 | 93 | 86 | 104 | 69 | 92 | 57 | 64 | 155 | 142 | 253 | 125 | |
| Interest | 2 | 1 | 1 | 0 | 1 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation | 103 | 96 | 83 | 75 | 71 | 50 | 50 | 52 | 56 | 73 | 92 | 107 | 114 |
| Profit before tax | 261 | 288 | 328 | 266 | 299 | 287 | 64 | 74 | 237 | 485 | 480 | 287 | 199 |
| Tax % | 30% | 28% | 33% | 28% | 29% | 34% | 30% | 36% | 24% | 28% | 23% | 17% | |
| 184 | 207 | 220 | 191 | 211 | 189 | 45 | 47 | 180 | 350 | 371 | 238 | 149 | |
| EPS in Rs | 163.04 | 184.13 | 195.38 | 173.98 | 192.98 | 177.18 | 42.12 | 44.43 | 168.19 | 327.82 | 347.64 | 223.01 | 139.17 |
| Dividend Payout % | 18% | 20% | 20% | 20% | 21% | 20% | 24% | 22% | 24% | 30% | 22% | 13% |
| Compounded Sales Growth | |
|---|---|
| 10 Years: | 2% |
| 5 Years: | 13% |
| 3 Years: | -2% |
| TTM: | -2% |
| Compounded Profit Growth | |
|---|---|
| 10 Years: | -7% |
| 5 Years: | 22% |
| 3 Years: | -17% |
| TTM: | 13% |
| Stock Price CAGR | |
|---|---|
| 10 Years: | 14% |
| 5 Years: | 16% |
| 3 Years: | 8% |
| 1 Year: | -11% |
| Return on Equity | |
|---|---|
| 10 Years: | 10% |
| 5 Years: | 9% |
| 3 Years: | 11% |
| Last Year: | 4% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Sep 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 | 11 |
| Reserves | 1,093 | 1,249 | 1,492 | 1,527 | 1,711 | 1,680 | 1,646 | 1,770 | 1,975 | 2,289 | 2,652 | 2,861 | 2,920 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 918 | 911 | 805 | 774 | 832 | 736 | 685 | 962 | 1,637 | 1,764 | 1,322 | 1,205 | 1,338 | |
| Total Liabilities | 2,023 | 2,172 | 2,308 | 2,312 | 2,554 | 2,427 | 2,342 | 2,742 | 3,622 | 4,064 | 3,984 | 4,077 | 4,269 |
| 383 | 374 | 401 | 462 | 515 | 648 | 664 | 659 | 681 | 863 | 930 | 951 | 930 | |
| CWIP | 3 | 3 | 8 | 3 | 21 | 12 | 30 | 11 | 5 | 23 | 9 | 4 | 10 |
| Investments | 129 | 129 | 153 | 126 | 148 | 189 | 201 | 351 | 521 | 581 | 706 | 901 | 1,095 |
| 1,508 | 1,666 | 1,747 | 1,720 | 1,869 | 1,577 | 1,447 | 1,722 | 2,414 | 2,598 | 2,339 | 2,221 | 2,234 | |
| Total Assets | 2,023 | 2,172 | 2,308 | 2,312 | 2,554 | 2,427 | 2,342 | 2,742 | 3,622 | 4,064 | 3,984 | 4,077 | 4,269 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 125 | 103 | 100 | 132 | 165 | 125 | 86 | 156 | 477 | 324 | 140 | 26 | |
| -94 | -41 | -66 | 68 | -20 | 30 | -70 | -144 | -445 | -245 | -61 | 68 | |
| -27 | -40 | -52 | -195 | -47 | -215 | -45 | -11 | -11 | -43 | -105 | -80 | |
| Net Cash Flow | 3 | 22 | -18 | 5 | 98 | -61 | -29 | 1 | 21 | 36 | -26 | 14 |
| Free Cash Flow | 105 | 16 | -13 | 15 | 38 | -46 | 11 | 135 | 405 | 75 | -4 | -96 |
| CFO/OP | 82% | 67% | 67% | 86% | 92% | 73% | 495% | 282% | 237% | 93% | 60% | 31% |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 30 | 34 | 28 | 32 | 37 | 28 | 28 | 40 | 38 | 25 | 14 | 24 |
| Inventory Days | 73 | 72 | 63 | 93 | 71 | 72 | 107 | 114 | 92 | 81 | 69 | 107 |
| Days Payable | 76 | 77 | 62 | 92 | 97 | 89 | 133 | 153 | 106 | 91 | 70 | 111 |
| Cash Conversion Cycle | 27 | 29 | 28 | 33 | 11 | 11 | 2 | 1 | 25 | 14 | 14 | 21 |
| Working Capital Days | -14 | -14 | -2 | -3 | -7 | -6 | -11 | -24 | -16 | -16 | -8 | -10 |
| ROCE % | 24% | 25% | 24% | 17% | 18% | 18% | 3% | 5% | 13% | 21% | 18% | 5% |
Insights
In beta| Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Captive Wind Power Capacity MW |
|
|||||||||||
| Foundry Division External Sales Volume Tonnes |
||||||||||||
| Renewable Energy Consumption Share % |
||||||||||||
| Captive Solar Power Capacity MW |
||||||||||||
| Machine Tool Division (MTD) Units Sold Units |
||||||||||||
| Textile Machinery Division (TMD) Units Sold Units |
||||||||||||
| ATC Order Book (Deliverable over 1.5 years) INR Crores |
||||||||||||
| Machine Tool Division (MTD) Capacity Utilization % |
||||||||||||
| MTD Revenue Mix - Machining Centers % |
||||||||||||
| MTD Revenue Mix - Turning Centers % |
||||||||||||
| Textile Machinery Division (TMD) Capacity Utilization % |
||||||||||||
| TMD Order Book INR Crores |
||||||||||||
| TMD Revenue Mix - Export % |
||||||||||||
| TMD Revenue Mix - Spares % |
||||||||||||
| R&D Expenditure (Percentage of Turnover) % |
||||||||||||
Documents
Announcements
-
Dislcosure letter under Regulation 11(5) of The SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.
7 Apr - Adi Narayana Family Trust certified compliant with SEBI exemption order for FY ended 31 March 2026.
-
Announcement under Regulation 30 (LODR)-Newspaper Publication
7 Apr - Newspaper Advertisement regarding Notice of Special Window for Transfer and Dematerialisation of Physical Securities.
-
Compliances-Certificate under Reg. 74 (5) of SEBI (DP) Regulations, 2018
6 Apr - Certificate under Regulation 74(5) of the SEBI(DP) Regulations, 2018 for the quarter ended 31st March 2026 is attached.
-
Closure of Trading Window
23 Mar - Trading window closed from 01-Apr-2026 until 48 hours after audited results for quarter/year ended 31-Mar-2026.
-
Announcement Under Regulation 30 Of SEBI (LODR) Regulations, 2015 - ESG Rating
21 Feb - LMW received ESG rating from SES ESG Research; report prepared independently, disclosed 21 Feb 2026.
Annual reports
-
Financial Year 2025
from bse
-
Financial Year 2024
from bse
-
Financial Year 2023
from bse
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from bse
-
Financial Year 2012
from bse
-
Financial Year 2011
from bse
Concalls
-
Feb 2026TranscriptPPT
-
Nov 2025TranscriptPPTREC
-
Jul 2025TranscriptPPT
-
May 2025TranscriptPPT
-
Jan 2025TranscriptPPT
-
Nov 2024TranscriptPPT
-
Aug 2024TranscriptPPT
-
May 2024TranscriptPPT
-
Feb 2024TranscriptPPT
-
Oct 2023TranscriptPPT
-
Aug 2023TranscriptPPT
-
May 2023TranscriptPPT
-
Feb 2023TranscriptPPT
-
Oct 2022TranscriptPPT
-
Aug 2022TranscriptPPT
Business Model [1]
Lakshmi Machine Works Limited (LMW) operates a diversified business model spanning multiple industrial sectors, primarily focusing on manufacturing high-quality, precision-engineered products.