LATTEYS - Latteys Industri
📢 Recent Corporate Announcements
Latteys Industries has approved the acquisition of a 12.57% stake in Amigo Green Energies Private Limited through a preferential allotment. The total cost of the acquisition is ₹23,00,480, to be paid in cash. Amigo Green Energies, a solar installation firm, reported a total income of ₹11.31 crore and a net profit of ₹7.55 lakhs for FY 2024-25. This strategic investment aims to support Latteys' business expansion and long-term growth in the renewable energy sector.
- Acquisition of 12.57% post-issue paid-up equity share capital in Amigo Green Energies
- Total cash consideration for the stake is ₹23,00,480
- Target company achieved a total income of ₹1131.16 Lakhs in FY 2024-25
- The transaction is expected to be completed within two months
Latteys Industries Limited has approved its standalone and consolidated financial results for the quarter ended December 31, 2025. A significant administrative update is the application for the strike-off of its subsidiary, Latteys Electricals Private Limited, which was filed on December 12, 2025. The subsidiary reported zero revenue and a marginal net loss of ₹0.60 lakhs for the quarter. The statutory auditors have issued an unmodified limited review report, indicating no major accounting discrepancies.
- Board approved un-audited standalone and consolidated results for the quarter ended Dec 31, 2025.
- Application for strike-off of subsidiary Latteys Electricals Private Limited was made on Dec 12, 2025.
- Subsidiary reported zero revenue and a net loss of ₹0.60 lakhs for the quarter ended December 2025.
- The company continues to operate in a single business segment, making segment reporting non-applicable.
- Statutory auditors M/s Piyush J Shah & Co issued an unmodified limited review report.
Latteys Industries Limited has appointed Mr. Ashish Singhal as the Chief Financial Officer and Key Managerial Personnel, effective January 24, 2026. Mr. Singhal is a finance professional with experience in taxation, budgeting, and financial reporting. The company disclosed that the new CFO is the brother-in-law of Mr. Pawan Garg, a Whole-Time Director of the company. As of the appointment date, Mr. Singhal holds zero shares in the company.
- Appointment of Ashish Singhal as CFO and KMP effective from January 24, 2026
- The new CFO holds 0 shares in the company as per the disclosure
- Mr. Singhal is related to Whole-Time Director Pawan Garg as his brother-in-law
- The Board meeting for the appointment was held on January 23, 2026, lasting 25 minutes
Latteys Industries Limited has announced the resignation of Mr. Sumit Goel from the position of Chief Financial Officer and Key Managerial Personnel. The resignation was effective as of the close of business hours on January 19, 2026. The company acknowledged his significant contribution to the firm's growth during his tenure. Notably, the outgoing CFO holds zero shares in the company, and a successor has not yet been named in the current filing.
- Mr. Sumit Goel resigned as CFO and Key Managerial Personnel effective January 19, 2026.
- The outgoing CFO holds NIL (0) shares in Latteys Industries Limited.
- Company management formally acknowledged his 'tremendous contribution' to the growth of the company.
- The resignation was filed under Regulation 30 of SEBI (LODR) Regulations, 2015.
Latteys Industries Limited has submitted its quarterly compliance certificate under Regulation 74(5) of SEBI (Depositories and Participants) Regulations, 2018. The certificate, issued by Accurate Securities & Registry Private Limited, confirms that all share dematerialization requests for the period October 1 to December 31, 2025, were processed within the stipulated time. It further verifies that physical certificates were mutilated and cancelled after the depository names were substituted in the records. This is a standard administrative filing required for all listed companies to ensure the integrity of shareholding data.
- Compliance certificate submitted for the quarter ending December 31, 2025.
- Registrar and Share Transfer Agent (RTA) confirmed all demat requests were processed within SEBI time limits.
- Physical security certificates were mutilated and cancelled after due verification.
- The filing ensures the company remains in compliance with SEBI's depository regulations.
Latteys Industries has received a significant Letter of Award from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 7,369 solar water pumping systems. The contract, valued at approximately Rs. 187.39 Crores excluding GST, falls under the PM Kusum B Scheme in Maharashtra. The project involves the design, manufacture, supply, and commissioning of pumps ranging from 3 HP to 7.5 HP. This order provides substantial revenue visibility as it is scheduled for completion by December 2026.
- Awarded contract for 7,369 Off-Grid DC Solar Photovoltaic Water Pumping Systems
- Total order value stands at approximately Rs. 187.39 Crores (exclusive of GST)
- Project awarded by MSEDCL under the Magel Tyala Saur Krushi Pump Yojana / PM Kusum B Scheme
- Execution timeline for the entire order is set for December 2026
- Includes various pump capacities of 3 HP, 5 HP, and 7.5 HP across Maharashtra
Latteys Industries Limited has announced the closure of its trading window starting January 1, 2026, in compliance with SEBI Insider Trading regulations. This routine measure is taken ahead of the consideration and approval of the un-audited financial results for the quarter ended December 31, 2025. The window will remain closed for promoters, directors, and designated persons until 48 hours after the results are declared. The specific date for the board meeting to approve these results will be communicated separately in due course.
- Trading window closure effective from January 1, 2026, for Q3 FY26 results.
- Restriction applies to all Promoters, Directors, and Designated Persons of the company.
- Window to reopen 48 hours after the financial results for the quarter ended December 31, 2025, are published.
- Board meeting date for result approval is yet to be announced by the company.
Financial Performance
Revenue Growth by Segment
Total revenue from operations grew by 26.1% YoY, reaching INR 80.27 Cr in FY 2024-25 compared to INR 63.65 Cr in FY 2023-24. Growth was primarily driven by higher demand in the pump and solar segments. Q2 FY 2024-25 revenue stood at INR 18.73 Cr, representing an 18.89% YoY growth.
Geographic Revenue Split
30% of total revenue is contributed by the overseas market (exports), while 70% is domestic. Domestic operations are concentrated in Gujarat, Madhya Pradesh, Uttar Pradesh, Maharashtra, Rajasthan, Andhra Pradesh, Haryana, and Bihar.
Profitability Margins
Net profit margin slipped marginally from 2.35% to 2.25% in FY 2024-25. While Profit After Tax (PAT) increased by 21% to INR 1.81 Cr, the margin compression highlights that operational expenses and input costs grew faster than revenue expansion.
EBITDA Margin
Operating income (EBIT) rose 10.3% from INR 3.76 Cr to INR 4.15 Cr. For Q2 FY 2024-25, EBITDA was reported at INR 1.48 Cr on a revenue of INR 18.73 Cr, yielding an EBITDA margin of approximately 7.9%.
Capital Expenditure
Not disclosed in available documents; however, depreciation and amortization expenses decreased significantly from INR 1.44 Cr in FY 2023-24 to INR 0.60 Cr in FY 2024-25, suggesting a potential change in asset base or accounting estimates.
Credit Rating & Borrowing
Finance costs decreased from INR 1.66 Cr in FY 2023-24 to INR 1.59 Cr in FY 2024-25. Standalone borrowings as of September 30, 2025, were INR 7.79 Cr, down from INR 8.63 Cr in March 2025.
Operational Drivers
Raw Materials
Specific raw material names and their percentage of total cost are not disclosed, but the company cites 'rising input costs' as the primary reason for the 10-basis point slip in net margins.
Capacity Expansion
The company operates state-of-the-art manufacturing facilities in Naroda, Ahmedabad. Specific current or planned capacity in units/MT is not disclosed.
Raw Material Costs
Operational performance (EBIT growth of 10.3%) lagged behind revenue growth (26.1%), indicating that cost of goods sold and raw material expenses grew at a higher rate than sales, diluting operational efficiency.
Manufacturing Efficiency
The company aims to reduce variable costs (manpower and fixed asset costs) by increasing the total volume of sales to achieve better economies of scale.
Logistics & Distribution
The company utilizes a wide distribution network of 1000+ dealers and 1000+ retailers across 5-8 major Indian states to manage logistics and market reach.
Strategic Growth
Expected Growth Rate
26.10%
Growth Strategy
Growth is targeted through consumer acquisition and retention, continuous product development to meet rising needs in the solar and agri sectors, and increasing sales of existing products in current markets. The company is also focusing on reducing variable costs through volume expansion.
Products & Services
Solar Pumping Systems (AC and DC motors), Stainless Steel Pump sets for international markets, Electric Induction Motors, Submersible Pump sets for agriculture and domestic use, and Self-Priming Pumps for household needs.
Brand Portfolio
LATTEYS
New Products/Services
Continuous development of solar pumping systems and stainless steel pumps for the export market is expected to drive future revenue, though specific contribution percentages are not disclosed.
Market Expansion
The company is expanding its presence in 8 states (Gujarat, MP, UP, MH, RJ, AP, Haryana, Bihar) and targeting further penetration in the 30% revenue-contributing overseas market.
External Factors
Industry Trends
The industry is shifting toward solar-powered pumping solutions and energy-efficient induction motors. Latteys is positioning itself by focusing on solar AC/DC motors to capture this growing demand.
Competitive Landscape
The company competes in the fragmented pump and motor industry, focusing on quality control and after-sales service to differentiate from local and unorganized players.
Competitive Moat
The company's moat is built on a strong global footprint, a massive domestic distribution network of 2000+ touchpoints, and in-house R&D. These are sustainable due to the high cost and time required to build similar dealer relationships and service networks.
Macro Economic Sensitivity
The business is sensitive to changes in government regulations, tax laws, and global economic developments, particularly those affecting the agricultural and renewable energy sectors.
Consumer Behavior
There is an increasing trend toward solar-based irrigation in the agricultural sector, which Latteys is addressing through its solar pumping systems.
Geopolitical Risks
Global factors and trade barriers could impact the 30% export revenue stream, particularly for stainless steel pumps sold in international markets.
Regulatory & Governance
Industry Regulations
Operations are governed by government regulations regarding manufacturing standards for pumps and motors, as well as specific norms for solar equipment and export-import laws.
Taxation Policy Impact
Current tax for FY 2024-25 was INR 0.56 Cr, with a deferred tax of INR 0.20 Cr. The company is subject to standard Indian corporate tax laws and GST.
Risk Analysis
Key Uncertainties
The primary uncertainty is the ability to control operational costs, as EBIT growth (10.3%) is significantly lower than revenue growth (26.1%), indicating a risk of continued margin dilution.
Geographic Concentration Risk
High domestic concentration in 8 Indian states and a 30% reliance on international markets for exports.
Third Party Dependencies
Dependency on a network of 2000+ dealers for sales and distribution; any disruption in this network would directly impact revenue.
Technology Obsolescence Risk
Risk of falling behind in solar motor efficiency; mitigated by in-house R&D efforts.
Credit & Counterparty Risk
Trade receivables increased by INR 5.33 Cr in the half-year ended September 2025, suggesting a potential stretch in working capital and credit risk from dealers.