LMW Limited (LMW)
₹16,060.00 +0.66% last close, 16 Oct
Q2 FY27 results
📅 Next results: 21 Oct 2026 (board meeting)LMW Limited's board meets on 21 Oct 2026 to consider its Q2 FY27 results (July-September 2026).
In its latest reported quarter, Q1 FY27, LMW's revenue was ₹861 Cr (+24.0% year on year, -7.7% on the previous quarter), and net profit ₹55.5 Cr (+404.7% year on year); the operating margin was 7.4%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹861 | +24.0% | -7.7% |
| Operating profit | ₹63.6 | +354.1% | -9.2% |
| Net profit | ₹55.5 | +404.7% | -13.2% |
| EPS (₹) | 51.97 | +383.9% | -12.8% |
| Operating margin | 7.4% | — | — |
LMW delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 44.67% of the LMW shares traded on NSE were taken to delivery, against the stock's own 20-session average of 53.33%. That is lower than usual for this stock.
Delivery in the last 5 sessions: 51.2% · 53.5% · 49.8% · 47.5% · 44.7%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
LMW Limited has submitted its compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended 30th September 2026. The certificate, issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on 3rd October 2026, confirms that all securities received for dematerialisation during the quarter were duly processed, confirmed/rejected, and listed on the stock exchanges. This is a routine regulatory filing confirming normal operations regarding share dematerialisation with no impact on business performance.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended 30th September 2026
- Issued by Registrar and Share Transfer Agent MUFG Intime India Private Limited on 3rd October 2026
- Company filing submitted to stock exchanges on 7th October 2026 under reference Sec/270/2026
LMW Limited announced the declaration of voting results for its Postal Ballot Notice dated July 24, 2026. Shareholders approved a Special Resolution for the amendment of the Objects Clause in the Memorandum of Association. Out of 73,41,532 net valid votes, 70,89,098 votes (96.56%) were cast in favour and 2,52,434 votes (3.44%) were against. The remote e-voting process concluded on September 10, 2026, with 265 valid voting members participating.
- Special Resolution to amend the Objects Clause of the Memorandum of Association approved with 96.56% votes in favour.
- A total of 73,41,532 net valid votes were cast across 265 remote e-voting members.
- Only 2,52,434 votes (3.44%) were cast in dissent against the resolution.
- E-voting concluded on September 10, 2026, based on the record cut-off date of August 7, 2026.
LMW Limited has submitted a regulatory disclosure informing exchanges that it received an ESG Rating from NSE Sustainability Ratings & Analytics Limited. The company specified that it did not commission or engage the agency; the rating was assigned independently using publicly available information. The specific ESG score and grade were not disclosed in the filing, and the update has no immediate financial impact.
- ESG Rating assigned by NSE Sustainability Ratings & Analytics Limited
- Company confirmed it did not engage the rating provider; assessment conducted independently via public domain data
- Disclosure submitted pursuant to Regulation 30 on 3rd September 2026
LMW Limited has received approval from the Ministry of Corporate Affairs to change the name of its wholly owned subsidiary. The subsidiary, previously named 'LMW Aerospace Industries Limited', has been renamed 'LMW Advanced Materials and Technologies Limited'. The change is administrative and reflects a broader scope in materials and technology operations. There are no direct financial numbers, dilution, or capital commitments involved in this filing.
- Subsidiary name changed from 'LMW Aerospace Industries Limited' to 'LMW Advanced Materials and Technologies Limited'
- The entity remains a 100% wholly owned subsidiary of LMW Limited
- Approval received from the Ministry of Corporate Affairs as of 29th August 2026
LMW Limited has initiated a postal ballot process to seek shareholder approval for amending the Objects Clause of its Memorandum of Association. The e-voting period is scheduled to run from August 12, 2026, to September 10, 2026. This procedural step follows a board meeting held on July 24, 2026, where the amendment was first considered. Shareholders appearing in the register as of the August 7, 2026 cut-off date are eligible to vote on this special resolution.
- E-voting period commences at 9:00 AM on August 12, 2026, and ends at 5:00 PM on September 10, 2026.
- Cut-off date for determining shareholder eligibility was Friday, August 7, 2026.
- The Board of Directors approved the proposed resolution in their meeting held on July 24, 2026.
- Results of the postal ballot will be announced within 2 working days of the e-voting conclusion.
- The resolution is proposed as a Special Resolution under Sections 4 and 13 of the Companies Act, 2013.
CRISIL Ratings has assigned a new 'CRISIL AA' corporate credit rating with a 'Stable' outlook to LMW Limited. This high-investment-grade rating reflects the company's strong market position in textile machinery and its exceptionally robust balance sheet, featuring zero debt and a net worth of ₹2,971 Cr. While the company is currently facing cyclical headwinds with capacity utilization at 40-45% in its textile division, the rating validates its financial resilience. This credit profile supports LMW's ongoing diversification into high-barrier aerospace components through its Advanced Technology Centre.
- CRISIL assigned a new 'CRISIL AA' rating with a 'Stable' outlook on August 7, 2026.
- Company maintains a zero-debt position (D/E of 0.00) as per latest financial context.
- Net worth stands at ₹2,971 Cr, providing significant financial cushion despite a TTM OPM of 5.3%.
- Textile Machinery Division is currently operating at a low capacity utilization of 40-45%.
- TTM Revenue of ₹3,207 Cr reflects a recovery trend from recent quarterly lows (Mar 2026 revenue at ₹933 Cr).
LMW Limited has announced the retirement of Sri K Soundhar Rajhan from its Senior Management Personnel (SMP) team, effective July 31, 2026. Simultaneously, Sri N Krishna Kumar, an existing SMP, has been redesignated as President – Strategy Office effective August 1, 2026. This transition occurs as the company manages a challenging period, with TTM revenue of ₹3,207 Cr significantly lower than the ₹4,695 Cr recorded in FY24. The formalization of a Strategy Office role is notable given the current low capacity utilization of 40-45% in the Textile Machinery Division.
- Sri K Soundhar Rajhan retires as Senior Management Personnel effective July 31, 2026
- Sri N Krishna Kumar redesignated as President – Strategy Office starting August 1, 2026
- Company continues to face low capacity utilization of 40-45% in its Textile Machinery Division
- TTM Revenue of ₹3,207 Cr reflects a contraction from the FY24 peak of ₹4,695 Cr
- Management maintains a 5-day work week to manage overheads amid sluggish domestic demand
LMW reported a strong YoY performance for Q1 FY27, with PBT rising 151% to ₹85 Cr compared to ₹34 Cr in the previous year. While sequential revenue was flat at ₹891 Cr, the Textile Machinery Division (TMD) showed signs of recovery with capacity utilization improving to 60% from earlier lows of 40-45%. The company maintains a total order book of ₹3,200 Cr, though only ₹2,400 Cr is currently active. Management is also seeking enabling resolutions to diversify into high-growth sectors like Pharma, Specialty Chemicals, and EVs.
- Profit Before Tax (PBT) surged 151% YoY to ₹85 Cr for the June 2026 quarter.
- Active order book for the Textile Machinery Division stands at ₹2,400 Cr, representing ~75% of TTM revenue.
- Textile division capacity utilization improved to 60%, up from the 40-45% range reported in FY26.
- Machine Tool Division (MTD) revenue reached ₹343 Cr, with 56% of sales driven by the automotive sector.
- Advanced Technology Centre (ATC) revenue grew to ₹60 Cr, supported by favorable forex impacts from USD appreciation.
LMW Limited has released the audio recording of its analyst conference call conducted on July 27, 2026. This disclosure is a standard regulatory requirement following investor interactions. The call likely discussed the company's current financial position, including its TTM revenue of ₹3,207 Cr and the ongoing challenges in the Textile Machinery Division, which is operating at a low 40-45% capacity utilization. Investors can access the recording via the company's website to gain insights into management's strategy for the aerospace segment and domestic demand recovery.
- Audio recording of the analyst call held on July 27, 2026, at 4:00 PM IST is now publicly available.
- Company is managing low capacity utilization of 40-45% in its Textile Machinery Division through a 5-day work week.
- TTM revenue stands at ₹3,207 Cr with a relatively low operating profit margin of 5.3%.
- LMW Global (Dubai) showed a growth of 44.9% in H1, acting as a key expansion vehicle.
- Advanced Technology Centre (ATC) continues to target high-entry-barrier aerospace manufacturing with 19% EBITDA margins in metallics.
LMW reported a strong turnaround in Q1 FY27, with consolidated revenue growing 24% YoY to ₹860.72 Cr and Net Profit surging 384% to ₹55.52 Cr. The growth was supported by a recovery in the Textile Machinery Division, which turned a segment profit of ₹0.40 Cr compared to a loss of ₹24.16 Cr in the previous year. Crucially, the Board has proposed a major strategic expansion of the company's 'Objects Clause' to include high-growth sectors like Electric Vehicles (EV), Robotics, Electronics Manufacturing, and Pharmaceuticals, signaling a long-term diversification strategy.
- Consolidated Revenue from operations increased 24% YoY to ₹860.72 Cr from ₹694.14 Cr.
- Net Profit surged to ₹55.52 Cr, a 384% increase over the ₹11.47 Cr reported in Q1 FY26.
- Machine Tool & Foundry Division revenue grew 36.7% YoY to ₹343.03 Cr.
- Advanced Technology Centre (Aerospace) revenue increased 28.3% YoY to ₹59.54 Cr.
- Company incurred a one-time exceptional cost of ₹2.41 Cr for a Voluntary Retirement Scheme (VRS).
LMW Limited's shareholders approved all 10 resolutions at the 63rd AGM held on July 24, 2026. Key approvals include the re-appointment of Sanjay Jayavarthanavelu as Managing Director for a five-year term starting April 2027 and the approval of material related party transactions with Lakshmi Electrical Control Systems Limited. While most resolutions passed with near-unanimous support, the re-appointment of Director M. Sankar saw a minor dissent of 5.41%. The results ensure leadership continuity for the company, which is currently navigating low capacity utilization in its core textile machinery segment.
- Re-appointment of Sanjay Jayavarthanavelu as MD approved with 93.53% votes in favor for a term ending in 2032
- Material related party transactions with Lakshmi Electrical Control Systems approved with 100% of valid non-interested votes
- 25 related party shareholders holding 32,90,062 shares (approx. 30.8% of total capital) abstained from the RPT resolution
- Re-appointment of Sri. M Sankar as Director saw 5.41% dissent, representing 4,12,803 shares
- Dividend for the financial year ended March 31, 2026, was formally declared and approved
LMW Limited concluded its 63rd Annual General Meeting on July 24, 2026, where shareholders approved the financial statements for FY26 and the declaration of a dividend. Key resolutions included the re-appointment of Sanjay Jayavarthanavelu as Managing Director and the appointment of Brahmayya & Co. as new statutory auditors for a five-year term. The company also received approval for material related party transactions with Lakshmi Electrical Control Systems Limited. Dividend payments are scheduled to be credited electronically on August 12, 2026.
- Dividend for FY26 approved with a scheduled payment date of August 12, 2026
- Brahmayya & Co. appointed as Statutory Auditors for a first term of 5 consecutive years
- Sanjay Jayavarthanavelu re-appointed as Managing Director via a Special Resolution
- Approval granted for material related party transactions with Lakshmi Electrical Control Systems Limited
- Meeting conducted via Video Conferencing, lasting 44 minutes from 2:45 PM to 3:29 PM
LMW's Board has approved a significant amendment to its Memorandum of Association (MoA) to include new business segments such as Electric Vehicles (EV), Robotics, Pharmaceuticals, and Renewable Energy. This strategic pivot comes as the company's core Textile Machinery Division faces low capacity utilization of 40-45% and a revenue decline from Rs 4,695.86 Cr in FY24 to Rs 3,012.01 Cr in FY25. The company will seek shareholder approval for these changes via a postal ballot. While no specific investment figures were disclosed, the move signals an intent to leverage manufacturing capabilities for high-growth, new-age industries.
- Board approved adding 6 new business categories including EV, Robotics, and Specialty Chemicals to the MoA.
- Core Textile Machinery Division is currently operating at a low 40-45% capacity utilization.
- Annual revenue saw a ~36% decline from Rs 4,695.86 Cr in FY24 to Rs 3,012.01 Cr in FY25.
- Postal ballot process initiated to seek shareholder approval for the proposed diversification.
- Company is maintaining a 5-day work week in its textile division due to sluggish domestic demand.
LMW's Board has approved a significant expansion of its Memorandum of Association (MOA) to include new-age sectors such as Electric Vehicles (EV), Robotics, Renewable Energy, and Life Sciences. This strategic pivot comes as the company's core Textile Machinery Division faces low capacity utilization of 40-45%, leading to a reduced 5-day work week. While the amendment is an enabling procedural step, it signals management's intent to diversify its Rs 3,207 Cr TTM revenue base into higher-growth technology segments. The proposal is subject to shareholder approval via a postal ballot.
- Board approved inserting 6 new sub-clauses (28 to 33) into the Objects Clause of the MOA.
- New target sectors include EV, Mobility, Robotics, Automation, Specialty Chemicals, and Electronics Manufacturing.
- Core Textile Machinery Division currently operates at a low 40-45% capacity utilization.
- TTM Revenue stands at Rs 3,207 Cr with a thin Operating Profit Margin of 5.3%.
- Shareholder approval will be sought through a postal ballot process overseen by a scrutinizer.
LMW's Board has approved the unaudited financial results for Q1 FY27 (quarter ended June 30, 2026). Crucially, the company is seeking to amend its Memorandum of Association to diversify into high-growth sectors including Electric Vehicles (EV), Robotics, Electronics Manufacturing, and Specialty Chemicals. This strategic pivot comes as its core Textile Machinery Division faces low capacity utilization of 40-45%. The diversification aims to leverage LMW's engineering expertise in new-age industries and reduce cyclicality.
- Board approved Q1 FY27 financial results on July 24, 2026
- Proposed expansion into 6+ new sectors including EV, Robotics, Renewable Energy, and Life Sciences
- Core Textile Machinery Division currently operates at a low 40-45% capacity utilization
- Amendment involves inserting new sub-clauses 28 to 33 in the Objects Clause of the MoA
- Shareholder approval for diversification to be sought via Postal Ballot
Financial Performance
Revenue Growth by Segment
LMW Global (Dubai) revenue grew 44.9% YoY to INR 71 Cr in H1 FY26 from INR 49 Cr in H1 FY25. Textile Machinery Division (TMD) is operating at a low capacity utilization of 40-45% due to sluggish demand.
Geographic Revenue Split
The revenue split is 66% Domestic, 7% Exports, and 27% Spares as of Q2 FY26.
Profitability Margins
Operating profit before working capital changes fell 67.8% YoY to INR 148.53 Cr in FY25 from INR 460.73 Cr in FY24. Current period profit includes a one-time profit on sale of assets of INR 15 Cr.
EBITDA Margin
Advanced Technology Centre (ATC) metallics segment EBITDA margin is approximately 19%. Overall operating profit before working capital changes was 148.53 Cr in FY25.
Capital Expenditure
Purchase of Fixed Assets and Capital Work In Progress was INR 130.12 Cr in FY25, compared to INR 151.13 Cr in FY24.
Credit Rating & Borrowing
Not disclosed in available documents; however, the company holds significant cash reserves with bank deposits (3-12 months maturity) of INR 1,212.26 Cr as of March 2025.
Operational Drivers
Raw Materials
Steel castings, forgings, metallics, and composite materials used in aerospace and textile machinery.
Capacity Expansion
Current capacity utilization in the Textile Machinery Division is 40-45%. The company is maintaining a 5-day working week due to lower utilization.
Raw Material Costs
Raw material costs are managed through back-to-back sourcing for long-term contracts (e.g., 2.5-year contracts in ATC) to mitigate price volatility.
Manufacturing Efficiency
Capacity utilization is currently low at 40-45% in TMD, leading to a reduced 5-day work week to manage overheads.
Strategic Growth
Growth Strategy
Growth is driven by the Advanced Technology Centre (ATC) through metallics and composite products for aerospace, and LMW Global (Dubai) which saw 44.9% H1 growth. The company is also integrating Industry 4.0, automation, and AI into its textile machinery portfolio.
Products & Services
Textile spinning machinery, CNC machine tools, foundry castings, and aerospace components (metallics and composites).
Brand Portfolio
LMW (formerly Lakshmi Machine Works Limited).
New Products/Services
Digitally enabled and Industry 4.0 ready textile machines; expansion into composite aerospace products which are currently in the pipeline.
Market Expansion
LMW Global (Dubai) is a key expansion vehicle, growing revenue to INR 71 Cr in H1 FY26.
External Factors
Industry Trends
Textile manufacturers are accelerating adoption of automation, energy-efficient solutions, and AI. LMW is positioning its portfolio to be Industry 4.0 ready to capture this shift.
Competitive Landscape
Competition intensity is noted in the Textile Machinery Division (TMD) side, though specific competitor names are not listed.
Competitive Moat
Moat is built on technological leadership in textile machinery and high-entry-barrier aerospace manufacturing (ATC) with 19% EBITDA margins in metallics.
Macro Economic Sensitivity
Highly sensitive to the textile industry cycle and domestic capital expenditure trends.
Consumer Behavior
Shift toward sustainable and automated textile production is driving demand for energy-efficient machinery.
Geopolitical Risks
Exposure to export markets (7% of sales) and international subsidiaries in China and Dubai.
Regulatory & Governance
Industry Regulations
Operations are governed by the Companies Act, 2013 and SEBI (LODR) Regulations 2015. LMW Aerospace Industries Limited has attained 'Dormant' status.
Taxation Policy Impact
Taxes paid in FY25 were INR 17.62 Cr, down from INR 118.58 Cr in FY24 due to lower operating profits.
Risk Analysis
Key Uncertainties
Sluggish demand in the textile sector leading to low capacity utilization (40-45%) and reduced operating cash flows (down 79.3% YoY).
Geographic Concentration Risk
66% of sales are concentrated in the Indian domestic market.
Third Party Dependencies
Dependency on suppliers for steel castings and forgings, managed through back-to-back contracts for ATC.
Technology Obsolescence Risk
Risk is mitigated by R&D into Industry 4.0 and AI-enabled machinery.
Credit & Counterparty Risk
Expected credit loss allowance on trade receivables was INR 7.54 Cr in FY25, down from INR 13.52 Cr in FY24.
