LMW
LMW share price & financials
- Price
- ₹16,062
- Market cap
- ₹17.3k Cr
- Sector
- Capital Goods
- Calls analysed
- 8
LMW Limited Q1 FY27
What went well
- Overall revenue for Q1 FY27 increased by 23.4% YoY to ₹891 crores from ₹722 crores in Q1 FY26.
- Profit Before Tax (PBT) for Q1 FY27 surged by 150% YoY to ₹85 crores from ₹34 crores in Q1 FY26.
- Textile Machinery Division (TMD) holds a robust order book of ₹3,200 crores, with ₹2,400 crores considered active and secured by 10% deposits.
What to watch
- Consolidated revenue saw a QoQ decline to ₹902 crores from ₹972 crores in the previous quarter.
- LMW Global reported a loss of ₹5.6 crores in Q1 FY27, an increase from ₹5 crores in the previous quarter.
What LMW Limited does
LMW Limited (formerly Lakshmi Machine Works) designs and manufactures the full range of textile spinning machinery — from blowroom to winder — for cotton and man-made fibres, and has installed over 50 million spindles worldwide. Beyond textiles, its Machine Tool Division makes high-precision CNC turning, machining and turn-mill centres for automotive, aerospace, medical-equipment and oil & gas customers, while its Foundry Division produces Grey Iron and Ductile Iron precision castings for locomotive, power, compressor, valve, transportation and marine industries. Its Advanced Technology Centre (ATC) manufactures complex metallic and composite aerospace components and assemblies for civil aviation, space and defence programmes, supplying global OEMs including Boeing and Airbus alongside India's HAL and ISRO. It earns revenue by selling machinery, castings and components directly to industrial, textile and aerospace customers.
Segments
- Textile Machinery Division (TMD)
- Machine Tool Division (MTD)
- Foundry Division (FDY)
- Advanced Technology Centre (ATC)
- Installed spindle base worldwide
- 50 million+ spindles installed
- Market position in Indian textile spinning machinery
- Primary/leading preference for spinning machinery in India, with a considerable global presence
- GreenCo certification
- Only foundry in India with GreenCo Platinum+ certification, the highest environmental award
- ATC aerospace clientele
- Tier-1 supplier to Boeing and Airbus; supports HAL's Tejas programme and ISRO space missions
- ATC export orientation
- Advanced Technology Centre business is predominantly export-driven, serving global aerospace majors
- International subsidiaries
- LMW China and LMW Global overseas manufacturing/trading units
Guidance record · Q1 FY27
what the last two calls moved 15 tracked 4 delivered 4 missed 7 open- Order Book Execution delivered said Q1 FY25 Promised: Execute ₹2100 crores active order book in the next 12 months Q1 FY27: Promise was previously achieved in Q3 FY26. No further updates.
- Product Launch missed said Q1 FY25 Promised: Launch Airjet loom during FY 2025-2026 Q1 FY27: Promise was previously missed and remains unaddressed.
- Operating Margin at risk said Q2 FY26 Promised: Achieve double-digit margins in MTD at 90-95% utilization Q1 FY27: Management acknowledged MTD margins were pressured due to a drop in the top line, with analysts noting they are below the historical 12-14% EBIT level, implying a drop below the double-digit target for this quarter.
All 15 tracked — every revision, and every one management stopped mentioning.
Open the guidance ledgerQuarterly results
Q1 FY27: revenue up 24.1%, net profit up 409.1% against the same quarter last year.
| Line item | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 769 | 766 | 804 | 694 | 822 +7% | 758 −1% | 933 +16% | 861 +24% |
| EBITDA | 32 | 36 | 58 | 14 | 44 +38% | 42 +17% | 70 +21% | 64 +357% |
| Net profit | 24 | 19 | 48 | 11 | 41 +71% | 15 −21% | 64 +33% | 56 +409% |
How to read this
₹ crore, as filed. The percentage beside a figure is the change against the same quarter a year earlier — never the quarter before, which would make every seasonal business look like it collapses and booms each year.
Performance +22.4% 1Y
1Y: ₹14,486 on 10 Sept 2025 → ₹17,727. High ₹20,047 (17 Aug 2026), low ₹11,997 (30 Mar 2026).
How the price took the results
close before → close after
- Q1 FY27
- +2.4%
- 27 Jul
- Q4 FY26
- −1.3%
- 21 May
- Q3 FY26
- +0.1%
- 2 Feb
- Q2 FY26
- −0.4%
- 6 Nov
The move from the last close before each results date to the first close after it — the market's first read on the quarter, not the quarter itself.
Financials, as filed
Revenue fell 12.1% a year over 3 years, FY23 to FY26. Operating margin narrowed to 5.3%.
| Year ending | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|
| Revenue | ₹4.7k Cr | ₹4.7k Cr | ₹3.0k Cr | ₹3.2k Cr |
| Operating profit | ₹449 Cr | ₹436 Cr | ₹139 Cr | ₹170 Cr |
| Operating margin | 9.5% | 9.3% | 4.6% | 5.3% |
| Interest | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Depreciation | ₹78 Cr | ₹97 Cr | ₹112 Cr | ₹120 Cr |
| Net profit | ₹384 Cr | ₹374 Cr | ₹102 Cr | ₹131 Cr |
| Net margin | 8.1% | 8.0% | 3.4% | 4.1% |
| Cash from operations | ₹364 Cr | ₹141 Cr | ₹29 Cr | ₹177 Cr |
| Free cash flow | ₹111 Cr | ₹-9 Cr | ₹-96 Cr | ₹120 Cr |
| ROCE | 22.0% | 18.0% | 5.0% | 6.0% |
How to read this
From the company's own filings. Margins are computed from the filed sums; a year with an incomplete quarter is left blank rather than estimated.
Balance sheet
| Year ending | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Equity capital | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr | ₹11 Cr |
| Reserves | ₹1.8k Cr | ₹2.0k Cr | ₹2.3k Cr | ₹2.7k Cr | ₹2.8k Cr | ₹2.9k Cr |
| Borrowings | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr | ₹0 Cr |
| Other liabilities | ₹977 Cr | ₹1.7k Cr | ₹1.8k Cr | ₹1.3k Cr | ₹1.4k Cr | ₹1.4k Cr |
| Total liabilities | ₹2.8k Cr | ₹3.6k Cr | ₹4.1k Cr | ₹4.0k Cr | ₹4.2k Cr | ₹4.3k Cr |
| Fixed assets | ₹701 Cr | ₹721 Cr | ₹903 Cr | ₹972 Cr | ₹967 Cr | ₹946 Cr |
| Capital work in progress | ₹11 Cr | ₹6 Cr | ₹24 Cr | ₹9 Cr | ₹10 Cr | ₹1 Cr |
| Investments | ₹286 Cr | ₹448 Cr | ₹508 Cr | ₹641 Cr | ₹724 Cr | ₹706 Cr |
| Other assets | ₹1.8k Cr | ₹2.5k Cr | ₹2.7k Cr | ₹2.4k Cr | ₹2.5k Cr | ₹2.6k Cr |
| Total assets | ₹2.8k Cr | ₹3.6k Cr | ₹4.1k Cr | ₹4.0k Cr | ₹4.2k Cr | ₹4.3k Cr |
How to read this
As filed each year. A line the company does not report — deposits for a non-lender, for instance — is left out rather than shown as a row of dashes.
Who owns it
As disclosed at Jun 2026
Since Jun 2025, the public added +0.71 pp while FIIs trimmed −0.36 pp. The shareholder count shrank 5% to 30,685.
- Promoters
- 30.8%
- FIIs
- 5.5%
- DIIs
- 9.5%
- Public
- 54.2%
Since Jun 2025
- Public +0.71 pp
- FIIs −0.36 pp
- DIIs −0.35 pp
How it drifted, 12 quarters
Over this window DIIs fell from 11.3% to 9.5% — −1.8 pp.
Ownership split by quarter, oldest first. Sep '23: Promoters 31.1%, FIIs 4.9%, DIIs 11.3%, Public 52.6%.Dec '23: Promoters 31.1%, FIIs 5.0%, DIIs 11.3%, Public 52.6%.Mar '24: Promoters 31.1%, FIIs 5.2%, DIIs 11.2%, Public 52.5%.Jun '24: Promoters 31.1%, FIIs 5.5%, DIIs 10.9%, Public 52.5%.Sep '24: Promoters 31.1%, FIIs 5.5%, DIIs 10.6%, Public 52.8%.Dec '24: Promoters 31.1%, FIIs 5.6%, DIIs 10.2%, Public 53.1%.Mar '25: Promoters 31.1%, FIIs 5.9%, DIIs 9.6%, Public 53.3%.Jun '25: Promoters 30.8%, FIIs 5.8%, DIIs 9.8%, Public 53.5%.Sep '25: Promoters 30.8%, FIIs 5.5%, DIIs 9.8%, Public 53.9%.Dec '25: Promoters 30.8%, FIIs 5.5%, DIIs 9.8%, Public 54.0%.Mar '26: Promoters 30.8%, FIIs 5.5%, DIIs 9.6%, Public 54.1%.Jun '26: Promoters 30.8%, FIIs 5.5%, DIIs 9.5%, Public 54.2%.
Who is on the register
Named in the Jun 2026 filing
Every holder of LMW Limited above SEBI's 1% disclosure line, and what changed since Mar 2026.
| Holder | Stake | Change |
|---|---|---|
| Lakshmi Cargo Company Ltd | 10.08% | unchanged |
| Lakshmi Technology And Engineering Industriesltd | 6.52% | unchanged |
| Voltas Limited | 5.43% | unchanged |
| Nemish S Shah - 2 | 5.24% | −0.11 pp |
| Gagandeep Credit Capital Pvt Ltd | 4.64% | unchanged |
| The Lakshmi Mills Company Limited | 4.54% | unchanged |
| LICI Asm Non Par Insurer | 3.44% | unchanged |
| The New India Assurance Company Limited Insurer | 3.08% | unchanged |
| Shamyak Investment Private Limited | 2.62% | unchanged |
| Lakshmi Ring Travellers (Coimbatore) Private Limited | 2.36% | unchanged |
| Super Sales India Limited | 2.15% | unchanged |
| Samyaktva Construction Llp | 1.87% | unchanged |
A holder disappearing from this list has fallen below the 1% line — it is not necessarily a sale. Percentages are of total shares, as disclosed in the company's own filing. Who was buying across the market this quarter.
Mutual funds in LMW
Filings to Aug 2026
0 new, 0 added, 0 trimmed, 0 sold out — net +0.00 L shares (+0.0%).
- Held by funds
- ₹381 Cr
- 2 schemes
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹222 Cr · 0.2% of that fund
| Scheme | Holding | Last month | Held since |
|---|---|---|---|
| HDFC Balanced Advantage Fund HDFC Mutual Fund | ₹222 Cr | held | Dec '22 |
| Nippon India Small Cap Fund Nippon India Mutual Fund | ₹159 Cr | held | Aug '23 |
HDFC, Nippon India and SBI schemes, from their monthly disclosures. Changes are counted in shares, so a price move never looks like buying or selling.
Mutual funds Aug 2026
0 added, 0 trimmed — net 0 shares (+0.0%)
- Funds are sitting on
- +21%
- vs est. average cost
- Held by funds
- ₹381 Cr
- 2 schemes · ≈ 2.1% of the company
- Biggest holder
- HDFC Balanced Advantage Fund
- ₹222 Cr · 0.2% of that fund
Shares held by these funds +19%
Aug '23 2.21 L shares Jul '26
What the price assumes
Growth trapTo justify its price of ₹17727, this stock must grow earnings at 58% every year for 7 years. Our analysis caps realistic growth at ~-30%. At that growth it is worth ₹203 — downside of 99%.
- Growth the price implies
- 58.2% a year
- for 7 years, fading to 4%
- It has actually compounded at
- -30.1% a year
- net profit, FY23–FY26 · EPS -30.2%
- The gap
- 0.9 pp
- -99% downside if it only repeats history
All earnings calls (7)
Read the Q1 FY27 call →Learn to analyse LMW Limited
Guides on how to read this kind of business and the numbers that matter.