Lords Mark Industries Ltd

BSE: 501261

₹ 68.99-3.71%refreshed 23 Oct, 03:50 pm ISTMarket cap: ₹ 2,943 crWebsite: www.lordsmarkindia.comUpdated: 25 Oct 2026

About

Lords Mark Industries manufactures and distributes in-vitro diagnostic (IVD) kits, biochemistry reagents, medical devices, LED lighting and solar energy products under the LordsMed brand. In FY26 the company reported revenue of ₹684.75 crore, with IVD/MedTech contributing ~40% and renewable energy ~60% of the revenue mix as of Q1 FY27. It holds an estimated ~5% share of the Indian IVD market and is expanding into dialysis care and cancer diagnostics.^[1]

Business segments

In the FY26 annual report the company reports Power as its single segment, with revenue of ₹601.71 crore from sale of products and services.^[2]
IVD/MedTech segment contributed ~40% of revenue in Q1 FY27; management expects MedTech to exceed 50% of total revenue in coming years as new products commercialise.^[3]
Renewable energy (LED and solar) segment contributed ~60% of revenue in Q1 FY27, up +65% YoY; confirmed order book of ₹2,000 crore through 2030 with ₹1,000 crore additional contracts expected.^[3]
IVD/MedTech EBITDA margin was ~20% in Q1 FY27; renewable energy EBITDA margin was ~11% in Q1 FY27.^[3]
After the reverse merger, the company's subsidiaries operate across healthcare and medical diagnostics, biotechnology, renewable energy and technology solutions (FY26).^[2]

Products and brands

The diagnostics division operates under the LordsMed brand, which is ISO 13485:2016 and CE certified, offering analysers, biochemistry reagents, haematology, immunology, rapid tests (ICMR-approved antigen kit) and lab consumables.^[2]
The Renalyx dialysis machine (AI-powered haemodialysis system) is manufactured by Renalyx Health Systems Pvt. Ltd. and carries CDSCO approval for India; gross margin on the device is ~49% in Q1 FY27.^[3]
Three MedTech products in late-stage regulatory pipeline as of Q1 FY27: sickle cell rapid test (CDSCO-approved, awaiting launch), Oncodiagnoscope (BARC collaboration, in trials), and 1DNA preventive genomics product (approval pending).^[3]
IVD gross margin exceeded 60% in Q1 FY27; India IVD market share estimated at ~5% as of Q1 FY27.^[3]

Manufacturing and operations

Manufacturing and assembly facilities operate across Diagnostic, MedTech, LED and Solar product divisions; selected facilities use rooftop solar photovoltaic systems for captive power.^[2]
Current dialysis machine manufacturing capacity is 60 machines per month via OEM as of Q1 FY27; 15 Renalyx dialysis centres are operational in Gujarat and Maharashtra.^[3]
Standalone cost of materials stood at ₹49,538.48 lakhs in FY26; the annual report names raw material input cost volatility as a risk.^[2]
Authorised Capital is ₹800 crore and Paid-up Capital is ₹426.62 crore following reverse merger and Resolution Plan implementation.^[2]

Key operating numbers

MedTech revenue grew ~78% YoY in Q1 FY27; renewable energy segment revenue was ₹600 crore in Q1 FY27, up +65% YoY.^[3]
Confirmed dialysis machine order book exceeded 500 machines as of Q1 FY27.^[3]
Net debt-to-EBITDA ratio declined from 6.7x to 1.2x in FY26, reflecting EBITDA growth and debt reduction.^[3]

Customers and distribution

Diagnostic products are sold to government organisations, public and private hospitals, and laboratories through a 200+ strong distribution network across India.^[2]
First US export order of approximately $1 million secured for surgical products (US FDA registered) as of Q1 FY27; export revenue target is 10% of total revenue by June 2027.^[3]

Expansion and capex

Capex of ₹300 - 350 crore planned over the next three years for a dedicated dialysis machine plant and Asia's largest IVD/biochemistry analyser facility (2 acres) in Lucknow.^[3]
Dialysis machine manufacturing capacity to expand from 60 to 150 machines per month by end of FY28; 50 dialysis centres targeted to be operational by March 2027.^[3]
Two pilot oncology cancer care centres in Vapi and Solapur targeted for launch by June 2027; success would trigger replication into 27 centres over 5 - 7 years with a tied-up global cancer care partner.^[3]
Third IVD manufacturing facility to be commissioned by end of FY27.^[3]
The FY26 annual report states the enlarged capital base is intended to support strategic partnerships, market expansion and acquisitions.^[2]

Recent developments

Renalyx Health Systems received MHRA (UK) registration on 28 September 2026 for its AI-powered haemodialysis system (GMDN Code 58131), enabling exports to the UK and UK-allied markets from early January 2027.^[4]
Mandatory corporate governance provisions under SEBI LODR Regulations become applicable to the company from FY2026-27.^[2]
UK and Switzerland subsidiaries have been established as of Q1 FY27 to support international expansion.^[3]
Management is evaluating spinning off the renewable energy vertical as an independent entity and rebranding the remaining business as Lords Med; no timeline has been committed.^[3]
Promoter stake reduction from ~80% to 75% planned via a 3% OFS and 2% preference/equity issuance; Nuvama appointed as merchant banker.^[3]
CAR-T therapy exclusive Indian distribution under late-stage discussions with a US FDA-approved global manufacturer; rollout targeted for December 2026.^[3]

Market Cap

₹2,943 Cr

High / Low

₹99 / 60

Stock P/E

0.6

Price / Book

3.0

Book Value

₹23

EPS

₹1.1

No. of Shares

42.66 Cr

ROCE

6.1%

ROE

4.9%

OPM

12.2%

Debt / Equity

0.39

Sales

₹685 Cr

Net Profit

₹49 Cr

Promoter holding

75.3%

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