LMW Ltd(LMW)

NSE: LMWBSE: 500252

₹ 15,884.6+0.92%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 16,970 crWebsite: www.lmwglobal.comUpdated: 24 Oct 2026

About

LMW Ltd (Lakshmi Machine Works) is an Indian industrial machinery manufacturer with three divisions: Textile Machinery (spinning equipment), Machine Tools & Foundry (CNC turning and machining centres), and an Advanced Technology Centre (precision aerospace/defence components). Its FY26 revenue was Rs 3207.42 Cr. LMW holds approximately 70% domestic market share in textile spinning machinery.^[1][2]

Business segments

Its business verticals as of FY26 were textile machinery, machine tools, high-precision foundry castings and components for the aerospace industry.^[3]
Textile Machinery Division: Rs 1933.13 Cr, or 57.8% of FY26 segment revenue. Its share fell 13.4 percentage points over FY2019-FY2026.^[4]
Machine Tool & Foundry Division: Rs 1204.94 Cr, or 36.0% of FY26 segment revenue, compared with Rs 1,003.14 Cr in FY25.^[4][5]
Advanced Technology Centre: Rs 206.82 Cr, or 6.2% of FY26 segment revenue, compared with Rs 169.20 Cr in FY25. Its share rose 5.0 percentage points over FY2019-FY2026.^[4][5]

Products and portfolio

The textile machinery range covers the spinning line: the LC9S carding machine (1.28 m wide), the LDF6 draw frame, the LRJ90 ring frame (2,400 spindles) and the newly launched Lakshmi auto-winder (autoconer).^[2]
In Q3 FY26, about 75% of machine tool output was turning centres and 25% was machining centres (VMC/HMC). The company is working to raise the machining-centre share.^[6]
The J1 and J2 drill-tap machining centres are aimed at electronics component makers. The Indian market for this machine type is estimated at 7,000 - 8,000 units a year.^[6]
In Q1 FY27, metallic precision parts made up about 80% of Advanced Technology Centre revenue and composite components about 20%.^[7]

Capacity and utilisation

Textile machinery utilisation was about 60% in Q1 FY27, up from below 50% in Q3 FY26 and 40 - 45% in Q2 FY26.^[7]
Machine tool utilisation was 75 - 80% in Q1 FY27, up from 70 - 75% in Q4 FY26. Management says output can rise another 15 - 20% without new capex.^[7]
Composite capacity at the Advanced Technology Centre was about 50% utilised in Q4 FY26.^[8]
In FY25, internal demand for castings fell and capacity utilisation at the foundry units dropped.^[5]

Order book

The Advanced Technology Centre's order book was about ₹1,000 cr in Q1 FY27, executable over 3 - 3.5 years, up from about ₹360 cr in Q4 FY26. Composites made up about 25% of it.^[7]
LMW China had an order book of ₹120 cr in Q4 FY26. Its revenue was ₹130 cr in FY26, up from ₹67 cr in FY25.^[8]

Key operating metrics

Textile machinery revenue was ₹482 cr in Q1 FY27, compared with ₹415 cr in Q1 FY26. The Q1 FY27 mix was 64% domestic, 10% export and 26% spares.^[7]
Machine tool and foundry revenue was ₹343 cr in Q1 FY27, up 37% from ₹251 cr in Q1 FY26.^[7]
Advanced Technology Centre revenue was ₹60 cr in Q1 FY27, up from ₹46 cr in Q1 FY26. Exports made up 90% of it.^[7]

Customers and distribution

LMW held about 70% of the domestic textile spinning machinery market in Q2 FY26.^[2]
Advanced Technology Centre exports serve aerospace and defence customers, including a growing European customer base.^[7]
Textile machinery exports fell to about 8 - 10% of the division's revenue in FY26. LMW targets 23 - 25% export share over three years through its UAE holding entity.^[8]
Machine tools have begun export sales of about ₹20 cr to GCC markets through the UAE hub. Indonesia, Bangladesh and Egypt are named as early textile export markets.^[8]

Expansion and capex

A new, larger Advanced Technology Centre facility is planned on land the company already owns. Building capex is ₹150 cr over 18 - 24 months, with completion targeted around early 2028. Machinery capex will be extra.^[7]
The UAE Investment Board approved investment of up to $30 M in LMW's UAE holding company.^[8]
Machine tools will need more capex once utilisation goes above 75 - 80%. No amount or date has been committed.^[7]
A real estate joint development agreement covering 4.21 acres on a revenue-share basis had not yet started as of FY25.^[5]

Recent developments

The Board recommended appointing Brahmayya & Co., Chennai, as statutory auditors for five years from FY2026-27, replacing S Krishnamoorthy & Co.^[3]
In Q1 FY27, the board passed an enabling resolution to explore six new business divisions, including EV and pharma/specialty chemicals.^[7]
Auto-winders were supplied to customers in South India in Q1 FY27. Further orders are expected to be booked in Q4 FY27.^[7]
LMW sold a stake of about 10% in group company Super Sales in Q3 FY26.^[6]
LMW Global, the Dubai export subsidiary, made a ₹32 cr loss in FY26 on revenue of ₹184 cr, compared with ₹146 cr of revenue in FY25.^[8]
LMW Aerospace Industries became a dormant company from 17 January 2025.^[5]

Market Cap

₹16,970 Cr

High / Low

₹20,150 / 11,729

Stock P/E

82.7

Price / Book

5.6

Book Value

₹2,683

EPS

₹122.4

No. of Shares

1.07 Cr

ROCE

6.9%

ROE

4.6%

OPM

5.8%

Debt / Equity

0.00

Sales

₹3,207 Cr

Net Profit

₹131 Cr

Promoter holding

30.8%

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LMW Ltd(LMW)

About

Business segments

Products and portfolio

Capacity and utilisation

Order book

Key operating metrics

Customers and distribution

Expansion and capex

Recent developments

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