LMW financials and balance sheet

NSE: LMWBSE: 500252Industrial ManufacturingSmall Cap

Formerly Lakshmi Machine Works

₹15,949.00₹263.00 (1.68%)BSE ₹15,938.70

Share price at the NSE close on 23 Oct 2026. Previous close ₹15,686.00.

52-week range of traded prices to 23 Oct 2026

₹11,920.00Low, 30 Mar 2026₹20,151.00High, 17 Aug 2026

Market cap: ₹17,038 Cr408th largest listed
P/E: 83.1
P/B: 5.6
Dividend yield: 0.22%
ROE: 7.0%
ROCE: 5.1%
Debt to equity: 0.00
Volume, NSE: 12,94736.3% delivered

10 years at a glance

Consolidated: the company and its subsidiaries together. ₹ crore, years to March.LMW annual reports

Revenue, net profit and borrowings, ₹ crore

Revenue
Net profit
Borrowings

Peak revenue ₹4,719 Cr, year to Mar 2023

Operating and net margin, per cent

Operating margin
Net margin

Results for the year to Mar 2026

Consolidated: the company and its subsidiaries together. ₹ crore.

From revenue to net profit

Revenue3,207
Materials and goods−1,986
Employee costs−390
Other expenses−662
Operating profit169
Depreciation−120
Other income+146
One-off items−13
Finance costs0.0
Profit before tax182
Tax−51
Net profit131

What the company owns

Plant, investments and other assets₹1,804 Cr
Cash and bank₹1,264 Cr
Inventory₹575 Cr
Current investments₹338 Cr
Receivables₹280 Cr

What pays for it: net worth and liabilities

Net worth₹2,867 Cr
Other liabilities₹774 Cr
Owed to suppliers₹621 Cr

LMW business segments, year to Mar 2026

A reportable segment is a line of business the company must report on its own. Consolidated, ₹ crore, as the company reports them. A segment at a loss has no share of profit.LMW segment results by quarter

Revenue by segment

₹3,345 CrTotal

Textile Machinery Division₹1,933 Cr57.8% of total
Machine Tool & Foundry Division₹1,205 Cr36.0% of total
Advanced Technology Centre₹207 Cr6.2% of total

Profit by segment

Machine Tool & Foundry Division₹97.2 Cr77.2% of total
Advanced Technology Centre₹28.7 Cr22.8% of total

Segment results by year

Consolidated, ₹ crore, years to March.

Textile Machinery Division
Revenue, ₹ crore
1,988
1,194
1,224
2,403
3,825
3,676
1,942
1,933
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
148
−8
14
144
378
316
−21
−16
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Machine Tool & Foundry Division
Revenue, ₹ crore
770
402
527
811
986
1,050
1,003
1,205
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
108
28
36
73
61
74
59
97
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Advanced Technology Centre
Revenue, ₹ crore
35
33
29
48
111
160
169
207
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26
Profit, ₹ crore
−14
−16
−26
−19
3
14
17
29
Mar 19Mar 20Mar 21Mar 22Mar 23Mar 24Mar 25Mar 26

₹ crore	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Revenue of all businesses	2,793	1,629	1,779	3,263	4,922	4,886	3,114	3,345
Company revenue, as in its results	2,712	1,574	1,727	3,171	4,719	4,696	3,012	3,207
Revenue	1,988	1,194	1,224	2,403	3,825	3,676	1,942	1,933
Revenue growth	–	−39.9%	2.4%	96.4%	59.2%	−3.9%	−47.2%	−0.5%
Profit	148	−8	14	144	378	316	−21	−16
Profit growth	–	–	–	930.9%	162.0%	−16.4%	–	–
Margin	7.4%	−0.7%	1.1%	6.0%	9.9%	8.6%	−1.1%	−0.8%
Return on capital	–	−0.9%	1.8%	21.6%	38.8%	30.5%	−1.9%	−1.7%
Assets	–	1,457	1,511	2,101	2,424	2,044	1,934	1,893
Liabilities	–	568	753	1,433	1,450	1,008	847	949
Capital employed	–	888	758	668	974	1,037	1,086	943
Revenue	770	402	527	811	986	1,050	1,003	1,205
Revenue growth	–	−47.9%	31.2%	54.0%	21.5%	6.5%	−4.4%	20.1%
Profit	108	28	36	73	61	74	59	97
Profit growth	–	−74.2%	30.6%	101.8%	−16.6%	21.6%	−20.3%	63.9%
Margin	14.0%	6.9%	6.9%	9.0%	6.2%	7.1%	5.9%	8.1%
Return on capital	–	4.8%	5.4%	9.3%	7.3%	7.8%	6.5%	9.0%
Assets	–	668	861	984	1,072	1,207	1,214	1,443
Liabilities	–	94	192	196	235	253	297	358
Capital employed	–	575	669	789	837	955	916	1,085
Revenue	35	33	29	48	111	160	169	207
Revenue growth	–	−3.8%	−13.2%	67.2%	129.3%	44.6%	5.6%	22.2%
Profit	−14	−16	−26	−19	3	14	17	29
Profit growth	–	–	–	–	–	320.7%	21.0%	69.3%
Margin	−41.3%	−49.4%	−89.6%	−38.4%	3.0%	8.8%	10.0%	13.9%
Return on capital	–	−69.3%	−151.6%	−58.6%	7.7%	16.5%	14.4%	17.0%
Assets	–	31	24	35	60	104	151	208
Liabilities	–	8	7	3	16	19	33	38
Capital employed	–	24	17	32	43	85	118	169

Profit is before tax and finance costs, the way companies report their segments.

Profit and loss

Consolidated, ₹ crore, years to March.LMW quarterly results

₹ crore	Mar 2017	Mar 2018	Mar 2019Filed 21 May	Mar 2020Filed 25 May	Mar 2021Filed 24 May	Mar 2022Filed 12 May	Mar 2023Filed 24 May	Mar 2024Filed 27 May	Mar 2025Filed 10 Jun	Mar 2026Filed 20 May
Revenue from operations	2,499	2,643	2,712	1,574	1,727	3,171	4,719	4,696	3,012	3,207
	2,240	2,367	2,438	1,563	1,657	2,924	4,270	4,261	2,873	3,038
Materials and goods bought	1,567	1,625	1,617	940	1,051	2,007	3,007	2,974	1,842	1,986
Employee costs	252	271	278	240	238	314	380	412	381	390
Other expenses	422	471	542	383	367	602	883	875	650	662
Operating profit before depreciation	259	276	274	11	70	247	449	435	139	169
Operating margin	10.4%	10.4%	10.1%	0.7%	4.1%	7.8%	9.5%	9.3%	4.6%	5.3%
Materials, % of revenue	62.7%	61.5%	59.6%	59.7%	60.9%	63.3%	63.7%	63.3%	61.2%	61.9%
Employee costs, % of revenue	10.1%	10.3%	10.3%	15.2%	13.8%	9.9%	8.1%	8.8%	12.7%	12.2%
Other expenses, % of revenue	16.9%	17.8%	20.0%	24.3%	21.3%	19.0%	18.7%	18.6%	21.6%	20.6%
Depreciation and amortisation	80	76	55	55	56	60	78	96	113	120
Operating profit after depreciation	179	200	218	−44	15	187	371	339	27	49
Other income	88	107	102	94	79	68	148	144	125	146
Finance costs	0	1	1	1	0	0	0	0	0	0
Profit before one-off items and tax	267	306	320	49	93	255	519	482	151	195
One-off items	−5	−4	−37	−2	−22	−17	0	0	0	−13
Profit before tax	262	302	283	47	71	238	519	482	151	182
	76	88	97	19	27	57	135	109	49	51
Current tax	–	–	97	0	27	57	135	109	44	59
Deferred tax	–	–	0	19	0	0	0	−1	5	−8
Net profit	186	215	185	28	45	181	384	374	103	131
Other comprehensive income	–	–	−8	−34	87	36	7	96	51	−23
Total comprehensive income	–	–	177	−6	132	217	391	470	154	108
Net margin	7.5%	8.1%	6.8%	1.8%	2.6%	5.7%	8.1%	8.0%	3.4%	4.1%

Balance sheet

Consolidated, ₹ crore, at 31 March. The last column is the half year to Sep 2026, after the latest full year: the balance sheet at its end.

₹ crore	Mar 2019Filed 21 May	Mar 2020Filed 25 May	Mar 2021Filed 24 May	Mar 2022Filed 12 May	Mar 2023Filed 24 May	Mar 2024Filed 27 May	Mar 2025Filed 10 Jun	Mar 2026Filed 20 May	Sep 2026Half yearFiled 21 Oct
	1,710	1,660	1,780	1,990	2,339	2,704	2,777	2,867	3,040
Share capital	11	11	11	11	11	11	11	11	11
Reserves	1,700	1,650	1,770	1,979	2,328	2,693	2,767	2,856	3,029
Borrowings	3	0	0	0	0	0	0	0	0
	693	603	818	1,206	1,369	1,058	1,006	1,156	1,552
Trade payables	375	333	432	550	668	530	522	621	770
Other financial liabilities	88	60	79	111	170	173	141	147	147
Other liabilities	214	199	295	533	513	336	332	375	613
Provisions	16	12	12	12	18	18	11	12	21
	53	83	159	450	383	270	224	240	316
Other financial liabilities	50	0	0	0	0	0	0	–	–
Other liabilities	0	68	135	427	334	223	172	193	230
Deferred tax	0	15	24	23	48	47	53	46	86
Total assets	2,457	2,346	2,758	3,646	4,090	4,031	4,008	4,262	4,907
	1,194	1,060	1,115	1,805	1,838	1,759	1,368	1,603	1,767
Plant in use, after depreciation	687	695	687	708	887	958	971	932	–
Plant being built	12	30	11	6	24	9	4	1	–
Intangible assets	12	15	14	13	15	14	19	14	18
Investments	73	47	135	183	183	291	343	367	446
Other financial assets	405	272	268	896	728	486	30	289	389
Deferred tax	5	–	0	0	0	0	0	–	–
	1,263	1,286	1,642	1,841	2,252	2,273	2,640	2,659	3,141
Inventories	326	288	345	515	702	620	571	575	787
Trade receivables	193	107	178	322	233	130	177	280	324
Cash and cash equivalents	95	51	53	79	157	118	140	395	156
Other bank balances	463	588	730	416	604	836	1,213	870	1,177
Current investments	51	89	151	266	325	350	358	338	409
Other financial assets	44	53	32	40	41	79	64	37	51
Tax paid in advance	20	53	76	78	26	34	8	13	11
Other assets	71	58	78	125	164	106	108	152	227
Net debt	−606	−727	−933	−760	−1,087	−1,305	−1,712	−1,603	−1,742

Borrowings are counted again inside the liabilities due within a year and after a year. Plant in use and plant being built are given for full years only. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Cash flow

Consolidated, ₹ crore, years to March. The last column is the half year to Sep 2026, after the latest full year: the cash flow over its six months.

₹ crore	Mar 2021Filed 24 May	Mar 2022Filed 12 May	Mar 2023Filed 24 May	Mar 2024Filed 27 May	Mar 2025Filed 10 Jun	Mar 2026Filed 20 May	Sep 2026Half yearFiled 21 Oct
	157	485	364	141	29	177	281
	196	598	491	350	47	243	329
	142	310	−68	−202	−102	54	82
Receivables	−71	−144	90	103	−47	−103	−43
Inventories	−56	−170	−187	82	48	−4	−211
Payables	99	118	118	−138	−9	100	149
Other working capital	170	506	−89	−249	−94	62	187
Tax paid	−39	−63	−58	−119	−18	−66	−48
Capital spending	29	76	278	151	130	74	46
Free cash flow	128	409	86	−11	−101	104	235
	−144	−448	−242	−74	73	110	−482
Plant and property sold	8	2	25	2	5	16	1
Interest received	77	43	63	71	109	98	33
Dividends received	1	0	1	1	1	1	0
	−11	−11	−43	−105	−80	−32	−37
Interest paid	0	0	0	0	0	0	0
Dividends paid	11	11	43	105	80	32	37
Shares bought back	0	0	0	0	0	0	0
Shares issued	0	0	0	0	0	0	0
Net change in cash	2	26	79	−39	22	255	−238

Capital spending is part of cash from investing, and dividends paid, shares bought back and shares issued are part of cash from financing. Each is shown as an amount on a line of its own, and the section's other items are in its total only. No cash flow statement is on record for the years to Mar 2017, Mar 2018, Mar 2019 and Mar 2020.

Consolidated, ₹ per share, years to March.LMW dividend history

₹ per share	Mar 2017	Mar 2018	Mar 2019Filed 21 May	Mar 2020Filed 25 May	Mar 2021Filed 24 May	Mar 2022Filed 12 May	Mar 2023Filed 24 May	Mar 2024Filed 27 May	Mar 2025Filed 10 Jun	Mar 2026Filed 20 May
Earnings per share	₹165.45	₹195.92	₹170.56	₹26.00	₹41.75	₹169.47	₹359.47	₹349.77	₹96.05	₹122.37
Diluted earnings per share	₹165.45	₹195.92	₹170.56	₹26.00	₹41.75	₹169.47	₹359.47	₹349.77	₹96.05	₹122.37
Dividend per share	₹35.00	₹40.00	₹35.00	₹10.00	₹10.00	₹40.00	₹98.50	₹75.00	₹30.00	₹35.00
Book value per share	–	–	₹1,600.96	₹1,554.20	₹1,666.47	₹1,862.94	₹2,189.04	₹2,530.79	₹2,600.58	₹2,684.01
Dividend payout	20.6%	20.4%	20.2%	38.5%	24.0%	23.6%	27.4%	21.4%	31.2%	28.6%
Shareholder yield	–	–	–	–	0.1%	0.1%	0.4%	0.6%	0.5%	0.3%
Market cap at the year end (₹ crore)	4,775	7,566	6,494	2,458	7,255	10,275	10,664	16,230	17,077	12,816

Ratios

Consolidated, years to March.LMW PE ratio and valuation

Ratio	Mar 2017	Mar 2018	Mar 2019Filed 21 May	Mar 2020Filed 25 May	Mar 2021Filed 24 May	Mar 2022Filed 12 May	Mar 2023Filed 24 May	Mar 2024Filed 27 May	Mar 2025Filed 10 Jun	Mar 2026Filed 20 May
Revenue growth	−5.3%	5.8%	2.6%	−41.9%	9.7%	83.6%	48.8%	−0.5%	−35.9%	6.5%
Operating profit growth	−23.4%	6.4%	−0.6%	−95.9%	531.9%	250.6%	81.9%	−3.2%	−68.0%	21.6%
Net profit growth	−17.7%	15.1%	−13.6%	−85.0%	60.6%	306.0%	112.1%	−2.7%	−72.5%	27.4%
Earnings per share growth	−17.7%	18.4%	−12.9%	−84.8%	60.6%	305.9%	112.1%	−2.7%	−72.5%	27.4%
	–	–	10.8%	1.6%	2.6%	9.6%	17.7%	14.8%	3.7%	4.6%
	–	–	–	−9.2 pts	0.9 pts	7.0 pts	8.1 pts	−2.9 pts	−11.1 pts	0.9 pts
From the net margin	–	–	–	−8.0 pts	0.8 pts	3.1 pts	4.1 pts	−0.4 pts	−8.5 pts	0.7 pts
From asset turnover	–	–	–	−1.1 pts	0.1 pts	2.7 pts	3.2 pts	−0.9 pts	−2.2 pts	0.2 pts
From borrowing	–	–	–	0.0 pts	0.1 pts	1.2 pts	0.9 pts	−1.6 pts	−0.4 pts	0.0 pts
Return on capital employed	–	–	12.8%	−2.7%	0.8%	9.4%	15.9%	12.5%	1.0%	1.7%
Cash conversion	–	–	–	–	351.5%	267.8%	94.8%	37.6%	28.3%	135.7%
Interest cover	427.5	259.6	187.5	–	182.8	2,192.5	–	–	–	–
Debt to equity	–	–	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Receivable days	–	–	26	25	38	37	18	10	21	32
Inventory days	–	–	74	112	120	94	85	76	113	106
Payable days	–	–	85	129	150	100	81	65	103	114
Cash conversion cycle, days	–	–	15	8	7	31	22	21	31	23
Working capital days	–	–	−5	−10	−23	−14	−16	−7	−9	−11
Asset turnover	–	–	1.10	0.66	0.68	0.99	1.22	1.16	0.75	0.78
Assets per rupee of net worth	–	–	1.44	1.42	1.48	1.70	1.79	1.61	1.47	1.47
Sales per rupee of plant	–	–	3.95	2.26	2.51	4.48	5.32	4.90	3.10	3.44
Capital spending to depreciation	–	–	–	–	0.52	1.27	3.58	1.57	1.16	0.61
Plant being built, % of plant in use	–	–	1.8%	4.3%	1.5%	0.8%	2.7%	1.0%	0.4%	0.1%

Interest cover is left blank for the year to Mar 2020: operating profit after depreciation is a loss, and a loss covers no interest bill. No balance sheet is on record for the years to Mar 2017 and Mar 2018, so its lines and the ratios worked from it are blank there.

Growth and returns over 3, 5 and 10 years

Consolidated: the company and its subsidiaries together. Each window ends with the year to Mar 2026.

Return on assets, latest year: 3.2%
Cash from operations against operating profit: 104.8%

Measure	10 years	5 years	3 years
Revenue growth, yearly rate	2.0%	13.2%	−12.1%
Profit growth, yearly rate	−5.3%	24.0%	−30.2%
Return on equity, average	–	10.1%	7.7%
Return on capital employed, average	–	8.1%	5.1%
Operating margin, average	7.2%	7.3%	6.4%
Net margin, average	5.6%	5.9%	5.1%
Asset turnover, average	–	0.98	0.89
Cash conversion cycle, days, average	–	26	25
Debt to equity, average	–	0.00	0.00

Where the cash came from and went

Consolidated: the company and its subsidiaries together. ₹ crore, added up over each window, which ends with the year to Mar 2026.

₹ crore	5 years	3 years	Latest year
Cash from operations	1,196	347	177
Cash from investing	−582	108	110
Cash from financing	−272	−218	−32
Capital spending	709	355	74
Dividends paid	271	217	32
Shares bought back	0	0	0
Shares issued for cash	0	0	0
Borrowings raised	0	0	0
Borrowings repaid	0	0	0

Accounting checks

Consolidated, years to March. Published tests of whether reported profit is backed by cash and the balance sheet.

Check	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
Piotroski score, out of 9Published threshold 3 points out of 9	–	–	–	–	6	6	6	5	5	6
Altman Z-scorePublished threshold 1.81	–	–	7.95	4.22	6.42	5.78	6.28	10.19	10.66	7.76
Beneish M-scorePublished threshold −1.78	–	–	–	–	−2.22	−1.56	−2.59	−2.70	−2.11	−0.29
Profit not backed by cash, % of assetsPublished threshold 10 per cent of average total assets	–	–	–	–	1.25	4.50	6.78	7.57	0.02	−3.78
Cash from operations to profit, 3 yearsPublished threshold 0.7 times	–	–	–	–	–	–	1.65	1.05	0.62	0.57
Receivables growth less revenue growthOur threshold 0 percentage points	–	–	–	−2.30	56.14	−2.61	−76.69	−43.76	72.28	51.95
Inventory growth less cost-of-goods growthOur threshold 0 percentage points	–	–	–	30.38	7.77	−41.60	−13.56	−10.62	30.27	−7.14
Other current assets growth less revenue growthOur threshold 5 per cent of revenue	–	–	–	1.78	1.32	1.78	−0.25	−0.26	−1.26	0.64
Assets under construction, years of additionsOur threshold 2 years of additions	–	–	–	0.47	0.22	0.07	0.09	0.06	0.03	0.01
Effective tax ratePublished threshold 17.16 per cent	28.97	29.01	34.40	41.14	37.48	24.03	26.04	22.50	32.18	28.10
Tax charged less tax paid, % of profitOur threshold 10 percentage points	–	–	–	–	–	−2.37	14.93	−2.09	20.52	−8.00

A threshold marked as ours has no published figure; it is the line we read the check against.