LMW Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript LMW Ltd filed with BSE on 25 May 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
LMW reported FY26 revenue of Rs 3,082 crore, up 6% from Rs 2,909 crore in FY25, with PBT rising 42% to Rs 221 crore from Rs 155 crore. The Textile Machinery Division saw revenue decline about 2% for the year but returned to profit, while the Machine Tool Division and ATC division posted strong growth and margins. Management described improving textile industry conditions, growing export traction in machine tools, and continued capital investment in the ATC business.
Numbers mentioned
Revenue: 3,082 crores (FY26)
p. 2
“The revenue for the year ended March 26 stands at 3,082 crores as against 2,909 crores for March 25 which is an increase of 6%”
Mr. V. Senthil (CFO), page 2 of the filed PDF · View the filing
Revenue: 854 crores (Q4 FY26)
p. 2
“for the quarter ended March 26 the revenue is 854 crores as against 767 crores during the previous quarter of December 25 and 789 crores for the corresponding March 25”
Mr. V. Senthil (CFO), page 2 of the filed PDF · View the filing
PBT: 221 crores (FY26)
p. 2
“PBT for the year stands at 221 crores as against 155 crores for the previous year which is an increase of 42%.”
Mr. V. Senthil (CFO), page 2 of the filed PDF · View the filing
TMD Revenue: 1801 crores (FY26)
p. 2
“TMD revenue stands at 1801 crores for the current year as against 1840 crores for the previous year which is down by around 2%.”
Mr. V. Senthil (CFO), page 2 of the filed PDF · View the filing
TMD Profit: 9.75 crores (FY26)
p. 2
“Profit for the division is at 9.75 crores during the year compared to a loss of 15.64 crores during the previous year.”
Mr. V. Senthil (CFO), page 2 of the filed PDF · View the filing
Order book: 3300 crores
p. 2
“With respect to the order book, currently we hold an order book of 3300 crores of which the active orders are around 2,300 crores.”
Mr. V. Senthil (CFO), page 2 of the filed PDF · View the filing
LMW Global turnover: 184 crores (FY26)
p. 2
“With respect to LMW global, the turnover for the year stands at 184 crores as against a comparative number of 146 crores for the previous year.”
Mr. V. Senthil (CFO), page 2 of the filed PDF · View the filing
LMW China turnover: 130 crores (FY26)
p. 3
“In LMW China for the year these turnover stands at 130 crores and for the comparative period last year it was 67 crores.”
Mr. V. Senthil (CFO), page 3 of the filed PDF · View the filing
Machine Tool division and foundry revenue: 1205 crores (FY26)
p. 3
“the revenue in machine tool division and foundry stands at 1205 crores for the current year as against 1003 crores for the previous year.”
Mr. V. Senthil (CFO), page 3 of the filed PDF · View the filing
ATC revenue: 207 crores (FY26)
p. 3
“With respect to ATC, the revenue for the current year is Rupees 207 crores.”
Mr. V. Senthil (CFO), page 3 of the filed PDF · View the filing
Consolidated revenue: 3353 crores (FY26)
p. 3
“At a consolidated level, the revenue stands at 3353 crores for the current year as against 3137 crores for the previous year and profit is at rupees 195 crores as against 151 crores during the previous year.”
Mr. V. Senthil (CFO), page 3 of the filed PDF · View the filing
ATC order book: 360 odd crores
p. 4
“It's around 360 odd crores which needs to get executed over a period of one and a half years, 18 months.”
Mr. V. Senthil (CFO), page 4 of the filed PDF · View the filing
ATC turnover: 195 crores (FY26)
p. 6
“Like I said, we have seen the turnover of 195 crores.”
Mr. V. Senthil (CFO), page 6 of the filed PDF · View the filing
ATC composite/metallics split: 22% composite, 78% metallics (Q4 and FY26)
p. 13
“It's around 20. Around 20% you can take 22% you can take as composite and 78% is metallics.”
Mr. V. Senthil (CFO), page 13 of the filed PDF · View the filing
Machine tool division capacity utilization: 70 to 75%
p. 10
“On the machine tool side is around 70 to 75% is what we currently are utilizing”
Mr. V. Senthil (CFO), page 10 of the filed PDF · View the filing
Textile division capacity utilization: 50-55%
p. 10
“see for us the capacity utilization on the textile side would be somewhere around 50, 55%.”
Mr. V. Senthil (CFO), page 10 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Machine Tool Division capacity growth — another 20%
stated firmly by Mr. V. Senthil (CFO)
p. 4
“even with the current shipments, what we have seen in Q-4 still we continue to maintain possibility to grow by another 20% because we did all the capacity additions what we have to, in the past.”
Mr. V. Senthil (CFO), page 4 of the filed PDF · View the filing
ATC capacity investments
stated firmly by Mr. V. Senthil (CFO)
p. 4
“we are also adding capacities there. In fact, if you have seen the financials this year almost 50% of our Capex has gone into ATC for the machinery purpose.”
Mr. V. Senthil (CFO), page 4 of the filed PDF · View the filing
ATC capacity ramp-up — second part of the year
stated firmly by Mr. V. Senthil (CFO)
p. 4
“All these capacities will start yielding higher turnover probably once they come into production probably in the second part of the year, current year.”
Mr. V. Senthil (CFO), page 4 of the filed PDF · View the filing
Export share rebuild — around 23 to 25% of exports · next three years
stated as an aspiration by Mr. V. Senthil (CFO)
p. 7
“we are looking at a return over the next three years where we can build an equally strong and a large export portfolio which we had in the past at around 23 to 25% of exports.”
Mr. V. Senthil (CFO), page 7 of the filed PDF · View the filing
MTD margin run rate — FY27
stated conditionally by Mr. V. Senthil (CFO)
p. 9
“So, this would, we would expect this to continue and as the turnover goes up, definitely to have this.”
Mr. V. Senthil (CFO), page 9 of the filed PDF · View the filing
Capacity-linked investment trigger — 90% utilization
stated conditionally by Mr. V. Senthil (CFO)
p. 10
“As we scale and reach a capacity utilization which is closer to 90%, we would then continue to invest in that particular business for us to keep that gap for us to grow.”
Mr. V. Senthil (CFO), page 10 of the filed PDF · View the filing
New ATC facility
stated firmly by Mr. V. Senthil (CFO)
p. 12
“we are trying to build a new facility for ATC which will be much larger to the current facility.”
Mr. V. Senthil (CFO), page 12 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said textile industry conditions have improved, cotton spinner profitability is good, and export markets like Bangladesh and Turkey are reactivating; MTD continues to grow with automotive at 50-52% share; ATC order book stands around 360 crores executable over 18 months.
Answered by Mr. V. Senthil (CFO)
Asked by Mr. Hemang Kotadia: What is the current scenario in textile machinery order pipeline and inquiry levels, and how is machine tool and ATC division performing/growing?
p. 3
“the industry has been doing much better in last two months. From cotton point of view and a yarn cotton yarn point of view.”
Mr. V. Senthil (CFO), page 3 of the filed PDF · View the filing
Management explained the Metallics and Composite divisions, focus on technically challenging exports-heavy parts, and long visibility orders, while declining to give forward numbers.
Answered by Mr. V. Senthil (CFO)
Asked by Mr. Sanjay Shah: Can you explain the nature of the ATC business, customer qualification, and what could make it a materially larger profit pool?
p. 5
“we have two divisions within ATC. We call it the Metallics division and second one is a composite division within Metallics division.”
Mr. V. Senthil (CFO), page 5 of the filed PDF · View the filing
Management said the funds are for working capital and to explore growth opportunities, aiming to rebuild the export portfolio over the next three years.
Answered by Mr. V. Senthil (CFO)
Asked by Mr. Sanjay Shah: What is the rationale for the $30 million UAE holding company investment and expected payback?
p. 6
“the requirement is that this 30 million goes not just to the working capital, working capital is one portion of it. The idea is to also explore potential growth opportunities from there.”
Mr. V. Senthil (CFO), page 6 of the filed PDF · View the filing
Management described textile as cyclical with an eight-year cycle, currently in a low period, while ATC and MTD have better returns, and said they are working to improve overall returns.
Answered by Mr. V. Senthil (CFO)
Asked by Mr. Sanjay Shah: How will ROCE improve across divisions?
p. 7
“We are in a very low-down cycle, 24 months of absolutely very challenging period and the machine tool has only now started.”
Mr. V. Senthil (CFO), page 7 of the filed PDF · View the filing
Management confirmed order book figures, declined to disclose specific pricing plans, and said around 50% of MTD material is imported though sometimes sourced locally in Indian currency.
Answered by Mr. V. Senthil (CFO)
Asked by Mr. Ritwik Sheth: Confirm order book figures, expected price hikes to offset raw material cost increases, and import content in machine tool division.
p. 8
“Probably it's around 50% of the material would be imported.”
Mr. V. Senthil (CFO), page 8 of the filed PDF · View the filing
Management said no price hikes were taken in MTD, part of the margin came from forex income, and the margin reflects operational leverage from higher quarterly turnover.
Answered by Mr. V. Senthil (CFO)
Asked by Mr. Ritwik Sheth: Is the MTD margin of around 11.5% sustainable, and were any price hikes taken?
p. 9
“No, no price hikes and MTD division and some portion of it I think you may have been is on account of the slight forex income which has got booked there.”
Mr. V. Senthil (CFO), page 9 of the filed PDF · View the filing
Management gave utilization figures for textile and machine tool divisions and said ATC sells to Tier 1 aerospace suppliers and India's space and defense programs, requiring about 19 certifications, without naming specific customers.
Answered by Mr. V. Senthil (CFO)
Asked by Mr. Divyam Doshi: What is the current capacity utilization across divisions and is more capex needed? Who are ATC's customers given lack of named certifications?
p. 10
“You to my count we require 19 certifications, right?”
Mr. V. Senthil (CFO), page 10 of the filed PDF · View the filing
Management said the addressable aerospace and defense market is very large, LMW's exports are about 90% of ATC business, and it plans to grow selectively in technically challenging segments while building a larger facility.
Answered by Mr. V. Senthil (CFO)
Asked by Mr. Suraj Malu: Given rapid growth at other aerospace suppliers, does LMW see similar demand potential in ATC?
p. 11
“this addressable market size in ATCs from even if you take the market size towards aircraft or market size towards the defense industry and for us it is both right and it is in probably its trillions”
Mr. V. Senthil (CFO), page 11 of the filed PDF · View the filing
Management clarified the capex figure was for infrastructure only, machinery would be additional, and declined to give a specific revenue target though called the opportunity real.
Answered by Mr. V. Senthil (CFO)
Asked by Mr. Suraj Malu: Does the announced ~150 crore ATC capex cover machinery, and could ATC scale to Rs 1,000 crore in five years?
p. 12
“The opportunity is definitely there but we don't give out numbers as to what we will do.”
Mr. V. Senthil (CFO), page 12 of the filed PDF · View the filing
Risks flagged
Volatile crude prices impacting synthetic fiber costs and profitability
p. 3
“the synthetic price because of the crude because again on account of the geopolitical issues the crude price has been very volatile.”
Mr. V. Senthil (CFO), page 3 of the filed PDF · View the filing
Rising input costs across logistics, raw materials, plastics and commodities like steel
p. 4
“We are also impacted because of the increase in logistics cost, increase in costs of raw material, plastics, commodities like steel.”
Mr. V. Senthil (CFO), page 4 of the filed PDF · View the filing
ATC order timing volatility due to push-outs or pull-ins of long-term orders
p. 6
“the only challenge there in certain times is there is a push out or a pull in. That's the way the business works and we have to work with that risk.”
Mr. V. Senthil (CFO), page 6 of the filed PDF · View the filing
High working capital intensity in ATC due to imported raw materials
p. 6
“It is a highly intensive working capital intensive business because the raw materials are all sourced from, from abroad.”
Mr. V. Senthil (CFO), page 6 of the filed PDF · View the filing
Geopolitical situation pressuring banks' ability to fund working capital
p. 7
“the current geopolitical situation has put a lot of pressure on the working capital, the bank's ability to fund working capital for us”
Mr. V. Senthil (CFO), page 7 of the filed PDF · View the filing
Cyclicality of the textile machinery business
p. 7
“Textile machinery business is heavily cyclic and if you actually trace and track our numbers over the last 24 years you would find eight-year cycle coming through this.”
Mr. V. Senthil (CFO), page 7 of the filed PDF · View the filing
Availability constraints on certain imported gases and materials used in production
p. 9
“absence of certain other gases which are used in production is also impacting”
Mr. V. Senthil (CFO), page 9 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.