1. Opening Hook
Another quarter, another “cycle will turn soon” sermon. Except this time, the cycle seems to have misplaced its calendar.
While half of India is celebrating FTAs and semiconductor dreams, LMW is running its textile machinery plants at sub-50% utilisation and still talking about eight-year cycles like clockwork.
Revenue stayed largely flat, subsidiaries bled, exports shrank to single digits — and yet, machine tools and ATC are quietly building a different story.
The textile winter is long. The machine tool summer might just be warming up.
And somewhere between spindles, drill-tap centers, and EU trade deals, there’s a plot twist brewing.
Stick around. It gets more interesting than the headline suggests.
2. At a Glance
- Revenue (Q3) ₹767 Cr – Flat is the new growth.
- 9M Revenue ₹2,228 Cr – Slightly better than last year, but no fireworks.
- PBT (Q3) ₹56 Cr – Down QoQ; margin gravity still working.
- 9M PBT ₹149 Cr – Up from ₹93 Cr; low base helps.
- Textile Machinery Loss ₹3 Cr (Q3) – The cycle forgot to turn.
- Consolidated Profit ₹104 Cr – Subsidiaries tried their best to ruin it.
- Order Book ₹2,600 Cr (₹1,500 Cr executable) – Sounds big, flows slowly.
- ATC Order Book ₹360 Cr – The quiet overachiever.
- Textile Capacity Utilisation <50% – Belts officially tightened.
3. Management’s Key Commentary
“This is an eight-year cycle of going up and going down.”
(Translation: We’ve seen worse. Probably. Hopefully. 😏)
“Current capacity utilisation in Textile Machinery is sub-50%.”
(Translation: We built for a party. Only half the guests showed up.)
“Order flow this year is better than the previous 12 months.”
(Translation: Still weak. Just less weak.)
“Exports as a percentage have shrunk to 9%.”
(Translation: Bangladesh and Turkey ghosted us.)
“Machine Tool Division demand outlook is quite strong.”
(Translation: Finally, a division not in therapy.)
“ATC order book has increased to around ₹360 crores.”
(Translation: Aerospace and metallic orders are carrying the family.)
“Composite margins improved due to billing this quarter; it will come back to normal.”
(Translation: Enjoy the margin spike. It’s temporary. 😊)
“We tighten our belts during lean periods.”
(Translation: VRS, efficiency drives, value engineering – survival mode activated.)
“Commodity cost impact is not uniform across all commodities.”
(Translation: Some pain, but not a margin massacre.)
“We will bounce back stronger.”
(Translation: Please
