Enclosed
LOKESHMACH · price
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Lokesh Machines reported FY26 revenue of ₹20,856.43 lakhs, down ~8.7% from FY25's ₹22,832.16 lakhs, primarily due to a sharp drop in the Components Division (from ₹7,941.21L to ₹1,470.41L). Despite revenue decline, net profit surged to ₹386.15 lakhs vs ₹53.68 lakhs in FY25 (619% growth) due to improved cost efficiency and lower raw material costs. Finance costs rose to ₹1,838.23 lakhs (vs ₹1,517.92L), reflecting higher borrowings. The company flagged a continued OFAC/SDN sanction issue — since October 2024 designation, it has been unable to access USD/Euro banking channels. The Statutory Auditor issued an unmodified opinion but included an Emphasis of Matter on the OFAC matter. Operating cash flow turned negative at -₹1,338.93 lakhs in FY26 (vs +₹2,090.66L in FY25), driven by large increases in receivables and inventory. Total borrowings stand at ₹16,899.45 lakhs.
Strong bottom-line recovery on the back of cost controls, but top-line contraction and negative operating cash flow are concerning. The unresolved OFAC/SDN designation remains a significant risk, limiting international transaction capabilities.