BSE: 504258
LAKSHMI ELECTRICAL CONTROL SYS
Makes electrical control systems and panels for industrial machinery, reporting FY26 revenue of Rs 237.58 crore. The Electricals segment is the main business at Rs 203.16 crore in FY26, and shareholder approvals for related-party transactions of up to Rs 450 crore with LMW Limited and Rs 100 crore with Lakshmi Precision Technologies indicate heavy business linkage with the Lakshmi group's machinery companies. A Plastics segment supplies plastic components and widened its loss to Rs 2.72 crore in FY26 from Rs 0.95 crore the prior year. A small Wind Power Generation segment also operates. Materials are the largest cost at 77.2% of revenue, with employee costs at 14.4% and other opex at 9.8%. Net profit fell to Rs 1.19 crore in FY26 from Rs 3.47 crore in FY25, and the board recommended a Rs 3 per share dividend. The company is entering EV chargers through a 51:49 consortium with BIEMSYS Private Limited to bid on a tender from Andhra Pradesh's renewable energy body. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Electricals, Plastics, Wind Power Generation. Small, cyclical industrial electrical equipment maker with significant related-party concentration
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 256 | 361 | 338 | 212 | 238 |
| EBITDA (ex other income) | 20 | 27 | 16 | 4 | 1 |
| margin % | 7.9 | 7.5 | 4.7 | 2.1 | 0.5 |
| Owners' profit | 15 | 20 | 14 | 3 | 1 |
| EPS, as reported (₹) | 63.01 | 81.07 | 56.79 | 14.12 | 4.83 |
| ROE % · ROCE % | 7.3 · 9.6 | 8.6 · 11.6 | 5.0 · 6.6 | 1.2 · 2.1 | 0.5 · 0.8 |
| Debt / equity (x) | 0.03 | 0.03 | 0.02 | 0.04 | 0.06 |
| Cash from operations | 5 | 18 | 12 | 5 | (1) |
| Capex | (2) | (7) | (9) | (8) | (5) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 51 | 53 | 49 | 58 | 52 | 58 | 58 | 68 |
| Profit before tax | 1 | 1 | 0 | 4 | 1 | 1 | (1) | 1 |
| Net profit | 1 | (0) | 0 | 3 | 1 | 0 | (1) | 1 |
| EPS (₹) | 3.36 | (0.77) | 0.53 | 10.99 | 2.32 | 1.96 | (4.29) | 4.83 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Electricals | 203 | 83.5 |
| Plastic | 10 | 4.2 |
| Wind Power Generation | 1 | 0.3 |
| Unallocated Income | 2 | 0.9 |
| Plastics | 26 | 10.6 |
| Windmill | 0 | 0.0 |
| Unallocated income | 1 | 0.5 |
| Total, before eliminations | 243 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| WAAREE ENERGIES LIMITED | 64,618 | 16.9 | 4.30 | 10.5 | 25.9 | 29.0 | — | 20.3 |
| APAR INDUSTRIES LTD. | 61,818 | 52.3 | 11.46 | 32.5 | 18.1 | 21.9 | 29.1 | 12.0 |
| PREMIER ENERGIES LIMITED | 38,368 | 22.7 | 8.90 | 15.7 | 35.0 | 25.7 | — | 30.8 |
| MTAR TECHNOLOGIES LIMITED | 21,476 | 160.9 | 26.11 | 114.7 | 11.4 | 12.4 | 28.9 | 25.8 |
| DIAMOND POWER INFRA LTD | 17,071 | 86.8 | — | 84.5 | (26.2) | 8.6 | — | 12.3 |
| EMMVEE PHOTOVOLTAIC PWR L | 16,879 | 12.7 | 4.57 | 9.4 | 29.3 | 31.2 | — | 36.3 |
| AVALON TECHNOLOGIES LTD | 13,663 | 102.2 | 18.93 | 68.1 | 15.6 | 20.0 | — | 12.5 |
| GENUS POWER INFRASTRU LTD | 8,270 | 11.5 | 3.73 | 10.5 | 26.7 | 22.7 | 50.8 | 22.1 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 168.7 | 22.4 | 51 of 52 | 2% |
| P/B | 0.8 | 3.3 | 4 of 49 | 92% |
| ROCE | 0.5 | 12.4 | 49 of 55 | 11% |
| ROE | 0.5 | 12.4 | 45 of 50 | 10% |
| Debt / Equity | 0.1 | 0.3 | 12 of 50 | 78% |
| EBITDA margin | 3.9 | 12.6 | 47 of 51 | 8% |
| Revenue growth | 17.8 | 20.7 | 27 of 46 | 42% |
| Profit growth | (56.1) | 37.7 | 35 of 45 | 23% |
| Market cap | 200 | 591 | 34 of 56 | 40% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 15 Oct 2026 · Newspaper notice on SEBI special window for physical share transfers | compliance | minimal | — | — |
| 7 Oct 2026 · Trading Window Closed for Q2 Results Declaration | compliance | minimal | — | — |
| 7 Oct 2026 · Board meeting on Oct 29 to consider Q2 FY27 results | results | low | — | — |
| 6 Oct 2026 · Quarterly dematerialisation compliance certificate for Sep 2026 | compliance | minimal | — | — |
| 17 Aug 2026 · Newspaper notice on special window for physical share transfer | compliance | minimal | — | — |
| 11 Aug 2026 · Q1 FY27 Results: Revenue up 26% YoY to Rs 67.67 cr, PAT flat at Rs 52 lakh | compliance | minimal | — | — |
| 10 Aug 2026 · Lakshmi Electrical Q1 FY27: Revenue up 26% YoY, PAT down 9% | results | high | — | — |
| 10 Aug 2026 · Q1 FY27 results: Revenue up 26% YoY to Rs 65.9 cr, PAT at Rs 51.9 lakh | results | high | — | — |
| 31 Jul 2026 · 45th AGM: Rs.3 dividend, Rs.450 Cr LMW related party deal approved | board shareholder meetings | medium | — | — |
| 31 Jul 2026 · All 8 resolutions passed at 45th AGM with over 99.99% approval | compliance | minimal | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.