NSE: LATTEYS
LATTEYS INDUSTRIES LTD
Makes and supplies industrial products in the compressors, pumps and diesel engines space, with current activity centred on off-grid DC solar photovoltaic water pumping systems for state electricity utilities. In FY26, revenue was ₹116.88 crore and net profit was ₹3.56 crore, giving a net profit margin of 3.04% and an EBITDA margin of 5.60%. Materials accounted for the bulk of costs at ₹92.85 crore, or 79.4% of revenue, while employee cost was 5.9% and other operating expenses were 12.0% of revenue. The order book is anchored by a Letter of Empanelment from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for 7,369 off-grid DC solar PV pumping systems in 3 HP, 5 HP and 7.5 HP capacities, valued at approximately ₹187.39 crore, to be executed by December 2026 under the state Magel Tyala Saur Krushi Pump Yojana (part of the central PM-KUSUM B scheme); a follow-on MSEDCL order worth ₹22 crore for 994 systems was received in July 2026. Work scope on these orders covers design, manufacture, supply, transport, installation, testing and commissioning. In February 2026, the company acquired a 12.57% stake in Amigo Green Energy Pvt Ltd, a green energy business, and closed its subsidiary Latteys Electricals Pvt Ltd in January 2026. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Solar water pumping systems and related industrial products. Order-driven industrial equipment maker, materials-intensive with thin margins.
Exhibit 1: Financial summary, FY24–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY24 | FY25 | FY26 |
|---|---|---|---|
| Revenue | 64 | 80 | 117 |
| EBITDA (ex other income) | 5 | 4 | 6 |
| margin % | 7.6 | 5.5 | 5.5 |
| Owners' profit | 1 | 2 | 4 |
| EPS, as reported (₹) | 0.26 | 0.31 | 0.62 |
| ROE % · ROCE % | 8.1 · 18.6 | 8.9 · 18.6 | 14.9 · 21.4 |
| Debt / equity (x) | 0.90 | 0.43 | 0.91 |
| Cash from operations | 1 | 10 | (11) |
| Capex | (4) | (1) | (1) |
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 | 20 | 19 | 17 | 24 | 24 | 20 | 34 | 39 |
| Profit before tax | 1 | 1 | 0 | 1 | 1 | 1 | 1 | 2 |
| Net profit | 0 | 1 | 0 | 0 | 1 | 1 | 1 | 1 |
| EPS (₹) | 0.07 | 0.12 | 0.04 | 0.09 | 0.22 | 0.10 | 0.16 | 0.24 |
Exhibit 3: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| CUMMINS INDIA LTD | 1,28,219 | 54.2 | 15.13 | 42.1 | 27.9 | 31.8 | 22.7 | 22.0 |
| KIRLOSKAR OIL ENG LTD | 27,699 | 50.7 | 7.75 | 22.2 | 15.7 | 10.9 | 18.5 | 15.8 |
| ELGI EQUIPMENTS LTD | 16,291 | 36.2 | 7.30 | 24.2 | 19.3 | 24.3 | 15.5 | 15.9 |
| KIRLOSKAR BROTHERS LTD | 12,484 | 33.4 | 5.04 | 21.1 | 15.2 | 16.8 | 10.8 | 11.8 |
| INGERSOLL-RAND INDIA LTD | 12,186 | 45.5 | 19.79 | — | 41.6 | 54.7 | — | 26.4 |
| KSB LIMITED | 11,345 | 46.2 | 6.68 | — | 5.7 | 6.7 | — | 12.6 |
| SHAKTI PUMPS (I) LTD | 4,481 | 21.1 | 2.63 | 10.1 | 15.1 | 19.6 | 23.7 | 10.9 |
| GREAVES COTTON LTD. | 4,228 | 42.2 | 2.79 | 17.5 | 2.3 | 5.9 | 18.0 | 6.9 |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 26.4 | 42.2 | 5 of 15 | 71% |
| P/B | 4.6 | 4.7 | 7 of 15 | 57% |
| ROCE | 16.9 | 16.9 | 8 of 15 | 50% |
| ROE | 14.9 | 15.2 | 10 of 15 | 36% |
| Debt / Equity | 0.9 | 0.1 | 14 of 15 | 7% |
| EBITDA margin | 6.2 | 15.8 | 15 of 15 | 0% |
| Revenue growth | 59.2 | 17.9 | 1 of 15 | 100% |
| Profit growth | 182.3 | 11.1 | 1 of 15 | 100% |
| Market cap | 109 | 4228 | 15 of 15 | 0% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Cyber fraud caused Rs 80 lakh unauthorized bank transfer | regulatory legal | critical | — | — |
| 12 Oct 2026 · Routine RTA certificate for dematerialisation filed for July to Sept 2026 | compliance | minimal | — | — |
| 6 Oct 2026 · SDD Compliance Certificate for Q2 FY27 (Sept 30, 2026) | compliance | minimal | — | — |
| 1 Oct 2026 · Mr Piyush Poddar reappointed as Independent Director for second term | management changes | medium | — | — |
| 1 Oct 2026 · AGM 2026 voting results: all 4 resolutions passed with 100% approval | compliance | minimal | — | — |
| 30 Sept 2026 · 13th AGM proceedings held on Sep 30, 2026 via video conferencing | board shareholder meetings | low | — | — |
| 29 Sept 2026 · Trading Window Closure Ahead of Q2 FY2026 Results | compliance | minimal | — | — |
| 2 Sept 2026 · Notice of 13th AGM to be held on September 30, 2026 | board shareholder meetings | low | — | — |
| 2 Sept 2026 · Board approves Annual Report and finalises 13th AGM logistics | board shareholder meetings | low | — | — |
| 14 Aug 2026 · Latteys publishes Q1 FY27 results in newspapers | 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.