BSE: 537669
LAXMIPATI ENGINEERING WORKS LI
Fabricates heavy engineering structures and builds ships, operating across ship building, heavy engineering, fabrication, ship repair, and engineering infrastructure services. Its clients include Larsen & Toubro, Adani Ports, AM/NS and Sulzer India. Materials are the biggest input at 40.8% of FY26 revenue, followed by employee costs at 22.2% and other operating expenses at 16.4%. The company is listed on BSE's SME platform and is based in Surat, Gujarat. AR · MarketPing reader · 2026-08-03
Revenue streams, as the annual report describes them. Ship building, Heavy engineering and fabrication services, Ship repair, Engineering infrastructure services. Asset-heavy, project-based industrial fabrication and ship building
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · standalone | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 28 | 15 | 40 | 50 | 72 |
| EBITDA (ex other income) | — | — | — | — | — |
| margin % | — | — | — | — | — |
| Owners' profit | — | — | — | — | — |
| EPS, as reported (₹) | 0.39 | (8.21) | 1.35 | 11.30 | 47.00 |
| ROE % · ROCE % | — · 9.1 | — · (3.8) | — · 12.6 | — · 18.1 | — · 77.1 |
| Debt / equity (x) | — | — | — | — | — |
| Cash from operations | 5 | (3) | 3 | 2 | 5 |
| Capex | — | — | — | (2) | (11) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY23 | Q4 FY23 | Q2 FY24 | Q4 FY24 | Q2 FY25 | Q4 FY25 | Q2 FY26 | Q4 FY26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5 | 10 | 17 | 23 | 24 | 26 | 28 | 44 |
| Profit before tax | (3) | (1) | 0 | 1 | 0 | 5 | 4 | 29 |
| Net profit | — | — | — | — | — | — | — | — |
| EPS (₹) | (5.88) | (2.33) | 0.21 | 1.14 | 0.16 | 11.14 | 5.01 | 42.00 |
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. % |
|---|---|---|---|---|---|---|---|---|
| MAZAGON DOCK SHIPBUIL LTD | 69,914 | 24.5 | 7.00 | 19.9 | 25.8 | 27.9 | 26.3 | 25.8 |
| COCHIN SHIPYARD LIMITED | 29,678 | 43.6 | 5.05 | 25.1 | 12.2 | 15.3 | 12.2 | 23.8 |
| LAXMIPATI ENGINEERING WORKS LI ◆ | 229 | 6.8 | — | — | — | 71.8 | — | — |
| HARIYANA SHIP BREAKERS L | 54 | 2.8 | 0.36 | 33.4 | 0.3 | (1.3) | (52.8) | — |
Exhibit 4: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 6.8 | 26.5 | 17 of 139 | 88% |
| ROCE | 71.8 | 11.2 | 3 of 151 | 99% |
| Revenue growth | 90.9 | 19.5 | 12 of 122 | 91% |
| Market cap | 229 | 325 | 84 of 150 | 44% |
Exhibit 5: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 26 Oct 2026 · Board to approve half-year results on November 3, 2026 | results | low | — | — |
| 12 Oct 2026 · Quarterly compliance certificate for dematerialization submitted to BSE | compliance | minimal | — | — |
| 28 Sept 2026 · Trading window closed from Oct 1, 2026 till 48 hours after H1 results | compliance | minimal | — | — |
| 18 Jul 2026 · 15th AGM voting results - all 3 resolutions passed unanimously | board shareholder meetings | low | — | — |
| 17 Jul 2026 · 15th AGM held on July 17, 2026; borrowing limit enhancement among items transacted | board shareholder meetings | low | — | — |
| 10 Jul 2026 · Routine SEBI filing on share dematerialization certificate for Q1 FY27 | compliance | minimal | — | — |
| 1 Jul 2026 · Clarification on significant price movement - market driven | regulatory legal | medium | — | — |
| 1 Jul 2026 · BSE seeks clarification on price movement; reply awaited | compliance | low | — | — |
| 23 Jun 2026 · Annual Report FY 2025-26 filed with BSE; 15th AGM on July 17 | results | high | — | — |
| 23 Jun 2026 · Notice of 15th AGM on July 17, 2026 via video conferencing | board shareholder meetings | low | — | — |
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.