Key Metrics of Lokesh Machines Ltd
About Lokesh Machines Ltd
Sectors
Company details
- Registered office
- B-29, Eeie, Stage-2, Balanagar,, Hyderabad, In-ts, 500037
- Listed
- NSE: LOKESHMACH · ₹364.75
Operational Areas of Lokesh Machines Ltd
Company summary
Entity details
Compliance
Industry classification
Financials, ratios and risk analysis
Revenue, EBITDA, net profit, net worth, debt and assets for every filing year, 15+ ratios, the financial health score, shareholding, charges and peer comparison are part of the premium plan.
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Credit ratings
Rating history
Rating actions
| Date | Agency | Action | Long term | Short term | Outlook | Rated amount | Rationale |
|---|---|---|---|---|---|---|---|
| 30 Sep 2026 | CARE | Reaffirmed | BBB- | A3 | Stable | ₹208 Cr | View |
| 09 Sep 2026 | CARE | Reaffirmed | BBB- | A3 | Stable | ₹204 Cr | View |
| 29 Aug 2025 | CARE | Downgraded (from BBB) | BBB- | A3 | Stable | ₹204 Cr | View |
| 24 Feb 2025 | CARE | Reaffirmed | BBB | — | Negative | ₹217 Cr | View |
| 04 Oct 2024 | CARE | Upgraded (from BBB-) | BBB | A3+ | Stable | ₹217 Cr | View |
| 05 Jan 2024 | CARE | Reaffirmed | BBB- | A3 | Positive | ₹221 Cr | View |
| 29 Mar 2023 | CARE | Assigned | BBB- | A3 | Stable | ₹175 Cr | View |
| 26 Jul 2022 | CARE | Withdrawn | BB+ | A4+ | Positive | — | View |
| 16 Aug 2021 | CARE | Reaffirmed (from BB+) | BB+ | A4+ | Positive | ₹205 Cr | View |
| 13 Oct 2020 | CARE | Reaffirmed | BB+ | A4 | Negative | ₹190 Cr | View |
| 28 Aug 2019 | CARE | Reaffirmed (from BB) | BB+ | A4 | Stable | ₹164 Cr | View |
| 14 Jan 2019 | CARE | Reaffirmed (from B-) | BB | A4 | Stable | ₹85.2 Cr | View |
Credit strengths (CARE, Sep 2026)
+ Comfortable capital structure
The entity's capital structure remained comfortable as on March 31, 2026, marked by an overall gearing ratio of 0.74x (PYE: 0.63x) and a total outside liabilities to tangible net worth (TOL/TNW) ratio of 1.12x (PYE: 0.96x). TNW increased to ₹227.97 crore as on March 31, 2026, from ₹212.36 crore as on March 31, 2025, providing a strong equity base to support the company's operations and future growth. The debt profile primarily comprises external borrowings in the form of working capital faciliti
+ Healthy profitability
Improvement in PBILDT margin despite moderation in TOI reflects the company's shift towards higher -value CNC machines and a greater focus on machine manufacturing, which offers better margins compared to job-work operations. Discontinuation of job - work operations following the OFAC listing also supported margins, as the job -work segment carried relatively lower margins owing to higher overhead and associated costs, while machine manufacturing is comparatively less power and man power
+ Reputed and diversified customer base
With over four decades of industry presence, LML established strong and long -standing relationships with its customers, resulting in repeat business and a stable customer base. The company has established itself as a prominent manufacturer of CNC machines in India and caters to a reputed clientele across industries. LML also has an established export presence, with its products being supplied to markets including Russia, Italy, the US, Bahrain, and Turkey, providing some geographical diversific
+ Extensive industry experience of promoters
LML is promoted by Lokeshwara Rao M, who serves as the Managing Director and has been instrumental in steering the company’s strategic direction and growth. The board is strengthened by Krishnaswamy K, Director, who brings over four decades of extensive industry experience and oversees the company’s overseas operations. Complementing this is Srinivas Mullapudi, Director, with three decades of experience in the sector and significant expertise in managing and expanding the company’s in ternationa
Credit challenges
− Moderate scale of operations
The company reported an 8.57% decline in TOI to ₹208.81 crore in FY26 from ₹228.38 crore in FY25, primarily due to business disruptions following the inclusion of LML in the Specially Designated Nationals and Blocked Persons List by the United State s Department of the Treasury’s OFAC in October 2024. The sanctions disrupted supply of electronic components from a key supplier, adversely affecting production and order execution. The company subsequently arranged alternative sources of supply to m
− Moderate debt coverage indicators
Debt coverage indicators improved marginally in FY26, although they remained at moderate levels. Total debt to gross cash accruals (TD/GCA) ratio improved to 8.14x as on March 31, 2026, from 9.06x as on March 31, 2025, while the PBILDT interest coverage ratio improved to 2.10x in FY26 from 1.88x in FY25. Similarly, the TD/PBILDT ratio moderated to 4.39x in FY26 from 4.68x in FY25. Improvement across coverage indicators was primarily driven by the increase in operating profitability.
− Profitability vulnerable to fluctuation in raw material prices
Raw material consumption constitutes a significant cost component for the company, with steel and aluminium being the primary inputs. Prices of these commodities remained volatile in the last few years. Adverse movement in raw material prices, without a corresponding adjustment in finished goods prices, could impact the company’s profitability. While finished goods prices are generally aligned with raw material prices, order-based nature of operations results in a time lag in passing on cost cha
Could lead to an upgrade
• Steady growth in revenue to over ₹350 crore while maintaining profit before interest, lease rentals, depreciation, and taxati on (PBILDT) margin of ~15% on a sustained basis. • Total debt to PBILDT improving to less than 2.5x, on a sustained basis.
Could lead to a downgrade
• Deterioration in total operating income (TOI) or PBILDT by over 30% y -o-y. • Overall gearing weakening to over 1x. • Significantly elongating operating cycle, impacting company’s
Agency-reported financials (CARE, 30 Sep 2026)
| Metric | March 31, 2025 | March 31, 2026 | Q1FY27 |
|---|---|---|---|
| Total operating income | ₹228 Cr | ₹209 Cr | ₹55.77 Cr |
| PBILDT* | ₹28.56 Cr | ₹38.54 Cr | ₹9.92 Cr |
| Profit after tax (PAT) | ₹0.54 Cr | ₹3.86 Cr | ₹1.01 Cr |
| Overall gearing (x) | 0.63× | 0.74× | — |
| Interest coverage (x) | 1.88× | 2.10× | 2.13× |
| Revenue growth (YoY) | — | −8.6% | — |
| PAT margin | 0.2% | 1.8% | 1.8% |
Borrowings & rated debt
Rated limits over time
Facility mix
Rated facilities
| Facility | Type | Previous | Current | Change | Rating | Action | Agency |
|---|---|---|---|---|---|---|---|
| Long-term bank facilities | Working capital & bank lines | — | ₹164 Cr | — | BBB- (Stable) | Reaffirmed | CARE |
| Short-term bank facilities | Working capital & bank lines | — | ₹44.5 Cr | — | A3 | Reaffirmed | CARE |
CARE ratings on record (checked 23 Oct 2026)
| Instrument | Amount | Rating |
|---|---|---|
| Bank Guarantee | — | Withdrawn |
| BG/LC | ₹44.5 Cr | CARE A3 |
| Cash Credit | — | Withdrawn |
| Cash Credit | ₹89.0 Cr | CARE BBB-; Stable |
| ILC/FLC | — | Withdrawn |
| Letter of credit | — | Withdrawn |
| Term Loan | — | Withdrawn |
| Term Loan | ₹75.0 Cr | CARE BBB-; Stable |
Lenders
| Fund-based - LT | Cash Credit | IndusInd Bank Ltd. |
| Fund-based - LT | Cash Credit | Punjab National Bank |
| Fund-based - LT | Cash Credit | State Bank of India |
| Fund-based - LT | Term Loan | IndusInd Bank Ltd. |
| Fund-based - LT | Term Loan | Punjab National Bank |
| Fund-based - LT | Term Loan | State Bank of India |
| Non-fund-based - ST | BG/LC | Punjab National Bank |
| Non-fund-based - ST | BG/LC | State Bank of India |
Credit assessment · Manufacturing
Rating Methodology – Manufacturing Companies (Mar 2025) · Standalone accounts · FY 2025-26
Ratios, pillar scores and the indicative rating are part of Premium.
Rating status
| Default | No default on record |
| Issuer cooperation | Cooperating |
| Credit enhancement | None – standalone rating |
| Withdrawal | CARE · 26 Jul 2022 · Withdrawn at company request with lender NOCs |
| Next action stable or better (model) | 51% |
| Information on file | 89% · missing: Auditor details |
Indicative assessment from public data using the published methodology factors; not a credit rating.
Borrowing & funding lifecycle
- Credit outlook model: 50% chance the next rating action is stable or better
- Current rating BBB- (investment grade)
- Interest coverage 2.13×
- Working-capital limits 89% utilised on average
What happened, step by step
- Jan 2019 — ₹16.37 cr raised
- Jan 2019 — Full repayment of long term debt
“During FY17, there was infusion of Rs. 16.37 crore and during FY18 there has been an infusion of Rs. 4.15 crore. 1 Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 CARE Ratings Limited Press Release Long track record of operations and relationship with key c...”
- Mar 2023 — Project / plant of ₹55.5 cr
- Mar 2023 — Term debt tied up (₹39 cr)
“Ongoing debt funded capex The company has undertaken expansion project in two of its facilities with upgradation and replacement of machineries resulted in increase in installed capacity coupled with backward integration of manufacturing of forgings with t he total project cost of Rs. 55.50 crore.”
Rated limits by facility
Timeline
From the report
The relatively longer manufacturing cycle for higher -value machines results in working capital remaining tied up in WIP for an extended period.
From the report
Average utilisation of working capital limits for 12 months ended June 30, 2026, remained at 89% for fund-based facilities and 62% for non-fund-based facilities.
From the report
Unencumbered cash and bank balances stood at ₹0.87 crore as on March 31, 2026.
From the report
The relatively longer manufacturing cycle for higher -value machines results in working capital remaining tied up in WIP for an extended period.
From the report
The average utilisation of working capital limits in the 12-month period ended June 30, 2026, remained at 89% for fund -based facilities and 62% for non-fund-based facilities.
From the report
Unencumbered cash and bank balances stood at ₹0.87 crore as on March 31, 2026.
From the report
The debt profile is largely comprised of term loans, including Guaranteed Emergency Credit Line (GECL) facilities availed to support liquidity in the pandemic, and working capital borrowings to fund day-to-day operations.
From the report
Average utilisation of working capital limits over the 12 months ended May 2025 was 83.93% for fund-based facilities and 44.19% for non-fund-based facilities.
From the report
Net cash flow from operations was positive at ₹20.91 crore in FY25, and unencumbered cash and bank balances stood at ₹0.43 crore as on March 31, 2025.
From the report
The company’s cash accruals improved from ₹20.71 crore in FY23 to ₹25.7 crore in FY24.
From the report
The current ratio of the company stood at 1.35x as on March 31, 2024, average utilisation of working capital limits stood at 86%.
From the report
An equity infusion of ₹12.34 crore has been made in FY25, with additional infusions expected, which will further strengthen the company’s liquidity position in the future.
From the report
The company’s cash accruals improved from ₹20.71 crore in FY23 to ₹25.7 crore in FY24. 1Complete definition of ratings assigned are available at www.careedge.in and other CARE Ratings Limited’s publications. 1 CARE Ratings Ltd.
From the report
The current ratio of the company stood at 1.35x as on March 31, 2024, average utilisation of working capital limits stood at 86%.
From the report
Ratings also favourably factor expected infusion of equity (through preferential allotment) of around Rs 23 crore by Mar 31. 2024 which will strengthen the company’s net-worth base.
From the report
The cash accruals of the company improved from Rs.17 crore in FY22 to Rs.21 crore in FY23.
From the report
The current ratio of the company stood at 1.25x as on March 31, 2023, the average utilisation of working capital limits stood at 83%.
From the report
The cash accruals of the company improved from Rs.12 crore in FY21 to Rs.16 crore in FY22.
From the report
Ongoing debt funded capex The company has undertaken expansion project in two of its facilities with upgradation and replacement of machineries resulted in increase in installed capacity coupled with backward integration of manufacturing of forgings with t he total project cost of Rs. 55.50 crore.
From the report
For the said project company has availed the term loans of Rs.39 crore from banks and remaining amount of Rs.16.50 crore funded through internal accruals.
From the report
Liquidity: Adequate The liquidity position of the company remained adequate marked by GCA of Rs.16.56 crore in FY22 against repayment obligation of Rs.6.59 crore The current ratio of the company stood at 1.39x as on March 31, 2022, the average utilisation of working cap ital limits stood at 85% and the company earned net cash flows from operations of Rs.22.86 crore in FY22 to support the liquidity.
From the report
Liquidity: Adequate The liquidity position of the company remained adequate marked by GCA of Rs.16.56 crore in FY22 against repayment obligation of Rs.6.59 crore The current ratio of the company stood at 1.39x as on March 31, 2022, the average utilisation of working cap ital limits stood at 85% and the company earned net cash flows from operations of Rs.22.86 crore in FY22 to support the liquidity.
From the report
Liquidity: Adequate The liquidity position of the company remained adequate marked by GCA of Rs.16.56 crore in FY22 against repayment obligation of Rs.6.59 crore The current ratio of the company stood at 1.39x as on March 31, 2022, the average utilisation of working cap ital limits stood at 85% and the company earned net cash flows from operations of Rs.22.86 crore in FY22 to support the liquidity.
From the report
The company is expecting a GCA of Rs.21.81 crore in FY23 vis a vis repayment obligation of Rs.8.39 crore.
From the report
The debt levels increased to about Rs. 87 crore as on March 31, 2021 as company availed COVID loans of Rs. 16 crore. during the year.
From the report
Also, the company availed additional COVID relief loan amounting to Rs 4.45 crore in order to meet its short term cash flow mismatches.
From the report
The average working capital utilization was high at 96.65% for the past twelve 2 CARE Ratings Limited Press Release months ended June, 2020.
From the report
The cash balance of the company was modest at Rs 1.07 crore as on March 31, 2019.
From the report
Overall gearing ratio has improved in the last year on account of repayment of long term debt.
From the report
The company had cash and bank balances to the tune of Rs. 3.08 crore (incl. margin money deposits) as on March 31, 2018.
From the report
During FY17, there was infusion of Rs. 16.37 crore and during FY18 there has been an infusion of Rs. 4.15 crore. 1 Complete definition of the ratings assigned are available at www.careratings.com and other CARE publications 1 CARE Ratings Limited Press Release Long track record of operations and relationship with key clients: LML has long term relationship with Mahindra & Mahindra and Ashok Leyland.
From the report
The average working capital utilization was on higher side of over 90%.
Lender names, bank charges and audited borrowings are part of Premium.
Built from MCA charges, ICRA/CARE rating reports and audited accounts. The borrowing view is an estimate, not a lender's credit decision.
Registered office and contact
Directors and key people
Directors are read from the MGT-7 annual return and AOC-4 signatories.
Competitors of Lokesh Machines Ltd
Top competitors by location
| Company | Description | Domain | Founded | Location |
|---|---|---|---|---|
 Larsen & Toubro |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | larsentoubro.com | 1938 | Mumbai, India |
 Thermax |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | thermaxglobal.com | 1980 | Pune, India |
| Machine Tools & Industrial Machinery · Construction | sanyexcavator.com | — | Maharashtra, India | |
 Blue Dart Express |
Outlets operated by Blue Dart Express. | bluedart.com | 1983 | Mumbai, India |
| H.G. INFRA ENGINEERING LIMITED (PART IX) | Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | — | — | Jodhpur, Rajasthan, India |
 Tata Hitachi Construction Machinery Company |
Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | tatahitachi.co.in | 1961 | Bangalore, India |
 Kirloskar Brothers |
Capital Goods & Power Equipment · Heavy Engineering & Capital Goods | kirloskarpumps.com | 1888 | Pune, India |
 Sansera Engineering Limited |
Machine Tools & Industrial Machinery · Heavy Engineering & Capital Goods | sansera.in | — | Bangalore, Karnataka, India |
 Action Construction Equipment Limited |
Fertilisers, Seeds & Crop Protection · Agriculture & Agri-Inputs | ace-cranes.com | 2009 | Palwal, India |
 AJAX Engineering |
Part of Fiori Group. | ajax-engg.com | 1992 | Bangalore, India |
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Charges (secured borrowings)
0 registered charges. Lenders, amounts and dates are part of the premium plan.
Statutory auditors
Auditors are read from the AOC-4 auditor's report section.
Business activities and related parties
Principal business activities and related-party transactions are read from MGT-7 and AOC-4 filings.
Filings
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