Lakshmi Electrical Control Systems Ltd.

•

lecsindia.comBSE: -NSE: LAKSELECON

Market Cap₹ 200 Cr.

Current Price

High / Low—

Stock P/E176.0

Book Value₹ 1,040

Price to Book0.72

Dividend Yield0.37 %

ROCE0.8 %

ROE0.4 %

Face Value₹ 10

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ABOUT

KEY POINTS

Revenue Breakup Mar 2026 • Electricals: 84.9% • Plastics: 15.1%

AI Sector View

AI GENERATED

Capital Goods

Buy

Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.

Confidence

72%

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PROS

Company is almost debt free
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.33x)
Company has been maintaining a healthy dividend payout of 62.1%
Company has a consistent dividend-paying track record
Company generates healthy free cash flow

CONS

A large part of profit comes from other income (340.8% of PBT)
Recent results are weak - TTM profit is down 71.3% versus prior year
Company has a low return on capital employed of 3.4%
Company has a low return on equity of 2.4% over last 3 years
Valuation is stretched - P/E of 176.0 is well above its own 5-year median (65.4)
Company has delivered a poor profit growth of -17.2% over past five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

Capital GoodsCapital GoodsElectric Equipment

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	ABB	7439.00	52.76	157638.64	0.53	3623.00	930.02	35588.70	1110.31	30.18	12.56
2.	POWERINDIA	32200.00	124.76	143523.01	0.02	294.15	123.52	2493.69	74.46	28.73	14.58
3.	SIEMENS	4025.00	43.76	143338.50	0.45	214.31	-49.38	4713.70	8.44	21.42	9.14
4.	CGPOWER	878.80	110.76	138450.55	0.15	308.28	15.52	3280.81	13.99	27.94	12.11
5.	ENRIN	3119.50	74.66	111091.79	0.13	4409.00	1578.34	24856.00	1292.81	40.19	23.56
6.	GVT&D	4230.00	579.99	108307.68	0.24	3629.90	1146.53	18361.40	1280.42	75.51	25.10
7.	HAVELLS	1195.00	45.92	74993.62	0.84	289.71	-16.64	6518.19	19.48	25.74	7.15
8.	WAAREEENER	2583.00	19.47	74300.34	0.15	891.87	15.39	7931.79	79.22	39.73	18.15
9.	APARINDS	16805.15	59.56	70367.09	0.36	4674.50	1677.98	65910.60	1191.31	31.84	11.50
10.	SUZLON	45.50	19.89	62542.65	0.00	305.22	-5.89	3829.09	22.83	35.79	15.55
11.	SCHNEIDER	1167.70	151.94	27920.18	0.00	124.40	201.65	6513.60	947.83	31.01	5.23
12.	LAKSELECON	815.00	20.34	200.33	0.37	0.52	-8.95	65.92	25.80	0.81	0.31

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	93	102	81	62	51	53	49	58	52	58	58	68	66
	87	97	79	59	50	53	49	55	52	58	60	67	67
Operating Profit	6	5	2	3	0	0	0	3	0	0	-1	1	0
OPM %	6.34%	4.70%	2.95%	4.12%	0.64%	0.22%	0.43%	5.68%	0.84%	0.77%	-2.02%	2.00%	0.31%
Other Income	2	2	1	1	1	2	1	1	1	1	1	1	2
Interest	0	0	0	0	0	0	0	0	0	0	0	0	0
Depreciation	1	1	1	1	1	1	1	1	1	1	1	1	1
	8	6	3	3	1	1	0	4	1	1	-1	2	1
Tax %	26.27%	26.53%	24.11%	27.27%	2.38%	118.10%	0.00%	27.42%	0.00%	7.69%	8.70%	20.67%	32.73%
Net Profit	6	4	2	2	1	-0	0	3	1	0	-1	1	1
	22	18	8	8	3	-1	1	11	2	2	-4	5	0
Equity Capital	2	2	2	2	2	2	2	2	2	2	2	2	2
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	160	188	191	113	132	256	361	338	212	238	251
	149	173	180	113	128	236	334	322	207	236	251
Operating Profit	16	19	15	3	7	23	30	23	10	6	—
OPM %	10	10	8	3	6	9	8	7	5	3	—
Other Income	4	3	4	3	3	3	3	7	6	5	5
Interest	0	0	0	0	0	0	1	1	1	1	1
Depreciation	2	2	2	2	2	2	2	3	4	4	4
	13	17	13	1	3	21	27	19	6	1	2
Tax %	31	29	22	53	-17	25	27	26	40	17	31
Net Profit	9	12	10	0	3	15	20	14	3	1	1
EPS	0	0	0	0	12	63	81	57	14	5	—
Dividend Payout %	22	21	22	29	28	24	27	26	28	62	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	36	48	42	2	12	63	81	57	14	5	—

COMPOUNDED SALES GROWTH

10 Years:: 2%
5 Years:: 12%
3 Years:: -13%

COMPOUNDED PROFIT GROWTH

10 Years:: -18%
5 Years:: -17%
3 Years:: -61%

STOCK PRICE CAGR

10 Years:: —
5 Years:: —
3 Years:: —
1 Year:: —

RETURN ON EQUITY

10 Years:: 5%
5 Years:: 5%
3 Years:: 2%
Last Year:: 0%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	2	2	2	2	2	2	2	2	2	2
	135	167	168	132	174	211	230	279	283	253
	22	5	5	0	11	6	8	7	10	14
Trade Payables	20	23	17	17	30	41	54	26	30	59
	7	10	7	6	8	16	17	22	27	20
Total Liabilities	186	207	200	158	226	277	310	337	353	348
ASSETS	-	-	-	-	-	-	-	-	-	-
	24	25	25	34	32	32	37	31	38	36
Capital Work in Progress	0	0	0	0	0	0	1	3	0	3
	60	104	100	71	104	126	130	177	185	148
	14	17	20	20	30	30	32	30	31	42
	0	0	0	0	0	0	0	60	58	72
Cash & Bank	33	8	11	0	10	12	5	11	11	16
	55	52	43	33	49	76	105	25	28	31
Total Assets	186	207	200	158	226	277	310	337	353	348
Total Debt	22	5	5	0	11	6	8	7	10	14
Net Working Capital	56	43	47	32	42	56	59	63	57	58
Contingent Liabilities	1	4	0	0	1	1	1	5	4	5
Book Value per Share	559.74	688.38	694.68	545.32	716.84	866.45	943.77	1145.33	1160.83	1038.11
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	1	15	7	8	-10	7	11	16	5	4
Cash from Investing	-18	4	-4	-1	-1	-1	-8	-9	-5	-6
Cash from Financing	17	-19	-3	-8	10	-6	-3	-7	-1	2
	0	-0	-0	0	-0	-0	-0	-0	-0	0
Free Cash Flow	1	14	5	-2	-10	4	3	16	-3	-0
OCF / Net Profit	0.15	1.29	0.66	19.73	-3.14	0.43	0.56	1.12	1.56	3.11
Cumulative 5-Year FCF	0	0	0	0	8	11	-0	10	10	20

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	35.80	47.77	41.52	1.74	12.44	63.01	81.07	56.79	14.13	4.83
Book Value (₹)	559.74	688.38	694.68	545.32	716.84	866.45	943.77	1145.33	1160.83	1038.11
Dividend per Share (₹)	8.00	10.00	9.00	0.50	3.50	15.00	22.00	15.00	4.00	3.00
Cash EPS (₹)	44.02	56.22	50.14	10.82	21.39	71.98	91.07	69.51	28.99	19.86
PROFITABILITY
Operating Margin %	8.63%	9.61%	7.95%	2.81%	5.65%	9.09%	8.37%	4.70%	2.27%	0.46%
Net Margin %	4.88%	6.04%	5.35%	0.38%	2.31%	6.05%	5.52%	4.13%	1.64%	0.50%
ROE %	7.69%	7.65%	6.00%	0.28%	1.97%	7.96%	8.96%	5.44%	1.23%	0.44%
ROCE %	10.01%	9.95%	7.45%	0.61%	1.68%	10.38%	12.09%	7.37%	2.15%	0.81%
	5.73%	5.97%	5.02%	0.24%	1.60%	6.17%	6.79%	4.31%	1.01%	0.34%
EFFICIENCY
Debtor Days	75	83	87	115	105	80	79	80	102	101
Inventory Days	30	29	35	64	69	43	31	34	53	56
Payable Days	57	54	49	71	84	65	60	54	64	91
	49	59	73	109	89	58	50	61	91	66
FINANCIAL HEALTH
Debt to Equity (x)	0.16x	0.03x	0.03x	0.00x	0.06x	0.03x	0.03x	0.02x	0.04x	0.06x
Interest Coverage (x)	2537.20x	303.56x	953.27x	32.32x	30.75x	49.27x	51.36x	36.85x	11.82x	2.70x
	2.22x	2.28x	2.80x	2.62x	1.93x	2.00x	1.84x	2.51x	2.17x	1.74x
GROWTH
Revenue Growth %	-14.25%	17.52%	1.23%	-40.67%	16.80%	93.67%	40.88%	-6.33%	-37.18%	11.90%
Operating Profit Growth %	0.60%	20.15%	-18.76%	-79.06%	134.90%	211.82%	29.70%	-24.78%	-54.33%	-42.24%
Net Profit Growth %	2.35%	33.41%	-13.07%	-95.80%	613.34%	406.32%	28.67%	-29.94%	-75.13%	-65.82%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-29.94%	-75.13%	-65.82%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	28.41x	65.43x	155.28x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	1.41x	0.80x	0.72x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.93%	0.43%	0.40%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	17.29x	21.82x	30.47x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	36.13	36.13	36.13	36.13	36.13	36.13	36.13	36.13	36.13
FIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
DIIs	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	63.86	63.86	63.86	63.86	63.86	63.86	63.86	63.86	63.86

Documents

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