LMW · Material risks, their source context, and severity in the latest available quarter.
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The 8-year cyclical recovery expected after 18 months of downturn has not materialized. Management attributes this to tariff-related uncertainties and global geopolitical factors not present in prior cycles.
LMW Global (Dubai) swung to Rs 25 crore loss in 9M FY26 from Rs 1.5 crore profit last year, while China loss widened to Rs 11 crore from Rs 4 crore. Export share has shrunk to ~9-10% from historical 20-25%, insufficient to absorb fixed costs.
Analyst raised concerns about tariff impact on ATC (90% export). Management acknowledged it as the only challenge but gave no concrete mitigation strategy, stating only that negotiations with customers are ongoing.
Management confirmed commodity prices are rising but declined to quantify margin impact, saying they will manage through internal cost initiatives rather than price increases given muted demand.
