Lord's Mark Industries Limited

Industrials — Specialty Business Services · BSE

₹81.99+₹0.37 (+0.45%)

DalalBaazaar Score

64 / 100

🟢 Good

Verdict

NEUTRAL

Risk

Moderate

Driven by negative free cash flow, micro-cap size, which brings thin liquidity.

In simple words: The business is earning a fairly low return on the money invested in it. Cash generation is currently the main factor to watch.

Decision support, not a buy or sell call.

As of 18 Oct 2026, 8:28 pm

Understanding the Business

Company site ↗

The 60-second version of Lord's Mark Industries Limited — what it does, how it earns, and who it competes with, before any of the numbers below.

What does this company do?

Lord's Mark Industries Limited engages in providing rendering consultancy services for power projects in India. It is involved in the generation and distribution of power from conventional and renewable sources.

IndustrySpecialty Business Services

SectorIndustrials

Employees472

Annual revenue₹685 Cr

How does it make money?

Turns over ₹685 Cr a year. Of every ₹100 of sales, about ₹7 reaches shareholders as profit, with ₹14 left at the operating level before interest, tax and depreciation. Each of its 472 employees supports ₹1.45 Cr of revenue a year, the signature of a capital- or asset-led business.

Revenue / employee₹1.45 Cr

Who are its competitors?

The closest listed comparisons in its industry are LARSEN & TOUBRO LTD., SIEMENS LTD, ABB INDIA LIMITED. These are the companies its valuation and returns are measured against elsewhere in this report.

Compared side by side in Peers ↓

What is its competitive advantage?Little sign of one

Returns on capital of 7.0% are at or below what the capital likely costs. That is the financial pattern of a business competing largely on price, where advantage has to come from execution rather than position.

Peer median ROE15.2%

What has been driving growth?

Growth has come mainly from selling more, rather than from keeping more of each sale. Over 3 years revenue moved +600556% while net margin moved -105% relative to itself. What this cannot tell you is which products, customers or geographies did the work — that lives in the segment disclosures of the annual report.

Revenue effect+600556%

Margin effect-105%

DalalBaazaar Score

64/ 100

Good

Weighted across six categories. Every point is explained below.

✗ P/E of 40.8x is demanding — it needs sustained high growth to justify

Quality vs. Valuation

Company Quality

72/ 100

Good

How good the business is, ignoring the share price entirely.

Valuation

51/ 100

Fair

What you are being asked to pay, ignoring how good the business is.

A reasonable business at a reasonable price — neither the quality nor the valuation stands out in either direction.

Historical Valuation

Current P/E

40.8x

Sector Median

88.8x

median of 3 sector peers

🟢Against its sector it trades 54% below the peer median of 88.8x.

vs. its own history

Not enough price and earnings history

vs. sector peers

Cheap

88.8x median of 3 peers · -54%

vs. generic bands

Expensive

Above 35x

EV/EBITDA

39.4x

PEG

—

What's Good / What's Bad

🟢 What's Going Well3

Margins are improving
EBITDA margin is up from -134.2% to 13.8% over 3 years.
Return on equity is rising
ROE has improved from -3.1% to 4.9%.
Return on capital is rising
ROCE has improved from -3.1% to 7.0%.

🔴 What Needs Attention0

Nothing stands out as clearly deteriorating on the years of data available.

Red Flags

4 items require attention · 2 high · 2 watch

🔴Debt has risen sharplyFinancial
Total debt is up 31915% over 3 years, from ₹1 Cr to ₹384 Cr.
🔴Profit up while operating cash flow fallsFinancial
Reported profit rose but cash generated by operations declined — worth checking whether earnings are being supported by non-cash items or working capital.
🟡Free cash flow is negativeFinancial
Free cash flow was -₹816 Cr in the latest year.
🟡Shareholders have been dilutedOwnership
Shares outstanding are up 853144% over 3 years — each existing share owns a smaller slice of the company.

Investment Thesis

🟢 Bull CaseWhat could make this work?

Margin expansion has further to run
EBITDA margin has risen from -134.2% to 13.8%. If that holds, profit compounds faster than sales and today's multiple looks cheaper in hindsight than it does now.
Cheaper than its peers
It trades 54% below the sector median. Either the market sees a problem the numbers do not show, or the discount closes.

🔴 Bear CaseWhat could go wrong?

The debt load needs earnings to hold up
Debt is 4.1x EBITDA. At that level a downturn in earnings turns a manageable balance sheet into a refinancing problem, and lenders get paid before shareholders.
Earnings are hard to forecast
Profit has swung sharply from year to year, so any single year — good or bad — is a weak guide to the next. Cyclical earnings deserve lower multiples for that reason.
Size brings its own risk
Micro Cap businesses are thinly traded, so exits are harder in a falling market and single events move the price more than they would for a larger company.
Several serious flags at once
2 high-severity checks triggered. Individually each has an explanation; together they raise the chance that something structural is wrong rather than a one-off.

🟡 Key Things to WatchMeasurable tripwires, set against where this company stands today

1Revenue growth stays above 1288% a year✓ 1717.8% CAGR
Set below the established compounding rate, so ordinary variation does not trip it.
2EBITDA margin holds above 12%✓ 13.8%
Two points below today's level — enough room for noise, tight enough to catch real compression.
3Debt / EBITDA falls below 3x✗ 4.1x
Already stretched, so this is a reduction target rather than a level to hold. Around 3x is where lenders typically start attaching conditions.
4Free cash flow remains positive✗ -₹816 Cr
Profit that never becomes cash eventually stops being profit.
5ROCE stays above 8%✗ 7.0%
Falling returns on capital are usually competition arriving, and show up here before they reach the margin.

Investment Checklist

6 / 10 checks passed

✓ Strong return on equity (ROE ≥ 15%)
✗ Strong return on capital employed (ROCE ≥ 15%)
✗ Healthy net margin (≥ 10%)
✗ Generates positive free cash flow
✓ Manageable leverage (Debt/Equity < 1.0)
✓ Adequate short-term liquidity (Current Ratio ≥ 1.0)
✓ Profit growing year-over-year
✗ Not trading at an extreme valuation (P/E < 40x)
✓ Not buying right at the 52-week high
✓ Short-term technical trend isn't bearish

Price history

Quick Metrics

4 good · 4 neutral · 3 weak

Market Cap

₹3,498 Cr

Micro Cap

Smaller company — thin liquidity and deep drawdowns are normal here

P/E (Trailing)

40.8x

Expensive

Expensive — verify against sector peers

P/B Ratio

3.31x

Fair

Moderate premium to the company's book value

EPS (TTM)

₹2.01

Profitable

Profitable on a per-share basis

ROE

15.5%

Strong

Strong capital efficiency

ROCE

7.0%

Weak

Low return on total capital employed

Debt/Equity

0.34x

Low

Conservative leverage

Revenue Growth (YoY)

Not available

No data

Source didn't return this field

Profit Growth (YoY)

822.1%

Healthy

Profits growing at a healthy clip

Dividend Yield

None

No dividend yield reported — usually means no payout, but verify if one was recently initiated

Free Cash Flow

-₹816 Cr

Cash burning

Spending more cash than the operations bring in

More Metrics

Operating Margin

15.2%

Good

Healthy core-business profitability

Net Margin

8.2%

Average

Average bottom-line conversion

Current Ratio

3.52

Comfortable

Healthy short-term liquidity

Beta (vs Nifty)

0.31

Defensive

Steadier than the market

52W Range Position

Near low

Near its 52-week low

Technical Snapshot

SMA 20 / SMA 50

85.4 / 85.1

Bullish alignment (short > long)

Price vs SMA 200

Below

Long-term downtrend

RSI (14)

29.7

Oversold zone

Financial Trend (4-Year)

Metric	FY23	FY24	FY25	FY26	3Y CAGR
Revenue	₹0 Cr	—	—	₹685 Cr	+1717.8%
EBITDA	-₹0 Cr	-₹0 Cr	-₹1 Cr	₹95 Cr	—
EBITDA Margin	-134.2%	—	—	13.8%	—
PAT (Net Profit)	-₹0 Cr	-₹1 Cr	-₹7 Cr	₹49 Cr	—
EPS	₹-32	₹-190	—	₹1.14	—
ROE	-3.1%	-22.3%	—	4.9%	—
ROCE	-3.1%	-11.8%	—	7.0%	—
Total Debt	₹1 Cr	₹1 Cr	₹6 Cr	₹384 Cr	+584.1%
Free Cash Flow	-₹1 Cr	₹0 Cr	₹0 Cr	-₹816 Cr	—

🟢 Revenue has grown at 1717.8% a year over 3 years.

🟢 EBITDA has turned positive, from -₹0 Cr to ₹95 Cr.

🟢 EBITDA Margin has risen from -134.2% to 13.8% over 3 years (+148.1 pts).

🟢 PAT (Net Profit) has turned positive, from -₹0 Cr to ₹49 Cr.

🟢 EPS has turned positive, from ₹-32 to ₹1.14.

🟢 ROE has risen from -3.1% to 4.9% over 3 years (+7.9 pts).

🟢 ROCE has risen from -3.1% to 7.0% over 3 years (+10.2 pts).

🔴 Total Debt has grown at 584.1% a year over 3 years.

Balance Sheet & Cash Flow — FY2026

Total Assets

₹1,443 Cr

Total Liabilities

₹443 Cr

Cash & Equivalents

₹144 Cr

Operating Cash Flow

-₹424 Cr

Capex

-₹392 Cr

Shareholding (proxy)

Institutional Holding

0.0%

Insider Holding

75.3%

Corporate Actions

Ex-Dividend Date

26 Sept 1996

Peer Comparison

Company	P/E	ROE
LARSEN & TOUBRO LTD.	30.1x	15.2%
SIEMENS LTD	88.8x	10.5%
ABB INDIA LIMITED	92.6x	19.1%

Recent News

1 mixed5 general

Lords Mark Industries promoter sells 4.3% stake; Goldman Sachs, Hisaria Group pick 1.9% shares

Moneycontrol.com, 19 Sept

Lord’s Mark Industries Limited to Issue shares to BCCL (The Times of India) at ₹158 Per Share

ThePrint, 15 Jul

Lords Mark Industries acquires Radiotone for ₹4.50 crore to expand energy division

scanx.trade, 12 Oct

Goldman Sachs Acquire Stake In Lord's Mark industries Limited

Business Standard, 24 SeptM&A

🟡Mixed / dependsAcquisitions change the balance sheet before they change the earnings. Look at what was paid, how it was funded, and whether debt rose.

Lord’s Mark Industries Set for Market Re-Entry with Key Approvals

LinkedIn, 01 May

Lord's Mark Industries Limited listed on the Bombay Stock Exchange

The Economic Times, 10 Jul

Watch Items

Trading very close to its 52-week low — worth checking whether this reflects a temporary setback or a structural problem.
Cross-check against the company's latest quarterly filing / investor presentation before acting.
1 metric couldn't be retrieved for this stock — this is more common for smaller or thinly-covered listings.
RSI is in oversold territory — could mean either a bargain or a stock still falling for good reason. Check the 'why' before assuming reversal.

DalalBaazaar Thesis

StrongFinancial Health · Growth · Profitability

MiddlingBusiness Quality

WeakValuation · Risk

Points for each in the Score ↑

Good business at a fair price

A sound business at a reasonable valuation. Suitable for a long-term holding, with the valuation and the direction of margins worth watching rather than the business itself. 2 high-severity red flags sit above this conclusion and should be read first.

3 of 5 tripwires tripped — Debt / EBITDA falls below 3x; Free cash flow remains positive; ROCE stays above 8% · see Key things to watch ↑