LMW Ltd (NSE: LMW) Q4 2025 Earnings Call dated May. 15, 2025
Corporate Participants:
V Senthil — Chief Financial Officer
Analysts:
Sameer — Analyst
Manish Goyal — Analyst
Sanjay Shah — Analyst
Rithvik Sheth — Analyst
Dipesh Agrawal — Analyst
Kush — Analyst
Vrushank Gandhi — Analyst
Unidentified Participant
Krunal — Analyst
Presentation:
Sameer — Analyst
Ladies and gentlemen, good day and welcome to LMW Limited Quarter Four of Financial Year 2024-25 Earnings Call hosted by NSDL. As a reminder, please note that the participants line will be in listen only mode and there will be opportunity to ask questions after the brief by the company officials. Should you require any assistance during the conference call, and to raise questions, please signal the operator by raising hands. Please note that this call is being recorded. This is Sameer from NSDL. We have with us Mr. V. Sentil, Chief Financial Officer and B. Dhanalakshmi, Associate Vice President of the company. And over to you, sir.
V Senthil — Chief Financial Officer
Thank you. Good afternoon, everyone, and thank you for joining the LMW Earnings Call for Q4 FY 2024-25. We will have a brief about the overall performance of the company for the quarter and the year ended March 31, 2025, followed by an interactive session. I would also like to clarify that certain statements made and any discussions in the conference may be forward-looking in nature. To begin with, let me explain the overall performance of the company. Then we will proceed to the segment performance and then consolidated performance. the financial results have been posted on the company’s website and hope you have had an opportunity to go through the same.
I would like to share that the company has achieved a turnover of 2008.7 crores as it is a previous year turnover of 4520 crores, which is 38% down. At a consolidated level, it is 2009.9 crores as against 4121. 18 crores during the previous year, which is a reduction of around 37%. The PBT stands at 155 crores for the current year as against 480 crores for the previous year. And on a consolidated basis, it stands at 151 crores for the current year as against 482 crores for the previous year.
I would go into the division specifics now. TMD revenue for the current quarter stands at 493 crores, acts against 667 crores in the the previous year similar same quarter. For the full year, the turnover stands at 1,840 crores as against 3,575 crores for the previous year, the same quarter. This is a decline of around 48% in the textile machinery division. The ratio of OEM sales domestic exports was as per stands at 65% for OEM, exports at 13% and 22% of spares. In TMD division, the net result is the loss incurred of around 16 crores during the current year as it is a profit of 314 crores for the last year. Currently, we hold an order book to a tune of 2,900 crores out of which 75% are active orders which are lined up for execution. and the export order book stands at around 260 crores. We have seen in the last six quarters the downturn in the order intake, which is reflected in the order book question and it also continues so in the current quarter. The impact has resulted in a sharp decline in both the order booking and the mission off-take.
Now I move to LMW China. With respect to the wholly owned subsidiary in China, we have clocked a turnover of 67 crores for the year compared to 28 crores for the previous year. And there’s a loss of six crores incurred during the current year as against a loss of 13 crores during the previous year. With respect to LMW global operations, the company achieved a turnover of 148 crores during the current year as against 249 crores during the previous year. The challenges in specific markets in export very much remains in place and has resulted in a lower order book even in export market. This we see as a business challenge for export market for a couple of quarters still to come. We’ll get into the details during the discussion. We have also announced a reduction in the number of working days in the month of May 24 and currently TMD continues to work at five days. because of lower capacity utilization and sold as a foundry, which is also working lesser number of days.
Now going to Mission Tool Division, the revenue stands at 1003 crores compared to 1414 crores for the previous year. And for the quarter, the revenue stands at 275 crores compared to 293 crores for the previous year, 2.4. The division’s profit stood at 59 crores, as against 74 crores for the last year. With respect to ATC division, the revenue for this division is up by 9 crores from 160 crores to 169 crores during the current year. The profit at ATC division stands at 17 crores for the current year as against 14 crores during last year. The export contribution in the ATC division stands at 90% of its turnover. And within this, the metallic division of ATC contributes to 80% of the turnover. The order book for ATC continues to be upwards of 400 quotes which are executable over next 24 months. With this, I hand this back to the moderator. Back to you, Sameer.
Questions and Answers:
Sameer
Thank you so much, sir. Thank you so much. Next, we would like to go ahead with the interactive session. We would like to request the attendees to please raise your hands if you would like to ask questions after the communication of your name. So this is the time we would request the people who are part of our attendees to please raise your hands. We are waiting for the hands to be raised so that we can have them with their questions ready. At the moment we do not have any hands raised. People in the attendees, this is the time we can go ahead with the questions. Okay. We have Mr. Manish Goel ready with his question. Manish, you have already been shifted to the panelist. We can have your audio unmuted and we can proceed with the question if you like. We can also have your video turned on Manish if you wish.
Manish Goyal
Yeah, thank you so much. Very good evening, Mr. Shankar. Sir, a couple of questions, sir. Like you did mention that probably we’re seeing weakness in order inflow. Maybe if you can throw some more light as to like how is the situation? Like are we seeing any improvement? Because I believe yarn industry is seeing some improved traction and Even in textile industry is also expected to see some more better traction. So if you can give perspective on how do we see going forward, that was the first question. Second question is also like we saw a decent improvement in margin recovery that TMDA actually showed some profit.
If you can also give us perspective on profitability going forward. And also, like you did mention that overseas businesses witnessing challenges. So maybe if you can throw some more light, as you alluded that couple of quarters looks somewhat challenging. And if you can also give us revenue breakup for TMD for quarter four, that would be very helpful, sir. This was some set of questions. I have one more question on MTD machine tool. How do we see it going forward and over there also, is it possible to see margin improvement? Sir, yeah. Thank you so much.
V Senthil
Thank you. Thank you, Mr. Manish for the set of questions. So I will take first the textile scenario. A lot has changed. I think it has been very interesting and very dynamic as such, I should say, between the last meeting and the current meeting. I think the tariffs issue has set in motion certain things which will take a bit of a shape. So we are. Yes, there is been. There has been FDA signed by, uh, with UK as well. So there are definitely changes which are happening as we, as we see. And these things probably will take bit of a time. So the advantage of Definitely there’s an advantage in FTA. Definitely there’s an advantage to our customers, customer of the government, the end product perspective. That will take bit of a time to have the traction back to for the customers, that is our customers, that is spinning mills to get aligned, right?
Very correct that the spinners today, the utilization levels are very good, profitable as well. Of course, profitable not at a very high level, but at least it is profitable as we speak currently. So these two, three things which are happening in the domestic segment which points to an increase in exports of garments, etc. would really help. Do we see that in the immediate current in the quarter which has gone by in terms of increased order inflow? Definitely no. We have not and as we see the quarter we are talking about is January to March but the current quarter where it is going to also going to be a challenge because all these changes are happening as we speak. But we feel that definitely this would happen probably another two quarters distraction should come in. With respect to the what we are doing in the meantime. So this has been gone on for almost 18 months, right? So we have actually for last 18 months, the the dip and the continued dip in the order inflows happened for 18 months.
So the reason for us to clock in the profitability on TMD was basically we have taken a lot of actions in-house in terms of curbing our costs. I think we have done that to some extent and that process of cost control will continue for some more time because it is quite challenging as we see from our order books. And of course it could be even though it could be better off in few quarters from now, we have done a lot of activities internally to reduce our overheads and that is what is reflecting in those numbers. Now, coming to the export market, if you look at what is happening in Bangladesh or Turkey, both has been our strong markets in the past. In fact, we do still have good orders and customers there as we speak and there are certain open orders. But the challenges of these two countries continue and it is not very easy for us to do the same amount of business what we have done in the past in these two countries because of basically the economic challenges which these countries in itself face.
What’s happening because of that? There is a lot of activity, new activity which has got triggered in the African subcontinent. and that is where the focus today is going on. So there is a shift of business. People are looking at little bit more scale, I would say more stable or favorable tariff locations also. So for example, within the tariffs, what we saw, perhaps Egypt and Turkey were actually having a very good tariff imposition from US in the sense I think they were at 10%. So we are seeing businesses move, we are seeing people not only in Turkey but also China. So there are a lot of movements, thereby we are seeing scrindles also coming up in new locations. So that’s where we said when these things happen, it will need again a couple of quarters where in these new locations, these orders would definitely come up and we need to work towards getting these orders. But our two large markets have been under quite a strain and that is the reason we have not been able to clock the numbers of export what we have been doing in the past.
Coming to the split of this curve for the current quarter and what you have asked, The domestic stands at 70% spares at 18% and exports at 12%. That is the split of the domestic spares and exports. Now, coming to Mission Tool Division, Mission Tool Division has maintained almost status quo in terms of turnover, but like we have said, this two things have happened. One, the mix of business is changing and we’re seeing it changing in the numbers, what we see. So the mission centers are becoming a little bit more. The automotive sector is, is as a, our share in our sales has kind of ready coming to its 40 Mark and non-automotive sector has taken over the the larger share of the business where we sell to. Within the non-automotive sector, a lot of traction we see in defense, we are seeing traction in aerospace industry and general engineering.
And I think that in itself is giving us enough confidence that this Investments, what we have done in the past year, in the year, the year before on setting up these facilities for the new unit 2 of MTD would be put to full use during the current year and the next year and the years to come. So that way, Mission to business, I think we have a very positive outlook and there is so many things happening where you have EMS in a large wave. It’s coming in. We, in general, the engineering sector is also doing quite well. So there we are quite buster.
Back to you, Mr. Samir.
Sameer
So thank you so much for answering that one. We have our next person with the next question ready. We have with us, Mr. Sanjay Shah. Sanjay Ji, we are ready for the question. You have already been. We can also have. Yes, sir, you’re audible. We can also have your video turned on and over to you, sir.
Sanjay Shah
Sure, sure. Yes, sir. Sir, thanks for opportunity. Sir, to understand some detail, understanding about the division, what you mentioned right now, how are we doing? the capacity wise in MTD, ATC and sorry in TMD and MTC and what, what additional capacity we are sitting on since you cited a Optimist view on MTD side. So what are other new opportunities you see? Because as you said rightly about the spinning industry, which is which has a good potential, but still there is a time for the order to flow in. But when we talk to certain textile industries, they are very bullish about the cotton spinning and the industry per se. And many of companies have thrown Capex also last year. So what happened to our company? Where we have lost a market share or can you explain us please in detail? Thank you.
V Senthil
Any other questions, Mr. Shah?
Sanjay Shah
Yeah, this was my question and some highlight if you can do on ATC side also.
V Senthil
Okay. Okay. Okay. Actually, to understand the background to where we are now, sir, if you look at two years back, right? We were getting in orders, order flow, which is close to almost 6,000 odd crores is the order orders what we got. Now, what that has done is a lot of mills have gone in project mode and they put a lot of capacity over the last couple of years. And we had our best years also. which was the year 2024, the year ended 2024 and the year before that 2023. Now, that is all new capacities which came in. Why? Because again, if you go back to 2020, during the COVID quite a few capacities, old capacities have shut down and the new capacities had to be brought in. And that is where it came in. The current situation is, You are absolutely right. And that’s what I also mentioned. The capacity utilization of the current spinning mills and our customers are quite good. If you, our assessment is probably it is upwards of 90% with respect to the utilization of all the mills here. Are they profitable? Our assessment is absolutely yes. Today, It’s a good question. Probably at the start of the year, and I mentioned also in the previous call, probably at the start of year there was some loss making happening.
So the utilization is good in the honor with our customers. It is profitable. It is only the question is about further investment. So what is happening instead of projects, the customers are going in for modernization. So which is effectively not a brown field or a green field, but a replacement of existing machines. Because modernization, and that is the way we also expect it to be. When mills are doing well, they will go in for modernization, they will change, it will help them to reduce their energy cost, it will help them to reduce their manpower dependency. Because today, for example, the card, we have the wider width card will reduce It is instead of two missions you can with two missions you can replace three missions of the older generation cards. So this is what would happen and this is what we see is also happening currently.
Now, what we see is that there is a lot of good things, like I mentioned, The FTAs, that’s a good traction. The tariff advantage is a good traction, which obviously would mean that our customers are also doing well. So that is where being in CapEx, generally what you see is when things go bad, CapEx is the first one to stop. When things are going well, the offtake, the lag is little bit longer. So now with all the pastures, what we see in this particular business, and it is, we are always maintained so long as the customer, the governing people are doing well, of course, our customers are bound to do well and of course that will have an impact on us. So that is where we see a lot of good things happening. Let us, we’ll have to wait for at least couple of quarters to see the uptick for us.
Now, with respect to the capacity utilization in TMD, we are closer to 50% for the units. That’s where I mentioned also that we are shut for some days during the month. And with respect to mission tool business, our capacity utilization stands at around 70%. We have added an additional facility last year We just basically second unit for our Mission Tool business. So we have their possibility to grow from our existing turnover by 30% with all the existing facilities as assets with whatever investments we have done. So we don’t require any investments to enhance the capacity there in Mission Tool division as well. Now coming to the ATC. I think ATC, again, when we speak about ATC, we have to speak about two things. One is metallics and composites. Metallics division is doing well. I think what we see, the turnovers, they’re all 80% is coming from metallics 80 and it is profitable, it’s doing well, it is stabilized over the last two years. In ATC, Division as we stand, like I mentioned, there is an order book for metallics also for next 24 months to 36 months of order book is also available and is also visible.
Only thing the way this business works, there is always a possibility for the customer who is an OEM or a tire one, tire one to an OEM to either pull in that is ask for some more Products should be delivered or to push out. So that is the only challenge in this business, but it is a very clear where the product is priced and then we’ve got visibility at least of the long-term order book there. The focus for ATC business is for us on the composite side because composite side we are in the process of moving not only to serve the Indian government sector but also on the private side. So that focus is yielding us some results. It will happen probably by this year, we should see some more traction which is happening in the ATC there. But again, with respect to capacities in ATC, almost 60% to 70% capacity is available on the composite side. Our utilization of the composite is quite low. There is enough capacity is available on the composite side for us to gain traction. On the metallic side, we are probably closer to around 80%, 85% utilization on the metallic side. I hope I answers that question.
Back to you, Mr. Samir.
Sameer
So thank you so much. We would like to go ahead to the next person who has the question ready. We have it as Mr. Rithvik Shade. Mr. Rithvik, you have already been unmuted and we would request you to please proceed with the question.
Rithvik Sheth
Hi, good evening, sir. Am I audible?
V Senthil
You’re already audible, Mr. Rithvik. Good evening. Please go on.
Rithvik Sheth
Two questions from my end. Sir, can you.
V Senthil
Mr. Rithvik, your. Your audio is very low. Can you speak up, please?
Rithvik Sheth
Okay, is this better?
V Senthil
No, you have to speak up little further. Yeah. So.
Rithvik Sheth
So can you give the status of Auto coner, uh, Winder, uh, and the airjet?
V Senthil
Okay, next question.
Rithvik Sheth
Okay, sir, MTD, you mentioned that we have 30 to 40, uh, from current, uh. revenue, right? Did I hear that right?
V Senthil
Capacity, yes. 30%, yes.
Rithvik Sheth
30%, okay. Okay. And also on the ATC, do we need to add more customers and capabilities to get the business or the composite segment to ramp up the utilization?
V Senthil
Okay.
Rithvik Sheth
And so finally, one clarification on the order book. If you can just give the order book for TMD segment, uh, I might have missed it. Uh, so, uh, please, if you can just, uh, that confirmation of the order book, active order book and the export order book, please.
V Senthil
Okay. Thank you. So with respect to the order book on TMD, what I mentioned is the order book is around 2900 or. Crores. The active order book within that is around 75%. This doesn’t include the export. Export order book stands closer to around 260 odd Crores is the export order order book. As far as TMD is concerned, as far as Auto Corner is concerned, we are going as per our plans. the machines are being there. We it is giving us confidence with what we see in terms of the results on these machines. With respect to the question on capacity availability at MTD, yes, I think I’ve answered it is 30% is what we what I mentioned is capacity which is available for us to ramp up. Without any challenges, it’s completely provided for infrastructure, all cleared people deployed.
So yes, we have got that done. With respect to ATC, on the capabilities and also ramping up, how would it happen? I think I missed your voice, but I think the question here is, do we need to invest more to get higher turnover or ramp up our capacity now, like I said, on the metallics where we are already at 85% utilization. Yes, we would, and that is again specific to projects, what we see and what we would like to take. We will invest as and when needed as far as the metallics is concerned. As far as composite is concerned, we have invested already in the processes. It is only a matter of the first step would be a matter of trying to get the business from the non-government sector and to that we are again approaching our own existing tire one customers to OEMs or to OEMs directly where we already have the relationship and it is only a matter of trying getting ourselves into their supply chain on the composite side. So we don’t see a requirement right now on the composite what facility is what we have because that is something we have to use. On the metallic side, yes, we see a requirement that for us to ramp up the numbers even further, there will be CapEx, but again, it is not going to be just Card Branch Capex it has, it will be project specific, it will be specific to a particular order which we will not execute.
Thank you, back to you Mr. Samir.
Sameer
Thank you so much. Next, we do not have any hands raised at the moment. We would once again request the people in the attendies to if you would like to go ahead with the questions, please raise your hand so that your questions can be taken and answered. We have with us Mr. Deepesh Agrawal. Mr. Deepesh, you have already been unmuted. We are ready for your question. Yeah, good evening, sir.
Dipesh Agrawal
I have just one question. So for EMS ecosystem, lot of CNC machines are required. And I think you were also working on qualifying for some of these machines. What is the status on those projects? Can we see in next one or two years we could start supplying to some of the EMS players, the CNC machine?
V Senthil
Any other question, Mr. Deepesh?
Dipesh Agrawal
Yeah, no, that’s all.
V Senthil
The EMs is a good segment and we are supplying right now to the EMS ecosystem as far as these are small machines, not very large machines, but we are part of this ecosystem and we are supplying. We are also in the process of qualifying because there are certain requirements about qualifications of these machines. we have got our missions qualified in the past as well. So that I understand that this is an ongoing process. So yes, we are very much there in this ecosystem. And EMS is a very large ecosystem and developing ecosystem in the sense that the tools and dies which goes into these EMS machines which make this component All of them are requiring similar size of machines. So absolutely yes, we are in that space and we have got machine models to address to this particular requirement. It’s a growing segment. Back to you Mr. Srinivas.
Sameer
Thank you so much sir. Next we would like to go ahead with Mr. Kush. Mr. Kush you have already muted. we can also have your video turned on if you like and we are ready for your question.
Kush
Yeah, I’m on the mic.
V Senthil
Yes, sir, you are.
Kush
Yeah. So my question was more on this machine tool industry. So broadly, you know, as an industry, as a. Do we see any macro Tailwind in terms of, you know, import substitution that is happening in India? So what we hear is, I think, Chinese is only on a low level of competition, the low value at machine. Whereas I think 3, 4 axis onwards people are starting to prefer the Indian players. So do we see that kind of traction? Just a broad industry over here wanted.
V Senthil
Okay. I mean, I would like to take it a little bit more philosophically the answer to this. See, we have to be paranoid, Mr. Kush. We have to be paranoid to be when you’re dealing In this particular industry because when you say Chinese machines are low, low level of this one, we have been in China, we are in China and we do not see that as a scenario. If you actually see the amount of volume of technology and innovation which is happening in China, It is very difficult for us to simply paint it with a brush saying it all low value machines sub 2, 3 axis only are coming out of China. I don’t think that would be right. I think what is more important is that we are paranoid that China today is so large, the CapEx machines, the machine makers are so large. So our entire Indian capacity in terms of numbers would be actually supported only with two suppliers out of China. That is the capacity you are looking at.
And I’m just talking about a machine tool industry, right? And if you actually look at our textile also as an example, and if you look at spindle age in China, it is two and a half times or definitely two times that of India. So I think China is not Probably was, but currently not a place where you could simply say that only low capable missions are coming out at the system there. But to answer, are people looking at Indian players? I think the answer to that is because of localization, 100% yes. There is a clear mandate in certain cases where they are asking the companies which have to localize internally with the Indian ecosystem. And that ecosystem has also to get developed. So if you take mission tool, for example, you’ve got certain critical parts. Now mission tool critical parts, we have to actually assess to see how much of it is actually manufactured here and how much is actually getting imported here.
So whilst we can look at an Indian machine, but the question obviously is, Can every part be manufactured out of India? And today the situation is not such that every part is manufactured out of India. There is import content and a significant import content. Only thing those imports do not perhaps come from one country, it comes from various countries. So to answer that from industry perspective, this pure industry perspective, Yes, there are various types of machines. You can’t paint them as low value, low spec machines. They do have high spec machines. And we ourselves to make a complete Indian product within the Indian context is going to be a challenge in the immediate, probably definitely in a couple of years. If we are able to make all the components of machine tool business in India, it is probably possible. But as of today, if you say can we make completely Indian machine. It’s going to be a challenge. Back to you Mr.
Sameer
Thank you so much sir. Thank you. Going ahead with the next question we have with us Mr. Rashant Gandhi. Mr. Rashant you have already been unmuted. We can also have your video turned on if you like and we are ready for your question.
Vrushank Gandhi
Hello, am I audible? Yes sir. Yeah, so my question thanks for the opportunity first and my question was on the cash and cash equivalence that are there on the balance sheet. So I see that there are 1300 to 1400 crore of cash that the company is holding. So is there any plan of the management to distribute this to the shareholders and to improve the return ratios in the balance sheet or what, how do we, how does the management plan to utilize the excess cash available with us?
V Senthil
Any other question, Mr. Daniel?
Vrushank Gandhi
Yeah, no, no, this is it. Thanks.
V Senthil
Thank you. Yes, I think we have declared a dividend also. I think this time we have declared a dividend of 300% and we’ll make sure that the management and the board is clear that we have to continue even though the current situation is challenging, which as far as was last year. we’ll ensure that we continue the policies what we have. Board would take an appropriate distribution and the implication of cash. And yes, we will also be deploying this in new market like we just now mentioned at the start. There are new markets which are getting created. We will definitely be helping in these new markets and that is where that’s where this deployment of cash would be done. thank you.
Vrushank Gandhi
Yeah, thank you.
V Senthil
Thanks. Back to Mr.
Operator
Thank you so much, sir. Next we have Mr. Manish Goyal. Once again, he probably has a follow-up question. Yes, sir.
Manish Goyal
Thank you so much. Sir, first on the auto corner, sir, you did mention that we have. We have been getting encouraging results, so. when are we planning to do commercial launch and what kind of capacity we are creating, sir, in Autoponer? That was first question. Second question, you mentioned that lot of opportunities coming up in African subcontinent. So, like over there, like earlier, we have done couple of entire spinning mill projects. So are we seeing similar opportunities? Maybe if you can give some perspective, what kind of opportunity you are seeing value wise and when do we really start getting orders? And my third question, sir, which probably left unanswered on the MTD, on the margins, sir. How do we see margins?
V Senthil
Sorry. Okay, so, Mr. Manish, the. Our plan as far as Auto corner is concerned is on track. I think I would like to only restrict myself to mentioning that with respect to capacities, I think we will come out with the capacities, but we are, it will be a slow launch within a particular context and then it will continue. So I think I would like to restrict myself to that. But like I said, we are our results are encouraging and I would like to keep it like that. With respect to the African subcontinent, what I was mentioning basically was this, because of the geopolitics, what we see, we are seeing customers move to Egypt, for example, or a few other African countries. So there are new spindles which are coming up there.
The Chinese are actually also moving to Africa, especially on the spinning side. So these are all again, what we did on these single project was more Country to country line of credit project, but I’m not talking about those kind of projects. I’m talking about regular private investments which are happening when people from Turkey or people, the customers, our customers from China or customers from Bangladesh move to this country. So these are all private investments. In terms of volume, again, in there, the size starts from 25,000 upwards of complete project 25,000 spindles, upwards of that is what we see currently in terms of our visibility and our discussion.
With respect to MTD margins, the current MTD margins are probably in the ranges around it is 9% is what it’s in terms of around 9%. we will be able to cross the 12 once we are able to hit the threshold of around run rate of around 240 crores a quarter. I think that is something which we are looking, looking at. And that’s where I said we have got capacities or costs are all already added on that. It is only that once we get that run rate, then we’ll get this operational efficiency kicking there. I think that’s what we are looking at. Yeah, back to you, Mr. Sanyal.
Sameer
Thank you, sir. Next we have with us who would like to proceed with the next question? Ma’am, we are ready for you.
Unidentified Participant
Yeah, I thank you for the opportunity. My question is with respect to the CNC machines. So how many machines were sold in FY 25? what is our capacity and what is the range of realization offered by the company, depending on the number of access offered and how is the competitive landscape here? How may, what is the capacity in India as per your estimates? Thank you.
V Senthil
Okay, I think it’s from the range perspective, what we are able to make would be anywhere from hello.
Unidentified Participant
Yeah.
V Senthil
Yes. So from a range perspective, of course we can. We. We have up to four access and we have also. pi axis machine. But in terms of pi axis, it’s very specific to two models is what we have. But if you look at turning centers, you will get a complete range. Range. When I say you’re talking about table size, you’re talking about X, Y, Z axis. So there’s a complete range of machines within a particular turning center. So we make turning center, we make Mission Center, and in the Mission Center we have, we can go up maximum up to pi axis. and these were machines which we have recently also in the exhibition in January. In text January we have displayed them. We’ll be happy to share or you can go on to our website and you can see these machines in terms of a competition landscape. Yes, we are quite well entrenched and well present in the turning center.
Then you’ve got the vertical missioning center in the horizontal missioning center. In the vertical missioning center, our market share is more on a single digit number, close to around 6 to 7%. That is something which we have started going into that market in the last four years where we have started entry with our vertical missioning center. In the horizontal missioning center, we have started introducing models. This is a large landscape within the Indian context. There are quite a few players, a handful I would say, of players in the Indian context, which are Indian machine manufacturers, all within this particular segment. Our shipments in terms of numbers would be closer to 3,000 600 plus machines which were shipped out last year. I hope that answers your question.
Unidentified Participant
Oh, yes. Thank you. Also, what is our capacity? How many maximum machines can we make?
V Senthil
And I think you have to divide it by 0.7 and you will get. You’ll get again. When we talk about capacities, it depends on the size of these machines. Some machines are, when we talk about turning centers, they are small machines. When you talk about machining centers, they’re really large. We are talking in terms of a price range. You’re talking a price range of 20 lakhs to 1.5 crores kind of a price range is what we are talking about. So, but in a sense, you can take the value of it, what we have done, and we are able to scale up another 30% in terms of value. Mission specific, it would be very difficult for me to explain in this as to what spec of each mission second kind would be our existing capacity. This 36 water 3600 plus missions, what I mentioned is a combination of both vertical Mission centers and turning centers. Thank you.
Operator
So thank you so much for answering that one. Thank you. Sir, we as of now have no more questions. Okay, we have Kush again probably with a follow-up question. Kush, we are ready for you.
Kush
Yeah, thank you for the opportunity again sir. My second question was more on the competitive landscape. So how do we see competitors in India and how are we placed against them in terms of market share? Just more on the broader view, like who do we see as our, you know, like to like serious competitors in our machine tool industry or the textile machine industry?
V Senthil
Itself, okay. I think the very broad question, from the mission tool, I mean, from the textile mission industry, let me take it because it’s the easier part. I mean, there are clearly poor competition and all of them are in India. We compete both in India and globally on the same footing. And the way to look at textile machinery is that the product which comes out of our machine is basically the yarn, right? And the yarn is a commodity and the quality of it is universally same. So every machine which sold either hours or tons of commission, if there’s a particular quality requirement, that quality has to come out of the machine. That is the way this particular industry works on the textile machinery side. So there are globally five, I’m excluding China because China has its own market. It’s a 10 million plus spindle market on a good, very, very good year. Even otherwise it’s around 4 to 5 million, 4 million spindle market in a normal year. So excluding that, there are few players there who are all in India.
With respect to Mission Tool Division, I think what we need to understand is there are, this is an international business. We’ve got a lot of imports which come in and almost 60% in value terms would be imports which are coming from other countries. And the Indian Mission Tool manufacturer caters to around 40%. plus, minus, plus of the industry. And our current range, at least from LMW perspective, our current range extends up to, like I mentioned, five-axis machines. Again, in machine tool division, there are not many competitors. And like I was mentioning in one of the previous questions, I think it was you who had asked, about low value machines in China, etc. And I was explaining to you that there are a lot of imports. So this is this particular industry. What is important in your machine is the reliability, what we can give on the machine and the repeatability, what we have to give on the machine. These machines produce thousands and thousands of parts a day.
So it is important that the machine has to be reliable and repeatability should be there. And that is where we excel. In the way we assemble and the way we manufacture the in-house parts. So for that, in our case, we have a backend foundry which works. So we have integrated foundry for the mission tool business. So that’s an added advantage is what we see it. And we have to compete again at a global level. So when I’m talking about 60% imported business, important missions coming in. There are very unique, very large machines which we do not mean those of course we don’t compete in. But if you’re talking about a three axis or a four axis machine, we have to also compete with the international standards of these machines which come in.
So all of us have to increase our level of quality as to when we deliver these machines. So it is a lot of engineering which goes into these machines. a lot of precision which goes into these machines when we deliver them and we compete globally. In our case, at least from machine tool business, predominantly still domestically, but we are in the process of selling these machines globally as well. We have started exporting these machines to UAE where we have established our holding company. So in this particular business, you have to compete with companies which are from both East and the West. I hope that answers the question.
Sameer
So thank you so much for answering that. Thank you so much.
V Senthil
Thank you. Okay.
Sameer
Yeah. Thank you for the detailed explanation. So just one last question. In terms of pricing, how are we placed with the competitors internationally and domestically? Are we at a discount or similar or premium?
V Senthil
Very good question. Domestically we are at a premium as far as our missions are concerned. Like I said, you will be, you will be Are you? Again, I don’t want to repeat in terms of repeatability, reliability and quality. This is what we’ll have to deliver to the customer. And yes, from a domestic point of view, we are definitely at a premium. But internationally, if you see, yes, the foreign missions, I’m talking about the machine tool segment, by the way, when we are competing with the machines, the competition machines from other countries, yes, we will be a little bit at a discount. Ultimately, we also have to sell the brand India and the performance of the machine. Both has to be sold. It is not just the machine performance alone. We have to sell both the concept of both the brand India and the machine as well. Back to you, Mr. Sameer.
Sameer
Thank you. We have. We are ready for your questions. hello.
Krunal
Hi. Can you help me?
V Senthil
Yes, we can hear you.
Krunal
If you mentioned that in the machine tool division, we can reach a 12 margin at a particular turnover. Was it like 240 crore that you mentioned? Because we’re already doing that kind of run rate right now.
V Senthil
Probably, yes, I mean a consistent turnover of that with a particular product mix, yes.
Krunal
Okay, with a particular product mix in as well. Okay. But currently also we are doing that 240, 100, but the product mix is not favorable.
V Senthil
Yes.
Krunal
Got it. Thanks so much.
Sameer
Thank you so much. So with this we have no hands raised. This brings us to the end of all of the questions.
V Senthil
Thank you. Thank you everyone for joining. See you next time. Bye bye.
Sameer
Thank you so much all of the people who asked the questions. Thank you so much, sir, for answering those questions. Thank you so much everybody for being a part of this meeting. Thank you so much. Thank you.