Lakshmi Machine Works (LMW) (NSE: LAXMIMACH) is the undisputed leader in textile spinning machinery in India with a market share of 60% by value and 70% by volume, far ahead of Switzerland’s Rieter’s 15% market share. Globally, LMW is #3 with a 10% market share, behind Rieter (23%) and privately-held German firm Truzler. LMW is one of the only three companies in the world that manufactures the complete range of spinning machinery. LMW has played a significant role in making the Indian spinning industry globally competitive. It is no exaggeration to say that there is an LMW machine in every textile mill in India which has a current total capacity of 52m spindles countrywide. LMW has over 1,300 domestic textile customers out of a total of around 1,600. LMW was established in 1962 by the late Dr. G.K. Devarajulu (GKD) and GKD’s son Dr. D Jayavarthanavelu helmed the family business for 4 decades before third-generation Sanjay took over the leadership baton in 2010. The promoters own 28.3% of LMW.
1) What Makes It a Wide-Moat Business?
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