The deceased were identified as Manda Kavitha (30) of Mutharam village in Shankarapatnam mandal and Koti Laxmi (50) from Sadasivapalli village in Manakondur mandal.
The two, along with eight others, were standing under a tree when the lightning hit them.
The injured including three women were shifted to Karimnagar District Hospital and their condition was said to be out of danger.
Telangana Finance Minister Etala Rajender visited the hospital this evening and announced Rs 5 lakh each for the kin of the deceased.