diff --git a/lisp/emacs-lisp/bytecomp.el b/lisp/emacs-lisp/bytecomp.el
index aadfc4c335a..b1875dc2bcf 100644
--- a/lisp/emacs-lisp/bytecomp.el
+++ b/lisp/emacs-lisp/bytecomp.el
@@ -2270,6 +2270,7 @@ See also `emacs-lisp-byte-compile-and-load'."
               filename buffer-file-name))
       ;; Don't inherit lexical-binding from caller (bug#12938).
       (unless (or (local-variable-p 'lexical-binding)
+                  no-byte-compile
                   bytecomp--inhibit-lexical-cookie-warning)
         (let ((byte-compile-current-buffer (current-buffer)))
           (displaying-byte-compile-warnings