Outcome of the Board Meeting dated 12th August, 2025
LLOYDSME · price
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Lloyds Metals reported Q1 FY26 (quarter ended 30 June 2025) standalone revenue of Rs. 2,377 crore, broadly flat YoY (Rs. 2,412 crore), while profit after tax rose ~14% YoY to Rs. 634.58 crore from Rs. 557.48 crore. Profit before tax jumped to Rs. 766.39 crore (PBT margin ~32% vs ~29% YoY), with operating margins expanding, helped by the mining segment. The board approved acquiring a 49.99% stake in Thriveni Pellets Private Limited for about Rs. 486 crore (Rs. 200 crore cash plus Rs. 285.88 crore via share swap) and a 19.40% stake in Mandovi River Pellets for Rs. 16.49 crore—both flagged as related-party transactions. The board also cleared a public issue of non-convertible debentures of up to Rs. 2,500 crore, the incorporation of a wholly owned subsidiary in Dubai (DMCC) with an outlay of about Rs. 597 crore, and the allotment of 31 lakh shares on conversion of warrants. Two new independent directors (Mr. Sujit Varma and Dr. Anita Shantaram) were appointed, one director was reclassified, and an EGM was called for 11 September 2025.
The Q1 results show healthy margin expansion and continued strong earnings, but the combination of a large NCD raise (up to Rs. 2,500 crore), share-swap-based acquisitions and related-party deals may raise concerns about leverage, dilution and governance in the near term. Investors should watch EGM outcomes and the use of debt proceeds before drawing long-term conclusions on the stock.