Transcript of the Conference Call for investor and analyst for Q4 & FY25
LLOYDSME · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Lloyds Metals reported FY25 revenue growth of 3% year-on-year and EBITDA growth of 13% to INR 2,005 crores, driven by higher iron ore realisations. The company achieved its highest-ever profit before tax and highest-ever sponge iron production, with iron ore volumes flat at 10 million tons. Management guided FY26 capex of INR 6,000-6,500 crores as part of a larger INR 32,000-33,000 crore plan over 5-7 years. Key project timelines include the first DRI and pellet plant commissioning in June 2025, the 1.2 million ton steel plant by September 2026, and the first BHQ beneficiation plant by June 2027. The Thriveni MDO acquisition awaits NCLT approval (expected Q1 FY26), and management flagged a possible loss of 1-1.2 million tons of iron ore volumes in FY26 due to a delayed mining expansion EC, expected by end-May 2025.
The strong FY25 EBITDA growth and a clear multi-year capex roadmap signal ambitious expansion plans, but near-term margins may stay soft due to one-time community and ESOP expenses in Q4 and pending EC clearance. The FY26 capex of INR 6,000-6,500 crores will be funded through internal accruals, avoiding immediate dilution, though a INR 5,000 crore enabling fundraise resolution remains on the table. Shareholders should watch for the mining EC approval and project commissioning milestones as key catalysts.