Transcript of the Conference Call for investors and analysts for Q1FY26

Lloyds Metals reported strong Q1FY26 results with total income of INR24,084 million, EBITDA of INR8,087 million (33.6% margin), and PAT of INR6,346 million (26.35% margin). Iron ore sales volume stood at 3.45 million tons at INR6,061/ton realization, with EBITDA per ton improving 20% YoY to INR2,223. Key milestones include commissioning of the slurry pipeline and 4 million ton pellet plant at Konsari, environmental clearance to expand mining capacity from 10 MT to 26-55 MT per annum, and completion of the Thriveni MDO acquisition (to consolidate from Q2 FY26). Management guided for capex of INR7,500-8,000 crores per year over the next 3 years, funded internally plus INR2,500 crores in NCDs. Pellet capacity is scaling from 9.5 MT currently to 13.5 MT next year, and management indicated potential overseas expansion including a Dubai vehicle for new mineral opportunities.