NSE: LLOYDSENGG · BSE: 539992
LLOYDS ENGG WORK LIMITED
Operates through two reporting segments, Engineering and Electrical. Engineering is the larger contributor, accounting for 87.1% of segment revenue at ₹1,267.27 cr in FY26 with EBIT of ₹177.69 cr, while Electrical contributes 12.9% at ₹187.26 cr with EBIT of ₹13.53 cr. Total FY26 revenue was ₹1,301.14 cr and EBITDA margin was 18.37%. Materials are the largest cost line at 52.4% of revenue, followed by other operating expenses at 20.3% and employee costs at 7.1%; capex ran at 6.2% of revenue. The group's defence subsidiary, Lloyds Advance Defence Systems (LADS, 85% held after a June 2026 private placement), entered a July 2026 agreement with Polish firm Flyfocus for licensed manufacture and supply of Unmanned Aerial Systems in India and joint R&D. Shareholders approved in July 2026 the acquisition of a 52.16% stake in Steel Infra Solutions (SISCOL) for about ₹635.40 cr, partly via a share swap and partly cash, which would make SISCOL a subsidiary; a total deal value of about ₹1,073 cr across the company and affiliates is referenced for 88.12% of SISCOL. An associate, Lloyds Infrastructure and Construction, also received ESOP grants under the parent's ESOP 2021 plan. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Engineering (87%), Electrical (13%). Industrial manufacturing with engineering and electrical segments, expanding into defence and steel infrastructure via subsidiaries and acquisitions
Exhibit 1: Financial summary, FY25–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY25 | FY26 |
|---|---|---|
| Revenue | 846 | 1,301 |
| EBITDA (ex other income) | 135 | 189 |
| margin % | 16.0 | 14.5 |
| Owners' profit | 103 | 190 |
| EPS, as reported (₹) | 0.89 | 1.52 |
| ROE % · ROCE % | 15.8 · 21.1 | 11.7 · 12.3 |
| Debt / equity (x) | 0.09 | 0.02 |
| Cash from operations | 158 | (253) |
| Capex | (67) | (81) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q3 FY24 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 201 | 266 | 232 | 217 | 317 | 272 | 495 | 527 |
| Profit before tax | 35 | 48 | 35 | 30 | 47 | 67 | 59 | 69 |
| Net profit | 27 | 36 | 20 | 30 | 54 | 67 | 46 | 68 |
| EPS (₹) | 0.25 | 0.31 | 0.16 | 0.25 | 0.41 | 0.51 | 0.34 | 0.47 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| Engineering | 1,267 | 87.1 |
| Electrical | 187 | 12.9 |
| Total, before eliminations | 1,455 | 100.0 |
Exhibit 4: Peers — basic industry group, by market cap
| Company | M.cap ₹ cr | P/E | P/B | EV/EBITDA | ROE % | ROCE % | Rev CAGR 5y % | EBITDA m. % |
|---|---|---|---|---|---|---|---|---|
| ADITYA INFOTECH LIMITED | 46,904 | 97.4 | 24.99 | 80.9 | 19.6 | 24.5 | — | 14.8 |
| SYRMA SGS TECHNOLOGY LTD | 30,105 | 81.2 | 9.82 | 52.4 | 11.3 | 13.4 | — | 11.1 |
| HONEYWELL AUTOMATION IND | 26,932 | 49.1 | 6.04 | — | 11.8 | 15.5 | — | 18.2 |
| JYOTI CNC AUTOMATION LTD | 21,121 | 65.7 | 10.55 | 37.3 | 16.8 | 19.2 | — | 22.2 |
| KAYNES TECHNOLOGY IND LTD | 20,995 | 60.6 | 4.41 | 29.9 | 7.6 | 9.8 | — | 17.1 |
| LMW LIMITED | 17,483 | 100.1 | 6.10 | 56.6 | 4.6 | 5.9 | 13.2 | 11.9 |
| TEGA INDUSTRIES LIMITED | 13,085 | 459.6 | 3.84 | 39.1 | 4.2 | 5.4 | — | 4.2 |
| LLOYDS ENGG WORK LIMITED ◆ | 12,360 | 48.5 | 7.34 | 50.4 | 11.7 | 11.5 | — | 15.0 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 48.5 | 26.7 | 87 of 130 | 33% |
| P/B | 7.3 | 3.1 | 90 of 112 | 20% |
| ROCE | 11.5 | 11.3 | 69 of 142 | 52% |
| ROE | 11.7 | 9.8 | 42 of 113 | 63% |
| Debt / Equity | 0.0 | 0.2 | 32 of 113 | 72% |
| EBITDA margin | 15.0 | 12.4 | 46 of 110 | 59% |
| Revenue growth | 142.9 | 20.6 | 8 of 114 | 94% |
| Profit growth | 127.2 | 17.1 | 20 of 109 | 82% |
| Market cap | 12360 | 273 | 8 of 141 | 95% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · Board meeting to approve September 2026 quarter and half-year results | results | low | — | — |
| 17 Oct 2026 · Unsecured creditors approve Lloyds Engineering Works merger scheme | strategic transactions | high | — | — |
| 16 Oct 2026 · Shareholders approve merger of 3 companies into Lloyds Engineering Works | strategic transactions | high | — | — |
| 16 Oct 2026 · NCLT-directed unsecured creditors meet held for Lloyds Engg merger scheme | strategic transactions | medium | — | — |
| 16 Oct 2026 · NCLT-ordered shareholder meeting held for merger of 3 companies into Lloyds Engineering | strategic transactions | high | — | — |
| 13 Oct 2026 · Certificate filed under SEBI Depositories Regulations 2018 | compliance | minimal | — | — |
| 10 Oct 2026 · ESOP grant of 22.52 lakh options at Rs 9.50 to staff and subsidiary | business updates | low | — | — |
| 5 Oct 2026 · Shareholder Thriveni Earthmovers pledges 0.80% Lloyds Engg shares to Aditya Birla Capital | ownership changes | low | — | — |
| 25 Sept 2026 · Postal Ballot Results - All 4 Resolutions Passed | board shareholder meetings | low | — | — |
| 25 Sept 2026 · Postal Ballot Results: All 4 Resolutions Passed by Shareholders | board shareholder meetings | low | — | — |
How to read this document
| Where a broker report shows | This document shows | Why |
|---|---|---|
| A rating (BUY / ADD / REDUCE / SELL) | A state: the latest filed quarter and the measured reactions | an event is a fact; a rating is an opinion that requires SEBI RA registration |
| A target price and upside | The current price and the multiples against the group | a target is a forecast; a multiple is a measurement |
| Estimate years marked E | More audited years; no estimates | MarketPing publishes no forecasts — your own model lives on the Models page |
Sources, method and disclosures
This document is a statistical summary of publicly filed information and market data, prepared by software from primary sources: SEBI results XBRL filed with BSE and NSE, LODR disclosures, shareholding patterns, exchange price data. It contains no research recommendation, no price target and no opinion on the merits of any security, and is not a research report within the meaning of the SEBI (Research Analysts) Regulations, 2014, Regulation 2(1)(w)(vii). Financial statements are as filed (consolidated where the company files consolidated results). Ratios are computed over filed lines. Where a figure is unavailable the table shows a dash rather than an estimate. The business brief is written by MarketPing's reader from the annual report and checked against it; no figure in a table was generated by a model. Nothing here constitutes investment advice, an offer or a solicitation; readers should consult a SEBI-registered adviser before acting. MarketPing is not a SEBI-registered intermediary.