NSE: LLOYDSME · BSE: 512455
LLOYDS METALS N ENERGY L
Mines iron ore and runs mine-development-and-operation (MDO) contracts for coal, with Mining contributing 69.9% of FY26 segment revenue at INR 10,301.61 cr. The second segment is steel and related value added products at 30.1% of segment revenue (INR 4,443.62 cr), covering DRI, pellets and downstream steel. Iron ore output reached 21.96 million tons in FY26, up from 10 million tons the prior year, and the pellet plant at Konsari produced 3.03 million tons in 9 months, reaching 100% utilisation within 4 months of commissioning. The company entered copper in FY26 via commissioning the Surya mine and a 49% stake in DRC-based Chemaf, targeting 100,000 tons of copper over 3–5 years. The largest cost line is other operating expenses at 45.9% of revenue, with materials at 12.7%, while capex runs at 58.2% of revenue as the company expands iron ore, pellets, DRI, a wire rod mill, BHQ beneficiation and copper. AR · MarketPing reader · 2026-08-02
Revenue streams, as the annual report describes them. Mining (70%), Steel and related value added products (30%). Asset-heavy, cyclical minerals and metals with vertical integration into steel and new copper exposure
Exhibit 1: Financial summary, FY22–FY26 (all audited; no estimate years)
| ₹ crore · consolidated | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | 697 | 3,392 | 6,522 | 6,721 | 17,113 |
| EBITDA (ex other income) | 94 | (384) | 1,728 | 1,953 | 6,140 |
| margin % | 13.5 | (11.3) | 26.5 | 29.1 | 35.9 |
| Owners' profit | 97 | (289) | 1,243 | 1,450 | 3,681 |
| EPS, as reported (₹) | 2.86 | (6.53) | 24.62 | 28.01 | 69.42 |
| ROE % · ROCE % | 20.2 · 15.0 | (18.9) · (21.4) | 44.2 · 58.7 | 22.6 · 26.3 | 26.8 · 19.4 |
| Debt / equity (x) | 0.12 | 0.00 | 0.00 | 0.12 | 1.43 |
| Cash from operations | (78) | (516) | 1,701 | 1,205 | 2,921 |
| Capex | (56) | (100) | (1,721) | (3,696) | (9,962) |
Exhibit 2: Quarterly performance, last 8 quarters
| ₹ crore | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,364 | 1,675 | 1,193 | 2,384 | 3,651 | 5,058 | 6,020 | 7,354 |
| Profit before tax | 424 | 524 | 245 | 777 | 756 | 1,519 | 2,165 | 2,373 |
| Net profit | 301 | 389 | 202 | 642 | 567 | 1,090 | 1,530 | 1,734 |
| EPS (₹) | 5.88 | 7.55 | 3.91 | 12.12 | 11.04 | 19.87 | 26.77 | 30.68 |
Exhibit 3: Segment revenue, FY26
| Segment | Revenue, ₹ crore | Share % |
|---|---|---|
| a) Mining | 5,901 | 27.7 |
| b) Steel and related value added products | 1,374 | 6.4 |
| c) MDO Operation and related Services | 2,690 | 12.6 |
| d) Other | 3 | 0.0 |
| Mining | 4,401 | 20.6 |
| Steel and related value added products | 2,749 | 12.9 |
| MDO Operation and related services | 3,881 | 18.2 |
| b) Steel and other related segments | 319 | 1.5 |
| Total, before eliminations | 21,318 | 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. % |
|---|---|---|---|---|---|---|---|---|
| LLOYDS METALS N ENERGY L ◆ | 99,915 | 20.1 | 7.00 | 18.7 | 26.8 | 17.7 | 132.2 | 39.6 |
| NMDC LTD. | 59,345 | 8.0 | 1.74 | 6.0 | 21.9 | 28.0 | 15.8 | 41.4 |
| GUJARAT MINERAL DEV CORP | 13,873 | 14.5 | 1.96 | 10.1 | 13.5 | 15.5 | 14.7 | 29.5 |
| GRAVITA INDIA LIMITED | 9,889 | 24.9 | 4.02 | 20.6 | 15.4 | 17.2 | 24.8 | 10.7 |
| MOIL LIMITED | 4,475 | 70.5 | 1.65 | 10.0 | 0.3 | 0.4 | — | 35.6 |
| ASHAPURA MINECHEM LTD | 4,090 | 10.1 | 2.49 | 7.8 | 25.3 | 15.0 | 35.5 | 11.7 |
| ORISSA MIN DEV CO LTD | 1,926 | — | — | — | (0.7) | 0.5 | — | 52.8 |
| 20 MICRONS LTD | 559 | 8.3 | 1.15 | 4.9 | 13.7 | 16.9 | 14.6 | 13.8 |
Exhibit 5: Where the company sits in its group
| Metric | Company | Group median | Rank | Better than |
|---|---|---|---|---|
| P/E (TTM) | 20.1 | 14.5 | 6 of 9 | 38% |
| P/B | 7.0 | 1.7 | 12 of 13 | 8% |
| ROCE | 17.6 | 8.4 | 3 of 14 | 85% |
| ROE | 26.8 | 13.5 | 1 of 13 | 100% |
| Debt / Equity | 1.4 | 0.3 | 13 of 13 | 0% |
| EBITDA margin | 39.6 | 13.8 | 3 of 13 | 83% |
| Revenue growth | 208.6 | 19.2 | 1 of 13 | 100% |
| Profit growth | 170.3 | 9.8 | 3 of 14 | 85% |
| Market cap | 99915 | 1243 | 1 of 14 | 100% |
Exhibit 6: Filings of the last 90 days, with the measured price reaction
| Date · filing | Category | Importance | Next day % | 5-day % |
|---|---|---|---|---|
| 28 Oct 2026 · USD 130 million secured notes approved at SOFR plus 450 basis points | fund raising | medium | — | — |
| 27 Oct 2026 · LMEL signs agreements for minimum 26% stake in three Amplus firms | strategic transactions | high | — | — |
| 26 Oct 2026 · Postal ballot approves director appointment and loan-to-equity conversion | board shareholder meetings | low | — | — |
| 14 Oct 2026 · Board approves Rs 3,000 Cr NCDs and USD 130 mn notes; cancels Rs 600 Cr NCD plan | fund raising | high | — | — |
| 13 Oct 2026 · Board to consider NCD issue and US dollar bonds | fund raising | medium | — | — |
| 13 Oct 2026 · Lloyds Metals gets ESG rating of 76.7 from CARE ESG Ratings | business updates | medium | — | — |
| 9 Oct 2026 · Board meeting on 14 Oct to consider NCD issuance | fund raising | medium | — | — |
| 8 Oct 2026 · Lloyds Metals acquires additional stake in subsidiary Thriveni for Rs 607 crore | strategic transactions | high | — | — |
| 5 Oct 2026 · Quarterly Compliance Certificate Under SEBI Regulation 74(5) | compliance | minimal | — | — |
| 1 Oct 2026 · Lloyds Metals posts best-ever H1FY27 operational performance | business updates | medium | — | — |
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.