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Model Note · LLOYDS METALS N ENERGY L · 11 September 2026Page 1 of 2
Model Note
Prepared by the reader · not a MarketPing document
LLOYDS METALS N ENERGY L Discounted cash flow · base FY26
LLOYDS METALS N ENERGY L
Value per share, this model₹2,086
CMP 2026-09-10₹1,802.00
Difference15.7%
Growth the CMP implies26.7%/yr
This note states the assumptions and the arithmetic of one model of LLOYDS METALS N ENERGY L, built on its filed FY26 consolidated statements. The value is the outcome of the assumptions below and nothing else; it is not a fair value, a target or a recommendation.
Assumptions
Input
This model
Filed reference
Revenue growth, 5 years
30% a year
FY26 154.6% · 5-yr CAGR 132.2%
EBITDA margin
35.9%
FY26 35.9% · 5-yr average 18.7%
Depreciation · capex, % of revenue
3.5% · 58.2%, fading to 1.2× depreciation
FY26 3.5% · 58.2%
Working capital, % of added revenue · tax
8.6% · 27%
32 working-capital days · effective 27.0%
Discount rate
11.00%
1-yr beta 1.34
After FY31
5% flat · mid-year discounting
—
Net debt · non-controlling interest · non-operating investments
₹18,259 · ₹0 · ₹0 cr
FY26 net debt ₹18,259 cr
Shares
56.29 crore
56.29 crore today
Source: SEBI results XBRL as filed with BSE/NSE, exchange prices; the reader's assumptions.
Projected cash flow to the firm
₹ crore
FY26
FY27
FY28
FY29
FY30
FY31
Revenue
17,113
22,246
28,920
37,597
48,875
63,538
growth %
154.6
30.0
30.0
30.0
30.0
30.0
EBITDA
6,140
7,986
10,382
13,497
17,546
22,810
Depreciation
(607)
(779)
(1,012)
(1,316)
(1,711)
(2,224)
NOPAT
4,039
5,262
6,840
8,892
11,560
15,028
less capex
(9,962)
(12,947)
(12,927)
(11,730)
(8,651)
(2,669)
less working-capital build
—
(442)
(574)
(746)
(970)
(1,261)
Free cash flow to firm
—
(7,349)
(5,649)
(2,268)
3,650
13,322
Present value
(6,975)
(4,830)
(1,747)
2,533
8,330
Source: the model; base year as filed.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
Model Note · LLOYDS METALS N ENERGY L · 11 September 2026Page 2 of 2
From enterprise to equity
PV of the 5 explicit years
(2,690)
PV of the terminal value (102% of EV)
1,38,357
Enterprise value
1,35,667
less net debt
(18,259)
less non-controlling interest
0
add non-operating investments
0
Equity value
1,17,408
÷ 56.29 crore shares
₹2,086
Source: the model.
Sensitivity, ₹ per share
WACC ↓ · terminal growth →
4.0%
4.5%
5.0%
5.5%
6.0%
10.0%
2,180
2,425
2,719
3,078
3,527
10.5%
1,929
2,132
2,373
2,662
3,014
11.0%
1,715
1,886
2,086
2,322
2,605
11.5%
1,530
1,676
1,844
2,040
2,272
12.0%
1,369
1,494
1,637
1,803
1,996
Source: the model; n/a where terminal growth reaches the discount rate.
Statement
This note is the reader's own model over publicly filed information: SEBI results XBRL filed with BSE and NSE and exchange price data, assembled by MarketPing software; every assumption above is the reader's. It contains no research recommendation, no price target and no opinion by MarketPing 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). Historical per-share figures are on the current share count. Where a figure is unavailable the table shows a dash rather than an estimate. Nothing here constitutes investment advice, an offer or a solicitation.
Every figure is the reader's model over filed numbers · No rating, target or fair value is expressedmarketping.in
