Altman Z″
Needs current assets and current liabilities.
Lloyds Metals and Energy Limited exhibits extraordinary domestic operational leverage, demonstrated by standalone Q1 FY27 revenue surging 127% YoY to ₹5,413 crore and EBITDA rising 172% YoY to ₹2,120 crore with a record 39.2% margin. This profitability is underpinned by the Surjagarh iron ore mine (55 MTPA EC capacity), rapid ramp-up of Pellet Plant-2 (100% capacity in 4 months), and ₹500-550/ton logistics savings from the 85 km Hedri-Konsari slurry pipeline. However, consolidated debt metrics (~₹19,000 crore net debt) are elevated due to overseas copper/cobalt acquisitions (Chemaf in DRC). Investors should track slurry pipeline logistics savings, BHQ beneficiation scale-up, and Chemaf debt refinancing progress.
Revenue share shows where the sales are. PBIT margin shows where the profit is — and the two rarely match.
Lloyds Metals and Energy Limited (LMEL) holds a dominant competitive edge through its high-grade Surjagarh iron ore deposit in Gadchiroli with an expanded Environmental Clearance (EC) capacity of 55 MTPA, an operational 85 km Hedri-Konsari slurry pipeline delivering ₹500-550/ton logistics cost savings on pellets, an integrated MDO partnership with Thriveni Earthmovers, and long-term state tax incentives under the Maharashtra Industrial Promotion Subsidy (IPS) scheme.
Lloyds Metals and Energy Limited exhibits extraordinary domestic operational leverage, demonstrated by standalone Q1 FY27 revenue surging 127% YoY to ₹5,413 crore and EBITDA rising 172% YoY to ₹2,120 crore with a record 39.2% margin. This profitability is underpinned by the Surjagarh iron ore mine (55 MTPA EC capacity), rapid ramp-up of Pellet Plant-2 (100% capacity in 4 months), and ₹500-550/ton logistics savings from the 85 km Hedri-Konsari slurry pipeline. However, consolidated debt metrics (~₹19,000 crore net debt) are elevated due to overseas copper/cobalt acquisitions (Chemaf in DRC). Investors should track slurry pipeline logistics savings, BHQ beneficiation scale-up, and Chemaf debt refinancing progress.
Maintaining 26 MnT iron ore and 8 MnT pellet production targets, completing 30 MTPA BHQ beneficiation and 1.2 MTPA steel plant capex, and successfully refinancing Chemaf DRC project debt.
Sharp decline in domestic iron ore/pellet prices below ₹4,500/ton, execution delays in DRC copper commissioning, or adverse regulatory changes in mining evacuation permits.
Trading at 25.5x earnings against its own median of 26.4x: 0.0 standard deviations below its usual range. This compares the company with its own history, not with other companies.
How to read this: Price shows the closing price with its 50-day (amber) and 200-day (grey) averages; bars at the bottom are daily volume, green on up days and red on down days; dashed lines mark the 52-week high and low. vs Nifty 50 starts both at 100 so you can see which did better over the period. P/E shows what the market paid for each rupee of profit, inside the band it usually trades in. Drawdown shows how far below its best price the share has been. Hover anywhere for the numbers on that day.
The three to six things that actually matter about this company, each with the exact filing and note it came from — never a fact without the context that makes it meaningful.
Two kinds of item, both taken from the company's own documents: figures that disagree with other figures in the same filing, and disclosures that sit in the notes rather than the statements. Neither is an allegation — each is a question the filing raises about itself.
What the numbers mean when read together — computed from the filings, not a score.
Operating cash is 76% of trailing profit — a modest gap worth keeping an eye on.
Why this reading: Noted with caution: a mild gap that is commonly benign (working-capital timing) but worth tracking across years.
Operating cash ₹2,921 cr vs trailing profit ₹3,829 cr. Gaps in the 0.5–0.9 range are usually timing, occasionally a early tell.
Free cash flow is negative — the business consumes more than it generates once capex is paid. Fine if it is deliberate growth investment; a problem if it is structural.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Latest free cash flow ₹-7,040 cr, negative in 6 of 12 years. Check whether the burn funds expansion (dark stores, plants, ports) or merely sustains operations.
Borrowings rose 62676% over two years while the company also carries ₹666 cr in investments. Why borrow at interest while parking money elsewhere is a fair question.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
Borrowings moved to ₹20,716 cr from ₹33 cr. Simultaneous large investments can be legitimate treasury management, or a sign that reported cash is not freely available.
Capital work-in-progress has stayed high (106% of fixed assets) without converting to productive assets — worth checking whether projects are genuinely progressing.
Why this reading: Noted with caution — worth watching, but not yet conclusive on its own. Business has ups and downs; one soft reading is not a verdict.
CWIP ₹13,946 cr vs ₹1,268 cr two years earlier, against fixed assets ₹13,169 cr. Perennial CWIP that never becomes a fixed asset can hide stalled projects or capitalised costs that should have been expensed.
Debt rose over 3 years, and most of it (127%) has turned into fixed assets and projects under construction — the borrowing is building the business.
Why this reading: A positive signal: leverage taken on is visibly becoming productive capacity, not disappearing.
New borrowing ₹20,712 cr largely matched by an asset build of ₹26,285 cr. Debt that funds capacity is a different thing from debt that funds nothing.
Both revenue and profit grew over the last year (230.2% and 220.8%) — growth is translating to the bottom line.
Why this reading: A positive signal in the numbers, shown for balance alongside the concerns.
Trailing revenue ₹22,083 cr, trailing profit ₹4,921 cr. Profit growing at least as fast as revenue indicates operating leverage or pricing power.
Every score below is calculated here from the reported numbers — none of it is asserted. Open the notebook at the foot of the section to see each formula with this company's figures in it.
Needs current assets and current liabilities.
Piotroski F-Score — fundamental momentum — Joseph Piotroski, University of Chicago, 2000, in a study of whether accounting signals could improve returns among cheap stocks.
Nine yes-or-no tests across profitability, leverage and operating efficiency. Each pass scores one. It asks a narrow question: is this business getting better or worse on its own terms, year over year?
How to read it7 or more suggests improving fundamentals; 3 or fewer suggests deterioration. It measures direction, not quality — a weak company improving can score higher than a strong one holding steady.
Where it failsA single year of comparison, so one unusual year distorts it. Says nothing about valuation, competitive position or management. Piotroski designed it to rank already-cheap stocks, not to judge a company in isolation.
Needs trade receivables, current assets, other expenses.
Accruals are 3.6% of assets. Free cash flow negative in 6 of 12 years.
DuPont decomposition — Devised inside the DuPont Corporation in the 1920s and still the standard way to read a return on equity.
Splits return on equity into its three sources, so the same headline number can be traced to very different businesses.
How to read itA 20% ROE built on margin and turnover is a different proposition from a 20% ROE built on 3× leverage. The first survives a downturn; the second amplifies it.
Where it failsA single year. Negative equity makes it meaningless. Leverage is structural for lenders, so the third term carries no signal there.
Capital is going in far faster than revenue is coming out. For a business mid-build that is expected — the test is whether it converts.
cumulative operating cash flow ÷ cumulative net profit
₹5,579 cr ÷ ₹6,438 cr, over 12 years
0.87×
Below 1.0 and persistent means profit is being recognised before the cash arrives.(net profit − operating cash flow) ÷ average total assets
(₹3,829 − ₹2,921) cr ÷ average assets
3.6%
The share of profit that is accounting entries rather than cash. Above ~10% is where accruals start to dominate.net margin × asset turnover × leverage
22.4% × 0.41 × 3.00
27.6%
Splits ROE into whether returns come from operations or from borrowing.EBIT ÷ finance cost
₹5,747 cr ÷ ₹510 cr
11.27×
How many times operating profit covers the interest bill.borrowings ÷ net worth
₹20,716 cr ÷ ₹13,871 cr
1.49×
Read against the sector — infrastructure carries more than software.growth in fixed assets + CWIP, against growth in revenue
capital +3,167% vs revenue +410%, FY2023 to FY2026
2,756pp gap
Money going in far faster than revenue coming out. For an incubator this is expected — the test is whether it eventually converts.Needs more balance-sheet detail (only 3 of 6 flags testable).
NOPAT over equity plus debt less cash, at a notional 25% tax. Incremental ROIC is the return on money put in since then — the number that decides whether growth creates value or consumes it.
Return on invested capital, and incremental ROIC — Standard in corporate finance; the incremental form was popularised by Michael Mauboussin as the test of whether growth creates value.
ROIC measures what the business earns on all the capital it employs — equity plus debt, less cash. Incremental ROIC asks a sharper question: what has it earned on the money put in since a chosen year?
How to read itROIC comfortably above the cost of capital — call it 11–13% in India — means growth compounds. Below it, growth consumes. Incremental below headline means recent investment is earning less than the legacy business.
Where it failsDistorted in the year of a large acquisition. Understated for companies mid-build, where capital is deployed but capacity has not yet been commissioned — an incubator will look poor until it does not.
Read downward. Cash can cover EBITDA and still not survive capex — the third rung is where a capital-hungry business shows itself.
The earnings quality ladder — Not a named model — the standard sequence an analyst walks when testing whether reported profit is real.
Three ratios read in order, each stricter than the last.
How to read itRead downward. Each rung failing where the one above passed tells you exactly where the cash is going.
Where it failsA single year of heavy capex depresses the third rung legitimately. Judge it across a cycle.
Against a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%.
Cost of debt — Interest expense over average borrowings — the effective rate the company actually pays.
What the lenders charge, which is a market verdict on credit quality that no rating agency delay affects.
How to read itAgainst a policy rate near 6%, most sound Indian corporates borrow between 7% and 10%. Read the direction over years as much as the level.
Where it failsUnderstated where a large share of interest is capitalised into projects under construction. Not meaningful for lenders, where interest is cost of goods.
Some figures appear twice on this page with different values. That is not an error — they sit on different bases. The live feed reports a rolling twelve months; everything computed here comes from the last audited statements. Both are shown so you can see which is which.
Where the two disagree, every model, screen and ratio computed on this page uses the filed figure, because the rest of the page is on that basis.
Models that need these lines are withheld rather than estimated: net worth, current assets, current liabilities, trade receivables, inventory, net block. Nothing on this page is back-solved from a figure the company did not publish.
Each framework below is a set of stated, mechanical criteria from published work, run against this company's own filed numbers. Passing or failing a screen is not a verdict — different frameworks disagree by design, and that disagreement is itself informative.
Benjamin Graham's stated criteria for a defensive stock, applied to the filed numbers. A company failing several is not disqualified — Graham designed these to be deliberately strict.
Two ratios only: what the business earns on its capital, and what you pay for those earnings. Designed to be ranked across a universe rather than read in isolation.
The fundamental half of William O'Neil's framework. The market and leadership components are judgement calls and are not scored here.
The characteristics long-term holders commonly look for: cash-backed earnings, high returns on capital, and debt that never forces a decision.
Median of the companies we hold in the same sector (Metals & Mining). Every figure on both sides is the live feed's trailing twelve months, so the two are measured the same way whatever depth of extraction this company has had. A number only means something next to something else — expensive against the market and cheap against peers are different facts.
Segment share of revenue, FY2026.
Segment PBIT, FY2026. Revenue share and profit share rarely match — that gap is the point.
Bars are revenue; the line is net margin. Revenue rising while the line falls is the shape worth noticing.
Operating cash first, then what the business spent and raised.
One year is a snapshot. These are the two lines that matter across a cycle.
Rising debtor or inventory days against flat sales is the earliest visible sign of stress.
Set your own assumptions and watch the numbers move. A scenario calculator — the outputs are the arithmetic of your inputs.
One canonical set of figures — the same numbers used everywhere else on this page and on the screener.
How the register has moved over recent quarters — the direction matters more than the level.
Promoter held steady from 61.64% to 61.61% across these quarters.
FII trimmed from 2.23% to 1.93% across these quarters.
MF rose from 1.63% to 1.93% across these quarters.
Other held steady from 34.50% to 34.53% across these quarters.
A holding percentage says who controls the company. This says whether the promoter has been putting money in or taking it out.
ACQUISITION / OVERSEAS EXPANSION
₹2,500 cr · FY2026
Acquisition of Chemaf copper and cobalt assets in DRC to expand critical minerals footprint.
A fall in promoter percentage after a fresh issue is dilution, not selling. Selling would show in the ledger above.
Per-share figures hide a share count that moved. Effective tax rate hides a one-off credit. Both sit here beside the payout, year by year, as the accounts state them.
| Period | Shares (cr) | Effective tax | Dividend / share | Payout | What changed |
|---|---|---|---|---|---|
| FY2026 | 56.28 | 27.0% | ₹1.00 | 17.6% | No change in share capital during FY2026; face value ₹1.00 per share. · Consolidated PBT ₹5,216.37 crore, Tax Expense ₹1,408.34 crore. |
An effective rate far from the statutory band is usually a deferred-tax movement or a one-off credit, not a lower tax bill. The note beside it, where the filing gives one, says which.
Where cash gets stuck. A rising inventory or debtor line against flat sales is the earliest sign of trouble in the numbers.
| Measure | FY2013 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|
| Debtor days
How long customers take to pay | 18 | 8 | 10 | 13 | 3 | 4 | 9 | 32 |
| Inventory days
How long stock sits before it sells | 17 | 107 | 208 | 195 | 182 | 95 | 196 | 534 |
| Payable days
How long the company takes to pay suppliers | 119 | 77 | 63 | 18 | 50 | 162 | 49 | 535 |
| Cash conversion cycle
Debtor + inventory − payable days | -85 | 37 | 155 | 189 | 135 | -63 | 156 | 31 |
| Working capital days | -95 | 54 | 130 | 89 | 16 | -10 | -1 | -108 |
| ROCE %
Return on capital employed | 7.0% | — | 6.0% | 34.0% | 81.0% | 78.0% | 37.0% | 27.0% |
| Metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Production (mt) | 3.95 | 3.42 |
| Sales volume (mt) | 2.05 | 0.7 |
| Realisation per tonne (₹) | 31,040 | — |
| EBITDA per tonne (₹) | 4,604 | — |
| Net debt (₹ cr) | 19,917 | — |
| Pellets Production Volume (MnT) | 2.11 | — |
| DRI (Sponge Iron) Sales Volume (kt) | 160.6 | 88.18 |
From the quarterly results and the earnings call, read by FinMinutes. Latest quarter, read in full.
Operating metrics disclosed in the business review and MD&A. These, not margins, are what the business is actually run on.
Iron ore ROM production in million tonnes
c69649dc-d183-4420-881a-2af285df6e9f.pdf · Page 81Merchant iron ore sales volume in million tonnes
c69649dc-d183-4420-881a-2af285df6e9f.pdf · Page 81Realisation per tonne for iron ore external sales
77a08c2d-cf48-49d7-ad4d-40112984a8f0.pdf · Page 8Consolidated net debt including Chemaf acquisition financing
77a08c2d-cf48-49d7-ad4d-40112984a8f0.pdf · Page 4Read using the Metals and mining framework (named in the filing read). Primary valuation lens: EV/EBITDA on mid-cycle earnings.
Read more closely in this sector: Capacity announced against commissioned · Inventory gains in margin.
The shape of the business over time (annual) — read the direction, not the single print.
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Revenue from operations | 251 | 692 | 3,353 | 6,522 | 6,721 | 17,113 |
| Other income | 20 | -22 | -1,124 | 53 | 54 | 149 |
| Depreciation | 14 | 18 | 23 | 49 | 81 | 607 |
| Finance cost | 17 | 18 | 65 | 6 | 27 | 510 |
| Profit before tax | 0 | 88 | -398 | 1,727 | 1,901 | 5,237 |
| Net profit (owners) | 0 | 97 | -289 | 1,243 | 1,455 | 3,829 |
| EPS (₹) | 0.01 | 2.64 | -5.72 | 24.60 | 27.81 | 65.40 |
Exceptional items, total income and EBITDA are read from the filed statements.
| Metric | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,091 | 1,912 | 1,554 | 2,417 | 1,436 | 1,675 | 1,193 | 2,384 | 3,651 | 5,058 | 6,020 | 7,354 |
| Other Income | 20 | 11 | 8 | 6 | 34 | 18 | 19 | 28 | 55 | 98 | 34 | 161 |
| Expenses | 805 | 1,463 | 1,096 | 1,699 | 1,025 | 1,139 | 932 | 1,589 | 2,608 | 3,302 | 3,474 | 4,573 |
| Depreciation | 10 | 15 | 17 | 19 | 18 | 22 | 22 | 31 | 167 | 186 | 224 | 262 |
| Finance cost | 1 | 2 | 2 | 2 | 4 | 8 | 13 | 15 | 176 | 152 | 168 | 276 |
| Profit before tax | 295 | 444 | 448 | 704 | 424 | 524 | 245 | 777 | 756 | 1,517 | 2,187 | 2,405 |
| Net Profit | 231 | 332 | 277 | 557 | 301 | 389 | 202 | 642 | 567 | 1,090 | 1,530 | 1,734 |
| EPS | 4.58 | 6.56 | 5.48 | 11.03 | 5.76 | 7.44 | 3.86 | 12.26 | 10.87 | 19.24 | 25.22 | 30.67 |
| Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Equity Capital | 25 | 37 | 50 | 51 | 52 | 56 |
| Reserves | 157 | 445 | 1,478 | 2,760 | 6,408 | 13,815 |
| Borrowings | 155 | 96 | 4 | 33 | 1,073 | 20,716 |
| Net block | 362 | 400 | 532 | 1,235 | 1,691 | 13,169 |
| CWIP | 85 | 86 | 298 | 1,268 | 4,267 | 13,946 |
| Investments | 0 | 0 | 37 | 29 | 75 | 666 |
| Total Assets | 720 | 824 | 2,026 | 3,938 | 8,911 | 41,650 |
| Line | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|
| Cash from operations | -15 | -78 | -516 | 1,701 | 1,207 | 2,921 |
| Cash from investing | -62 | -57 | -612 | -1,725 | -3,976 | -9,474 |
| Cash from financing | 66 | 149 | 1,143 | -1 | 2,808 | 8,633 |
| Free cash flow | -77 | -136 | -905 | -20 | -2,404 | -7,040 |
| Net change in cash | -11 | 13 | 14 | -25 | 39 | 2,080 |
Cash from operations is the number profit has to answer to. Free cash flow is what remains after the business pays for its own growth.
The part no one reads — pulled from the annual report, auditor's report, concall and deck. This is the moat.
Lloyds Metals and Energy Limited achieved landmark financial and operational growth in Q1 FY2027, with standalone revenue from operations surging 127% YoY to ₹5,413 crore and EBITDA rising 172% YoY to ₹2,120 crore with a record EBITDA margin of 39.2%. Growth was propelled by 6.05 million tons of iron ore ROM production (+53% YoY) following environmental clearance expansion to 55 MTPA, coupled with 1.69 million tons of pellet production as Pellet Plant-2 reached 100% capacity utilization within four months of commissioning. The newly integrated 85 km Hedri-Konsari slurry pipeline delivered structural logistics savings of ₹500-550/ton on pellet production. Management reiterated guidance of 26 MnT iron ore production and 7.75-8 MnT pellet production for FY2027, while negotiating debt refinancing for the Chemaf copper acquisition in the DRC.
Strongly bullish and expansionary on domestic operational scale-up, while actively managing debt restructuring for overseas copper acquisitions.
Where analysts pressed management on the earnings call, and exactly how management answered — the questions that were hardest to answer are usually the ones that matter.
These are coverage counts, not ratings. Each one asks a fixed set of questions of the filings and reports how many the company answered. A company that discloses nothing counts nothing here — that is a statement about the disclosure, not about the business.
The same read, applied to the companies this one competes with.
Lloyds Metals And Energy Ltd. reported revenue of ₹5,673 cr for July to September 2026, +55.3% on the year and −20.7% on the quarter. That is slower than this quarter has grown in recent years (+93.0% on average). Over the last four quarters revenue comes to ₹23,901 cr, +168.4% on the four before.
Operating profit (EBITDA) was ₹1,804 cr, a margin of 31.8%, +365 bps on the year and −725 bps on the quarter. Over the last 8 quarters the margin has ranged from 21.9% to 42.3%, averaging 32.9%. Operating costs grew +47.4% against revenue growth of +55.3%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,023 cr, +85.7% on the year and −42.1% on the quarter, with earnings per share of ₹18.57. Profit before other income, one-offs and tax grew 86.0%, so the profit growth came from the business itself. The tax rate of 22% is in line with its recent average. Profit over the last four quarters totals ₹5,411 cr, +203.3% on the four before.
Of the 8 companies in Metals and mining that have reported Q2 FY27 so far, Lloyds Metals And Energy Ltd. ranks 4th on revenue growth; the sector median is +38.8%. Its margin moved +365 bps on the year against a sector median of +40 bps.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business.
On earnings per share of ₹93.73 over the last four quarters, the stock at ₹1,807.00 trades at 19.3 times trailing earnings.
The auditor drew attention to a matter in the limited review report. Read it before the numbers.
Source: Auditor (p. limited review report)
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Source: Results filing
Profit is backed by cash: operating cash flow exceeded profit.
Source: Cash flow statement
Could not run on this quarter: Exceptional items that recur, Related-party transactions, Earlier promises against delivery. The filing did not carry these lines.
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Balance sheet | Sep '26 | Last year end | Change |
|---|---|---|---|
| Trade receivables | ₹1,755 cr | ₹1,481 cr | ▲ 18.6% |
| Inventory | ₹2,194 cr | ₹2,660 cr | ▼ 17.5% |
| Cash | ₹1,247 cr | ₹2,122 cr | ▼ 41.2% |
| Bank balances | ₹633 cr | ₹581 cr | ▲ 9.0% |
| Long-term borrowings | ₹18,140 cr | ₹13,849 cr | ▲ 31.0% |
| Short-term borrowings | ₹4,550 cr | ₹6,531 cr | ▼ 30.3% |
| Trade payables | ₹2,763 cr | ₹2,664 cr | ▲ 3.7% |
| Net block | ₹12,576 cr | ₹9,992 cr | ▲ 25.9% |
| Capital work in progress | ₹18,174 cr | ₹13,946 cr | ▲ 30.3% |
| Equity | ₹16,208 cr | ₹12,583 cr | ▲ 28.8% |
| Total assets | ₹51,557 cr | ₹41,650 cr | ▲ 23.8% |
| Cash flow, year to date | This year | Last year |
|---|---|---|
| Operating cash flow | ₹4,115 cr | −₹1,631 cr |
| Capital expenditure | −₹7,620 cr | −₹2,864 cr |
| Investing cash flow | −₹7,874 cr | −₹2,505 cr |
| Financing cash flow | ₹2,885 cr | ₹3,645 cr |
| Dividends paid | −₹56.3 cr | −₹52.3 cr |
Operating cash flow was 1.47× profit. Receivables at 25 days of sales (−7 days against the last year end). Inventory at 31 days of sales (−26 days).
Emphasis of matter: “Attention is invited to the Trade Receivables to the Unaudited Standalone financial statements amounting to Rs. 468.71 Crores which includes 'Other receivables' of Rs 321.44 Crores (as at 31st March 2026 Rs. 292.28 Crores) on account of HPC wages reimbursement recoverable from its customer 'NTPC'.”
Other matter 1: “”The Consolidated Financial Results include the unaudited interim financial statements and other financial information of five subsidiaries: Lloyds Steel Private Ltd (Formerly known as "Lloyds Logistics Private Limited"), Thriveni Earthmovers and Infra Pvt Ltd, Lloyds Global Resources FZCO, Lloyds Infinite… Read in full
The Consolidated Financial Results include the unaudited interim financial statements and other financial information of five subsidiaries: Lloyds Steel Private Ltd (Formerly known as "Lloyds Logistics Private Limited"), Thriveni Earthmovers and Infra Pvt Ltd, Lloyds Global Resources FZCO, Lloyds Infinite Foundation and Lloyds Ferra Forge Global Private Limited which have been audited by other auditors...
Other matter 2: “”Additionally, the Statement includes the Group's share of net profit/(loss) after tax of Rs.18.35 crores, Rs. 0.20 crores & Rs. (52.14) crores and Rs.42.51 crores, Rs.0.41 crores & Rs. (85.97) crores for quarter and half year ended respectively for its… Read in full
Additionally, the Statement includes the Group's share of net profit/(loss) after tax of Rs.18.35 crores, Rs. 0.20 crores & Rs. (52.14) crores and Rs.42.51 crores, Rs.0.41 crores & Rs. (85.97) crores for quarter and half year ended respectively for its associates, Brahmani River Pellets Private Ltd, LT Gondwana Skill Hub Pvt Ltd and Nexus Holdco FZCO(Consolidated)...
Filing p. limited review report
₹38.6 cr still unused. “Raised ₹700 crore via NCDs on August 07, 2026 with nil deviation; preferential warrants unutilised amount of ₹38.64 crore lying in bank account.”
Approved grant of 62,000 ESOPs under ESOP Plan 2017 and 13,08,571 ESOPs under ESOP Scheme 2024. (p. outcome letter p.1-2)
Board approved capital expenditure for setting up a 360 MW Thermal Power Plant at Konsari. (p. outcome letter p.2)
Subscribed to rights issue of equity shares of subsidiary Thriveni Earthmovers and Infra Private Limited (TEIPL) for ₹606.76 crore. (p. consolidated note 7)
Tax: Consolidated tax expense of ₹288.05 crore (current tax ₹440.85 crore, deferred tax credit ₹152.80 crore) on Profit before tax of ₹1,311.29 crore
| Metric | Q2 FY27 | Q2 FY26 |
|---|---|---|
| Production (mt) | 3.95 | 3.42 |
| Sales volume (mt) | 2.05 | 0.7 |
| Realisation per tonne (₹) | 31,040 | — |
| EBITDA per tonne (₹) | 4,604 | — |
| Net debt (₹ cr) | 19,917 | — |
| Pellets Production Volume (MnT) | 2.11 | — |
| DRI (Sponge Iron) Sales Volume (kt) | 160.6 | 88.18 |
Commissioned 2nd Pellet Plant in May 2026; Board approved 360 MW Thermal Power Plant at Konsari alongside ongoing expansion into 12 MnT pellets and 4.2 MnT steelmaking.
Timely project execution expanding downstream value addition and capturing cost efficiencies.
Consolidated change in inventories was ₹78.79 crore in Q2 FY27 compared to ₹(39.12) crore in Q2 FY26. Consolidated EBITDA margin of 35.84% was supported by volume growth, increased VAP share, and logistics cost savings from the slurry pipeline.
Margin expansion driven primarily by structural cost optimisation (slurry pipeline, captive power) rather than cyclical inventory gains.
Read using the Metals and mining framework (named in the filing read). Primary valuation lens: EV/EBITDA on mid-cycle earnings.
Read more closely in this sector: Capacity announced against commissioned · Inventory gains in margin.
| Metric | Guidance | For | Against earlier guidance |
|---|---|---|---|
| Setting up Thermal Power Plant at Konsari | 360.00 | Phased commissioning | unchanged or first given |
| Slurry Pipeline Freight Cost Savings (85km) | 500.00–600.00 ₹/tonne | Ongoing operational guidance | unchanged or first given |
| Estimated Chemaf Debt Cash Settlement | 250.00 | FY2026-27 | unchanged or first given |
Held for next quarter's said-then-did check.
| Segment | Revenue | YoY | Result | YoY |
|---|---|---|---|---|
| Mining | ₹1,531 cr | ▼ 3.8% | ₹462 cr | ▲ 17.3% |
| Steel and related value added products | ₹3,190 cr | ▲ 165.8% | ₹960 cr | ▲ 158.6% |
| MDO Operation and other related services | ₹2,017 cr | ▲ 21.8% | ₹137 cr | ▲ 45.0% |
| Copper and related product | ₹334 cr | — | ₹18.2 cr | — |
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹1,912 cr | ₹1,554 cr | ₹2,417 cr | ₹1,436 cr | ₹1,675 cr | ₹1,193 cr | ₹2,384 cr | ₹3,652 cr | ₹5,058 cr | ₹6,020 cr | ₹7,150 cr | ₹5,673 cr |
| YoY | — | — | +23% | +32% | −12% | −23% | −1% | +154% | +202% | +405% | +200% | +55% |
| EBITDA margin | 23.5% | 29.5% | 29.7% | 28.6% | 32.0% | 21.9% | 33.3% | 28.1% | 34.7% | 42.3% | 39.0% | 31.8% |
| Other income, % of PBT | 2% | 2% | 1% | 8% | 3% | 8% | 4% | 8% | 6% | 2% | 6% | 3% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 38% | 21% | 29% | 26% | 17% | 17% | 26% | 28% | 30% | 28% | 22% |
| Net profit | ₹332 cr | ₹277 cr | ₹557 cr | ₹301 cr | ₹389 cr | ₹202 cr | ₹642 cr | ₹551 cr | ₹1,090 cr | ₹1,530 cr | ₹1,768 cr | ₹1,023 cr |
| YoY | — | — | +38% | +30% | +17% | −27% | +15% | +83% | +180% | +657% | +175% | +86% |
| Core profit YoY | — | — | +32% | +42% | +17% | −49% | +7% | +75% | +180% | +853% | +206% | +86% |
| EPS | ₹6.56 | ₹5.48 | ₹11.03 | ₹5.76 | ₹7.44 | ₹3.86 | ₹12.26 | ₹11.04 | ₹19.24 | ₹25.22 | ₹30.70 | ₹18.57 |
| Flags | · | · | ✓ | ✓ | ✓ | 2 | ✓ | 1 | ✓ | ✓ | ✓ | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.