LLOYDSME · Metals & Mining
Lloyds Metals And Energy Ltd. reported revenue of ₹3,652 cr for July to September 2025, +154.3% on the year and +53.2% on the quarter. It is the highest quarterly revenue in the last 10 quarters on record. Over the last four quarters revenue comes to ₹8,904 cr, +21.7% on the four before.
Operating profit (EBITDA) was ₹1,028 cr, a margin of 28.1%, −47 bps on the year and −516 bps on the quarter. Over the last 8 quarters the margin has ranged from 21.9% to 33.3%, averaging 28.3%. Operating costs grew +156.0%, faster than revenue at +154.3%, so operating profit grew less than sales.
Net profit was ₹551 cr, +83.1% on the year and −14.2% on the quarter, with earnings per share of ₹11.04. Profit before other income, one-offs and tax grew 75.3%, so 8 points of the headline growth came from outside the core business. The tax rate of 26% is in line with its recent average. Profit over the last four quarters totals ₹1,784 cr, +21.6% on the four before.
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. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
On earnings per share of ₹34.60 over the last four quarters, the stock at ₹1,851.10 trades at 53.5 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
Finance cost ₹176 cr, +4,295.0% on the year; 17% of EBITDA.
Source: Results filing
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Metric | Q2 FY26 |
|---|---|
| Production (mt) | 3.42 |
| Sales volume (mt) | 0.7 |
| DRI (Sponge Iron) Sales Volume (kt) | 88.18 |
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.
| 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.
Lloyds Metals And Energy Ltd. reported revenue of ₹3,652 cr (+154.3% on the year) and net profit of ₹551 cr (+83.1% on the year) for July to September 2025.
Profit before other income, exceptional items and tax moved +75.3% on the year, against +83.1% for reported profit.
1 check raised a question: Finance cost rose fast and now takes a large bite of operating profit. New borrowing, or a higher rate?
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