LLOYDSME · Metals & Mining · filed 3 Nov 2026
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 5 companies in Metals and mining that have reported Q2 FY27 so far, Lloyds Metals And Energy Ltd. ranks 3rd on revenue growth; the sector median is +48.7%. Its margin moved +365 bps on the year against a sector median of +71 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 ₹1,851.10 trades at 19.7 times trailing earnings.
The auditor drew attention to a matter in the limited review report. Read it before the numbers.
“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…”
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?
Finance cost ₹279 cr, +58.5% on the year; 15% of EBITDA.
Source: Results filing
Profit is backed by cash: operating cash flow exceeded profit.
Operating cash flow for the first half ₹4,115 cr against profit of ₹2,791 cr.
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…”
₹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.
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.
Lloyds Metals And Energy Ltd. reported revenue of ₹5,673 cr (+55.3% on the year) and net profit of ₹1,023 cr (+85.7% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +86.0% on the year, against +85.7% for reported profit.
2 checks raised a question: The auditor drew attention to a matter in the limited review report. Read it before the numbers.
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