LLOYDSME · Metals & Mining · filed 3 Nov 2026
Lloyds Metals And Energy Ltd. reported revenue of ₹4,132 cr for July to September 2026, +62.2% on the year and −23.7% on the quarter.
Operating profit (EBITDA) was ₹1,538 cr, a margin of 37.2%, +419 bps on the year and −195 bps on the quarter. Operating costs grew +52.0% against revenue growth of +62.2%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,112 cr, +83.6% on the year and −27.2% on the quarter, with earnings per share of ₹19.75. Profit before other income, one-offs and tax grew 73.0%, so 11 points of the headline growth came from outside the core business.
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 +419 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.
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)
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, 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 | ₹240 cr | ₹221 cr | ▲ 8.2% |
| Inventory | ₹929 cr | ₹876 cr | ▲ 6.0% |
| Cash | ₹224 cr | ₹555 cr | ▼ 59.7% |
| Bank balances | ₹405 cr | ₹318 cr | ▲ 27.5% |
| Long-term borrowings | ₹7,709 cr | ₹2,096 cr | ▲ 267.8% |
| Short-term borrowings | ₹1,872 cr | ₹3,323 cr | ▼ 43.7% |
| Trade payables | ₹807 cr | ₹1,369 cr | ▼ 41.1% |
| Net block | ₹8,542 cr | ₹6,611 cr | ▲ 29.2% |
| Capital work in progress | ₹8,211 cr | ₹5,739 cr | ▲ 43.1% |
| Equity | ₹14,462 cr | ₹11,781 cr | ▲ 22.8% |
| Total assets | ₹27,886 cr | ₹20,327 cr | ▲ 37.2% |
Receivables at 5 days of sales (−1 days against the last year end). Inventory at 18 days of sales (−6 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 | — |
| Q2 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|
| Revenue | ₹2,548 cr | ₹5,413 cr | ₹4,132 cr |
| YoY | — | — | +62% |
| EBITDA margin | 33.0% | 39.2% | 37.2% |
| Other income, % of PBT | 3% | 5% | 6% |
| Exceptional items | — | — | — |
| Tax rate | 23% | 24% | 21% |
| Net profit | ₹606 cr | ₹1,527 cr | ₹1,112 cr |
| YoY | — | — | +84% |
| Core profit YoY | — | — | +73% |
| EPS | ₹11.54 | ₹27.13 | ₹19.75 |
| Flags | · | · | 1 |
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 ₹4,132 cr (+62.2% on the year) and net profit of ₹1,112 cr (+83.6% on the year) for July to September 2026.
Profit before other income, exceptional items and tax moved +73.0% on the year, against +83.6% for reported profit.
1 check raised a question: The auditor drew attention to a matter in the limited review report. Read it before the numbers.
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