LLOYDSME · Metals & Mining
Lloyds Metals And Energy Ltd. reported revenue of ₹5,058 cr for October to December 2025, +202.0% on the year and +38.5% on the quarter. It is the highest quarterly revenue in the last 11 quarters on record. Over the last four quarters revenue comes to ₹12,287 cr, +73.5% on the four before.
Operating profit (EBITDA) was ₹1,756 cr, a margin of 34.7%, +272 bps on the year and +657 bps on the quarter. It is the widest margin of the last 8 quarters (range 21.9% to 34.7%). Operating costs grew +189.9% against revenue growth of +202.0%, so more of each rupee of sales reached operating profit.
Net profit was ₹1,090 cr, +180.2% on the year and +97.8% on the quarter, with earnings per share of ₹19.24. Profit before other income, one-offs and tax grew 180.4%, so the profit growth came from the business itself. The tax rate of 28% is in line with its recent average. Profit over the last four quarters totals ₹2,485 cr, +63.1% 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 ₹46.40 over the last four quarters, the stock at ₹1,851.10 trades at 39.9 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
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.
| 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 ₹5,058 cr (+202.0% on the year) and net profit of ₹1,090 cr (+180.2% on the year) for October to December 2025.
Profit before other income, exceptional items and tax moved +180.4% on the year, against +180.2% for reported profit.
None of the 7 checks that could run raised a question.
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.