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Lloyds Metals & Energy Ltd.
NSE: LLOYDSMEBasic MaterialsSteel
- Last close
- ₹1,781.50
- Day change
- −₹24.50 (−1.36%)vs
- Market cap
- ₹1.02 lakh crIndian rupees
- Research updated
- 1 report
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About Lloyds Metals & Energy
Lloyds Metals & Energy Ltd. is a prominent Indian company engaged in the production of iron and steel products, as well as the generation of energy. Its primary function is to serve the steel industry by producing high-grade steel and related materials. The company is involved in the mining of iron ore, which is a critical raw material for steelmaking, and operates a steel manufacturing plant where it produces a variety of steel products that cater to both domestic and international markets. Additionally, Lloyds Metals & Energy Ltd. harnesses thermal energy, contributing to its diverse portfolio in the energy sector. The company plays a vital role in sectors such as construction, automotive, and infrastructure development, which are heavily dependent on a steady supply of quality steel. Lloyds Metals & Energy Ltd.'s strategic location in India, abundant raw material reserves, and advanced technological capabilities enhance its market significance. It supports India's industrial growth by supplying essential materials crucial for large-scale projects. Its dual focus on metals and energy places it as a key player in the industrial and energy landscape, fostering sustainable development and economic progress.
- Sector
- Basic Materials
- Industry
- Steel
- Listing
- NSE: LLOYDSME
- Employees
- 4,194
- Headquarters
- Mumbai, India
- ISIN
- INE281B01032
- Website
- lloyds.in
Public research · Report of
Business model & financial foundation
Lloyds Metals & Energy (NSE: LLOYDSME), Iron ore, pellets, steel, mining services and copper: revenue of ₹17,113 crore in FY26 (+154.6% on FY25), an EBITDA margin of 35.9%, net profit of ₹3,681 crore and net debt of ₹17,908 crore.
- Revenue, FY26 (₹ crore)
- 17,113
- consolidated
- Revenue growth, FY26
- +154.6%
- on FY25
- EBITDA margin, FY26
- 35.9%
- EBITDA (Operating EBITDA excluding other income) / revenue
- Net profit, FY26 (₹ crore)
- 3,681
- to owners
- Return on equity, FY26
- 35.5%
- on average equity
- Net debt, FY26 (₹ crore)
- 17,908
- Net debt including current investments
- Market capitalisation (₹ crore)
- 1,02,650
- at the close of 14 Oct 2026
Company profile
Lloyds earns from Surjagarh merchant iron ore, pellets, sponge iron and power, and is building downstream steel capacity. Acquired mining services and overseas copper have expanded the consolidated perimeter and financing needs. Ore sales, pellet monetisation, conversion spreads and project funding—not installed capacity alone—determine earnings and equity cash flow.
| Item | Value |
|---|---|
| Legal name | Lloyds Metals and Energy Limited |
| Exchange and ticker | NSE: LLOYDSME; BSE: 512455 |
| ISIN | INE281B01032 |
| CIN | L40300MH1977PLC019594 |
| Sector | Metals and mining |
| Industry | Iron ore, pellets, steel, mining services and copper |
| Headquarters | Mumbai, India |
| Fiscal year end | March |
| Reporting basis and unit | consolidated, in ₹ crore |
| Auditor | Todarwal & Todarwal LLP |
| Market capitalisation | ₹1,02,650 crore (14 Oct 2026) |
| Shares outstanding | 56.28 crore shares (FY26) |
| Price | ₹1,812 (close, 14 Oct 2026) |
| 52-week range | ₹1,043 - ₹2,125 (to 14 Oct 2026) |
| Website | https://lloyds.in |
Corporate structure and shareholding
| Entity | Holding | Business |
|---|---|---|
| Thriveni Earthmovers and Infra Private Limited | 75.62% | Mining developer/operator; holding at 31 March 2026, subsequent dilution under verification. |
| Lloyds Global Resources FZCO | 100% | Overseas copper holding platform; controlled vehicles at minority legal equity require control assessment. |
| Lloyds Steel Private Limited | 100% | Steel/logistics platform |
| Lloyds Ferra Forge Global Private Limited | 100% | Industrial subsidiary |
| Lloyds Infinite Foundation | 100% | Social initiatives |
Copper platforms VLMH 49% and Nexus 50% are consolidated per audited scope; do not equate legal percentage with pro-rata accounting. TPPL/BRPL is a 49.99% associate.
| Shareholding (% of shares) | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|
| Promoter | 63.05% | 63.73% | 61.64% | 61.63% |
| Promoter holding pledged | 8.28% | 9.19% | 3.19% | 2.29% |
| Foreign institutions | 2.30% | 1.89% | 2.26% | 1.85% |
| Domestic institutions | 2.10% | 1.86% | 1.70% | 2.19% |
| of which mutual funds | 1.87% | 1.71% | 1.65% | 2.03% |
| Retail | 6.60% | 6.51% | 6.86% | 6.89% |
| Other | 25.94% | 26.01% | 27.53% | 27.44% |
The promoter holding pledged is a share of the promoter's own holding.
Business model
Lloyds sells merchant iron ore from its single Surjagarh (Gadchiroli) mine (lease to 2057, no auction premium) and converts a growing share into pellets (8MTPA since May 2026), sponge iron/DRI (0.70MTPA) and power, with a 1.2MTPA steel wire-rod mill due Q4FY27. From July 2025 it consolidates Thriveni Earthmovers (TEIPL, mining developer-operator; 71.89% after the Sep-2026 rights) and from March 2026 DRC copper vehicles (49% VLMH/Chemaf, 50% Nexus/Surya). FY26 consolidated revenue 17,112.67cr; EBITDA excluding other income 6,140.16cr; PAT to owners 3,680.85cr. It controls mine output, logistics (slurry line 1) and conversion; it does not control ore, pellet and steel prices.
| Segment | revenue, FY26 (₹ crore) | Share | result, FY26 (₹ crore) | Share | capital employed, FY26 (₹ crore) | Share |
|---|---|---|---|---|---|---|
| Mining (segment income definition changed) | 10,302 | 48.3% | 3,083 | 53.8% | 1,086 | 7.9% |
| Steel and related value-added products (FY26 onward) | 4,444 | 20.8% | 1,348 | 23.5% | 12,157 | 88.1% |
| MDO operations and related services | 6,572 | 30.8% | 1,303 | 22.7% | 550.5 | 4.0% |
| Others as classified in FY26 release | 2.81 | 0.0% | -6.45 | -0.1% |
Segments as the company reports them (consolidated); each share is of the segments' sum.
| Peer | Why the dossier compares them |
|---|---|
| NMDC (NMDC) | Domestic merchant iron ore benchmark |
| Godawari Power and Ispat (GPIL) | Ore-backed pellets and integrated steel |
| Sarda Energy & Minerals (SARDAEN) | Integrated metals and captive power |
| Shyam Metalics and Energy (SHYAMMETL) | Integrated long-product and pellet growth |
| Jindal Steel | Integrated steel capital-intensity and project-execution comparator |
Financial databook
| Profit and loss (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue from operations incl other operating revenue | 681.5 | 3,343 | 6,525 | 6,721 | 17,113 |
| Cost of revenue (vendor classification) * | 441.0 | 989.5 | 1,773 | 1,764 | 3,617 |
| Other operating costs (vendor classification) * | 88.3 | 1,509 | 2,887 | 2,810 | 5,765 |
| EBITDA (vendor classification) * | 176.2 | 880.2 | 1,761 | 1,952 | 6,444 |
| Operating EBIT excluding other income | 103.8 | -333.8 | 1,682 | 1,875 | 5,533 |
| Finance costs | 16.0 | 63.9 | 5.68 | 27.2 | 510.4 |
| Profit before tax including associates | 87.8 | -397.7 | 1,727 | 1,901 | 5,237 |
| Total tax expense | -9.51 | -109.1 | 483.6 | 446.2 | 1,408 |
| Group profit after tax incl NCI | 97.4 | -288.5 | 1,243 | 1,455 | 3,829 |
| Diluted EPS (₹) | 2.78 | -6.53 | 24.43 | 26.12 | 66.87 |
| Materials plus purchases plus inventory change | 892.0 | 806.1 | 1,819 | ||
| Employee benefits expenses | 117.8 | 163.3 | 1,293 | ||
| Other expenses incl mining royalty and freight | 3,784 | 3,796 | 7,861 | ||
| Operating EBITDA excluding other income | 1,731 | 1,956 | 6,140 | ||
| Other income | 49.9 | 53.7 | 193.7 | ||
| Depreciation and amortisation | 49.0 | 80.8 | 607.2 | ||
| Exceptional items signed | 0.00 | 0.00 | 0.00 | ||
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 147.8 | ||
| Share of profit of associates signed | 0.00 | 0.00 | 20.6 | ||
| PAT attributable to owners | 1,243 | 1,455 | 3,681 |
| Balance sheet (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Total equity including NCI | 481.6 | 1,529 | 2,811 | 6,460 | 14,266 |
| Gross borrowings excluding leases | 96.1 | 65.8 | 0.00 | 1,034 | 20,380 |
| Cash and cash equivalents only | 13.7 | 27.3 | 2.59 | 41.6 | 2,122 |
| Trade receivables | 23.7 | 24.5 | 79.9 | 171.4 | 1,481 |
| Inventories | 166.8 | 269.8 | 231.1 | 432.7 | 2,660 |
| Trade payables including MSME | 15.2 | 74.5 | 395.1 | 108.0 | 2,664 |
| Net carrying amount of property plant equipment | 58.1 | 78.9 | 1,157 | 1,608 | 9,992 |
| Capital work in progress | 85.9 | 445.9 | 1,268 | 4,267 | 13,946 |
| Total assets | 823.7 | 2,026 | 3,938 | 8,911 | 41,650 |
| Net debt including current investments | -283.0 | 257.3 | 17,908 | ||
| Year-end issued equity shares | 50.53 | 52.32 | 56.28 |
| Cash flow (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Net cash from operating activities | -78.8 | -567.7 | 1,701 | 1,207 | 2,921 |
| Free cash flow (vendor definition) * | -135.6 | -904.8 | -19.7 | -2,494 | -7,040 |
| Cash dividends paid positive outflow | -22.2 | 0.00 | 52.3 | 52.3 | |
| Cash capex net of asset sales including ROU | -57.4 | -388.4 | 1,721 | 3,610 | 9,962 |
| Other reported lines (₹ crore) | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Year-end issued shares (vendor memo overwritten) | 34.08 | 44.16 | 50.53 | 52.32 | 56.28 |
| Company headline EBITDA including other income | 1,781 | 2,009 | 6,334 | ||
| Other bank balances encumbrance split unverified | 284.5 | 699.3 | 581.1 | ||
| Current investments liquidity split unverified | 29.0 | 75.1 | 105.1 | ||
| Lease liabilities current plus non-current | 33.1 | 39.4 | 335.9 | ||
| Company headline net debt unreconciled definition | 16,215 | ||||
| Non-current fixed deposits (incl margin/lien FDs) | 23.4 | 146.6 | |||
| Chemaf Group borrowings stated non-recourse to LMEL | 7,569 | ||||
| Weighted average shares for diluted EPS | 50.88 | 55.53 | 55.04 | ||
| Weighted average shares for basic EPS | 50.49 | 51.77 | 53.03 | ||
| Cash and marketable securities per Note48 | 258.7 | 839.3 | 2,955 | ||
| Contingent liabilities incl related-party guarantees | 101.1 | 2,006 | 7,234 | ||
| Net debt incl leases, BS-reconstructed (excl non-current FDs) | -283.0 | 257.3 | 17,908 |
| Quarterly profit and loss (₹ crore) | Q2FY25 | Q3FY25 | Q4FY25 | Q1FY26 | Q2FY26 | Q3FY26 | Q4FY26 | Q1FY27 |
|---|---|---|---|---|---|---|---|---|
| Revenue from operations | 1,436 | 1,675 | 1,193 | 2,384 | 3,651 | 5,058 | 6,020 | 7,354 |
| Cost of revenue (vendor classification) * | 908.6 | 985.4 | -1,649 | 1,403 | 1,853 | 2,255 | 2,219 | 3,519 |
| Other operating costs (vendor classification) * | 81.7 | 112.5 | 664.7 | 122.5 | 387.3 | 632.7 | 806.0 | 654.0 |
| EBITDA (vendor classification) * | 444.8 | 554.4 | 278.8 | 822.4 | 1,099 | 1,854 | 2,579 | 2,942 |
| EBIT * | 427.1 | 532.4 | 256.4 | 791.7 | 932.0 | 1,669 | 2,355 | 2,681 |
| Finance costs | 3.62 | 8.31 | 13.4 | 14.6 | 175.8 | 152.4 | 167.6 | 275.5 |
| Profit before tax including associates | 423.5 | 524.1 | 244.6 | 787.3 | 756.2 | 1,517 | 2,187 | 2,405 |
| Current and deferred tax expense | 122.2 | 134.8 | 42.7 | 135.4 | 188.8 | 427.0 | 657.1 | 671.5 |
| Profit after tax including NCI | 301.3 | 389.3 | 201.8 | 651.9 | 567.4 | 1,090 | 1,530 | 1,734 |
| Diluted EPS (₹) | 5.44 | 7.04 | 3.65 | 11.59 | 10.33 | 18.78 | 25.79 | 30.38 |
| Materials, traded goods and inventory movement | 236.3 | 133.0 | 193.5 | 193.8 | 622.4 | 629.5 | 343.3 | 1,252 |
| Employee benefit expenses | 34.7 | 40.8 | 54.0 | 63.8 | 367.8 | 411.5 | 449.8 | 400.0 |
| Other expenses including mining, royalty and freight | 754.1 | 965.0 | 684.7 | 1,320 | 1,618 | 2,259 | 2,683 | 2,921 |
| Operating EBITDA excluding other income | 410.7 | 536.4 | 261.1 | 805.7 | 1,043 | 1,758 | 2,544 | 2,781 |
| Other income | 34.1 | 18.0 | 19.3 | 27.6 | 55.5 | 98.4 | 12.8 | 128.3 |
| Depreciation and amortisation | 17.7 | 22.1 | 22.4 | 31.4 | 166.5 | 185.6 | 224.4 | 261.5 |
| Exceptional items | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| PAT attributable to non-controlling interests | 0.00 | 0.00 | 0.00 | 0.00 | -4.97 | 42.2 | 110.6 | 7.30 |
| Share of profit or loss of associates | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -1.95 | 22.6 | 32.7 |
| PAT attributable to parent owners | 301.3 | 389.3 | 201.8 | 651.9 | 572.4 | 1,047 | 1,420 | 1,727 |
Consolidated, as reported. Lines marked * are the market-data provider's figures; the rest are extracted from the company's filings or derived from them. n.d. not disclosed, n.r. not retrieved, n.a. not applicable.
Metrics dashboard
| Metric | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue growth | 185.0% | 390.5% | 95.2% | 3.0% | 154.6% |
| EBITDA margin | 26.5% | 29.1% | 35.9% | ||
| Net margin | 19.0% | 21.7% | 21.5% | ||
| Return on equity | 57.3% | 31.4% | 35.5% | ||
| Return on capital employed | 22.2% | -30.7% | 76.4% | 36.4% | 26.3% |
| Return on assets | 41.7% | 22.7% | 14.6% | ||
| Net debt (₹ crore) | -283.0 | 257.3 | 17,908 | ||
| Net debt / EBITDA | -0.16x | 0.13x | 2.92x | ||
| Interest cover | 6.49x | -5.22x | 296.2x | 68.9x | 10.8x |
| Asset turnover | 0.88x | 2.35x | 2.19x | 1.05x | 0.68x |
| Receivable days | 13 | 3 | 4 | 9 | 32 |
| Inventory days (on revenue) | 89 | 29 | 13 | 23 | 57 |
| Payable days (on revenue) | 8 | 8 | 22 | 6 | 57 |
| Cash conversion | 1.37x | 0.83x | 0.79x | ||
| Capex intensity | 8.4% | 11.6% | 26.4% | 53.7% | 58.2% |
| Free cash flow (₹ crore) | -136.3 | -956.0 | -19.7 | -2,404 | -7,040 |
| Dividend payout | 0.0% | 3.6% | 1.4% | ||
| EPS, diluted (₹) | 2.78 | -6.53 | 24.43 | 26.12 | 66.87 |
| Book value per share (₹) | 55.63 | 123.5 | 253.5 |
Computed from the statements above:
- Revenue growth: revenue over the previous year's, less one.
- EBITDA margin: EBITDA (Operating EBITDA excluding other income) / revenue.
- Net margin: net profit to owners / revenue.
- Return on equity: net profit to owners / average equity.
- Return on capital employed: EBIT / average equity plus borrowings.
- Return on assets: net profit to owners / average total assets.
- Net debt (₹ crore): Net debt including current investments; negative is net cash.
- Net debt / EBITDA: net debt / EBITDA (Operating EBITDA excluding other income).
- Interest cover: EBIT / finance cost.
- Asset turnover: revenue / average total assets.
- Receivable days: receivables / revenue x 365.
- Inventory days (on revenue): inventory / revenue x 365.
- Payable days (on revenue): payables / revenue x 365.
- Cash conversion: cash from operations / net profit to owners.
- Capex intensity: capital expenditure / revenue.
- Free cash flow (₹ crore): cash from operations less capital expenditure.
- Dividend payout: dividends paid / net profit to owners.
- EPS, diluted (₹): as reported (Diluted EPS).
- Book value per share (₹): equity / shares outstanding.
Source: the company's filings and disclosures as extracted into Mool's company dossier (version 1, information to 14 Oct 2026); market data at the close of 14 Oct 2026. Every figure is read from the dossier's files or computed from them; the account of the business model is the analyst's, from the dossier's workings.
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Every piece of Mool’s research is built the same way: a researched evidence base, analyses that build on each other, a research model and a report with the call. This page shows the first analysis.
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- The 12-month rating and target
- The 3-month view
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- The claims the view rests on, and what would change it
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- Business model & financial foundationOn this pageWhat the company does and how it makes money, its structure, five years of financials and the metrics that matter for it.
- Future earnings & financial modelForecasts built from the drivers that move the business, by scenario, beside the street's.
- Fundamental valuation & 12-month thesisWhat the business is worth on several methods, what the market already prices in and the 12-month thesis that follows.
The research model
The model behind the report: the company’s history, the drivers that move it, its forecasts by scenario and the valuation the 12-month target comes from.
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Report history
Reports on Lloyds Metals & Energy
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