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Stock Analysis

Description

Lloyds Engineering Works Limited, established in 1974, is engaged in the design, manufacturing, and commissioning of heavy equipment and systems for sectors including HydroCarbon, Oil & Gas, Steel, Power, and Nuclear Plant Boilers.

Key Growth Triggers

Strategic merger of subsidiaries (LICL, Metalfab, TIPL) to form a unified 'Design-to-Execution' entity with a pro-forma order book of ~₹6,150 Crore.
Acquisition of full ownership of subsidiary Techno Industries Private Limited to bolster product offerings.
Expansion into the aerospace and defence sector through collaborations for UAVs (Defender SIGINT UAV, FPV drones) and radar technology.
International agreement for exclusive global rights to The Material Works' patented Eco Pickled Surface (EPS) Gen 4 cells, a sustainable steel processing technology.
Significant consortium order for a 4.2 MTPA Pellet Plant Complex at SAIL's IISCO Steel Plant.

Order Book

Order Book: H1FY26 (Pro-forma Combined) = ~₹6,150 Crore

Key Red Flags

Currently no data available for Key Red Flags.

Key Dates To Watch

Board Meeting of Rights Issue Committee: January 21, 2026, to consider First and Final Call on partly paid-up equity shares.

Corporate Announcements

31st Mar 26

Impact Rating: 6

Lloyds Engineering Works approved granting 8.2 million employee stock options at ₹9.50 each, comprising 6.97 million for its staff and 1.23 million for its subsidiary.

27th Mar 26

Impact Rating: 5

Lloyds Engineering Works announced a trading window closure for designated persons and their relatives from April 1, 2026. This period extends until 48 hours after the board meeting scheduled to approve Q4/FY26 financial results.

27th Mar 26

Impact Rating: 6

Shareholders of Lloyds Engineering Works Limited approved key resolutions at the Extra Ordinary General Meeting (EGM) on March 27, 2026, including the appointment of three new directors and the utilization of unutilized rights issue proceeds.

27th Mar 26

Impact Rating: 5

Lloyds Engineering Works Limited shareholders approved the appointment of three directors at the March 27, 2026 EGM: Mr. Vinay Kumar Tripathi & Mr. Apurva Chandra as Independent Directors, and Mr. Balasubramaniam Prabhakaran as Non-Executive Non-Independent Director.

27th Mar 26

Impact Rating: 6

Lloyds Engineering Works Limited conducted its Extra Ordinary General Meeting on March 27, 2026. Key outcomes included the appointment of Mr. Vinay Kumar Tripathi and Mr. Apurva Chandra as Independent Directors and Mr. Balasubramanian Prabhakaran as a Non-Executive Non-Independent Director.

Peer Comparision

S.No.	Name	Current Price (Rs.)	Price to Earning	Market Capitalization (Rs.Cr.)	Dividend yield (%)	Net Profit latest quarter (Rs.Cr.)	YOY Quarterly profit growth (%)	Sales latest quarter (Rs.Cr.)	YOY Quarterly sales growth (%)	Return on capital employed (%)	Sales (Rs.Cr.)	OPM (%)	Profit after tax (Rs.Cr.)	Profit after tax latest quarter (Rs.Cr.)	Price to book value	Return on assets (%)	Debt to equity
1.	Honeywell Auto	34100.00	58.32	30097.50	0.31	119.50	3.82	1149.40	12.26	18.40	4537.80	12.66	516.10	119.50	7.20	9.98	0.02
2.	Kaynes Tech	3831.30	67.84	25689.76	0.00	121.41	101.64	906.22	58.40	14.28	3225.35	16.21	378.68	121.41	5.49	7.24	0.19
3.	Jyoti CNC Auto.	961.15	63.23	21885.51	0.00	85.50	12.68	507.90	17.93	24.35	1943.26	26.50	346.13	85.50	11.94	12.99	0.40
4.	Aditya Infotech	1401.40	83.72	16478.57	0.00	69.98	196.78	919.64	37.48	19.49	3111.87	7.96	150.44	69.98	10.35	6.24	0.08
5.	LMW	14590.00	129.57	15583.05	0.21	40.92	67.29	821.88	6.88	4.48	3086.08	4.91	120.27	40.92	5.51	2.07	0.00
6.	Syrma SGS Tech.	749.40	62.93	14453.61	0.20	66.34	76.77	1145.89	37.60	11.67	3883.93	10.01	229.67	64.06	5.13	4.37	0.12
7.	Tega Inds.	1920.40	61.01	14425.24	0.10	44.94	522.44	405.35	14.73	17.80	1706.82	21.45	236.44	44.94	8.66	10.07	0.21
8.	Lloyds Engineeri	54.40	73.57	7457.10	0.46	33.19	18.75	243.95	14.99	23.23	826.61	15.50	101.36	33.19	5.49	13.67	0.14
–	Median: 120 Co.	269.25	31.94	576.61	0.0	5.81	12.8	73.37	15.29	16.28	224.53	14.01	15.47	5.6	3.69	7.71	0.19

Quarterly Results

Standalone figures in ₹ crores

	Dec 2022	Dec 2023	Dec 2024	Jun 2023	Jun 2024	Jun 2025	Mar 2023	Mar 2024	Mar 2025	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales	58	201	230	113	135	174	174	188	178	30	122	212	244
Expenses	39	166	190	99	110	150	161	161	152	22	98	180	206
Operating Profit	20	36	39	15	25	24	13	27	27	7	24	32	38
Other Income	1	1	10	2	2	9	1	3	5	2	1	6	8
Profit before tax	19	35	45	15	24	30	12	27	28	8	23	34	38
Tax %	34%	23%	25%	14%	10%	40%	47%	22%	40%	0%	19%	17%	13%
Net Profit	13	27	34	13	21	18	6	21	17	8	19	28	33
EPS in Rs	0.10	0.19	0.23	0.09	0.15	0.12	0.05	0.15	0.11	0.06	0.13	0.19	0.28

Profit & Loss

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	TTM
Sales	-0	510	117	76	122	98	114	70	50	313	624	756	827
Expenses	-0	493	118	79	152	103	117	80	45	260	523	633	698
Operating Profit	-0	18	-2	-3	-30	-6	-3	-10	5	53	101	123	128
Other Income	-0	9	8	6	34	10	8	13	10	3	7	22	31
Interest	-0	23	4	0	0	0	1	1	1	4	4	7	8
Depreciation	-0	1	1	1	1	1	2	2	1	2	4	8	11
Profit before tax	-0	3	1	1	3	3	3	1	12	49	100	130	140
Net Profit	-0	3	1	1	2	3	2	0	6	37	80	100	101
EPS in Rs	–	–	0.01	0.01	0.02	0.02	0.02	0.00	0.05	0.28	0.55	0.68	0.74
Dividend Payout %	–	-0%	-0%	-0%	-0%	-0%	-0%	-0%	76%	27%	29%	29%	–

Balance Sheet

Standalone figures in ₹ crores

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Sep 2025
Equity Capital	0.05	0.05	90	90	90	90	90	90	90	99	114	117	132
Reserves	-0	91	3	15	17	20	23	24	45	96	297	528	1,022
Borrowings	-0	1	0	-0	0	1	1	5	25	52	75	45	162
Other Liabilities	-0	834	475	450	403	277	44	33	34	123	85	197	255
Total Liabilities	0	926	569	555	510	388	158	151	194	371	571	888	1,571
Fixed Assets	-0	12	13	12	11	12	14	14	14	33	77	80	127
Gross Block	0.00	50.53	52.45	51.69	52.17	53.15	56.03	56.80	57.48	65.06	110.61	119.91	–
Accumulated Depreciation	0.00	38.41	39.89	40.18	40.77	41.61	41.78	42.76	43.52	31.72	33.12	39.43	–
CWIP	-0	-0	-0	-0	-0	-0	-0	-0	4	26	11	63	90
Investments	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	5	194	248
Other Assets	0	913	556	543	499	376	144	137	176	312	478	550	1,107
Total Assets	0	926	569	555	510	388	158	151	194	371	571	888	1,571

Cash Flows

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Cash from Operating Activity	-0	15	1	-4	-4	-2	-9	18	-17	-3	-45	165
Cash from Investing Activity	-0	11	0	3	5	1	12	-17	-12	-54	-97	-106
Cash from Financing Activity	-0	-23	-4	-0	-0	-0	-0	-0	36	46	142	-55
Net Cash Flow	-0	3	-4	-1	0	-1	3	0	7	-11	1	4

Ratios

Standalone Figures in ₹ Crores / Yearly

	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025
Debtor Days	–	205	1,028	1,416	503	348	79	46	72	34	89	98
Inventory Days	–	55	330	349	35	324	142	162	1,627	222	92	31
Days Payable	–	194	398	630	42	340	105	62	259	48	25	55
Cash Conversion Cycle	–	67	960	1,136	495	333	116	146	1,439	208	156	74
Working Capital Days	–	45	204	323	210	269	242	423	787	157	107	86
ROCE %	-0%	55%	5%	2%	3%	3%	3%	1%	9%	28%	28%	23%

Shareholding Pattern

Numbers in percentages

	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025
Promoters	57.66%	57.66%	60.64%	59.79%	59.79%	57.25%	57.25%	57.25%	56.39%	56.23%	49.36%	49.26%
FIIs	0.01%	0.03%	0.03%	0.25%	1.03%	1.39%	2.12%	2.22%	2.87%	2.66%	2.22%	2.15%
DIIs	0.08%	0.05%	0.04%	0.04%	0.09%	0.13%	0.14%	0.15%	0.16%	0.16%	0.15%	0.16%
Public	42.25%	42.26%	39.28%	39.91%	39.09%	41.03%	40.45%	40.35%	40.57%	40.66%	48.26%	48.41%