Lloyds Engineering FY26 Sees Revenue Surge 54%, Order Book Expands to ₹8,335 Crore

Lloyds Engineering Works Limited (LEWL) announced a transformative fiscal year 2025-26, marked by a significant 54.47% increase in consolidated revenue to ₹1,301.14 crore. Consolidated Profit After Tax (PAT) surged by 88.09% to ₹197.57 crore.

Reader Takeaway: Strong revenue growth and a massive order book are positives, while margin moderation needs monitoring.

What just happened

LEWL reported consolidated revenue of ₹1,301.14 crore for FY 2025-26, up from ₹845.60 crore in FY 2024-25. Consolidated EBITDA rose 50.05% to ₹239.07 crore.

Consolidated PAT grew by 88.09% to ₹197.57 crore, compared to ₹105.04 crore in the previous fiscal.

The company's proforma order book stands at a robust ₹8,335.15 crore.

Why this matters

The results reflect LEWL's successful transition to an integrated engineering platform. The substantial increase in revenue and PAT, coupled with a strong order book, provides significant multi-year revenue visibility and signals growth potential.

The backstory

FY 2025-26 was a period of strategic consolidation for LEWL. The company integrated Lloyds Infrastructure & Construction Limited (LICL), Metalfab Hightech Private Limited, and Techno Industries Private Limited. This move aimed to create a comprehensive engineering solutions provider.

LEWL also formed technology partnerships with global firms like FlyFocus (Poland), CEMI (Brazil), and Fincantieri (Italy) to boost its capabilities in specialized sectors.

What changes now

The company's operational shift towards becoming a full-scale engineering, infrastructure, and technology solutions provider is now evidenced in its financial performance. Its near debt-free status and a target EBITDA margin of 14-16% for new projects indicate a focused approach to capital efficiency and profitable growth.

Risks to watch

Investors should note the moderation in EBITDA margin from 18.67% in FY 2025 to a proforma 15.06% in FY 2025-26. This is attributed to a higher contribution from execution-intensive projects.

Peer comparison

Information on peer comparison was not available in the filing.

Context metrics (time-bound)

As of March 31, 2026, LEWL's market capitalization stood at ₹8,079.90 crore.

What to track next

Investors will be keen to observe LEWL's execution capabilities in managing its large order book and its ability to maintain profitability margins amidst scaling operations. The integration of acquired entities and effectiveness of new technology partnerships will also be key.