Whalesbook
📉 The Financial Deep Dive
The Numbers:
Lloyds Metals and Energy Limited showcased exceptional performance for the quarter and nine months ended December 31, 2025. On a standalone basis, Q3 FY26 revenue from operations surged by 124.47% YoY to ₹3,800.79 Cr, with Profit After Tax (PAT) skyrocketing by 182.90% YoY to ₹888.55 Cr. For the nine months ended December 31, 2025, standalone revenue grew 59.33% YoY to ₹8,858.79 Cr, and PAT increased 70.51% YoY to ₹2,128.67 Cr. Basic EPS stood at ₹16.84 for the quarter and ₹40.50 for the nine months.
Consolidated figures were even more impressive. Q3 FY26 consolidated revenue from operations jumped 204.48% YoY to ₹5,155.31 Cr, with PAT attributable to shareholders growing 170.45% YoY to ₹1,047.39 Cr. For the nine months, consolidated revenue rose 102.76% YoY to ₹11,273.84 Cr, and PAT increased 81.18% YoY to ₹2,261.35 Cr. Basic EPS was ₹19.87 for the quarter and ₹43.03 for nine months.
Profitability & Drivers:
The substantial revenue growth was primarily driven by strong performance in both the Mining and Steel segments, with the Steel segment demonstrating particularly high YoY expansion. Profitability saw broad-based improvements across both standalone and consolidated financials.
Financial Health & Corporate Actions:
The company's equity share capital increased due to the allotment of 8,05,500 equity shares upon conversion of preferential warrants, raising ₹38.74 Cr. Additionally, the company issued ₹600 Cr in Non-Convertible Debentures (NCDs). Consolidated total assets experienced a significant expansion, growing from ₹8,203.80 Cr in December 2024 to ₹23,562.32 Cr in December 2025.
Strategic Expansion & Outlook:
The Board approved several transformative projects. A new wholly-owned subsidiary in Maharashtra is planned with an outlay exceeding ₹252 Cr for skill development. A major Second Slurry Pipeline Project from Hedri to Maharashtra Port, estimated at ₹8,000 Cr, with a 2.5-year implementation timeline, was sanctioned. Capacity at Konsari pellet plants will increase from 4 MTPA to 5 MTPA each, requiring ₹300 Cr capex by FY27.
Internationally, Lloyds Global Resources FZCO will acquire up to 95% in Lloyds Asia Resources Pte. Ltd. (Singapore) for up to USD 5 million. Further, it will acquire 100% of TP Phoenix (Pty) Ltd (South Africa) for up to USD 1 million, establishing South Africa as a strategic hub.
Risks & Forward View:
The ambitious expansion plans, particularly the ₹8,000 Cr slurry pipeline, necessitate significant capital. While funding mechanisms like NCDs and warrant conversions are in place, managing execution timelines and securing necessary approvals will be critical. International integration of acquired entities also presents execution risks. Investors will watch the progress on these mega-projects and their impact on financial leverage and cash flow generation in the coming quarters.