Lloyds Metals And Energy LimitedMetals & MiningLLOYDSME
Q1 FY27 concall · earnings callLloyds Metals And Energy Limited
Record revenue and margins were driven by full capacity utilization of the new pellet plant, structural cost savings from the slurry pipeline, and a deliberate shift towards value-added products.
Numbers
| Metric | This quarter | Change | Five-quarter trend |
|---|---|---|---|
| Consolidated Revenue | ₹7,354 Cr | Tripling YoY | |
| Standalone Revenue | ₹5,413 Cr | 127% YoY | |
| Standalone EBITDA | ₹2,120 Cr | 172% YoY | |
| Standalone PAT | ₹1,527 Cr | 141% YoY | |
| Standalone EBITDA Margin | 39.2% | Up 639 bps YoY | |
| Iron Ore Sales Volume | 5.46 million tons | 58% YoY | |
| Pellet Production | 1.69 million tons | — |
Financials
From filed quarterly results. YoY and QoQ compare each metric on the same accounting basis.
| Quarter | Revenue | Net profit (PAT) | Basic EPS |
|---|---|---|---|
| Q3 FY25 | ₹1,675.17 Cr-12.3% YoY+22.8% QoQ | ₹389.29 Cr+17.4% YoY+29.2% QoQ | ₹7.55+14.9% YoY+28.4% QoQ |
| Q2 FY25 | ₹1,364.43 Cr+25% YoY-43.6% QoQ | ₹301.32 Cr+30.3% YoY-45.9% QoQ | ₹5.88+28.4% YoY-46.8% QoQ |
| Q1 FY25 | ₹2,417.24 Cr+23% YoY+55.5% QoQ | ₹557.40 Cr+38.2% YoY+101.3% QoQ | ₹11.06+38.4% YoY+101.5% QoQ |
| Q4 FY24 | ₹1,554.29 Cr— YoY-18.6% QoQ | ₹276.91 Cr— YoY-16.5% QoQ | ₹5.49— YoY-16.4% QoQ |
| Q3 FY24 | ₹1,910.53 Cr— YoY+75.1% QoQ | ₹331.50 Cr— YoY+43.4% QoQ | ₹6.57— YoY+43.4% QoQ |
TL;DR
- Revenue tripled year-on-year on a consolidated basis.
- Pellet plant achieved 100% capacity utilization within four months of commissioning.
- EBITDA margins reached a record 39.2%, expanding over 600 basis points both YoY and QoQ.
- Value-added products now contribute over 40% of standalone revenue and EBIT.
- Thriveni's operations grew significantly with improved margins and major mine expansions.
- Capex remains high, focused on downstream steel, BHQ beneficiation, and international copper projects.
Said on the call
“This milestone does not belong to the management or the team. It belongs first and foremost to every investor and to the community that stood with us through the early years of uncertainty, through the ramp-up and through every project that we have executed since.”
From the Q&A
| Topic | What management said |
|---|---|
| Pellet Profitability | Management attributed strong pellet margins to the slurry pipeline saving of INR550 per ton and an export mix of 25%, aiming to maintain the product mix. |
| Iron Ore EBITDA Per Ton | Flat year-on-year EBITDA per ton for iron ore was explained by stable sales prices and increased internal consumption, with margins transferring to value-added products. |
| Copper Project Capex and Timing | A total of $300+ million in capex is required over the next 9 months to complete the larger JV asset, with operational targets set for Q1 FY28; financial closure is expected in 3-4 months. |
| BHQ Beneficiation Plant | The plant is on schedule for March '28 commissioning, with a confirmed 38% recovery rate (up from 35%) and an expected output of 16-17 million tons of saleable product. |
| Capex Outlook | Peak capex is expected in the third year at INR15,000-20,000 crores; for the next two years, it is around INR11,000-11,500 crores, excluding potential PNG copper project spending. |
| Chemaf Debt Restructuring | Management is working to renegotiate terms and expects a 40-50% reduction in the consolidated net debt of ~INR19,000 crores upon completion in the next quarter. |
| Tata Steel JV Progress | A small MDO contract has started; longer-term plans include evaluating increased production capacity in Tata Steel mines and developing slurry pipelines on a BOT model. |
| NTPC Wage Receivable | The INR300+ crores receivable from NTPC is under negotiation and arbitration; no provision is planned as management expects a resolution in 2-3 months, with no impact on the working relationship. |
Guidance
- Full-year EBITDA margin guidance for Thriveni remains 28% to 30%.
- Steel plant commissioning is expected by March '27.
- BHQ beneficiation plant commissioning is expected by March '28.
- Copper JV asset is intended to be operational in Q1 FY28.
- Odisha volumes are expected to grow 39% year-on-year to 34-35 million tons in FY27.
Source
Summary written from the transcript filed by Lloyds Metals And Energy Limited for the call held on 11 Aug 2026; published 18 Aug 2026, 20:36 IST.
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