Lloyds Metals And Energy (512455) Q3 25/26 earnings summary

Executive summary

• Achieved record consolidated revenue, EBITDA, and PAT, surpassing INR 100 bn in revenue for the first time, with strong growth across all business segments and robust operational execution.

• Expansion into copper mining in DRC, Katanga, with 16 mining leases over 800 sq km, targeting 10,000 tons of copper cathode in FY27, and exploring new opportunities in Bougainville.

• Strategic MoU with Tata Steel for collaborations in mining, pellet conversion, and steelmaking, including a 50.01% acquisition of TPPL, enhancing integration and raw material security.

• Board approved several strategic initiatives, including new equity share allotments, major project developments, and international acquisitions.

• Ferrous operations remain robust, with multiple projects progressing on schedule and strong demand for iron ore and pellets.

Financial highlights

• Q3 FY26 consolidated income rose 204% YoY to INR 51,553 mn; 9MFY26 income up 103% YoY to INR 1,12,738 mn; Q3FY26 EBITDA up 235% YoY to INR 18,564 mn; PAT up 180% YoY to INR 10,895 mn.

• Standalone Q3 FY26 income: INR 3,875 crore, up 129% YoY; EBITDA: INR 1,317 crore, up 137% YoY; PAT: INR 888.89 crore, up 128% YoY.

• Consolidated revenue from operations for Q3 FY26 was ₹4,909.38 Cr, up from ₹1,670.82 Cr in Q3 FY25; nine-month consolidated net profit was ₹2,298.54 Cr, up from ₹1,248.09 Cr year-over-year.

• EBITDA margin improved to 33.51% for 9MFY26; PAT margin stable at 20.39%.

• TEIPL (Thriveni) contributed INR 54,815 mn income and INR 10,791 mn EBITDA for 9MFY26, with 19.69% EBITDA margin.

Outlook and guidance

• FY26 guidance: iron ore production 20-22 MnT, pellet production 6-8 MnT, DRI production 450-550 kt, steel (WRM) production 0.15-0.2 MnT.

• FY27 targets: iron ore 25-26 MnT, pellet 8 MnT, DRI 700 kt, steel 1.2 MnT.

• CapEx outlay of INR 14,000 crore over next two years, funded by INR 6,000 crore debt and internal accruals.

• Board approved a second slurry pipeline project with an estimated investment of ₹8,000 Cr, to be completed in phases over 2.5 years.

• Thriveni targets FY26 revenue of INR 7,500+ crore and FY27 revenue of INR 10,000+ crore.