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

Executive summary

• Achieved record consolidated revenue, EBITDA, and PAT, surpassing INR 11,000 crore and INR 100 bn in revenue for the first time, with strong growth across all business segments and robust operational execution.

• Strategic expansion in steel, iron ore, and value-added products, with significant capex and new project commissioning, including DRI expansion and pellet plant ramp-up.

• Entered into a strategic MoU with Tata Steel for collaboration in mining, pellet conversion, and steelmaking, enhancing long-term integration and raw material security.

• Diversified into copper mining in DRC and exploring new opportunities in Bougainville, reflecting a focus on multi-mineral growth and international expansion.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended 31st December 2025 were approved, with statutory auditors issuing unqualified limited review reports.

Financial highlights

• Q3 FY26 consolidated income rose 204% YoY to INR 51,553 mn; 9M FY26 income up 103% YoY to INR 1,12,738 mn; Q3 FY26 standalone income: INR 3,875 crore, up 129% YoY; EBITDA: INR 1,317 crore, up 137% YoY; PAT: INR 888.89 crore, up 128% YoY.

• 9M FY26 standalone income: INR 8,859 crore, up 59% YoY; EBITDA: INR 2,994 crore, up 74% YoY; PAT: INR 2,129 crore, up 71% YoY.

• Q3 FY26 EBITDA up 235% YoY to INR 18,564 mn; 9M FY26 EBITDA up 119% YoY to INR 37,774 mn; EBITDA margin improved to 33.51% for 9M FY26.

• Consolidated net profit for Q3 FY26 was ₹1,089.56 Cr, up from ₹389.29 Cr in Q3 FY25; nine-month consolidated net profit was ₹2,298.54 Cr, up from ₹1,248.09 Cr year-over-year.

• Basic EPS (consolidated) for Q3 FY26 was ₹19.87, up from ₹7.55 in Q3 FY25; nine-month EPS was ₹43.03, up from ₹24.23 year-over-year.

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.

• Pellet operations to run at optimal utilization; DRI contribution to improve as operations stabilize.

• Thriveni targets 40% YoY growth in external iron ore, 15% in NTPC coal, and 35% bottom-line growth in FY 2027.

• Copper cathode plant in DRC to achieve 10,000 tons in FY 2027, with 30-32% EBITDA margin.