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.

• Unaudited standalone and consolidated financial results for Q3 and 9M FY26 were approved, with statutory auditors issuing unqualified limited review reports.

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

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 standalone income: INR 3,875 crore, up 129% YoY.

• Q3 FY26 EBITDA up 235% YoY to INR 18,564 mn; 9M FY26 EBITDA up 119% YoY to INR 37,774 mn; Q3 standalone EBITDA: INR 1,317 crore, up 137% YoY.

• Q3 FY26 PAT increased 180% YoY to INR 10,895 mn; 9M FY26 PAT up 84% YoY to INR 22,985 mn; Q3 standalone PAT: INR 889 crore, up 128% YoY.

• Consolidated revenue for Q3 FY26 was ₹4,909.38 Cr, up from ₹1,670.82 Cr in Q3 FY25; nine-month consolidated revenue was ₹10,827.06 Cr, up from ₹6,626.31 Cr YoY.

• Thriveni Q3 FY26 income: INR 2,200 crore, EBITDA: INR 550 crore (25% margin); 9M income: INR 5,480 crore, EBITDA: INR 1,080 crore (20% 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; Odisha targeting 34-35 MnT in FY27 and Gadchiroli EC raised to 55 MTPA.

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

• Thriveni targets FY26 revenue of INR 7,500+ crore and FY27 revenue of INR 10,000+ crore; FY27 EBITDA guidance: INR 3,000 crore.

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