Lloyds Metals And Energy Limited (LLOYDSME)
Large CapMetals stocks · Large cap · NSE
LMEL is building world-class assets in steel manufacturing, revolutionising iron ore mining and beneficiation, aligning with the nation's steel production goals. It aims to create an economic powerhouse at Chandrapur & Gadchiroli, Maharashtra, and is expanding into copper and cobalt mining in the DRC.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Investable fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 1/4 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 30 Jun 2026
Excellent · 95/100Rev +208% YoY · PAT +170% YoY · margin expansion · +22% QoQ
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹7,354 Cr | +208.5% | +22.2% |
| EBITDA | ₹2,781 Cr | +250.3% | +9.3% |
| Operating margin | 38.0% | +500 bps | -400 bps |
| PAT | ₹1,734 Cr | +170.1% | +13.3% |
| PAT margin | 23.6% | -335 bps | -184 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Business & thesis
Growth engines, tailwinds/headwinds, and risk radar from management commentary
Where growth can come from, and what can break the case
LLOYDSME reported highest ever quarterly/yearly Revenue, EBITDA, and PAT on a standalone basis for Q4 & FY26. Consolidated Total Income grew 155% YoY to INR 1,73,064 Mn in FY26, driven by higher iron ore EC limits, pellet plant ramp-up, and improved sponge iron volumes.
The company delivered robust FY26 results, driven by strong volume growth across segments and margin expansion from operating leverage and product mix improvement. Significant capacity additions and new ventures in copper and cobalt, alongside strategic partnerships, position it for continued growth, though execution and rising debt warrant monitoring.
Consolidated Revenue Split (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Iron Ore Mining Expansion
Environment Capacity increased from 10 MTPA to 55 MTPA for Gadchiroli operations. FY27 production target is 26 MnT.
Pellet Capacity Expansion
2nd Pellet Plant (4 MnT) commissioned in May-26. FY27 guidance for pellet production is 7.75-8 MnT.
Copper & Cobalt Ventures (DRC)
Commercial production of copper cathodes from 12,000 TPA plant commenced March 2026. Acquired 49% stake in Chemaf Group for copper-cobalt.
Integrated Steel Project
Construction work for 1.2 MnT steel plant has started and is expected to be on time.
2nd Pellet Plant
4 MnT capacity commissioned in May-26, completed in 16 months from construction start.
Copper Cathode Plant (DRC)
12,000 TPA plant in Surya Mines commenced commercial production in March 2026.
DRI Plant
DRI plant at Ghughus is commissioned.
Slurry Pipeline (Hedri to Ghughus)
New 195 kms, 16 MnT capacity slurry pipeline from Hedri to Ghughus. Construction to start in Q4FY26, expected commissioning in FY27.
Robust Domestic Demand
Robust domestic demand for iron ore and pellets supported volume growth across segments.
Slurry Pipeline & Captive Ore
Commissioning of slurry pipeline enabled smoother evacuation of iron ore, improving throughput and asset utilization, leading to robust margins for pellets.
Long Mine Lease Validity
LMEL mines are valid till year 2057, making them prominent miners beyond CY30 and ensuring raw material security.
Strategic Collaboration with Tata Steel
MoU signed to explore strategic collaboration across iron ore mining, pellet manufacturing, slurry pipeline infrastructure, and steelmaking.
Indonesian Operations Scale Down
Plans to scale down Indonesian operations due to lower margins and operational issues, proposing to shift equipment to Congo or PNG.
High Finance Costs
Consolidated finance costs increased 1,776% YoY in FY26 to INR 5,104 Mn, indicating rising debt burden.
Project Execution & Ramp-up
Multiple large-scale projects (steel, copper, cobalt, pipelines) require timely execution, commissioning, and utilization ramp-up to realize expected benefits.
Commodity Price Volatility
Exposure to global copper and cobalt prices, and domestic iron ore/steel prices could impact realizations and profitability.
Management accountability
What management said, and what results must prove
Management accountability
What management said, and what results must prove
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
YoY comparison is crucial for assessing the significant growth in Q4 and full-year FY26 financials and operational volumes. QoQ is important for tracking sequential momentum, especially for new capacities like the pellet plant achieving 100% utilization and new project commissioning.
Consolidated Total Income (FY26)
INR 1,73,064 Mn, up 155% YoY.
Consolidated EBITDA (FY26)
INR 63,339 Mn, up 215% YoY.
Consolidated EBITDA Margin (FY26)
36.60%, expanded 694 bps YoY.
Iron Ore Production Volume (FY26)
21.96 MnT, up 120% YoY.
Focus on Value Addition
Roadmap towards BHQ beneficiation, pellets, DRI, steel, copper, and cobalt, with significant capacity expansions planned across verticals.
Cost Optimization Initiatives
Slurry pipelines and captive logistics are expected to deliver over INR 2,000 crore annual savings as initiatives mature.
DRC Copper/Cobalt Expansion
Clear pathway to expand copper capacity to 30,000 TPA at Surya Mines, with longer-term ambition of 100,000 TPA; cobalt capacity to ~20,000 TPA.
Strategic Partnerships
MoU with Tata Steel aims to leverage complementary strengths, promote sustainable growth, and build a scalable, integrated steel value chain.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Pellet Production | 3.03 MnT (FY26) | 7.75-8 MnT (FY27 guidance) and sustained 100% utilization of new plants. |
| Iron Ore Production | 21.96 MnT (FY26) | 26 MnT (FY27 guidance) and ramp-up towards 55 MTPA EC limit. |
| DRC Copper Production | Commercial production commenced March 2026 | 10,000 tonnes (CY26 estimated) and 15,000 tonnes (CY27 estimated) production targets. |
| Slurry Pipeline Commissioning | Hedri to Konsari (85 kms) operational | Commissioning of the 195 kms Hedri to Ghughus pipeline in FY27 and associated cost savings. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Show extracted source claims
All upcoming projects are expected to have a payback period of less than 4 years.
"All upcoming projects are expected to have a payback less than 4 years"
All upcoming projects are expected to have a payback period of less than 4 years.
"All upcoming projects are expected to have a payback less than 4 years"
LMEL is forward integrating into 12 MNT Pellet and 4.2 MNT Steelmaking.
"Forward Integrating into 12 mnt Pellet and 4.2mnt Steelmaking"
LMEL is forward integrating into 12 MNT Pellet and 4.2 MNT Steelmaking.
"Forward Integrating into 12 mnt Pellet and 4.2mnt Steelmaking"
Iron ore saleable/processed capacity will expand from 10 MNT to 25 MNT.
"Iron Ore (saleable/processed) Existing 10 MNT Post Expansion 25 MNT"
Outcome check: Revenue YoY averaged -17.8% across 2 later quarter(s).
Iron ore saleable/processed capacity will expand from 10 MNT to 25 MNT.
"Iron Ore (saleable/processed) Existing 10 MNT Post Expansion 25 MNT"
All expansion plans are drawn without resorting to debt.
"All the expansion plans are drawn without resorting to debt"
All expansion plans are drawn without resorting to debt.
"All the expansion plans are drawn without resorting to debt"
Trend score and candlestick chart
53NeutralSMA20 -4.5% / mo · MACD − · sector +2.7pp vs Nifty (3M)
Technical chart
LLOYDSMEdaily · 1Y · AUTO+51.2%Daily technical trend read
Mixed signalsSignals are conflicting — long-term uptrend intact. RSI 43. Wait for confirmation.
- Price above SMA200 (long-term uptrend) but mid-term MAs not aligned.
- SMA20 falling (~4.7% over last month) — short-term momentum negative.
- RSI(14) at 43 — rising, no extreme reading.
- MACD below signal but histogram contracting — bearish momentum easing.
- 14% off 52W high · 75% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Relative Strength & Trend Stage
- Price is 11.2% above the 30-week proxy.
- The 50-DMA is above the 30-week proxy and its slope is rising +6.0%.
- Both 3-month and 6-month returns are positive.
Valuation & score drivers
U-Score 62 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Valuation & score drivers
U-Score 62 · UNDERVALUED · pillar breakdown, sector model, fair-value anchor
Fundamental score breakdown
UNDERVALUEDWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Piotroski is strong at 7/9.
- Fair-value margin of safety is positive at 30.7%.
- Quality contributes 17/20 to the score.
Main drags
- Valuation is weaker at 7/30; verify the latest quarterly trend.
- Cash flow is weaker at 4/10; verify the latest quarterly trend.
- Balance sheet is weaker at 8/15; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Modelled fair value
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust score
Does management behaviour match later outcomes? Claim delivery, forensic breakdown, evidence depth
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Healthy Trust: Management has 0% delivered/partly-delivered outcomes on 1 checked claims, with 1 adverse claim outcome. It ranks around the 75th percentile of the scored universe and 75th percentile within Metals. No major sub-score weakness stands out.
Healthy Trust Lite: Promoter holding is 61.6%. Key concern: Promoter holding fell 1.4%.
Generally investable credibility. Look for weak sub-scores before increasing position size.
overall median 67 · Metals: 75th pctile, median 70 · Large: 56th pctile, median 73
65 documents have extracted text, but claim history is not strong enough yet.
1/4 claims checked · 1 contradicted/failed claim
How to read this Trust Score
Healthy Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter holding is 61.6%.
- ▸Promoter pledge is zero.
- ▸6 years of positive FCF.
- ▸ROCE is 27.3%.
Trust risks
- ▸Promoter holding fell 1.4%.
- ▸Debt/equity is 1.49.
- ▸ROCE trend is -20%.
- ▸OPM spread across recent quarters is 20%.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Financials
Full fundamentals table and 10-year revenue / profit / ROE history
Fundamentals
Valuation
- P/E
- 21.50
- P/B
- 7.41
- EV/EBITDA
- 13.76
- Market Cap
- 102618.00Cr
Profitability
- ROE
- 36.60%
- ROCE
- 27.30%
- ROA
- 11.82%
- Dividend Y
- 0.05%
Growth (CAGR)
- Revenue 5Y
- 133.00%
- EPS 5Y
- 679.00%
- Revenue 3Y
- 72.00%
- EPS 3Y
- 60.00%
Balance Sheet
- Debt/Equity
- 1.49
- Interest Coverage
- 10.54×
- Altman Z
- 3.97
- Book Value
- 246.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 6/5
- OCF
- 2921.00 Cr
- EPS TTM
- 86.00
Shareholding
- Promoter Hold
- 61.63%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 72%
Financial History
Updated 5/9/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable names in Metals, ranked by similarity
Peers
Business-comparable names in Metals, ranked by similarity
Peers
Business-comparable peers in Metals — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.