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Revenue
₹6,020 Cr
verified against source
Revenue YoY
310%
reported change
EBITDA
₹1,679 Cr
latest reported figure
Source
screener in
record provenance
Actual signal trajectory
Where this quarter sits.
Quarter read
What the record says.
Lloyds Metals delivered a standout Q4 FY26, with standalone revenue surging 310% YoY to ₹4,977 crore and EBITDA jumping 498% to ₹1,679 crore, driven by a 120% increase in iron ore production to 22 million tonnes and the ramp-up of pellet capacity to 8 million tonnes. EBITDA margin expanded ~1000bps YoY to 33.73%, reflecting structural cost benefits from the slurry pipeline and higher value-added product mix (32% of revenue vs 20% in FY25). Management guided FY27 iron ore production of 26 million tonnes, pellet dispatches of 7.75-8 million tonnes, and annual cost savings exceeding ₹2,000 crore by FY28. The company also entered copper via Surya and KMF, targeting 100,000 tonnes over 3-5 years. Key risk: execution and geopolitical challenges in DRC copper-cobalt operations could delay ramp-up and strain consolidated leverage.
Colored figures show movement against the previous available record.
Guidance to track
- Management guided iron ore production of 26 million tonnes for FY27, up from 21.96 million tonnes in FY26.
- Pellet dispatches are expected to be between 7.75 and 8 million tonnes in FY27, leveraging the newly commissioned second pellet plant.
- Management expects annual cost savings to surpass ₹2,000 crore by March 2028, driven by slurry pipeline, solar projects, and other green initiatives.
- From Surya and KMF assets, the company targets 100,000 tonnes of copper production over the next 3-5 years.
Risks flagged
- Surya copper plant faced sulfuric acid supply shortages, impacting ramp-up. KMF acquisition involves significant debt and operational control in a challenging geography.
- Standalone net debt stood at ₹3,910 crore; consolidated debt includes ~$800 million from KMF. Management plans to maintain debt/EBITDA at 1-1.5x, but aggressive capex could strain balance sheet.
- Sequential pellet realizations declined as the company entered new markets and increased exports, which could pressure margins if sustained.
Key quotes
- In the last 5 years, our CAGR on revenue is up by 109%. And on PAT, the CAGR is a whopping 139%.
- The EBITDA margin has held steady at approximately 34% across both the last two quarters, demonstrating structural cost efficiency and not one-off gains.
- We are what we repeatedly do. Excellence then is not an act but a habit.
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