Iron Ore Production (FY26)
21.96M tonnes
+120% YoY
Full-year iron ore production more than doubled, driven by capacity expansion at Surjagarh and Odisha mines.
LLOYDSMETALSANDENERGY
Energy
07 May 2026
Lloyds Metals And Energy Ltd — Q4 FY26
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 milli...
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2-Minute Summary
✦ AI-Generated from Full Transcript
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.
Key Numbers
Pellet Production (FY26)
3.03M tonnes
New (first full year)
Pellet plant reached 100% capacity utilization within 4 months of commissioning; second plant commissioned in May 2026.
Value-Added Product Revenue Share (FY26)
32%
+12pp YoY
Share of value-added products (pellets, DRI) in standalone revenue increased from 20% in FY25.
ROCE (ex-CWIP, FY26)
56%
N/A
Return on capital employed (excluding CWIP) stood at 56%, reflecting high capital efficiency.
Management Guidance
FY27 iron ore production target of 26 million tonnes
Management guided iron ore production of 26 million tonnes for FY27, up from 21.96 million tonnes in FY26.
Management guidance growthFY27 pellet dispatches of 7.75-8 million tonnes
Pellet dispatches are expected to be between 7.75 and 8 million tonnes in FY27, leveraging the newly commissioned second pellet plant.
Management guidance revenueAnnual cost savings of ₹2,000 crore by FY28
Management expects annual cost savings to surpass ₹2,000 crore by March 2028, driven by slurry pipeline, solar projects, and other green initiatives.
Management guidance marginsCopper production target of 100,000 tonnes in 3-5 years
From Surya and KMF assets, the company targets 100,000 tonnes of copper production over the next 3-5 years.
Management guidance growthKey Risks
DRC copper-cobalt operational and geopolitical risks
Surya copper plant faced sulfuric acid supply shortages, impacting ramp-up. KMF acquisition involves significant debt and operational control in a challenging geography.
high · analyst_questionConsolidated leverage from capex and acquisitions
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.
medium · analyst_questionPellet realization pressure from new markets
Sequential pellet realizations declined as the company entered new markets and increased exports, which could pressure margins if sustained.
medium · management_commentaryNotable 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.
Frequently Asked Questions
What was Lloyds Metals And's revenue in Q4 FY26?
Lloyds Metals And reported revenue of ₹4,977 Cr in Q4 FY26, representing a +310% change compared to the same quarter last year.
What guidance did Lloyds Metals And management give for FY27?
FY27 iron ore production target of 26 million tonnes: Management guided iron ore production of 26 million tonnes for FY27, up from 21.96 million tonnes in FY26. FY27 pellet dispatches of 7.75-8 million tonnes: Pellet dispatches are expected to be between 7.75 and 8 million tonnes in FY27, leveraging the newly commissioned second pellet plant. Annual cost savings of ₹2,000 crore by FY28: Management expects annual cost savings to surpass ₹2,000 crore by March 2028, driven by slurry pipeline, solar projects, and other green initiatives. Copper production target of 100,000 tonnes in 3-5 years: From Surya and KMF assets, the company targets 100,000 tonnes of copper production over the next 3-5 years.
What are the key risks for Lloyds Metals And in FY27?
Key risks include DRC copper-cobalt operational and geopolitical risks — Surya copper plant faced sulfuric acid supply shortages, impacting ramp-up. KMF acquisition involves significant debt and operational control in a challenging geography.; Consolidated leverage from capex and acquisitions — 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.; Pellet realization pressure from new markets — Sequential pellet realizations declined as the company entered new markets and increased exports, which could pressure margins if sustained..
Did Lloyds Metals And meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full Lloyds Metals And Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.