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 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.