Lloyds Metals & Energy Ltd

- The company has a capex outlay of around INR14,000 crores over the current and next year. - The funding mix for this capex is expected to be approximately INR6,000 crores through debt. - The balance of the capex funding will come from internal accruals. - Consol debt as of December 31 was around INR7,100 crores. - Peak consolidated debt is expected in FY '28 at around INR10,500 to INR10,600 crores. - The company targets a debt to EBITDA ratio of 1:1. - There are outstanding warrants expected to raise around INR900 crores by mid-March. - No specific mention of dividend declarations affecting debt repayment was made.

- Capex execution is on track and within approved budgets, focusing on pellet plant 2, DRI expansion, 1.2 million ton steel plant at Chandrapur, and the first module of the beneficiation (BHQ) plant. - BHQ plant land procurement under control; engineering and equipment ordering completed; commissioning expected by December 2027. - Slurry pipeline capacity to be increased from 10 million to 16 million tons; total cost approximated at INR 8,000 crores, with the first phase costing INR 2,000-2,500 crores. - Pellet plant 2 commissioned in Q2 FY27; plans to increase capacities of both pellet plants to 10 million tons from earlier 8 million tons. - 85 km slurry pipeline operational; plans underway for a second slurry pipeline connecting to Chandrapur, enhancing logistics and cost efficiency. - Entry into steelmaking planned in FY27 with INR 16,000 crore capex on integrated steel plant (Gadchiroli). - Gold mine (Geomysore) MDO and exploration started in January 2026; EBITDA contribution targeted around INR 60 crores in FY27.

- FY '26 revenue guidance: INR 7,500+ crores - FY '27 revenue guidance: INR 10,000+ crores - Thriveni expects: - ~40% increase in external iron ore volumes in FY '27 - 15% growth in NTPC coal contracts - Reduction in barytes operations by ~65% and Indonesian operations by ~25% - Addition of gold and copper from Katanga area contributing to growth - Iron ore volumes expected to reach 20+ million tons by FY '26 end, with robust Q4 volumes - Odisha volumes forecasted to grow by nearly 40% YoY in FY '27 - Pellets production and DRI volumes to increase, supporting value-added product mix growth - Top line growth expected in Thriveni of around 15-20% and bottom line growth around 35% FY '27 - Capex plans totaling ~INR14,000 crores over two years to support volume and capacity expansion

- FY '26 revenue guidance: INR 7,500+ crores; FY '27 revenue guidance: INR 10,000+ crores (Page 18). - Thriveni MDO EBITDA guidance: INR 2,000-2,200 crores for FY '26; expected close to INR 3,000 crores for FY '27 (Pages 16-17). - Thriveni to achieve ~40% increase in iron ore volumes (non-Lloyds) and 15% growth in NTPC coal contracts in FY '27; some reduction in barytes and Indonesian operations (Page 18). - EBITDA growth projected from volume increases, new contracts, and higher equipment utilization (Pages 15-17). - Expect 15%-20% top-line growth and ~35% bottom-line growth for Thriveni in FY '27 (Page 14). - Value-added product mix (pellets, DRI) expected to improve margins and earnings stability (Page 5). - Peak consolidated debt expected around INR 10,500-10,600 crores by FY '28 with debt/EBITDA target ~1x (Page 15). - Overall outlook is confident for sustained growth driven by volume ramp-ups, cost control, and logistics efficiencies.

The transcript does not provide explicit details on the current or expected order book or pending orders for Lloyds Metals and Energy Limited or its subsidiaries like Thriveni. However, insights related to business growth and contracts include: - Thriveni expects 3-4 new contracts and extended capacity in the upcoming year, contributing to higher volumes and EBITDA growth. - Odisha mines under Thriveni anticipate a volume growth of nearly 40% YoY in FY '27, driven by faster clearances and infrastructure improvements. - Continued strong performance and higher equipment utilization indicate a healthy and expanding operational pipeline. - Management emphasizes disciplined execution and robust project pipeline supporting revenue and EBITDA growth. No specific numeric order book or pending order values were disclosed in the available transcript pages.