Future growth expectations in earnings/operating earnings/profits/EPS?

FY27 volume expected at 26 million tons of iron ore with doubled pellet and DRI production. Pellet plants targeting 7.5 to 8 million tons production in FY27, with potential debottlenecking to increase capacity. FY28 steel plant to be fully operational, boosting value-added product outputs. Revenue growth expected to broadly align with volume increase, benefiting from economies of scale. EBITDA margin improvement driven by higher share of value-added products (pellets, DRI), slurry pipeline benefits, and better utilization. EBITDA for FY26 stood at INR4,673 crores; further gains expected with r

Any current/future new fundraising through debt or equity?

The company plans to raise additional debt to fund capex, targeting a debt level around 1 to 1.5 times EBITDA, not exceeding this range. There is no immediate plan to raise equity capital; the management does not intend to issue equity in the near future. Equity raising may be considered later through a potential IPO of the Thriveni entity, not in the current fiscal year. Debt raising will support ongoing and upcoming projects including copper investments and expansions.

Any current/future capex/capital investment/strategic investment?

Total capex excluding ISP for Konsari unit: INR 28,000 crores; INR 13,500 crores already spent; balance INR 14,500 crores over next 2 years. FY27 planned capex: INR 10,000-11,000 crores (standalone basis), including BHQ plant and ISP at Chandrapur. Copper-related capex: USD 200-260 million (INR ~2,000 crores) mainly in FY27; plant 85-90% complete. Thriveni capex: Approx. INR 1,000 crores for FY27. Phase 2 slurry pipeline (16 million tons capacity) planned with total capex to be completed within 2 years. BHQ project phase 1 (30 million tons input) to commission by Dec 2027; construction underwa

Future growth expectations in sales/revenue/volumes?

Iron ore production expected to hold at maximized volume of 26 million tons in FY27; no volume increase anticipated immediately, but full steel plant operation expected by FY28 will boost production. Pellet production to double in FY27 with total capacity reaching 8 million tons following commissioning of second pellet plant; capacity expansion and debottlenecking efforts targeting 10 million tons. Continued strong ramp-up in pellet and DRI production anticipated with operational stabilization of plants. Thriveni expects significant iron ore volume growth in FY27 due to new mining leases

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Lloyds Metals & Energy LtdQ1 FY26Minerals & Mining

Lloyds Metals & Energy Ltd Q1 FY26 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹1,721P/E: 30.6Market Cap: ₹97.6K CrSector: Minerals & Mining

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

→Iron ore production expected to hold at maximized volume of 26 million tons in FY27; no volume increase anticipated immediately, but full steel plant operation expected by FY28 will boost production.
→Pellet production to double in FY27 with total capacity reaching 8 million tons following commissioning of second pellet plant; capacity expansion and debottlenecking efforts targeting 10 million tons.
→Continued strong ramp-up in pellet and DRI production anticipated with operational stabilization of plants.
→Thriveni expects significant iron ore volume growth in FY27 due to new mining leases and environmental clearance expansions; coal volumes growing modestly.
→BHQ beneficiation project to commence first phase by December 2027, increasing output and improving blended EBITDA per ton.
→Copper production in Congo assets expected to grow significantly from 9,000-10,000 tons in FY26 to approximately 90,000 tons starting July 2027 with new plant commissioning.
→Overall revenue and EBITDA growth expected to align with volume growth and operational efficiencies, though exact guidance deferred for analysts.

Margin guidance

Category 3

→FY27 volume expected at 26 million tons of iron ore with doubled pellet and DRI production.
→Pellet plants targeting 7.5 to 8 million tons production in FY27, with potential debottlenecking to increase capacity.
→FY28 steel plant to be fully operational, boosting value-added product outputs.
→Revenue growth expected to broadly align with volume increase, benefiting from economies of scale.
→EBITDA margin improvement driven by higher share of value-added products (pellets, DRI), slurry pipeline benefits, and better utilization.
→EBITDA for FY26 stood at INR4,673 crores; further gains expected with ramped-up volumes and operational leverage.
→Thriveni segment margins improved significantly, with FY26 EBITDA margin at 25%, expected to sustain growth.
→Expecting structural margin improvements, sustained profitability, and robust EPS growth alongside volume and capex ramp-up.

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Fundraise plans

Yes

→The company plans to raise additional debt to fund capex, targeting a debt level around 1 to 1.5 times EBITDA, not exceeding this range.
→There is no immediate plan to raise equity capital; the management does not intend to issue equity in the near future.
→Equity raising may be considered later through a potential IPO of the Thriveni entity, not in the current fiscal year.
→Debt raising will support ongoing and upcoming projects including copper investments and expansions.

Order book

The transcript does not explicitly mention the current or expected order book or pending orders for Lloyds Metals and Energy Limited. However, some relevant points include: - Strong pipeline for FY27 across Gadchiroli, Odisha, and coal operations signaling robust future business. - Multiple projects under discussion with Tata Steel, including slurry pipelines, steel plant facility in Gadchiroli, and new MDO projects, indicating potential upcoming orders. - Expansion activities such as new mining leases, approvals, and commissioning of pellet plants and beneficiation (BHQ) projects imply a significant project pipeline. - Efforts towards international ventures like Congo and PNG and rationalization in Indonesia suggest new or ongoing projects. No specific quantitative details or order book values are provided in the document.

Capex plans

Yes

→Total capex excluding ISP for Konsari unit: INR 28,000 crores; INR 13,500 crores already spent; balance INR 14,500 crores over next 2 years.
→FY27 planned capex: INR 10,000-11,000 crores (standalone basis), including BHQ plant and ISP at Chandrapur.
→Copper-related capex: USD 200-260 million (INR ~2,000 crores) mainly in FY27; plant 85-90% complete.
→Thriveni capex: Approx. INR 1,000 crores for FY27.
→Phase 2 slurry pipeline (16 million tons capacity) planned with total capex to be completed within 2 years.
→BHQ project phase 1 (30 million tons input) to commission by Dec 2027; construction underway.
→Additional $200 million expected borrowings for Chemaf plant completion (non-recourse).
→Potential future equity raise in Thriveni via IPO, but none planned near-term.
→Focus on maintaining debt around 1-1.5x EBITDA for sustainable leverage.

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