LLOYDSMELloyds Metals & Energy Ltd.
Lloyds Metals & Energy Q2 FY27 Results: Consolidated Net Profit ₹1,023 Crore on Total Income of ₹5,712 Crore
- Earnings
- Iron ore mining and steel
Reviewed byRachit TripathiBlacklitt Research
Lloyds Metals & Energy (NSE: LLOYDSME) reported total income of ₹5,712.06 crore and net profit of ₹1,023.24 crore on a consolidated basis for the quarter ended 30 Sep 2026, and ₹4,220.60 crore and ₹1,111.89 crore standalone, it said in a filing on 03 Nov 2026. The board also approved a ₹625 crore investment in a subsidiary and a 360 MW thermal power plant at Konsari.
Key highlights
Consolidated
Including its subsidiaries
- Total income: ₹5,712.06 crore, up 54.0% YoY and down 21.7% QoQ
- Net profit: ₹1,023.24 crore, up 85.7% YoY and down 42.1% QoQ; ₹1,045.62 crore attributable to shareholders
- EPS: Basic ₹18.57, against ₹11.04 a year earlier and ₹30.70 in Q1 FY27
- Finance costs: ₹278.68 crore, up 58.5% YoY, 4.9% of total income
Standalone
The company on its own, without its subsidiaries
- Total income: ₹4,220.60 crore, up 63.9% YoY and down 23.4% QoQ
- Net profit: ₹1,111.89 crore, up 83.6% YoY and down 27.2% QoQ
- EPS: Basic ₹19.75, against ₹11.54 a year earlier and ₹27.13 in Q1 FY27
- Other income: ₹88.57 crore, up 223.4% YoY, 2.1% of total income
Summary
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 5,712.06 | 3,708.20 | +54.0% | 7,296.95 | -21.7% | |
| Revenue from operations | 5,417.79 | 3,652.11 | +48.3% | 7,084.32 | -23.5% |
| Other income | 39.53 | 56.09 | -29.5% | 146.84 | -73.1% |
| 1,023.24 | 551.07 | +85.7% | 1,767.74 | -42.1% | |
| Profit before tax | 1,311.29 | 739.91 | +77.2% | 2,439.23 | -46.2% |
| Finance costs | 278.68 | 175.80 | +58.5% | 253.98 | +9.7% |
| Depreciation | 225.96 | 168.38 | +34.2% | 244.50 | -7.6% |
| Tax expense | 287.95 | 188.84 | +52.5% | 671.44 | -57.1% |
| Net profit margin | 17.91% | 14.86% | +3.05 pp | 24.23% | -6.31 pp |
| EPS, basic (₹) | 18.57 | 11.04 | +68.2% | 30.70 | -39.5% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Net profit grew faster than total income on a year-on-year basis: profit rose 85.7% against 54.0% for total income, and profit before tax rose 77.2%. Revenue from operations rose 48.3%, while other income fell 29.5% to ₹39.53 crore, about 0.7% of total income.
Consolidated net profit of ₹1,023.24 crore is ₹88.65 crore lower than standalone net profit of ₹1,111.89 crore. The statement shows profit attributable to shareholders of ₹1,045.62 crore and a non-controlling interest share of minus ₹22.38 crore for the quarter. Consolidated results include an associate share of loss of ₹27.17 crore, against ₹28.35 crore a year earlier.
Finance costs of ₹278.68 crore are 58.5% higher than a year earlier and 9.7% higher than in Q1 FY27. They equal 4.9% of total income this quarter. The filing does not give a reason for the change.
Against the quarter before, profit fell 42.1% and total income 21.7%, so profit moved more than income. Tax expense was ₹287.95 crore, 22.0% of profit before tax of ₹1,311.29 crore, against ₹671.44 crore in Q1 FY27.
The statutory auditors' limited review reports on both sets of results carry unmodified conclusions. The consolidated report has an emphasis of matter on trade receivables of ₹468.71 crore at step subsidiary Thriveni Sainik Mining Private Limited, including ₹321.44 crore of HPC wages recoverable from NTPC. The auditor quotes the management's view that the claim will be decided in favour of the company.
| Particulars | Q2 FY27 | Q2 FY26 | YoY | Q1 FY27 | QoQ |
|---|---|---|---|---|---|
| 4,220.60 | 2,575.37 | +63.9% | 5,508.29 | -23.4% | |
| Revenue from operations | 4,132.03 | 2,547.98 | +62.2% | 5,412.91 | -23.7% |
| Other income | 88.57 | 27.39 | +223.4% | 95.39 | -7.1% |
| 1,111.89 | 605.58 | +83.6% | 1,526.89 | -27.2% | |
| Profit before tax | 1,404.90 | 788.30 | +78.2% | 2,008.10 | -30.0% |
| Finance costs | 102.41 | 26.16 | +291.5% | 107.15 | -4.4% |
| Depreciation | 119.34 | 54.66 | +118.3% | 100.33 | +18.9% |
| Tax expense | 293.02 | 182.72 | +60.4% | 481.21 | -39.1% |
| Net profit margin | 26.34% | 23.51% | +2.83 pp | 27.72% | -1.38 pp |
| EPS, basic (₹) | 19.75 | 11.54 | +71.1% | 27.13 | -27.2% |
Figures are in ₹ crore; YoY compares with Q2 FY26 and QoQ with Q1 FY27. Click Total income or Net profit to see the rows behind them.
Standalone net profit rose 83.6% year on year, faster than total income at 63.9%, and profit before tax rose 78.2%. Standalone other income rose 223.4% to ₹88.57 crore, which is 6.3% of standalone profit before tax of ₹1,404.90 crore.
Standalone finance costs were ₹102.41 crore, up 291.5% from ₹26.16 crore a year earlier, and depreciation rose 118.3% to ₹119.34 crore. Standalone tax expense of ₹293.02 crore is 20.9% of profit before tax. The statement does not label any exceptional item.
Compared with the quarter before, standalone profit fell 27.2% and profit before tax fell 30.0%. Standalone EPS was ₹19.75, against ₹27.13 in Q1 FY27 and ₹11.54 a year earlier.
The board approved investment of up to ₹625 crore in Thriveni Earthmovers and Infra Private Limited, a subsidiary in which the company holds 71.89%, by subscribing to its rights issue or further issues of capital. On 22 Sep 2026 the company subscribed to a rights issue of that entity and on 29 Sep 2026 it was allotted 3,50,00,000 shares at about ₹173.36 each, aggregating about ₹606.76 crore.
The board also approved raising up to USD 300 million through notes, debentures or other debt securities in one or more tranches, subject to regulatory and statutory approvals, and approved a 2 x 180 MW thermal power plant at Konsari, Maharashtra, with estimated capital expenditure of ₹3,240 crore and completion expected by March 2029. The company also granted 62,000 options under ESOP 2017 and 13,08,571 options under ESOP 2024.
Inference
Debt equity ratio on a standalone basis was 0.66, against 0.49 in the quarter ended 30 Jun 2026.
The filing does not say when or whether the USD 300 million borrowing will be raised, how the Konsari plant's ₹3,240 crore cost will be split between debt and equity, or how the renewable energy investment will be funded. The reason for the quarter-on-quarter fall in profit is not given.
Filed with BSE on . Reference: Original filing (PDF)
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