Lloyds Engineering Works
Lloyds Engineering Works
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Growth Rate
AI Analysis — Bull vs Bear
Lloyds Engineering Works has a market cap of about ₹14,077 crore and trades at 64.8x earnings and 7.01x book value. Growth has been fast: TTM sales are up 54% and TTM profit is up 70%. FY26 consolidated revenue rose 53.85% to ₹1,301.14 crore, and the latest reported consolidated order book is ₹2,817.42 crore. Return on equity is 15% for the last year, the dividend yield is 0.25%, and the stock has compounded at 41% over 1 year and 103% over 5 years.
- Revenue is growing quickly. FY26 consolidated sales rose 53.85% YoY to ₹1,301.14 crore from ₹845.74 crore, in line with TTM sales growth of 54%.
- Profit is growing faster than revenue. TTM profit growth is 70% against 54% sales growth, which points to operating leverage and wider margins. The FY25 annual report also showed EBITDA up 33.93% on revenue up 21.07%.
- Recent quarterly results show acceleration. The latest reported quarter's consolidated revenue was ₹527.15 crore, up 142.92% YoY from ₹217.01 crore and 6.49% QoQ. Standalone net profit was ₹43.4 crore, up from ₹17.6 crore a year earlier.
- The consolidated order book of ₹2,817.42 crore is about 2.2x FY26 consolidated revenue of ₹1,301.14 crore, which gives some medium-term revenue visibility. The FY25 order book had also grown 45.46% YoY.
- The company is expanding into new areas. A subsidiary has partnered with Poland's Flyfocus on drone production and R&D, which fits India's defence indigenisation push and could add revenue streams beyond heavy engineering.
- Last-year ROE of 15% is respectable for a capital goods business that is still scaling up. It could improve if margin gains from the 70% TTM profit growth continue.
- The stock has a long record of shareholder returns: 52% CAGR over 10 years, 103% over 5 years and 28% over 3 years.
- The valuation is high. At 64.8x earnings and 7.01x book value, the price already assumes that growth of 54% in sales and 70% in profit continues. Any slowdown in execution could hit the multiple hard.
- Price-to-sales is about 10.8x (₹14,077 crore market cap against ₹1,301.14 crore FY26 revenue). That is high for a project-based engineering business, where margins are usually lower than in asset-light sectors.
- The P/B of 7.01 divided by the P/E of 64.8 implies an earnings-to-book ratio of about 10.8%. That is below the 15% last-year ROE, so returns on the current equity base may be diluted, possibly by recent capital raising. The company's filings mention partly paid-up shares.
- Returns to shareholders are low. The dividend yield is 0.25%, so almost all of the return depends on price appreciation, which gives little support if the stock falls.
- The 142.92% YoY jump in quarterly revenue came off a low base of ₹217.01 crore, and QoQ growth was only 6.49%. YoY growth rates are likely to slow as the base effect fades.
- Historical data is thin. The 3-, 5- and 10-year compounded sales, profit and ROE figures are unavailable, and so are debt-to-equity and ROCE. That makes it hard to check how consistent profits have been, how disciplined the balance sheet is, and how working capital has moved.
- Capital goods order books depend on timely execution and payment. A ₹2,817.42 crore backlog brings working-capital and cost-overrun risk, and the new drone business is at an early stage with no disclosed revenue.
- The 1-year stock return of 41% trails the 5-year CAGR of 103%. Much of the rerating may already be in the price.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Shareholders approve four postal resolutions Sep 25
Shareholders passed all four postal ballot resolutions: related party transaction (RPT) limits, a variation in the rights issue terms and a bigger ESOP pool. The approvals give management room on capital raising and staff incentives, but a larger ESOP pool means mild dilution and higher RPT limits deserve governance scrutiny.
- Anand Rathi G-200 Summit participation Sep 15
The company will attend the Anand Rathi Annual Flagship Conference G-200 Summit 2026 in Mumbai on September 21-22, 2026. This is routine investor outreach that could raise institutional visibility but isn't a fundamental catalyst.
TL;DR: Recent news for Lloyds Engineering Works is entirely procedural and contains no direct earnings, order or margin signals. Shareholders approved all four postal ballot resolutions, and the company attended the Anand Rathi G-200 investor summit. The risks to watch are equity dilution from the bigger ESOP pool and the changed rights issue, plus governance questions over the higher RPT limits. The trend looks stable rather than clearly improving, and the next quarterly results, order inflows and use of rights issue money will be the real signals.
Quarterly Results
| Particulars | Sep 2023 | Dec 2023 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Sales | 122 | 201 | 266 | 232 | 217 | 317 | 272 | 495 | 527 |
| Expenses | 98 | 166 | 223 | 197 | 190 | 268 | 220 | 434 | 461 |
| Operating Profit | 24 | 36 | 44 | 35 | 27 | 49 | 53 | 61 | 66 |
| OPM % | 20% | 18% | 16% | 15% | 12% | 15% | 19% | 12% | 13% |
| Other Income | 1 | 1 | 10 | 7 | 9 | 8 | 24 | 9 | 13 |
| Interest | 1 | 1 | 3 | 3 | 2 | 4 | 4 | 4 | 3 |
| Depreciation | 1 | 1 | 3 | 3 | 3 | 6 | 6 | 7 | 7 |
| PBT | 23 | 35 | 48 | 35 | 30 | 47 | 67 | 59 | 69 |
| Tax % | 19% | 23% | 25% | 36% | 43% | 8% | 16% | 34% | 20% |
| Net Profit | 19 | 27 | 36 | 20 | 30 | 54 | 67 | 46 | 68 |
| EPS in Rs | 0.13 | 0.19 | 0.24 | 0.12 | 0.2 | 0.44 | 0.52 | 0.33 | 0.44 |
Profit & Loss
| Particulars | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|
| Sales | 846 | 1,301 | 1,611 |
| Expenses | 711 | 1,111 | 1,382 |
| Operating Profit | 135 | 190 | 229 |
| OPM % | 16% | 15% | 14% |
| Other Income | 24 | 49 | 54 |
| Interest | 9 | 14 | 15 |
| Depreciation | 10 | 22 | 26 |
| PBT | 141 | 203 | 242 |
| Tax % | 23% | 23% | — |
| Net Profit | 105 | 198 | 236 |
| EPS in Rs | 0.7 | 1.36 | 1.73 |
| Div. Payout % | 28% | 19% | — |
Balance Sheet
| Particulars | Mar 2025 | Mar 2026 |
|---|---|---|
| Equity Capital | 117 | 144 |
| Reserves | 531 | 1,527 |
| Borrowings | 83 | 109 |
| Other Liabilities | 260 | 585 |
| Total Liabilities | 991 | 2,365 |
| Fixed Assets | 233 | 431 |
| CWIP | 63 | 71 |
| Investments | 16 | 77 |
| Other Assets | 678 | 1,786 |
| Total Assets | 991 | 2,365 |
Cash Flow
| Particulars | Mar 2025 | Mar 2026 |
|---|---|---|
| Operating | 153 | -253 |
| Investing | -109 | -460 |
| Financing | -45 | 788 |
| Net Cash Flow | -1 | 74 |
| Free Cash Flow | 154 | -494 |
| CFO/OP | 141 | -115 |
Ratios
| Particulars | Mar 2025 | Mar 2026 |
|---|---|---|
| Debtor Days | 117 | 67 |
| Inventory Days | 59 | 209 |
| Days Payable | 71 | 93 |
| Cash Conversion Cycle | 105 | 184 |
| Working Capital Days | 101 | 188 |
| ROCE % | — | 16% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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64 extracted metrics + investor summaries across FY08–FY27.
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Company Information
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