Lloyds Metals & Energy
Lloyds Metals & Energy
Metals & MiningKey Fundamentals
MidcapSponge IronMetals & MiningTapetide Score
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Key Insights
Strengths
3- Company is expected to give good quarter
- Company has delivered good profit growth of 679% CAGR over last 5 years
- Company has a good return on equity (ROE) track record: 3 Years ROE 37.7%
Weaknesses
3- Stock is trading at 7.21 times its book value
- Company might be capitalizing the interest cost
- Promoter holding has decreased over last 3 years: -4.12%
Growth Rate
AI Analysis — Bull vs Bear
Lloyds Metals & Energy is a Maharashtra-based iron ore miner and steel/pellet producer with a market capitalisation of about ₹1,02,123 crore. Its growth has been sharp: sales compounded 72% over 3 years and 230% on a TTM basis, and profit compounded 679% over 5 years, with a 3-year average ROE of about 38%. The stock trades at a P/E of 20.9 and 7.4 times book value, with a dividend yield of 0.05%. The main watch items are its concentration in one commodity, possible capitalisation of interest cost, and promoter holding that fell by 4.12 percentage points over 3 years.
- Profit has compounded at 679% over 5 years and 60% over 3 years. TTM profit growth is 211%, which shows the step-change in earnings from ramping up iron ore mining is continuing.
- Revenue has compounded at 133% over 5 years and 72% over 3 years, with TTM sales growth of 230%. Top-line momentum is still accelerating, not tapering.
- Return on equity has stayed high: about 41% over 5 years, about 38% over 3 years and 37% last year. That points to strong capital efficiency across several years.
- The P/E of 20.9 is modest against TTM profit growth of 211% and 3-year profit CAGR of 60%. That implies a low price-to-growth ratio if earnings growth holds.
- Near-term earnings momentum is expected to stay positive, based on the view that the company will report a good quarter. It follows TTM sales growth of 230%.
- The stock has compounded at 88% over 5 years, 51% over 3 years and 48% over the last year. Long-run price gains have broadly tracked the underlying earnings growth, not just a re-rating of the multiple.
- At a market cap of about ₹1,02,123 crore, the company has the scale to fund growth. Its dividend yield is just 0.05%, which suggests most earnings are being reinvested in expansion rather than paid out.
- The stock trades at about 7.46 times book value. That is a high multiple for a commodity producer, and there is little room for error if iron ore prices or volumes disappoint.
- The company may be capitalising its interest cost. That would lift reported profit and hide the true cost of its capex programme, so the 211% TTM profit growth could overstate underlying earnings quality.
- Promoter holding fell by 4.12 percentage points over the last 3 years. Shrinking promoter ownership during a strong growth phase is worth monitoring.
- Over 3 years, profit grew at 60% versus sales at 72%. Profit growing slower than revenue suggests margins may be compressing as the business scales up.
- ROE has eased from about 41% over 5 years to 37% last year. Returns may be normalising as the equity base grows and new capacity is added.
- Earnings depend heavily on iron ore, a cyclical commodity. The 230% TTM sales growth partly comes from a low base, and a price downturn could quickly reverse growth rates this steep.
- The dividend yield is 0.05%, which gives shareholders almost no cash return. Total return depends almost entirely on price gains at 7.4 times book.
- Key balance-sheet data is missing from the inputs, including debt-to-equity, ROCE and 52-week price range. That makes it harder to judge leverage from the ongoing capex and where the price sits in its recent range.
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
- Wave of promoter share NDUs Sep 30
From Sep 5 to Sep 30, promoters created non-disposal undertakings on large blocks of shares to secure SBI and SBICAP Trustee term loans. These include Thriveni Earthmovers on 9.01 crore shares (~16%), a 10.79% block, Crosslink Food and Farms on 5.56 crore shares (9.88%), Blossom Trade and others on 2.34%, and Shreekrishna Mukesh Gupta on 1.60%. Promoters keep their voting rights, but this much encumbered promoter holding raises overhang risk if the share price falls.
- Loan-to-equity conversion dilution risk Sep 24
The company is seeking shareholder approval to convert bank loans into equity, which could dilute existing holders if lenders use it. Voting ends October 24, 2026.
- ₹1,550 cr NCDs raise leverage Sep 21
The board approved ₹1,550 crore of non-convertible debentures, to be issued by private placement in two tranches. This adds to the debt load as the company funds its acquisition and expansion plans.
- Thriveni stake raised to 71.89% Sep 28
Lloyds Metals bought 3.5 crore shares of Thriveni Earthmovers for ₹606.76 crore, raising its holding in the subsidiary to 71.89%. This tightens control over its mining and logistics partner.
- DRI capacity crosses 9 lakh MTPA Sep 21
Plant enhancements lift Ghugus to 8,15,000 MTPA and Konsari to 92,400 MTPA, for a total DRI capacity above 9,00,000 MTPA. The ₹190 crore investment is funded from internal accruals.
- Thriveni releases 8 lakh-share pledge Sep 5
Promoter Thriveni Earthmovers released its pledge on 8,00,000 shares (0.14% of capital) after the share price rose. This cut encumbered holdings to 16.88%.
- Analyst and investor meet held Sep 15
The company scheduled a meeting with analysts and investors for September 22. No agenda or venue was disclosed.
- Avijit Ghosh named Independent Director Sep 24
Shareholders are being asked to approve Avijit Ghosh as Independent Director in a postal ballot that closes October 24, 2026.
- ESOP-2017 share allotment Sep 21
The board allotted 1,41,969 equity shares at ₹4 per share under ESOP-2017. The dilution is negligible.
TL;DR: Lloyds Metals is growing steadily: it raised its Thriveni Earthmovers stake to 71.89% for ₹606.76 crore and added DRI capacity above 9 lakh MTPA at a modest ₹190 crore funded from internal accruals. Against that, it is taking on more debt through ₹1,550 crore of NCDs and promoter-backed term loans. Promoters have placed non-disposal undertakings on a large share of their holdings, and the loan-to-equity conversion proposal adds possible dilution. The operating trend is improving, but the balance sheet is getting more leveraged and complex, so watch debt levels, promoter encumbrance and execution on the Thriveni integration in the coming quarters.
Quarterly Results
| Particulars | Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 1,966 | 1,091 | 1,912 | 1,554 | 2,417 | 1,436 | 1,675 | 1,193 | 2,384 | 3,651 | 5,058 | 6,020 | 7,354 |
| Expenses | 1,430 | 805 | 1,463 | 1,096 | 1,699 | 1,025 | 1,139 | 932 | 1,589 | 2,608 | 3,302 | 3,474 | 4,573 |
| Operating Profit | 536 | 286 | 449 | 458 | 719 | 411 | 536 | 261 | 794 | 1,043 | 1,756 | 2,545 | 2,781 |
| OPM % | 27% | 26% | 24% | 29% | 30% | 29% | 32% | 22% | 33% | 29% | 35% | 42% | 38% |
| Other Income | 12 | 20 | 11 | 8 | 6 | 34 | 18 | 19 | 28 | 55 | 98 | 34 | 161 |
| Interest | 1 | 1 | 2 | 2 | 2 | 4 | 8 | 13 | 15 | 176 | 152 | 168 | 276 |
| Depreciation | 8 | 10 | 15 | 17 | 19 | 18 | 22 | 22 | 31 | 167 | 186 | 224 | 262 |
| PBT | 540 | 295 | 444 | 448 | 704 | 424 | 524 | 245 | 777 | 756 | 1,517 | 2,187 | 2,405 |
| Tax % | 25% | 22% | 25% | 38% | 21% | 29% | 26% | 17% | 17% | 25% | 28% | 30% | 28% |
| Net Profit | 403 | 231 | 332 | 277 | 557 | 301 | 389 | 202 | 642 | 567 | 1,090 | 1,530 | 1,734 |
| EPS in Rs | 7.99 | 4.58 | 6.56 | 5.48 | 11.03 | 5.76 | 7.44 | 3.86 | 12.26 | 10.87 | 19.24 | 25.22 | 30.67 |
Profit & Loss
| Particulars | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Sales | 681 | 568 | 690 | 1,007 | 759 | 370 | 251 | 692 | 3,353 | 6,522 | 6,721 | 17,113 | 22,084 |
| Expenses | 630 | 534 | 668 | 979 | 739 | 349 | 240 | 546 | 2,539 | 4,793 | 4,765 | 10,907 | 13,958 |
| Operating Profit | 51 | 34 | 22 | 28 | 21 | 21 | 11 | 146 | 814 | 1,729 | 1,956 | 6,205 | 8,126 |
| OPM % | 7% | 6% | 3.2% | 2.7% | 2.7% | 6% | 4.3% | 21% | 24% | 26% | 29% | 36% | 37% |
| Other Income | 5 | 10 | 24 | 17 | 16 | 26 | 20 | -22 | -1,124 | 53 | 54 | 149 | 349 |
| Interest | 8 | 9 | 7 | 15 | 8 | 16 | 17 | 18 | 65 | 6 | 27 | 510 | 771 |
| Depreciation | 20 | 17 | 20 | 26 | 27 | 18 | 14 | 18 | 23 | 49 | 81 | 607 | 838 |
| PBT | 29 | 18 | 19 | 4 | 2 | 13 | 0 | 88 | -398 | 1,727 | 1,901 | 5,237 | 6,865 |
| Tax % | 1% | 0% | 0% | 0% | 0% | -143% | 0% | -11% | -27% | 28% | 23% | 27% | — |
| Net Profit | 28 | 18 | 19 | 4 | 2 | 32 | 0 | 97 | -289 | 1,243 | 1,455 | 3,829 | 4,921 |
| EPS in Rs | 1.28 | 0.8 | 0.84 | 0.17 | 0.09 | 1.41 | 0.01 | 2.64 | -5.72 | 24.6 | 27.81 | 65.4 | 86 |
| Div. Payout % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 19% | 0% | 4% | 4% | 2% | — |
Balance Sheet
| Particulars | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 22 | 22 | 22 | 22 | 22 | 23 | 25 | 37 | 50 | 51 | 52 | 56 |
| Reserves | 60 | 78 | 97 | 100 | 102 | 122 | 157 | 445 | 1,478 | 2,760 | 6,408 | 13,815 |
| Borrowings | 66 | 45 | 38 | 32 | 26 | 124 | 155 | 96 | 4 | 33 | 1,073 | 20,716 |
| Other Liabilities | 311 | 298 | 353 | 395 | 306 | 374 | 383 | 246 | 493 | 1,094 | 1,377 | 7,063 |
| Total Liabilities | 459 | 444 | 510 | 550 | 457 | 642 | 720 | 824 | 2,026 | 3,938 | 8,911 | 41,650 |
| Fixed Assets | 191 | 161 | 334 | 317 | 295 | 374 | 362 | 400 | 532 | 1,235 | 1,691 | 13,169 |
| CWIP | 73 | 158 | 4 | 2 | 4 | 42 | 85 | 86 | 298 | 1,268 | 4,267 | 13,946 |
| Investments | 0 | 9 | 0 | 0 | 0 | 0 | 0 | 0 | 37 | 29 | 75 | 666 |
| Other Assets | 195 | 116 | 172 | 231 | 158 | 226 | 274 | 338 | 1,159 | 1,406 | 2,878 | 13,869 |
| Total Assets | 459 | 444 | 510 | 550 | 457 | 642 | 720 | 824 | 2,026 | 3,938 | 8,911 | 41,650 |
Cash Flow
| Particulars | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | 109 | 102 | 51 | 29 | 16 | 52 | -15 | -78 | -516 | 1,701 | 1,207 | 2,921 |
| Investing | -82 | -88 | -24 | -5 | -6 | -34 | -62 | -57 | -612 | -1,725 | -3,976 | -9,474 |
| Financing | -20 | -17 | -25 | -21 | -15 | -6 | 66 | 149 | 1,143 | -1 | 2,808 | 8,633 |
| Net Cash Flow | 7 | -3 | 3 | 4 | -4 | 12 | -11 | 13 | 14 | -25 | 39 | 2,080 |
| Free Cash Flow | 26 | 14 | 12 | 23 | 10 | 16 | -77 | -136 | -905 | -20 | -2,404 | -7,040 |
| CFO/OP | 214 | 299 | 230 | 107 | 78 | 244 | -137 | -54 | -63 | 112 | 87 | 66 |
Ratios
| Particulars | Mar 2009 | Mar 2010 | Mar 2011 | Mar 2012 | Mar 2013 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debtor Days | 43 | 7 | 11 | 18 | 18 | 8 | 10 | 13 | 3 | 4 | 9 | 32 |
| Inventory Days | 33 | 23 | 34 | 31 | 17 | 107 | 208 | 195 | 182 | 95 | 196 | 534 |
| Days Payable | 163 | 158 | 169 | 127 | 119 | 77 | 63 | 18 | 50 | 162 | 49 | 535 |
| Cash Conversion Cycle | -86 | -128 | -124 | -79 | -85 | 37 | 155 | 189 | 135 | -63 | 156 | 31 |
| Working Capital Days | -66 | -120 | -123 | -79 | -95 | 54 | 130 | 89 | 16 | -10 | -1 | -108 |
| ROCE % | 26% | 18% | 13% | 12% | 7% | — | 6% | 34% | 81% | 78% | 37% | 27% |
Insights
BetaAI-extracted from concalls & annual reports · figures as reported, with sources
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63 extracted metrics + investor summaries across FY09–FY27.
Documents
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Company Information
Lloyds Metals & Energy is into the business of manufacturing of Sponge Iron, Power generation and mining activities.[1]
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