Lloyds Engineering Works
Lloyds Engineering Works
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AI Analysis — Bull vs Bear
anthropic claude-opus-4.6 31d agoLloyds Engineering Works Ltd is a ₹13,430 Cr capital goods company trading at a PE of 57.6x, with TTM sales growth of 54% and TTM profit growth of 70%. The company has a consolidated order book exceeding ₹8,800 Cr and has seen its stock deliver a 5-year CAGR of 103%, though promoter holding has declined by 18.7% over the last three years.
- TTM revenue growth of 54% indicates strong top-line momentum, with Q1 FY27 consolidated revenue at ₹527 Cr reflecting 143% YoY growth
- TTM profit growth of 70% outpaces revenue growth, suggesting operating leverage and margin expansion with net profit margin at approximately 12.8%
- Consolidated order book of ₹8,857 Cr as of June 2026 provides multi-year revenue visibility relative to current annualised revenue run-rate
- Stock price CAGR of 103% over 5 years and 52% over 10 years demonstrates sustained long-term wealth creation track record
- FY25 annual report showed EBITDA growth of 33.9% YoY and PAT growth of 24.9% YoY, with order book growing 45.5% YoY
- Company is diversifying into defence, infrastructure, and technology platforms through subsidiaries and mergers, broadening addressable market
- ROE of 15% in the last year indicates reasonable capital efficiency for a capital goods company in a growth phase
- PE ratio of 57.6x is significantly above the capital goods sector median, leaving limited margin of safety if growth slows
- Promoter holding has decreased by 18.7% over the last 3 years, dropping from ~56% to ~42%, signalling dilution or stake sales
- Price-to-book ratio of 8.13x is elevated for a traditional engineering and fabrication company, pricing in substantial future growth
- Dividend yield of just 0.27% offers negligible income return, meaning investors are entirely dependent on capital appreciation
- Promoter group sold approximately 9% stake via block deal in February 2026 at around ₹550 Cr, raising concerns about insider confidence
- Longer-term 3-year and 5-year compounded sales and profit growth data are unavailable, making it difficult to assess consistency of earnings trajectory
- Multiple entity mergers (LICL, MHPL, TIPL into LEWL) add integration complexity and potential execution risk
- One-year stock CAGR of 41% has already priced in much of the near-term earnings growth at current PE multiples
This is AI-generated analysis, not financial advice. Do your own due diligence.
AI News Digest
anthropic claude-opus-4.6 28d ago- Q1FY27 revenue surges 143% YoY Aug 6
Consolidated revenue hit ₹527.15 crore for Q1FY27, up 143% YoY. Net profit rose to ₹68.23 crore and order book expanded 81% to ₹2,817.42 crore.
- UAS defence production partnership Jul 28
Subsidiary Lloyds Advance Defence Systems signed a deal with Poland's Flyfocus for licensed manufacturing, marketing, and joint R&D of Unmanned Aerial Systems in India.
- ESOP pool expansion proposed Aug 6
Company proposes increasing ESOP pool from 4.40 crore to 7.35 crore shares, signalling confidence in talent retention and growth ahead.
- ₹200 Cr loan for steel infra Aug 14
Secured ₹200 crore loan from Tata Capital to acquire equity in Steel Infra Solutions, deepening its steel infrastructure play.
- Rights issue utilisation update Aug 6
Board approved variation in rights issue objects; ₹660.52 crore utilised and ₹326.73 crore remains unutilised as of June 30, 2026.
- ₹5,250 Cr RPT limit sought Jul 30
Seeking shareholder approval for ₹5,250 crore related-party transaction limit with Lloyds Metals and Energy and a ₹5,000 crore borrowing cap at the Aug 21 AGM.
- ₹130 Cr corporate guarantee approved Aug 6
Board approved ₹130 crore corporate guarantee for associate Lloyds Infrastructure & Construction Ltd. Board confirmed nil impact on the listed entity.
- AGM scheduled Aug 21 Aug 1
32nd Annual General Meeting set for August 21, 2026, to be held via video conferencing.
- FY26 BRSR report filed Jul 30
Submitted Business Responsibility and Sustainability Report for FY26, detailing energy efficiency gains and workforce metrics.
TL;DR: Lloyds Engineering is firing on all cylinders operationally — Q1FY27 showed explosive 143% revenue growth and an 81% order book expansion to ₹2,817 crore, signalling strong execution momentum. The company is also diversifying into defence (UAS) and deepening its steel infrastructure footprint via acquisitions. No clear headwinds emerged in this news cycle, though the large RPT limits and borrowing cap requests warrant monitoring. The growth trajectory looks firmly upward heading into FY27.
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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62 extracted metrics + investor summaries across FY08–FY27.
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