Lloyds Engineering Works buys SISCOL for ₹1,073 crore

Deal announcement and what it changes

Lloyds Engineering Works Limited (LEWL) has agreed to acquire an 88.12% stake in Steel Infra Solutions Company Limited (SISCOL) for a total consideration of about ₹1,073.40 crore. The transaction was approved by the board on June 18, 2026, and was described as a step to build a more integrated engineering, structural fabrication, and EPC platform. LEWL said the combination brings together its engineering, manufacturing, and EPC execution with SISCOL’s structural steel design, fabrication, and erection capabilities. The companies positioned the acquisition as a way to handle larger projects end-to-end under a single umbrella. The deal is structured as a mix of cash and equity issuance, not a pure cash buyout. The stated objective is to scale the combined revenue potential to above ₹10,000 crore by FY29/30.

Who is buying what: stake and consideration

The acquisition is being executed by three buyers: Lloyds Engineering Works, its holding company Lloyds Enterprises Limited, and Streamland Estate LLP. Together, they will buy 3,57,80,117 equity shares of SISCOL, translating to an 88.12% stake. The total consideration of ₹1,073.40 crore implies an equity valuation of about ₹1,220 crore for SISCOL, as disclosed in the transaction note. LEWL is the largest buyer in economic terms, with a majority portion of the stake and consideration. Lloyds Enterprises Limited and Streamland Estate LLP are each buying 17.98% via cash. LEWL’s portion includes a share swap, under which it will issue new shares to identified sellers.

Transaction structure: cash plus share swap

The share swap element involves Lloyds Engineering Works issuing up to 7,06,74,554 equity shares to identified sellers. One part of the disclosure stated the shares would be issued at a premium of ₹70.25 per share. Another update referenced an issuance at ₹71.25 per share, also in the context of the same overall transaction. Across both descriptions, the key point is that the acquisition is funded through a mix of cash and equity rather than only bank funding or internal accruals. The company also stated that LEWL would lead the acquisition with a majority economic interest and contribute over 50% of the overall consideration. The use of equity as currency typically changes the post-transaction share count and may affect per-share metrics, depending on final allotments.

Approvals and key dates to track

The acquisition is subject to shareholder approval and stock exchange approvals, as stated in the disclosure. An Extraordinary General Meeting (EGM) has been scheduled for July 15, 2026. A separate update cited a target completion date of July 31, 2026. These dates matter because the share issuance component and final closing depend on the approvals and completion conditions. Until the process is completed, investors typically monitor filing updates for final allotment details and final closing terms. The announcement was dated Mumbai, June 18, 2026.

SISCOL’s FY26 financials and order book

SISCOL reported FY26 revenue of ₹817 crore and profit of ₹44 crore, according to the information provided. Another data point in the same coverage reported turnover of ₹816.87 crore and net profit of ₹43.42 crore for FY26, reflecting minor rounding differences across sources. SISCOL’s order book was stated at ₹1,134 crore. These metrics are relevant because the acquisition thesis is partly based on the ability to scale fabrication capacity and execute larger projects using combined capabilities. Order book size provides visibility into near-term activity, though execution and margins are not detailed in the provided information.

Why LEWL is pairing EPC with structural fabrication

LEWL described the acquisition as a step in its transition from a specialist engineering manufacturer into a fully integrated engineering, fabrication, and EPC platform. The combined scope, as outlined, spans industrial infrastructure, transportation, urban development, energy, and large commercial construction. In practice, structural steel design and fabrication can be a critical work package within many EPC projects. By bringing SISCOL into the group, LEWL is aiming to add in-house capability for structural fabrication and erection alongside its existing EPC execution. The stated logic is that a broader integrated model can help in delivering complex projects with fewer external interfaces. The company’s stated revenue ambition for the combined platform is more than ₹10,000 crore by FY29/30.

Context: LEWL’s earlier group consolidation plan

Separately, LEWL has already been pursuing a consolidation of group entities. On December 29, 2025, LEWL’s board approved a draft scheme of merger by absorption of Lloyds Infrastructure & Construction Limited, Metalfab Hightech Private Limited, and Techno Industries Private Limited into LEWL. The combined entity reported pro-forma H1FY26 income of ₹1,484 crore and a pro-forma order book of about ₹6,150 crore (also cited as ₹6,149 crore). The appointed date for that merger was stated as April 1, 2025, subject to approvals. The filing also noted that to implement the merger, LEWL would issue about 38.1 crore new equity shares, expanding the equity base from 147.42 crore shares to 185.52 crore shares (including partly paid shares). This background provides context for why the SISCOL deal also uses equity issuance as part of transaction funding.

Market references disclosed earlier

In the earlier merger disclosure, LEWL’s share price showed marginal movement on December 29, 2025, based on NSE data cited in the coverage. The stock was reported at ₹56.00 at 15:30 IST, down ₹0.13 or 0.23% for the session. It opened at ₹56.60, hit an intraday high of ₹57.75, and a low of ₹55.69, with a previous close of ₹56.13. No comparable share-price reaction was provided in the SISCOL acquisition note included here. Investors generally look for subsequent filings to assess how equity issuance, consolidation, and execution translate into reported numbers.

Key facts at a glance

Conclusion

LEWL’s proposed acquisition of an 88.12% stake in SISCOL for about ₹1,073.40 crore is structured to combine EPC execution with structural fabrication capability under one platform. The transaction relies on a mix of cash and equity issuance and implies an equity valuation of about ₹1,220 crore for SISCOL. Near-term milestones include shareholder and stock exchange approvals, with an EGM scheduled for July 15, 2026, and a completion date cited as July 31, 2026. Future updates are expected through formal exchange filings as the approval process progresses and the final transaction steps are completed.