Lloyds Engineering Works revenue more than doubles in H1

Lloyds Engineering Works Limited more than doubled consolidated revenue from operations to Rs 1,120.70 crore for the half year ended September 30, 2026, from Rs 533.67 crore a year earlier, and reported profit before tax of Rs 126.88 crore. The filing does not provide the segment data needed to substantiate an electrical-operations loss.

How did Lloyds Engineering Works perform in the first half?

Lloyds Engineering Works reported total income of Rs 1,147.80 crore for the half year ended September 30, 2026, compared with Rs 550.66 crore in the corresponding 2025 period. Revenue from operations increased by Rs 587.03 crore to Rs 1,120.70 crore, while other income rose to Rs 27.10 crore from Rs 16.99 crore.

Lloyds Engineering Works recorded profit before exceptional items and tax of Rs 126.88 crore, up from Rs 76.89 crore in the half year ended September 30, 2025. No exceptional items were reported in either half-year period, leaving profit before tax at the same Rs 126.88 crore in the latest period. Total expenses rose to Rs 1,020.92 crore from Rs 473.77 crore.

The increase in revenue was larger in absolute terms than the Rs 49.99 crore increase in profit before tax. Net profit after tax rose to Rs 98.48 crore from Rs 60.38 crore, while net profit after tax including the share of associate profit reached Rs 126.00 crore, compared with Rs 84.38 crore in the prior-year half.

What changed in Lloyds Engineering Works' costs and profit?

Lloyds Engineering Works' cost base increased across several reported expense lines in the half year ended September 30, 2026. Raw materials and components consumed rose to Rs 430.95 crore from Rs 230.78 crore, while bought-out components, stores and spares consumed increased to Rs 219.55 crore from Rs 29.95 crore.

Employee-benefit expense increased to Rs 73.64 crore from Rs 42.41 crore, depreciation and amortisation rose to Rs 18.96 crore from Rs 8.94 crore, and finance cost increased to Rs 12.92 crore from Rs 6.30 crore. Other manufacturing, construction and operating expenses were Rs 75.63 crore, against Rs 29.26 crore a year earlier, while sales, administration and other expenses rose to Rs 30.93 crore from Rs 18.73 crore.

Lloyds Engineering Works reported tax expense of Rs 28.40 crore for the latest half year, compared with Rs 16.51 crore in the year-earlier period. The 2026 tax charge included current tax of Rs 32.66 crore, a deferred-tax credit of Rs 4.70 crore and Rs 0.44 crore of income tax relating to earlier years. Basic earnings per share, which the filing says are not annualised for interim periods, were Rs 0.85 against Rs 0.67.

The associate contribution also increased, although by less than the group’s operating profit before tax. Lloyds Engineering Works recorded Rs 27.52 crore as its share of profit after tax from associate Lloyds Infrastructure & Construction Limited, compared with Rs 24.00 crore in the half year ended September 30, 2025.

How did Lloyds Engineering Works perform in the September quarter?

Lloyds Engineering Works reported revenue from operations of Rs 593.55 crore in the quarter ended September 30, 2026, compared with Rs 527.15 crore in the preceding June 2026 quarter and Rs 316.66 crore in the September 2025 quarter. Other income was Rs 14.02 crore in the September 2026 quarter, taking quarterly total income to Rs 607.57 crore.

Profit before tax was Rs 57.89 crore in the September quarter, below Rs 68.99 crore in the June quarter but above Rs 47.16 crore in the September 2025 quarter. Net profit after tax was Rs 43.38 crore, compared with Rs 55.10 crore sequentially and Rs 43.58 crore a year earlier. The associate share was Rs 14.39 crore, resulting in net profit including associate share of Rs 57.77 crore.

Quarterly expenses increased to Rs 549.68 crore from Rs 471.24 crore in the June 2026 quarter, while revenue increased by Rs 66.40 crore. Raw-material consumption declined to Rs 185.69 crore from Rs 245.26 crore, but bought-out components, stores and spares rose to Rs 150.98 crore from Rs 68.57 crore. Other manufacturing, construction and operating expenses increased to Rs 58.48 crore from Rs 17.15 crore.

What does Lloyds Engineering Works disclose about its business segments?

Lloyds Engineering Works does not disclose segment revenue, segment profit or segment assets on the supplied consolidated-results page for the half year ended September 30, 2026. Accordingly, the filing cannot support a specific profit or loss figure for engineering operations or electrical operations, including the stated Rs 11.14 crore electrical half-year loss.

The reported Rs 126.88 crore of consolidated profit before tax cannot be allocated between operating segments from the supplied statement. Similarly, consolidated revenue of Rs 1,120.70 crore does not identify the revenue contribution of electrical activities. The available disclosure reports income, expenses, tax and associate income only at the consolidated group level.

The auditor’s review identifies Metalfab Hightech Private Limited, Techno Industries Private Limited, Lloyds Advance Defence Systems Limited and Steel Infra Solutions Company Limited as subsidiaries included in the interim consolidation. Steel Infra Solutions Company Limited was included with effect from August 17, 2026. The auditor reported half-year revenue of Rs 198.19 crore for Metalfab Hightech, Rs 89.87 crore for Techno Industries, Rs 7.37 crore for Lloyds Advance Defence Systems and Rs 167.52 crore for Steel Infra Solutions.

How did Lloyds Engineering Works' balance sheet and cash flow change?

Lloyds Engineering Works reported total assets of Rs 4,445.73 crore at September 30, 2026, compared with Rs 2,369.08 crore at March 31, 2026. Non-current assets rose to Rs 2,055.42 crore from Rs 700.32 crore, including goodwill of Rs 990.63 crore against Rs 166.95 crore and other intangible assets of Rs 139.47 crore against Rs 6.17 crore.

Current assets increased to Rs 2,390.31 crore from Rs 1,668.76 crore. Trade receivables were Rs 424.42 crore at September 30, compared with Rs 239.91 crore at March 31, while inventories were Rs 466.74 crore against Rs 432.75 crore. Total equity rose to Rs 3,005.18 crore from Rs 1,683.31 crore, including non-controlling interest of Rs 612.18 crore compared with Rs 12.46 crore.

The cash-flow statement reported net cash used in operating activities of Rs 44.54 crore for the half year ended September 30, 2026, compared with Rs 377.52 crore used in the corresponding period of 2025. Investing activities used Rs 71.79 crore, against Rs 136.70 crore, while financing activities generated Rs 165.94 crore, compared with Rs 509.82 crore. Closing cash and cash equivalents were Rs 135.03 crore, compared with Rs 1.98 crore a year earlier.

Conclusion

Lloyds Engineering Works delivered substantially higher consolidated revenue and profit before tax in the half year ended September 30, 2026, with revenue reaching Rs 1,120.70 crore and profit before tax reaching Rs 126.88 crore. The expansion was accompanied by higher costs for bought-out components, employees, depreciation and finance, while associate profit increased by Rs 3.52 crore to Rs 27.52 crore.

The next financial disclosure will be important for clarification of the unresolved segment picture. The supplied filing includes Steel Infra Solutions Company Limited from August 17, 2026 and shows goodwill of Rs 990.63 crore at September 30, but it does not provide segment disclosures that would identify the revenue, costs or profitability of engineering and electrical operations.