Lloyds Engineering Works targets Rs 10,000 crore revenue

Lloyds Engineering Works Limited is pursuing an acquisition-led strategy targeting revenue above Rs 10,000 crore in FY29/30, with a reported Rs 10,355.4 crore order book at 30.09.2026. Lloyds Engineering Works says the platform will combine fabrication, electrical products, design, manufacturing and engineering, procurement and construction (EPC) execution.

How is Lloyds Engineering Works becoming an integrated platform?

Lloyds Engineering Works is combining design, fabrication, manufacturing and EPC execution to offer customers a design-to-delivery model. The presentation says Steel Infra Solutions Company Limited, or SISCOL, contributes structural design and fabrication that can connect directly with Lloyds Engineering Works’ EPC operations, including industrial and infrastructure projects from concept to commissioning.

The intended platform includes engineering solutions, electrical engineering, EPC and infrastructure, and defence and marine technologies. The October 2024 Bhilai engineering-division asset acquisition added design, manufacturing and testing capabilities for railway, nuclear and power applications, while SISCOL adds exposure to airports, data centres and relationships with Larsen & Toubro, Adani and Tata Projects.

Lloyds Engineering Works also identifies a merger with Lloyds Infrastructure Construction Ltd as part of vertical integration. Lloyds Infrastructure Construction Ltd is shown as a 24.2% associate in the current group structure, while the post-merger chart describes one integrated engineering company. The presentation provides no transaction terms, completion date or regulatory timetable for that merger.

Which transactions underpin Lloyds Engineering Works’ strategy?

Lloyds Engineering Works began the disclosed sequence in July 2024 with Techno Industries Pvt Ltd, initially acquiring a majority stake and taking ownership to 100% by December 2025. Techno adds pumps, motors, elevators and escalators, extending the group into electrical products alongside project and engineering operations.

In October 2024, Lloyds Engineering Works acquired assets from Bhilai Engineering’s engineering division. The presentation identifies the added capabilities as design, manufacturing and testing for railways, nuclear projects and power applications, but gives no price or equity-stake detail because the transaction is described as an asset acquisition.

In May 2025, Lloyds Engineering Works acquired a 76% stake in Metalfab Hightech Pvt Ltd for about Rs 28 crore and consolidated it from that month. Management says Metalfab adds light-fabrication capacity and consistent margin delivery; the wider fabrication roadmap is about 150,000 metric tonnes per annum (MTPA), rising to about 200,000 MTPA.

SISCOL is the largest disclosed transaction. In August 2026, Lloyds Engineering Works acquired 51.70% of SISCOL for about Rs 633 crore, while the presentation states a group holding of 87.45% for about Rs 1,071 crore. SISCOL adds a roughly Rs 1,260.1 crore order book and fabrication capabilities serving infrastructure-facing end markets.

How is Lloyds Engineering Works’ order book allocated?

Lloyds Engineering Works reported a total order book of Rs 10,355.4 crore at 30.09.2026. EPC and Infrastructure Solutions accounted for Rs 5,763.7 crore, compared with Rs 1,443.1 crore for fabrication, showing that EPC is the larger reported category within the total.

Mining to Metal is the largest named segment at Rs 1,549.4 crore, followed by power at Rs 603.1 crore. The Rs 81.6 crore naval and defence line, Rs 112.1 crore hydrocarbon line and Rs 8.2 crore marine/port line are smaller than the Rs 5,763.7 crore EPC category, although these segments fit the company’s broader engineering and technology strategy.

The project list reflects this mix. Ongoing work includes a power-plant project for Lloyds Metals & Energy Ltd, a Mining to Metal project for Steel Authority of India Limited, a naval shipbuilding project for Mazagon Dock Shipbuilders Ltd and hydrocarbon process equipment for Larsen & Toubro Ltd. Completed work includes an EPC direct reduced iron plant described as commissioned and operational.

What milestones support Lloyds Engineering Works’ FY29/30 target?

Lloyds Engineering Works has set a management ambition of revenue above Rs 10,000 crore in FY29/30, alongside improving margins and return ratios. This is a stated target rather than a reported result, and the presentation does not provide annual revenue milestones, acquisition-funding details or a segment-by-segment bridge to the FY29/30 objective.

Management identifies shared procurement, engineering and overheads as the mechanism for margin expansion across a fabrication base scaling to about 150,000 MTPA. It also says the roadmap to about 200,000 MTPA, together with an approximately Rs 10,355.4 crore combined order book, would support bids for larger turnkey industrial and infrastructure contracts; no date is given for reaching 200,000 MTPA.

Technology partnerships are another disclosed component. The Material Works’ Eco Pickled Surface Gen-4 has orders exceeding Rs 170 crore, Fincantieri’s naval-propulsion collaboration has initial orders exceeding Rs 127 crore, and TB Global Technologies’ marine loading-arm products have orders exceeding Rs 7.9 crore. Lloyds Engineering Works presents these arrangements as routes for technology transfer, localisation and domestic manufacturing.

Lloyds Advance Defence Systems Ltd remains outside the merger and is shown as 85% owned by Lloyds Engineering Works. The current group-structure page lists SISCOL as 52% owned, whereas the August 2026 roadmap gives a 51.70% acquisition and 87.45% group holding; the presentation does not explain the difference between those ownership references.

Conclusion

Lloyds Engineering Works is seeking to shift from equipment manufacturing to an integrated engineering platform through Techno, Bhilai engineering assets, Metalfab and SISCOL. The disclosed structure brings electrical products, fabrication, design and EPC execution together, while the Rs 5,763.7 crore EPC order-book category remains larger than the Rs 1,443.1 crore fabrication category.

What to watch next is progress on the merger with Lloyds Infrastructure Construction Ltd, integration of the August 2026 SISCOL acquisition and movement from about 150,000 MTPA toward the 200,000-MTPA fabrication roadmap. Management’s FY29/30 revenue ambition of more than Rs 10,000 crore has no disclosed interim milestones, and the differing SISCOL ownership figures remain unresolved in the presentation.