Lloyds Metals half-year profit rises to Rs 2,790.98 crore

Lloyds Metals and Energy Limited reported consolidated profit after tax of Rs 2,790.98 crore for the half year ended September 30, 2026, compared with Rs 1,202.93 crore a year earlier. Total income rose to Rs 13,009.01 crore from Rs 6,119.29 crore, while steel, mining and MDO operations each reported higher revenue.

How much profit did Lloyds Metals report for the half year?

Lloyds Metals reported consolidated profit after tax of Rs 2,790.98 crore for the half year ended September 30, 2026, an increase of about 132% from Rs 1,202.93 crore in the corresponding period of 2025. Profit before tax rose to Rs 3,750.52 crore from Rs 1,527.20 crore, as total income increased by Rs 6,889.72 crore while total expenses increased by Rs 4,638.05 crore.

Revenue from operations was Rs 12,822.64 crore, compared with Rs 6,035.63 crore a year earlier, and other income was Rs 186.37 crore against Rs 83.66 crore. Basic earnings per share for the half year increased to Rs 49.28 from Rs 23.16, while diluted earnings per share rose to Rs 48.75 from Rs 21.61.

The September 2026 quarter contributed Rs 1,023.24 crore of profit after tax, compared with Rs 551.07 crore in the September 2025 quarter, but below Rs 1,767.74 crore in the June 2026 quarter. Profit attributable to Lloyds Metals shareholders was Rs 2,773.51 crore for the half year, while non-controlling interests accounted for Rs 17.47 crore.

Which Lloyds Metals segments generated the most profit?

Lloyds Metals’ steel and related value-added products segment generated the highest half-year result before finance costs and tax, at Rs 1,776.34 crore, compared with Rs 400.20 crore a year earlier. Its segment revenue rose to Rs 5,459.24 crore from Rs 1,516.97 crore, exceeding mining revenue of Rs 5,034.10 crore.

Mining reported a segment result of Rs 1,667.21 crore, up from Rs 1,139.17 crore in the prior-year half. Mining, royalty and freight expenses at the consolidated level rose to Rs 4,351.16 crore from Rs 2,439.92 crore, while the group’s total segment result increased to Rs 4,125.16 crore from Rs 1,633.97 crore.

MDO operation and related services recorded revenue of Rs 4,779.26 crore and a segment result of Rs 718.88 crore, versus Rs 1,655.59 crore and Rs 94.60 crore respectively in the previous-year period. Copper and related products contributed Rs 524.74 crore of revenue, but reported a Rs 37.27 crore segment loss before finance costs and tax; no copper revenue was shown in the prior-year half-year column.

How did Lloyds Metals’ assets and borrowings change?

Lloyds Metals’ consolidated total assets rose to Rs 51,557.29 crore at September 30, 2026, from Rs 41,649.87 crore at March 31, 2026. Capital work-in-progress increased to Rs 18,174.29 crore from Rs 13,946.08 crore, while property, plant and equipment rose to Rs 12,576.00 crore from Rs 9,992.48 crore.

Total equity increased to Rs 18,645.99 crore from Rs 14,266.05 crore over the six-month period. Non-current borrowings rose to Rs 18,140.46 crore from Rs 13,849.25 crore, while current borrowings declined to Rs 4,550.14 crore from Rs 6,531.18 crore; the reported debt-equity ratio was 1.22 at September 30, compared with 1.43 at March 31.

What did Lloyds Metals’ cash flow show about investment?

Lloyds Metals generated Rs 4,114.68 crore of net cash from operating activities in the half year ended September 30, 2026, against net cash used in operating activities of Rs 1,630.70 crore a year earlier. Operating profit before working-capital changes was Rs 4,732.25 crore, while income taxes paid were Rs 880.34 crore.

Investing activities used Rs 7,873.95 crore, compared with Rs 2,504.52 crore in the prior-year half, including Rs 7,619.83 crore of net purchases of property, plant and equipment. Financing activities generated Rs 2,884.90 crore, including net borrowing proceeds of Rs 2,973.83 crore, and cash and cash equivalents declined by Rs 874.37 crore to Rs 1,247.49 crore.

What expansion funding and audit disclosures did Lloyds Metals make?

Lloyds Metals had utilised Rs 2,684.19 crore of Rs 2,722.83 crore raised through preferential convertible warrants by September 30, 2026, leaving Rs 38.64 crore unutilised. The stated uses include expansion of the direct reduced iron and power plants at Ghugus, Chandrapur, and an additional 1 x 4 million tonnes per annum pellet plant at Konsari, Gadchiroli.

The Board approved the unaudited consolidated results on November 3, 2026, and the statutory auditors issued an unqualified limited-review report. The auditors said five subsidiaries’ interim information had been audited by other auditors, while their conclusion for certain step-down subsidiaries relied on unaudited interim financial statements furnished by management.

Lloyds Metals disclosed 64,33,976 employee stock options outstanding at September 30, 2026, compared with 67,66,112 at July 1, 2026. During the period, 1,42,069 options vested, 1,91,986 lapsed and 1,79,142 were exercised, leaving 2,34,331 options exercisable at period-end.

Conclusion

Lloyds Metals’ half-year profit increase reflected substantially higher income, led by steel’s Rs 1,776.34 crore segment result and mining’s Rs 1,667.21 crore result. MDO operations also delivered higher revenue and profit, while the copper business added Rs 524.74 crore of revenue but remained loss-making at the segment-result level.

The next disclosures to watch are the deployment of the remaining Rs 38.64 crore of warrant proceeds and progress on the Ghugus and Konsari expansion plans. Investors can also monitor whether operating cash generation continues to support investment, after Rs 7,619.83 crore of net property, plant and equipment purchases and higher non-current borrowings in the half year.