Lloyds Metals and Energy Ltd — Q1 FY27 earnings call
Summary generated by AI from the official transcript Lloyds Metals and Energy Ltd filed with BSE on 17 Aug 2026. Every statement cites a verbatim quote from that document — open any citation to read it. This is a record of what management said, not a recommendation. How we check these summaries
The short read
Lloyds Metals and Energy reported standalone revenue of INR5,413 crores for Q1 FY27, up 127% year-on-year, with EBITDA of INR2,120 crores and an EBITDA margin of 39.2%, which management said was its best-ever margin. The company commissioned its second pellet plant in May 2026 and reached 100% capacity utilization within four months, while Thriveni Earthmovers reported revenue of INR2,672 crores, up 63% year-on-year, with EBITDA margins of 24.63%. Management also discussed capex plans, progress on the copper and steel projects, and ongoing renegotiation of Chemaf-related debt.
1 statement from this call is not shown because its supporting quote could not be reproduced within our quoting limits. Nothing shown here is affected: every statement on this page carries its verified quote.
Numbers mentioned
Revenue: INR7,354 crores (Q1 FY27)
p. 3
“The revenue of INR7,354 crores, more than tripling year-on-year is, of course, a milestone for the group.”
Rajesh Gupta, page 3 of the filed PDF · View the filing
Standalone Revenue: INR5,413 crores (Q1 FY27)
p. 4
“Revenue from operations for the quarter stood at INR5,413 crores, a sharp 127% growth year-on-year and 10% sequentially over quarter 4.”
Riyaz Shaikh, page 4 of the filed PDF · View the filing
EBITDA: INR2,120 crores (Q1 FY27)
p. 4
“EBITDA came in at INR2,120 crores, growing 172% year-on-year and 31% quarter-on-quarter.”
Riyaz Shaikh, page 4 of the filed PDF · View the filing
PAT: INR1,527 crores (Q1 FY27)
p. 4
“PAT for the quarter was INR1,527 crores, up 141% year-on-year and 43% sequentially.”
Riyaz Shaikh, page 4 of the filed PDF · View the filing
Profit before tax: INR2,008 crores (Q1 FY27)
p. 4
“Profit before tax stood at INR2,008 crores.”
Riyaz Shaikh, page 4 of the filed PDF · View the filing
EBITDA margin: 39.2% (Q1 FY27)
p. 4
“Our EBITDA margin came in at 39.2%, the best margins the company has ever reported.”
Riyaz Shaikh, page 4 of the filed PDF · View the filing
Value-added products share of standalone revenue: 41% (Q1 FY27)
p. 4
“Value-added products now contribute 41% of stand-alone revenue and 40% of EBIT versus just 13% and 2%, respectively, a year ago.”
Riyaz Shaikh, page 4 of the filed PDF · View the filing
Iron ore production: 6.05 million tons (Q1 FY27)
p. 5
“Iron ore production for the quarter was 6.05 million tons, up 53% year-on-year, and sales was 5.46 million tons, up 58% year-on-year.”
Riyaz Shaikh, page 5 of the filed PDF · View the filing
Iron ore realization: INR6,068 per ton (Q1 FY27)
p. 5
“Realization stood at INR6,068 per ton with an EBITDA of 2,230 per ton.”
Riyaz Shaikh, page 5 of the filed PDF · View the filing
DRI sales volume: 1,83,920 tons (Q1 FY27)
p. 5
“DRI sales volume stood at 1,83,920 tons, up 133% year-on-year at a realization of INR27,376 per ton and EBITDA of INR6,273 per ton.”
Riyaz Shaikh, page 5 of the filed PDF · View the filing
Pellet production: 1.69 million tons (Q1 FY27)
p. 5
“Pellets production was 1.69 million tons, reaching 100% capacity utilization within 4 months of the second plant coming on stream in May.”
Riyaz Shaikh, page 5 of the filed PDF · View the filing
Pellet realization: INR11,783 per ton (Q1 FY27)
p. 5
“Realization stood at INR11,783 per ton and EBITDA at INR5,803 per ton.”
Riyaz Shaikh, page 5 of the filed PDF · View the filing
Standalone net debt: INR5,616 crores (as of 30th June)
p. 5
“Stand-alone net debt as of 30th June stood at INR5,616 crores, very comfortable relative to the EBITDA, and business is now -- the EBITDA, the business is now generating.”
Riyaz Shaikh, page 5 of the filed PDF · View the filing
Consolidated net debt: around INR19,000 crores
p. 5
“Our consolidated debt -- net debt remains around INR19,000 crores.”
Riyaz Shaikh, page 5 of the filed PDF · View the filing
Thriveni Revenue: INR2,672 crores (Q1 FY27)
p. 5
“For Q1 FY '27, the revenue from operations for the quarter stood at INR2,672 crores, which is up 63% year-on-year.”
S. K. Naredi, page 5 of the filed PDF · View the filing
Thriveni EBITDA: INR658 crores (Q1 FY27)
p. 5
“EBITDA came at INR658 crores, which is up 145% year-on-year with margins at 24.63%, an expansion of 827 basis points over the same quarter last year.”
S. K. Naredi, page 5 of the filed PDF · View the filing
Thriveni Cash PAT: INR447 crores (Q1 FY27)
p. 5
“Cash PAT stood at INR447 crores, up 145% year-on-year with cash margins -- cash PAT margins improving 522 basis points to 16.72%.”
S. K. Naredi, page 5 of the filed PDF · View the filing
Iron ore volumes including BHQ: 19.09 million tons (Q1 FY27)
p. 6
“Iron ore volumes, including BHQ, stood at 19.09 million tons for the quarter, that's nearly doubling from 9.87 million tons in Q1 last year.”
S. K. Naredi, page 6 of the filed PDF · View the filing
Gadchiroli ROM handling capacity: 55 million tons per annum
p. 6
“Our ROM handling capacity at Gadchiroli has been enhanced from 10 million tons per annum to 55 million tons per annum.”
S. K. Naredi, page 6 of the filed PDF · View the filing
Q1 FY27 capex: INR3,005 crores (Q1 FY27)
p. 5
“The company incurred capex of INR13,513 crores during FY '24 to FY '26 and a further of INR3,005 crores in quarter 1 FY '27 alone, as we continue to build out our downstream and beneficiation projects.”
Riyaz Shaikh, page 5 of the filed PDF · View the filing
What management said it would do
A record of statements made on the call, in the words management used. Parakho does not forecast, endorse or assess them, and their presence here is not a view on whether they will happen.
Thriveni EBITDA margin — 28% to 30% · full year FY27
stated firmly by S. K. Naredi
p. 5
“I want to be very clear that our guidance of 28% to 30% EBITDA margins on a full-year basis remains intact.”
S. K. Naredi, page 5 of the filed PDF · View the filing
Odisha volumes — 34 million to 35 million tons · FY27
stated conditionally by S. K. Naredi
p. 6
“We expect Odisha volumes to grow 39% year-on-year to 34 million to 35 million tons in FY '27.”
S. K. Naredi, page 6 of the filed PDF · View the filing
BHQ plant commissioning — March '28
stated firmly by Rajesh Gupta
p. 10
“In BHQ, we hope to commission it by March '28 as per our original schedule.”
Rajesh Gupta, page 10 of the filed PDF · View the filing
First steel plant commissioning — March '27
stated firmly by Rajesh Gupta
p. 11
“We hope to commission the plant by the end of this year, March '27.”
Rajesh Gupta, page 11 of the filed PDF · View the filing
Capex — INR15,000 crores to INR20,000 crores · third year
stated as an aspiration by Rajesh Gupta
p. 11
“Yes. As I just mentioned, we should be at around INR11,000 crores -- close to INR11,000 crores for the next 2 years and a bit higher, around between INR15,000 crores to INR20,000 crores in the year after that, so the third year.”
Rajesh Gupta, page 11 of the filed PDF · View the filing
Copper JV asset completion capex — $300-plus million · next 9 months
stated firmly by Hemankur Upadhyaya
p. 7
“So as of now, we have done part of it, and we intend to complete that capex over the period of next 9 months.”
Hemankur Upadhyaya, page 7 of the filed PDF · View the filing
Copper JV operational start — Q1 FY28
stated conditionally by Hemankur Upadhyaya
p. 7
“And we intend to have the assets operational somewhere in Q1 of FY '28.”
Hemankur Upadhyaya, page 7 of the filed PDF · View the filing
Financial closure for copper financing — next 3 months
stated conditionally by Hemankur Upadhyaya
p. 7
“I think we'll get the clarity on it in the next 3 months when we intend to achieve the financial closure for that.”
Hemankur Upadhyaya, page 7 of the filed PDF · View the filing
Chemaf financial closure — next 3 to 4 months
stated conditionally by Hemankur Upadhyaya
p. 12
“So I think we'll reach financial closure in the next 3 to 4 months, and we will have a firm time line on closure out of all the agreements which have been signed.”
Hemankur Upadhyaya, page 12 of the filed PDF · View the filing
Chemaf debt reduction — 40% to 50%
stated conditionally by Hemankur Upadhyaya
p. 15
“But yes, it will come down by near about, I mean, 40% to 50%.”
Hemankur Upadhyaya, page 15 of the filed PDF · View the filing
Steel plant capacity expansion
stated as an aspiration by Rajesh Gupta
p. 14
“Right now, there is no pukka plan made that we can have any announcement on.”
Rajesh Gupta, page 14 of the filed PDF · View the filing
Dalpahar mine production — 3 million tons · Q2 FY27
stated firmly by S. K. Naredi
p. 6
“the Dalpahar mines is expected to commence in Q2 FY '27 with a target of 3 million tons.”
S. K. Naredi, page 6 of the filed PDF · View the filing
Q&A highlights
Management's answers to analyst questions, in Parakho's words rather than a transcript. Each row names who answered and carries the verbatim quote it was drawn from.
Management said one asset's capex of $130 million is complete, while the larger JV asset requires around $300 million more capex to be spent over the next 9 months.
Answered by Hemankur Upadhyaya
Asked by Vikas Singh: What is the capex roadmap for the copper division to reach 8x production growth?
p. 7
“So that capex is already done. A large part of it was already done last year. So that number is a total of around $130 million, which has been invested into the asset.”
Hemankur Upadhyaya, page 7 of the filed PDF · View the filing
Management said 25% of production is exported, the slurry pipeline saving is around INR550 a ton, and this is expected to remain roughly stable.
Answered by Rajesh Gupta
Asked by Jai: How much of the pellet margin improvement is from export mix versus slurry pipeline savings, and is it sustainable?
p. 8
“So 25% of our production is being sold as export right now. The slurry pipeline saving is around INR900 -- INR700 a ton, and that will remain -- sorry, INR550 a ton, that will remain.”
Rajesh Gupta, page 8 of the filed PDF · View the filing
Management explained that outward sales prices remained flat while internal consumption increased, shifting margin capture to value-added products.
Answered by Rajesh Gupta
Asked by Kunal Kothari: Why has iron ore EBITDA per ton stayed flat despite a 58% volume increase?
p. 9
“That's what I said, internal consumption has increased. So when we talk of the margins, that is all based on the outward sales. So that has remained the same.”
Rajesh Gupta, page 9 of the filed PDF · View the filing
Management said the project is still at an early study stage and it is too early to provide figures.
Answered by Rajesh Gupta
Asked by Siddharth Gadekar: What is the status of the PNG copper project timeline and investment?
p. 11
“It's very, very pipeline stage, and it will be very difficult to hazard any guess at the moment.”
Rajesh Gupta, page 11 of the filed PDF · View the filing
Management said they do not intend to provide for the receivable and are in negotiation with NTPC, expecting resolution in the coming months.
Answered by Management
Asked by Ritesh Bhagwati: What is the plan regarding the NTPC wage receivable and provisioning?
p. 13
“We don't intend to make any provision for that. We are in negotiation with NTPC and the higher authorities, not only for this, but for our escalation on fuel cost and all these things also.”
Management, page 13 of the filed PDF · View the filing
Management said the ban targets concentrate exports, not cathode production, so their operations producing final cathodes are unaffected.
Answered by Hemankur Upadhyaya
Asked by Divy Agarwal: Will the DRC government's copper export ban affect the company's operations?
p. 17
“So in our case, both the assets will be producing final cathodes. So it does not impact us.”
Hemankur Upadhyaya, page 17 of the filed PDF · View the filing
Management said restructuring will complete next quarter, with some settlements already done and others pending before the deadline.
Answered by Hemankur Upadhyaya
Asked by Siddharth Gadekar: Has the Chemaf debt restructuring been completed this quarter?
p. 15
“No, it will happen in the next quarter. So there is still time line left for it.”
Hemankur Upadhyaya, page 15 of the filed PDF · View the filing
Risks flagged
Higher fuel costs due to the Gulf crisis impacted Thriveni margins this quarter
p. 5
“Our margins this quarter were marginally impacted by higher fuel costs due to this gulf crisis.”
S. K. Naredi, page 5 of the filed PDF · View the filing
Commodity pricing is unpredictable and could affect near-term results
p. 12
“I don't count any pricing ever as depressed or bullish. It's a commodity, it changes with every season and every year.”
Rajesh Gupta, page 12 of the filed PDF · View the filing
Copper business margins depend on volatile commodity prices
p. 12
“So it depends -- I mean, if we consider current copper prices, of course, the margins are very high. But it would be a pretty early comment on what margins we'll be making.”
Hemankur Upadhyaya, page 12 of the filed PDF · View the filing
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