Lloyds Metals and Energy Ltd — Q4 FY26 earnings call
Summary generated by AI from the official transcript Lloyds Metals and Energy Ltd filed with BSE on 11 May 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 Q4 FY26 total income of INR4,977 crores, up 310% year-on-year, with EBITDA of INR1,679 crores and PAT of INR1,066 crores. Full year FY26 total income was approximately INR13,838 crores with EBITDA margin of 33.77%, driven by higher iron ore, pellet and DRI volumes and a rising share of value-added products. Management also discussed the commissioning of the Surya copper plant in Congo, the acquisition of a 49% stake in CHEMAF Group, and outlined FY27 production guidance across iron ore, pellet, DRI and the new wire rod mill.
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
Total income: INR4,977 crores (Q4 FY26)
p. 5
“The total income came in at INR4,977 crores, registering a remarkable 310% year-on-year growth.”
Riyaz Shaikh, page 5 of the filed PDF · View the filing
EBITDA: INR1,679 crores (Q4 FY26)
p. 5
“EBITDA was INR1,679 crores, up 498% year-on-year, a near six-fold jump in absolute profitability.”
Riyaz Shaikh, page 5 of the filed PDF · View the filing
PAT: INR1,066 crores (Q4 FY26)
p. 6
“PAT stood at INR1,066 crores, up 368% year-on-year.”
Riyaz Shaikh, page 6 of the filed PDF · View the filing
EBITDA margin: 33.73% (Q4 FY26)
p. 6
“EBITDA margin expanded to 33.73% in quarter 4, an improvement of more than 1,000 basis points year-on-year.”
Riyaz Shaikh, page 6 of the filed PDF · View the filing
Total income: approximately INR13,838 crores (FY26)
p. 6
“Total income for FY26 stood at approximately INR13,838 crores, up 104% year-on-year.”
Riyaz Shaikh, page 6 of the filed PDF · View the filing
EBITDA: INR4,673 crores (FY26)
p. 6
“EBITDA came in at INR4,673 crores, growing 133% year-on-year.”
Riyaz Shaikh, page 6 of the filed PDF · View the filing
PAT: INR3,194 crores (FY26)
p. 6
“PAT was INR3,194 crores, up 120% year-on-year.”
Riyaz Shaikh, page 6 of the filed PDF · View the filing
EBITDA margin: 33.77% (FY26)
p. 6
“EBITDA margin for the full year stood at 33.77%, up 418 basis points year-on-year.”
Riyaz Shaikh, page 6 of the filed PDF · View the filing
Iron ore production: 21.96 million tons (FY26)
p. 6
“For the full year, production stood at 21.96 million tons, up 120% year-on-year.”
Riyaz Shaikh, page 6 of the filed PDF · View the filing
Iron ore sales volume: 16.18 million tons (FY26)
p. 6
“For FY26, total sales were 16.18 million tons, up 71% year-on-year.”
Riyaz Shaikh, page 6 of the filed PDF · View the filing
EBITDA per ton (iron ore): INR1,930 (FY26)
p. 6
“EBITDA per ton was INR1,894 in quarter 4 and INR1,930 for FY26, reflecting strong unit economics.”
Riyaz Shaikh, page 6 of the filed PDF · View the filing
Pellet production: 3.03 million tons (FY26)
p. 6
“Pellet production for quarter 4 FY26 was 1.08 million tons and for the full year was 3.03 million tons.”
Riyaz Shaikh, page 6 of the filed PDF · View the filing
Pellet EBITDA per ton: INR4,040 (Q4 FY26)
p. 6
“EBITDA per ton for pellets stood at INR4,040 in quarter 4, robust margin driven by captive iron ore, slurry pipeline-based evacuation and strong domestic demand.”
Riyaz Shaikh, page 6 of the filed PDF · View the filing
DRI sales volume: 480,000 tons (FY26)
p. 6
“For the full year, DRI volumes were 480,000 tons, up 56% year-on-year.”
Riyaz Shaikh, page 6 of the filed PDF · View the filing
Value-added products share of revenue: 32% (FY26)
p. 6
“Value-added products now account for 32% of FY26 stand-alone revenues, up from 20% in FY25.”
Riyaz Shaikh, page 6 of the filed PDF · View the filing
Stand-alone net debt: INR3,901 crores (as on 31st March 2026)
p. 7
“Stand-alone net debt as on 31st March 2026 stands at INR3,901 crores, a manageable level given our EBITDA generation.”
Riyaz Shaikh, page 7 of the filed PDF · View the filing
Total income (Thriveni): approximately INR7,997 crores (FY26)
p. 7
“The total income for the full year stood at approximately INR8,000 crores, to be precise INR7,997 crores with an EBITDA of INR1,990 crores and EBITDA margin of approximately 25%.”
S.K. Naredi, page 7 of the filed PDF · View the filing
EBITDA (Thriveni): INR910 crores (Q4 FY26)
p. 7
“In Q4 FY26 specifically, EBITDA was INR910 crores with margins of 36%, reflecting exceptional operational -- operating leverage as volumes scaled.”
S.K. Naredi, page 7 of the filed PDF · View the filing
Cash PAT (Thriveni): INR1,196 crores (FY26)
p. 7
“Cash PAT for the full year stood at INR1,196 crores with PAT margin of approximately 15%.”
S.K. Naredi, page 7 of the filed PDF · View the filing
Capex (FY24-FY26): approximately INR13,500 crores (FY24 to FY26)
p. 7
“the company has incurred capex of approximately INR13,500 crores during FY24 to FY26.”
Riyaz Shaikh, page 7 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.
Iron ore production — 26 million tons · FY27
stated firmly by Rajesh Gupta
p. 5
“Our FY '27 guidance reflects the next change in our scale, iron ore production at 26 million tons, dispatches of 27 million tons, pellet of 7.75 million to 8 million tons, DRI at 825,000 tons and a formal entry into steelmaking with wire rod mill production at around 150,000 tons.”
Rajesh Gupta, page 5 of the filed PDF · View the filing
Annual cost savings — surpass INR2,000 crores per annum · by March '28
stated firmly by Rajesh Gupta
p. 5
“We expect annual cost savings to surpass INR2,000 crores per annum as all logistics and sustainability initiatives are maturing by March '28.”
Rajesh Gupta, page 5 of the filed PDF · View the filing
BHQ beneficiation plant Phase 1 — first phase readiness · December 2027
stated firmly by Rajesh Gupta
p. 4
“All major machines are ordered on a key European supplier, and we are well in target of first phase readiness by December 2027.”
Rajesh Gupta, page 4 of the filed PDF · View the filing
Copper production capacity (Surya + CHEMAF) — 100,000 tons · next 3 to 5 years
stated as an aspiration by Rajesh Gupta
p. 5
“Along with this, we will be achieving 100,000 tons of copper over the next 3 to 5 years from both CHEMAF and Surya.”
Rajesh Gupta, page 5 of the filed PDF · View the filing
Consolidated capex — INR15,000 crores roughly · FY27
stated firmly by Rajesh Gupta
p. 14
“INR15,000 crores roughly.”
Rajesh Gupta, page 14 of the filed PDF · View the filing
Standalone capex — between INR10,000 crores to INR11,000 crores · FY27
stated firmly by Riyaz Shaikh
p. 13
“Next year, our plan is around between INR10,000 crores to INR11,000 crores is what we are planning to spend because that will include a lot of portion from the BHQ plant and the ISP at Chandrapur.”
Riyaz Shaikh, page 13 of the filed PDF · View the filing
Net debt to EBITDA — around 1 to 1.5x
stated firmly by Riyaz Shaikh
p. 14
“The debt should be around 1, 1.5x of the EBITDA, not more than that.”
Riyaz Shaikh, page 14 of the filed PDF · View the filing
Thriveni Odisha operations volume — 34 million tons to 35 million tons · FY27
stated firmly by S.K. Naredi
p. 8
“Overall, the Odisha operation volumes are expected to increase by 39% year-to-year to 34 million tons to 35 million tons in FY27.”
S.K. Naredi, page 8 of the filed PDF · View the filing
Surjagarh/Gadchiroli volume growth including BHQ — more than 75% · FY27
stated firmly by S.K. Naredi
p. 7
“FY27 volume growth is expected to be more than 75%, including BHQ, underpinned by full-scale operations at Central Hill and completion of FY27 equipment mobilization as per schedule.”
S.K. Naredi, page 7 of the filed PDF · View the filing
Geomysore Gold Mining EBITDA contribution — approximately INR60 crores · FY27
stated as an aspiration by S.K. Naredi
p. 9
“we have a targeted EBITDA contribution of approximately INR60 crores in FY27, a meaningful new revenue stream with further upside as exploration progresses.”
S.K. Naredi, page 9 of the filed PDF · View the filing
Pellet plant debottlenecking approval — increased production · FY27 year-end
stated conditionally by Rajesh Gupta
p. 18
“We are studying and applying to the government for relevant permissions. We should get that by year-end by FY'27, so next year we will see an increased production in that.”
Rajesh Gupta, page 18 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 explained the arrangement is a take-or-pay contract requiring low sustaining capex, generating high free cash flow, with some of that cash earmarked for new joint projects with Tata Steel.
Answered by Management
Asked by Amit Dixit: What are the economics of the Tata Steel BRPL take-or-pay arrangement and expected free cash flow?
p. 9
“So that's why the free cash flows are high because this is a take-or-pay contract that we have with Tata Steel as a captive consumer.”
Management, page 9 of the filed PDF · View the filing
Management said the Surya plant is 85-90% complete, requiring roughly $200-260 million more, and framed the risk as mitigated by U.S. strategic backing under the 2025 critical minerals agreement.
Answered by Management
Asked by Amit Dixit: What incremental capex is needed for the Congo copper and cobalt projects, and how is operational risk in that geography being managed?
p. 10
“Based on our current evaluation, including the initial working capital and the mine development, which will be treating these plants, it would require near about $200 million to $260 million.”
Management, page 10 of the filed PDF · View the filing
Management attributed the growth to new mining leases and enhanced environmental clearances in iron ore, while coal (particularly Indonesian operations) is slowing due to lower margins.
Answered by Rajesh Gupta
Asked by Vikas Singh: What drove Thriveni's EBITDA margin expansion from 16% to 26% year-on-year, and will iron ore or coal drive future volume growth?
p. 11
“And in respect of coal, as we stated, Indonesian operations, we are slightly slowing down due to lower margins.”
Rajesh Gupta, page 11 of the filed PDF · View the filing
Management said higher pellet volumes forced entry into new, more distant markets and increased exports, lowering realizations, while iron ore pricing tracked the broader market.
Answered by Rajesh Gupta
Asked by Vikas Singh: Why did pellet realization fall sequentially while iron ore realization rose?
p. 12
“As volumes have gone up in pellet, we have had to search new markets, and that is why the pellet realizations are a little lower because the newer markets are at a distance.”
Rajesh Gupta, page 12 of the filed PDF · View the filing
Management said EBITDA per ton should rise, not fall, since selling price/usage upside from beneficiated ore outweighs the added cost.
Answered by Rajesh Gupta
Asked by Vikas Singh: Will blended EBITDA per ton on iron ore fall once BHQ beneficiation ramps up given higher mining ratios?
p. 12
“We think that the EBITDA will go up once the BHQ is commissioned.”
Rajesh Gupta, page 12 of the filed PDF · View the filing
Management explained Surya was commissioned in March 2026 with supply constraints on sulfuric acid, while Chemaf will not contribute production until mid-2027.
Answered by Management
Asked by Ritesh Bhagwati: What is the ramp-up timeline for Surya and Chemaf copper capacity, and what revenue/EBITDA contribution is expected this year?
p. 15
“Chemaf will not produce anything this year. It is expected to start production meaningfully by July of 2027 when the plants are expected to be commissioned.”
Management, page 15 of the filed PDF · View the filing
Management said Chemaf's total debt is around $800 million, with about $475 million to be reduced via creditor settlements, and the remaining non-recourse debt staying at the Chemaf entity level.
Answered by Management
Asked by Siddharth Gadekar: What debt did Lloyds acquire along with the Chemaf stake, and how will it be treated?
p. 17
“So actually, the total debt which is there on the books of Chemaf is around USD800 million.”
Management, page 17 of the filed PDF · View the filing
Risks flagged
Lower margins in Indonesian coal operations leading to a slowdown there
p. 8
“On Indonesia, we are rationalizing lower-margin operations and plan to redeploy equipment to higher return opportunities in Congo and PNG.”
S.K. Naredi, page 8 of the filed PDF · View the filing
Uncertainty remains on consolidated receivables movement, which management could not fully explain
p. 16
“We don't have a clear cut answer on why exactly that movement is there.”
Rajesh Gupta, page 16 of the filed PDF · View the filing
Generated by claude-sonnet-5. Source: the transcript as filed with BSE. We link to the exchange's copy; we do not host transcripts. Parakho is a data and screening tool, not an investment adviser — nothing here is a recommendation to buy, sell or hold.