This article first appeared on GuruFocus .
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Consolidated Revenue:INR11,000 crores.
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Standalone Q3 Total Income:INR3,875 crores, up 129% year-on-year.
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Standalone Q3 EBITDA:INR1,317 crores, up 137% year-on-year.
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Standalone Q3 PAT:INR889 crores, up 128% year-on-year.
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Standalone 9 Months Total Income:INR8,859 crores, up 59% year-on-year.
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Standalone 9 Months EBITDA:INR2,994 crores, up 74% year-on-year.
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Standalone 9 Months PAT:INR2,129 crores, up 71% year-on-year.
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Q3 EBITDA Margin:Approximately 34%.
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9 Months EBITDA Margin:Approximately 33.8%, up 280 basis points year-on-year.
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Iron Ore Production Q3:5.49 million tonnes.
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Iron Ore Dispatches Q3:4.1 million tonnes.
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Pellets Production Q3:1.14 million tonnes.
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Pellets Realization Q3:INR10,289 per tonne.
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Pellets EBITDA per Tonne Q3:INR4,535.
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DRI Volumes Q3:0.12 million tonnes.
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Standalone CapEx 9 Months:INR4,236 crores.
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Thriveni Q3 Total Income:INR2,200 crores.
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Thriveni Q3 EBITDA:INR550 crores, with a margin of close to 25%.
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Thriveni 9 Months Revenue:INR5,480 crores.
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Thriveni 9 Months EBITDA:Approximately INR1,080 crores, with a margin of about 20%.
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Release Date: February 04, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Lloyds Metals & Energy Ltd ( BOM:512455 ) achieved a significant milestone by crossing INR11,000 crores in consolidated revenue.
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The company reported a strong year-on-year growth in EBITDA and PAT, with increases of 137% and 128% respectively.
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The copper project in the Democratic Republic of Congo is expected to be a major growth driver, with promising exploration results.
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The company is expanding its pellet operations, with a second plant expected to be commissioned in Q2 FY '27, increasing capacity to 10 million tonnes.
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Strong demand for iron ore and pellets in both domestic and international markets is supporting revenue growth.
Negative Points
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The company faces logistical challenges, particularly in transporting iron ore, which they are addressing with new slurry pipelines.
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Copper operations in the Democratic Republic of Congo come with geopolitical risks, although the company is confident in the region's stability.
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There is a risk of operating cost overruns in the BHQ beneficiation project due to the need for advanced technology and increased material processing.
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The company's ongoing CapEx projects require significant investment, with a planned outlay of INR14,000 crores over the next two years.
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EBITDA per tonne for pellets has declined quarter-on-quarter, attributed to increased export volumes and lower domestic prices.
Q & A Highlights
Q: Can you elaborate on the MoU with Tata Steel and its implications for Lloyds Metals? A: The MoU with Tata Steel includes two parts: the BRPL SHA and conversion contract, and future exploration opportunities. In the Eastern belt, we may act as a contractor or utilize our expertise in pipeline development. In Gadchiroli, we might jointly bid for opportunities to secure better pricing. Partnering with Tata Steel, a leading company, is an honor and could accelerate our growth.
Q: What is the status and outlook for the copper project in the Democratic Republic of Congo? A: The copper project in the Katanga area of the DRC is progressing well. We have 16 mining leases over 100 square kilometers, with copper grades ranging from 0.8% to 2%. The plant is expected to produce 10,000 tonnes of copper cathode by FY '27, with plans to expand to 30,000 tonnes annually. The region is politically stable, and we have a strong team in place to manage operations.
Q: How does Lloyds Metals plan to achieve its ambitious iron ore volume targets for FY '26? A: We are confident in achieving our target of 20-22 million tonnes for FY '26. The focus is on solving logistics challenges, with plans to increase pipeline capacity to 9 million tonnes by April and further expand with a second pipeline. Operational efficiencies and strong market demand support our confidence in meeting these targets.
Q: What are the financial highlights for Q3 FY '26, and how do they compare to previous periods? A: Q3 FY '26 was strong, with standalone total income at INR3,875 crores, up 129% year-on-year. EBITDA increased by 137% to INR1,317 crores, and PAT rose by 128% to INR889 crores. Margins remained healthy, with a Q3 EBITDA margin of 34%. The growth is driven by value-added products, operational efficiencies, and strong demand.
Q: What is the expected impact of the BHQ plant on production costs and margins? A: The BHQ plant is expected to reduce royalty costs significantly, from INR1,200 to INR200 per tonne, offsetting beneficiation costs. The higher ore grade from the plant will command a premium, improving margins. The plant is on track for commissioning by December '27, with robust technology and operational plans in place.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
