LLOYDSENGG
Micro CapLLOYDS ENGINEERING WORKS LIMITED
Industrials
Lloyds Engineering Works Ltd. (LEWL) is an integrated infrastructure solutions conglomerate. It specializes in fabrication, niche engineering, defence, electrical engineering, and EPC, offering design to commissioning services. The company has expanded through strategic mergers and technology tie-ups.
One read, four checks
75+ is strong, 60-74 is usable, 45-59 is mixed, and below 45 needs caution. These are research lenses, not buy/sell instructions.
Weak fundamentals, management trust is acceptable, price trend is neutral, and recent execution is consistent.
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
low confidence · 0/0 claims checked
Timing lens: price trend and sector relative strength.
Rolling lens: recent quarterly delivery, not the latest single-result score.
Quarter ended 31 Mar 2026
Excellent · 77/100Rev +113% YoY · PAT +130% YoY · +82% QoQ · operating leverage · margin compression
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹495 Cr | +113.4% | +82.0% |
| EBITDA | ₹61 Cr | +74.3% | +15.1% |
| Operating margin | 12.0% | -300 bps | -700 bps |
| PAT | ₹46 Cr | +130.0% | -31.3% |
| PAT margin | 9.3% | +67 bps | -1534 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Where growth can come from, and what can break the case
LLOYDSENGG reports strong FY26 proforma revenue of 3,253.09 Cr (+318% YoY) and PAT of 330.73 Cr (+236% YoY) post-merger. Standalone Q4FY26 revenue surged 130.75% YoY to 411.86 Cr, driven by execution ramp-up, though standalone EBITDA margin compressed to 15.08%.
The strategic unification of LEWL and LICL creates a vertically integrated platform, enhancing capabilities from design to execution. Strong order book growth and new technology tie-ups position the company for sustained expansion, despite some margin compression in Q4 standalone results.
Order Book by Segment (FY26)
Latest issuer-disclosed distribution across 3 reported categories.
Defence Tie-ups
Exclusive Indian deployment rights for UAV/drones (FlyFocus, Poland), next-gen radar for surveillance (Virtualabs, Italy), and joint manufacturing for naval systems (Fincantieri, Italy).
Industrial Process Optimisation
Strategic partnership with CEMI Process Optimisation for advanced process control, dynamic simulation, and industrial vision systems, targeting high-margin recurring revenues.
SAIL–IISCO Pellet Plant Order
Consortium win with Primetals for a 613 crore + 18 million order from SAIL–IISCO Steel Plant for a 4.2 MTPA Pellet Project, providing 39 months of execution visibility.
Electrical Engineering Entry
Entry into electrical engineering via Techno Industries, expanding capacities in motors, pumps, elevators, escalators, and AMC services with a 150.70 crore order book.
Bhilai Engineering Corporation Limited (BECL) Acquisition
Acquisition of BECL's engineering assets to complement existing product lines, enhance production capabilities in fabrication, assembly, and machining, and increase factory floor area.
Ongoing Capacity Expansion
Capacity expansion is underway to support the increasing order book and future growth, including modernizing and overhauling the asset base to increase throughput.
Defence Sector Outlay
The FY27 defence outlay of 7.85 lakh crore, with 90% of contracts directed to Indian firms, creates a massive addressable opportunity.
Port Capacity Expansion
India's port capacity expansion creates a long runway for deployment of mechanized loading equipment, driving demand for Marine Loading Arms and Swivel Joints.
Steel Capacity Target
India's target of 300 MTPA steel capacity drives demand for cleaner surface treatment solutions like Eco Pickled Surface (EPS Gen 4) technology.
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Q4FY26 standalone results show strong sequential execution momentum (QoQ revenue +85.56%), while full-year (FY26) and proforma results are best compared YoY to reflect the impact of mergers and overall annual growth.
Proforma Group Order Book (FY26)
The Proforma Group Order Book for FY26 stands at 8,335.15 crore.
Proforma Total Income (FY26)
Proforma Total Income for FY26 was 3,253.09 crore, a 318% increase YoY from 777.96 crore in FY25.
Stated Consolidated Revenue (FY26)
Stated Consolidated Revenue grew to 1,301.14 crore in FY26, up 53.85% YoY.
Standalone Revenue (Q4FY26)
Standalone Revenue surged to 411.86 crore in Q4FY26, up 130.75% YoY and 85.56% QoQ.
Strategic Unification
Management states the LEWL-LICL merger creates a single vertically integrated platform, transitioning from equipment maker to full-cycle engineering and infrastructure solutions provider.
Value Capture Expansion
The merger widens the value capture window, allowing monetization of design, manufacturing, and EPC margins under one balance sheet.
Capacity & Asset Modernization
Management is enhancing capacities and modernizing the asset base to deliver superior growth and increase throughput, supporting the increasing order book.
Clientele Expansion in Electrical Segment
Management aims to expand capacities in motors and pumps, leveraging pre-qualifications with entities like NTPC and BHEL to build a more robust clientele.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Proforma Group Order Book | 8,335.15 crore (FY26) | Sustained growth in order inflows and conversion into revenue. |
| Standalone Revenue Growth | Q4FY26: +130.75% YoY, +85.56% QoQ | Continued strong execution ramp-up and sequential momentum. |
| Consolidated Adjusted EBITDA Margin | FY26: 17.70% | Stabilization or improvement in margins, especially given Q4 standalone compression. |
| Asset Turnover Ratio | FY26: 8.52x | Efficiency in utilizing enhanced capacities and asset base to drive revenue. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +37.1% / mo · near 52W high
Technical chart
LLOYDSENGGdaily · 6M+39.6%Technical trend read
Mixed signalsSignals are conflicting — long-term trend unclear. RSI 58. Wait for confirmation.
- SMA20 rising (~18.5% over last month) — short-term momentum positive.
- RSI(14) at 58 — falling, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 10% off 52W high · 92% above 52W low.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Valuation, score drivers, trust methodology, financials, and peers
Use these sections after reviewing the decision summary, latest result, thesis, management accountability, and technical timing above.
Fundamental score breakdown
WATCHLISTWhy this score?
Top U-Score contributors and drags from the latest stored fundamentals.
Positive drivers
- Growth contributes 18/25 to the score.
- Quality contributes 11/20 to the score.
- Balance sheet contributes 8/15 to the score.
Main drags
- Fair-value margin of safety is negative at -17.9%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Execution business valuation: EV/EBITDA plus order and working-capital risk
Capital-intensive execution stories need cash-flow and balance-sheet checks alongside valuation.
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Score history
12 stored score snapshots. Latest stored move: +0 points.
Factor attribution
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Mixed Trust: Claim history is still being built. It ranks around the 42nd percentile of the scored universe and 38th percentile within Industrials. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter pledge is zero. Key concern: Promoter holding fell 7.3%.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Industrials: 38th pctile, median 68 · Micro: 26th pctile, median 71
0 documents indexed, but claim history is not strong enough yet.
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Mixed Trust · low confidenceRead Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Trust positives
- ▸Promoter pledge is zero.
- ▸Debt/equity is 0.07.
- ▸4/4 recent quarters had positive YoY revenue growth.
- ▸4/4 recent quarters had positive YoY PAT growth.
Trust risks
- ▸Promoter holding fell 7.3%.
- ▸Operating cash flow is negative at ₹-253 Cr.
- ▸Only 1 years of positive FCF.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Intrinsic value
Fundamentals
Valuation
- P/E
- 53.80
- P/B
- 5.83
- EV/EBITDA
- 48.88
- Market Cap
- 10205.00Cr
Profitability
- ROE
- 16.40%
- ROCE
- 17.10%
- ROA
- 8.36%
- Dividend Y
- 0.36%
Growth (CAGR)
- Revenue 5Y
- 101.00%
- EPS 5Y
- 101.00%
- Revenue 3Y
- 46.00%
- EPS 3Y
- 46.00%
Balance Sheet
- Debt/Equity
- 0.07
- Interest Coverage
- 13.50×
- Altman Z
- 7.97
- Book Value
- 12.00
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 1/5
- OCF
- -253.00 Cr
- EPS TTM
- 1.36
Shareholding
- Promoter Hold
- 41.92%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 70%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Industrials — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.