LLOYDSENT
Micro CapLloyds Enterprises Limited
Metals
Lloyds Enterprises Limited (LEL) is a diversified company engaged in trading (steel, allied products, iron ore pellets) and strategic investments. It is a holding company for Lloyds Engineering Works Ltd (engineering solutions) and Lloyds Realty Developers Ltd (real estate). LEL also holds stakes in gold exploration (GMSI) and Lloyds Metals & Energy Ltd (integrated iron ore and steel).
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 weak.
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 · 100/100Rev +47% YoY · PAT +176% YoY · margin expansion · +141% QoQ · operating leverage
| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹720 Cr | +47.2% | +140.8% |
| EBITDA | ₹45 Cr | +80.0% | +80.0% |
| Operating margin | 6.0% | +100 bps | -200 bps |
| PAT | ₹69 Cr | +176.0% | +81.6% |
| PAT margin | 9.6% | +447 bps | -313 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
FY26 consolidated revenue grew 18% to INR 1,756 Cr, with net profit surging 340% to INR 417 Cr, driven by trading and strategic investments. Standalone net profit dramatically improved to INR 268 Cr from INR 16 Cr in FY25, boosted by INR 349 Cr in other income from investments.
LLOYDSENT delivered robust FY26 results, with significant profit growth driven by strategic investments and operational leverage. The planned corporate restructuring aims to unlock value in its real estate arm, while key subsidiaries and investments like the gold mine and integrated metals platform show strong growth potential and execution.
Gold Mining Operations (GMSI)
Jonnagiri Enters Pre-Commercial Phase, expected to produce up to 1,000 kg of refined gold annually for 15 years.
Real Estate Development (LRDL)
MoUs for over 270 acres across MMR growth corridors, with revenue potential exceeding ₹5,000 Crores.
Engineering Solutions (LEWL)
Order book of more than ~₹8335 Cr as of FY26 (including its subsidiaries) and ~2x capacity expansion underway.
Integrated Metals Platform (LMEL)
Capacity in motion: 55Mnt mining throughput EC, 4-Mt pellet plant expanding to 12 Mnt, 360Kt DRI expanding to 700Kt.
Gold Production Ramp-up (GMSI)
Pre-production trials produced ~60 kg gold; commercial ramp-up underway. Planned production ~600 kg/year from FY26–27, peak ~1,000 kg/year.
Real Estate Land Aggregation (LRDL)
Taloja land aggregation (~99 acres + ~32 acres potential) expected within 9 months. Khopoli MoUs for ~175 acres.
Engineering Capacity Expansion (LEWL)
Ongoing modernisation targeting ≈2× throughput at Murbad cluster.
Integrated Metals Capacity (LMEL)
Environmental clearance for higher mining throughput of 55Mnt; 4-Mt pellet plant expanding to 12 Mnt; 360Kt DRI expanding to 700Kt; ~85-km slurry pipeline commissioned.
Rising Demand for Quality Housing
LRDL's Khopoli projects address the rising demand for quality housing in the extended MMR region.
Integrated Mining & Metals Efficiency
LMEL couples large, long-life iron-ore resource with integrated logistics (slurry pipeline) and in-house beneficiation/pelletisation, delivering structurally low delivered cost.
Long-term Gold Value Creation
Strategic investment in India’s emerging GOLD production asset with strong long-term value creation potential.
Real Estate Cyclicality
LRDL operates with an asset-light model that prioritises joint-venture partnerships to accelerate growth and manage cyclicality.
Commodity and Cycle Risks
LMEL's diversified group platform, conservative capital approach, and logistics integration mitigate commodity and cycle risks.
Restructuring Execution
The entire real estate business will then be separated into a new company, Lloyds Realty Limited, subject to approvals.
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.
The presentation primarily focuses on annual financial performance (FY26 vs FY25) and strategic developments over the financial year, making year-over-year comparison most relevant for assessing overall growth and strategic execution.
Consolidated EBITDA Margin
Consolidated EBIDTA Margin (%) 24.88% in FY26 vs 12.77% in FY25.
Standalone EBITDA Margin
Standalone EBIDTA Margin (%) 42.44% in FY26 vs 5.57% in FY25.
Gold Production Capacity (GMSI)
Expected to produce up to 1,000 kilograms of refined gold annually, with peak output for 15 years.
Attributable Gold EBITDA (GMSI)
Lloyds’ attributable EBITDA at ~32% stake estimated at ~₹142 crore, with forecast AISC of ~USD 1,021/oz.
Focus on Long-Term Value Creation
Investment strategy focused on long-term value creation. Portfolio balanced between near-term opportunities and sustainable growth assets.
Corporate Restructuring
Restructuring to create two focused entities (trading/investment and real estate) with clearer strategy, stronger accountability, and better valuation visibility.
Asset-Light Real Estate Model
LRDL follows an asset-light approach, emphasising negligible debt and exploring joint ventures to enhance prospects and manage development risk.
Gold Mine Commercialization
Pre-production trials have produced ~60 kg of gold; commercial ramp-up underway for Jonnagiri mine.
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Gold Production (GMSI) | Pre-production trials yielded ~60 kg; commercial ramp-up underway. | Achievement of planned production of ~600 kg/year from FY26–27 and progress towards peak output of ~1,000 kg/year. |
| Real Estate Land Aggregation & Development (LRDL) | MoUs for over 270 acres in MMR; Taloja aggregation expected within 9 months. | Completion of land aggregation, definitive agreements, and commencement of sale/lease of developed plots within 24 months post-aggregation. |
| LEWL Order Book Execution & Capacity | Order book >₹8335 Cr; ~2x capacity expansion underway. | Timely execution of the large order book and successful ramp-up of the expanded capacity. |
| LMEL Capacity Ramp-up | EC for 55Mnt mining, 4-Mt pellet plant expanding to 12 Mnt, 360Kt DRI expanding to 700Kt, slurry pipeline commissioned. | Progress on pellet and pipeline ramp-up, MDO consolidation benefits, and execution of pellet investments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trend score and candlestick chart
56NeutralSMA20 +22.4% / mo
Technical chart
LLOYDSENTweekly · 6M+17.2%Technical trend read
NeutralTrend is undirectional — long-term trend unclear. RSI 54.
- RSI(14) at 54 — sideways, no extreme reading.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- 11% off 52W high · 67% 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 21/25 to the score.
- Balance sheet contributes 8/15 to the score.
- Quality contributes 3/20 to the score.
Main drags
- Fair-value margin of safety is negative at -70.2%.
- Valuation is weaker at 0/30; verify the latest quarterly trend.
- Cash flow is weaker at 0/10; verify the latest quarterly trend.
Cyclical valuation: normalized earnings, not just trailing PE
Cyclical companies can look cheapest near peak profits, so IndiaPulse flags value-trap risk separately.
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 35th percentile within Metals. Main check: cash conversion is weak at 28/100.
Healthy Trust Lite: Promoter holding is 62.7%. Key concern: Operating cash flow is negative at ₹-361 Cr.
Usable, but needs evidence. Treat guidance with a margin of safety.
overall median 67 · Metals: 35th 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 holding is 62.7%.
- ▸Promoter pledge is zero.
- ▸7/8 recent quarters had positive YoY revenue growth.
Trust risks
- ▸Operating cash flow is negative at ₹-361 Cr.
- ▸2 recent quarters had PAT decline worse than 25% YoY.
- ▸Only 0 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
- 33.80
- P/B
- 2.31
- EV/EBITDA
- 75.21
- Market Cap
- 9656.00Cr
Profitability
- ROE
- 8.66%
- ROCE
- 10.60%
- ROA
- 5.81%
- Dividend Y
- 0.16%
Growth (CAGR)
- Revenue 5Y
- 366.00%
- EPS 5Y
- 402.00%
- Revenue 3Y
- 67.00%
- EPS 3Y
- 78.00%
Balance Sheet
- Debt/Equity
- 0.19
- Interest Coverage
- 2.42×
- Altman Z
- 3.19
- Book Value
- 27.70
Cash Flow
- FCF Yield
- —
- FCF Positive Y
- 0/5
- OCF
- -361.00 Cr
- EPS TTM
- 1.90
Shareholding
- Promoter Hold
- 62.72%
- Promoter Pledge
- 0.00%
- Momentum 52W
- 49%
Financial History
Updated 9/6/2026
Revenue
₹ CrNet Profit
₹ CrReturn on Equity
%Peers
Business-comparable peers in Metals — 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.