Lloyds Metals posts 208.55% revenue growth, but margin slips sequentially
Year-on-year margins improved as revenue outpaced costs, while higher sequential expenses, interest and depreciation moderated the quarter.
Filed 10 Aug 2026, 18:56 IST · after market close · Lloyds Metals & Energy Ltd (LLOYDSME)
Key takeaways
- Consolidated revenue rose +208.55% year on year to Rs 7,354.4 cr, while operating margin expanded 4.50 percentage points to 37.82%.
- Sequentially, expenses grew +31.62% against revenue growth of +22.17%, narrowing operating margin by 4.46 percentage points.
- Net profit increased +170.25% year on year to Rs 1,733.89 cr, although interest expense rose +1,783.32% and other income contributed 6.69% of pre-tax profit.
Price around the results
Revenue scaled up, with profit growth slower than sales
Lloyds Metals reported consolidated revenue growth of +208.55% year on year and +22.17% sequentially in Q1FY27. Operating profit grew +250.23% year on year, but pre-tax profit rose a slower +209.56% as interest and depreciation increased sharply. Net profit still grew +170.25% year on year and +13.32% sequentially.
Sequential cost growth reversed the recent margin improvement
Costs grew +31.62% sequentially, faster than revenue at +22.17%, which cut operating margin by 4.46 percentage points to 37.82%. This followed two quarters of margin improvement from 28.57% in Q2FY26 to 34.78% in Q3FY26 and 42.28% in Q4FY26, rather than extending that rise for a third quarter. Year on year, costs grew +187.73% against revenue growth of +208.55%, supporting a 4.50-percentage-point margin expansion.
Margin remains above the commodities peer median
Lloyds Metals' 37.82% operating margin was 18.86 percentage points above the 18.96% median for the 64 Commodities peers that had reported the same quarter. The sequential profit bridge was also affected by a +64.44% rise in interest expense and a +16.57% increase in depreciation. Other income accounted for 6.69% of pre-tax profit, while the sequential tax-rate decline of 2.12 percentage points provided some support to net profit.
Management points to added mining and processing capacity
Management said Laserda–Pacheri commenced operations in Q1FY27 and has a FY27 production target of 1.5 MTPA. The company said Dalpahar Mines are expected to begin operations in Q2FY27, with a FY27 target of 3 MTPA, and that Odisha volumes are targeted to rise +39% year on year to 34–35 million tonnes in FY27. Management also said GRM production capacity increased from 5.99 MTPA to 6.99 MTPA in FY27; it reported Gadchiroli mine production, including BHQ, of 12.83 million tonnes in the last quarter.
Results were filed after the close; past reactions have been mixed
The Q1FY27 results were filed after market close, so there is no reported market reaction yet. Across the last eight results, the stock rose after five and fell after three, with a median absolute move of 2.31%; the six listed recent moves ranged from -3.46% to +9.99%.
Q1FY27 at a glance
Consolidated figures as filed with NSE — filed ahead of third-party databases, not yet independently cross-checked.
| Line item | Q1FY27 | Q4FY26 | QoQ | YoY |
|---|---|---|---|---|
| Revenue | ₹7,354 cr | ₹6,020 cr | +22.17% | +208.55% |
| Other income | ₹161 cr | ₹34 cr | +376.67% | +471.02% |
| Expenses | ₹4,573 cr | ₹3,474 cr | +31.62% | +187.73% |
| Operating profit | ₹2,781 cr | ₹2,545 cr | +9.28% | +250.23% |
| Operating margin (%) | 37.82% | 42.28% | — | — |
| Interest | ₹276 cr | ₹168 cr | +64.44% | +1783.32% |
| Depreciation | ₹262 cr | ₹224 cr | +16.57% | +751.03% |
| Profit before tax | ₹2,405 cr | ₹2,187 cr | +9.98% | +209.56% |
| Tax | ₹671 cr | ₹657 cr | +2.20% | +395.82% |
| Net profit | ₹1,734 cr | ₹1,530 cr | +13.32% | +170.25% |
| EPS (₹) | ₹30.68 | ₹26.77 | +14.61% | +153.14% |
Operating margin of 37.82% compares with a Commodities sector median of 18.96% across 64 peers that have reported Q1FY27.
What management said
From the company’s own investor presentation. Each point is checked against the source document before it appears here.
This quarter
- Gadchiroli mine production, including BHQ, reached 12.83 million tonnes during the last quarter.
Guidance & outlook
- Dalpahar Mines are expected to begin operations in Q2 FY27, with a FY27 production target of 3 MTPA.
- Laserda–Pacheri has a FY27 production target of 1.5 MTPA after commencing operations in Q1 FY27.
- Odisha operations volumes are expected to rise 39% year over year to 34–35 million tonnes in FY27.
Planned next quarter
- Dalpahar Mines are expected to commence operations in Q2 FY27.
Expansion
- GRM production capacity has increased from 5.99 MTPA to 6.99 MTPA in FY27.
New initiatives
- Green mining equipment deployment includes electric, battery-operated and LNG-hybrid units.
- The company is developing an EV and LNG ecosystem at SIOM.
Problems & risks
- Chemaf’s EP-1 oxide plant has been shut down for care, maintenance and upgradation.
What to watch
- Whether operating margin holds above 37.82% after the 4.46-percentage-point sequential decline.
- Whether Dalpahar Mines commence operations in Q2FY27 against management's 3 MTPA FY27 target.
- Whether Odisha volumes move toward management's stated 34–35 million tonnes FY27 range after the reported 12.83 million tonnes of Gadchiroli production in the last quarter.