1. At a Glance
Once known as Lloyds Steels Industries (the OG boiler builder of the 80s), the company has now rebranded asLloyds Engineering Works Ltd (LEWL)— because, let’s face it, “Steels” wasn’t sexy enough when you’re signing drone MoUs with Poland.
As ofNov 2025, the stock trades at₹ 58.7, giving it a market cap of₹ 8,128 crore. Quarterly revenue jumped to₹ 317 crore, andPAThit₹ 54 crore, translating into anEPS of ₹ 0.44. That annualises to ₹ 1.76, implying a loftyP/E ≈ 34xon FY26 run-rate earnings.
In the last six months, the stock is up17.6 %, but down12 %in three months — basically the investor equivalent of doing cardio and still gaining fat. The company’sOPM stands at 14.9 %,Debt ₹ 189 cr,Debt-to-Equity 0.16, andROE/ROCEare still “coming soon” to a ratio table near you.
The latest flex? A₹ 613 crore + € 18.26 millioncontract fromSAIL-IISCOfor a4.2 MTPA pellet plant. With an order book of₹ 904 crore, drones, naval tie-ups, and a rights issue worth ₹ 1,050 crore, Lloyds now moonlights as India’s engineering all-rounder.
2. Introduction
Remember when Lloyds was just another sleepy boiler fabricator from Thane? Fast-forward to 2025 — they’re doingUAVs with Poland,propulsion with Italy,pellet plants for SAIL, and anESOP partybig enough to make startup bros jealous.
This company has quietly evolved from “weld-and-ship” to “design-integrate-deliver,” covering everything fromnuclear reactorstonaval gear. Their rebrand fromLloyds Steels Industries LtdtoLloyds Engineering Works Ltd(w.e.f. 25 July 2023) wasn’t just marketing fluff — it was signalling:“Boss, we’ve entered the multi-engine zone.”
Yet, while expansion brings clout, it also brings complexity. Promoters have shuffled shareholding like IPL squads (down from ~60 % in FY24 to 49 % now), and a ₹ 1,050 crore rights issue in June 2025 has diluted equity to ₹ 132 crore.
So, what exactly is Lloyds building, and are these machines minting margins — or just noise? Let’s unbolt the numbers.
3. Business Model – WTF Do They Even Do?
LEWL is a one-stop fabrication circus catering toPower, Steel, Hydrocarbon, Marine, and Nuclearsectors.
- Hydrocarbon Sector:Designs pressure vessels, heat exchangers, and waste-heat recovery boilers. In short, they build the metal intestines of refineries.
- Steel Sector:Rolling mills, melting shops, and miscellaneous heavy gear. Basically, if it rolls, melts, or leaks, Lloyds has welded it.
- Nuclear Power:Registered withBARCandNPCIL— supplying specialised seismic-tested equipment where one loose bolt can cause national news.
- Marine & Defence:Makes fin stabilisers, steering gear, and now, through MoUs withFincantieri (Italy)andFlyFocus (Poland), is flirting with drones and naval propulsion systems.
- Power & Civil:Thermal power components — boilers, condensers, heaters — plus the occasional EPC side hustle.
Theirfive Murbad plantssit conveniently next to each other — perfect for economies of scale or gossip. Capacity expansion of ~2× is already underway.
Client list reads like a PSU roll call:Cochin Shipyard, Goa Shipyard, BPCL, IOCL, GAIL, Aditya Birla Utkal Alumina, etc. TheFY24 order book of
₹ 904 croreis split across Power (40 %), Steel (38 %), Civil (8 %), Carbon (7 %), and Others (7 %).
In short: they’ll build anything heavy, except maybe your willpower.
4. Financials Overview
| Metric | Sep 2025 | Sep 2024 | Jun 2025 | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue (₹ cr) | 317 | 217 | 217 | 45.9 % | 46.1 % |
| EBITDA (₹ cr) | 49 | 27 | 27 | 81.5 % | 81.5 % |
| PAT (₹ cr) | 54 | 30 | 30 | 80 % | 80 % |
| EPS (₹) | 0.44 | 0.20 | 0.20 | 120 % | 120 % |
Annualised EPS ≈ ₹ 1.76 →P/E ≈ 33×on CMP ₹ 58.7.
So, yes — valuation richer than a PSU tender margin, but growth is visible.
5. Valuation Discussion – Fair Value Range Only
Let’s triangulate three ways.
(a)P/E Method
- EPS (TTM) ₹ 1.0 → Fair range ≈ ₹ 34–50 (assuming P/E 34–50× for industrial peers).
- EPS (FY26E annualised 1.76) → Fair range ₹ 60–88.
(b)EV/EBITDA Method
- EV ₹ 8,119 cr; EBITDA TTM ₹ 153 cr → EV/EBITDA = 43× (now).Industry average ≈ 18–25× → Fair EV ₹ 2,750–3,825 cr → Fair Price ₹ 20–28.
(c)Simplified DCF Method
- FCFO FY25 ₹ 158 cr; assume 8 % growth, WACC 11 %, TV growth 4 %.→ Equity value ≈ ₹ 6,200–7,200 cr → Fair range ₹ 45–52.
📘Educational Disclaimer:This fair-value range (₹ 45–88) is for educational purposes only and not investment advice.
6. What’s Cooking – News, Triggers, Drama
If this were a Bollywood plot, FY25–26 would be Lloyds’ action sequel.
- Nov 2025:₹ 613 crore + € 18.26 m SAIL-IISCO pellet plant deal — their largest ever contract, 39-month execution.
- Oct 2025:MoU withFlyFocus (Poland)to manufacture Defender SIGINT UAVs — because boilers are too mainstream now.
- Jul 2025:Partnered withFincantieri (Italy)to build naval propulsion systems — hello, defence orders.
- Aug 2025:SubsidiaryTechno Industries
