1. At a Glance – The “Wait, This Was a Penny Stock?” Moment
Once upon a time, Lloyds Engineering Works Ltd (formerly Lloyds Steels Industries) was that forgotten name investors scrolled past like a Terms & Conditions page. Fast forward to today, and suddenly it’s sitting on a ₹6,131 Cr market cap, a ₹1,665+ Cr order inflow pipeline, and a Q3 FY26 PAT of ₹67 Cr, up ~71% QoQ.
The stock price at ₹52.6 is still licking wounds from a brutal 1-year drawdown of -23%, but operationally? This company is behaving like it just discovered protein powder and discipline.
Key numbers doing the talking:
- TTM Sales: ₹1,038 Cr
- TTM PAT: ₹171 Cr
- TTM EPS: ₹1.28
- ROE: ~15.9%
- Debt-to-Equity: 0.16 (shockingly sober)
- Order Book: ~₹6,150 Cr post-merger approvals
Latest quarter highlights:
- Revenue: ₹272 Cr
- PAT: ₹67 Cr
- EPS: ₹0.52
- OPM: 19%
Question for you already:
👉 Is this a cyclical capital goods story… or a structural turnaround hiding in plain sight?
2. Introduction – From “Steel Zombie” to Engineering Juggernaut?
Lloyds Engineering has existed since 1974, which means it has survived:
- multiple commodity cycles
- PSU payment delays
- government tender mood swings
- and at least three generations of Indian industrial policy
For years, it was treated like a sleepy heavy-engineering relic. Then suddenly, in the last 2–3 years, things changed:
- Promoters cleaned up the balance sheet
- Warrants got converted
- Capacity expansion kicked off
- Defence, nuclear, marine, and pellet plant orders started rolling in
And now, the company is not just manufacturing equipment, it’s positioning itself as a full-stack EPC + heavy fabrication + technology-licensed engineering player.
Still… capital goods companies have betrayed investors before.
So let’s open the bonnet properly.
3.
Business Model – WTF Do They Even Do?
Imagine a company that builds:
- pressure vessels for refineries
- rolling mills for steel plants
- boilers for power stations
- equipment for nuclear reactors
- fin stabilizers for ships
- marine loading arms for ports
…and then casually says,
“Yeah, we also do turnkey projects.”
That’s Lloyds Engineering.
Core Vertical Breakdown:
- Power (40%) – Boilers, condensers, thermal equipment
- Steel (38%) – Pellet plants, rolling mills, SMS
- Civil (8%)
- Carbon / Hydrocarbon (7%) – Pressure vessels, heat exchangers
- Others (7%) – Marine, defence, nuclear
This is classic B2B, long-cycle, high-ticket, low-romance engineering.
No branding. No ads. No influencers.
Just drawings, welding, inspections, and milestone billing.
Lazy investor translation:
“If India builds stuff, Lloyds wants to supply the heavy metal behind it.”
Does that make revenues lumpy? Yes.
Does it create operating leverage? Also yes.
4. Financials Overview – Numbers Without Makeup
Quarterly Comparison Table (₹ Cr)
| Metric | Latest Qtr (Dec-25) | YoY Qtr (Dec-24) | Prev Qtr (Sep-25) | YoY % | QoQ % |
|---|---|---|---|---|---|
| Revenue | 272 | 266 | 317 | +2.3% | -14.2% |
| EBITDA | 53 | 44 | 49 | +20.5% | +8.2% |
| PAT | 67 | 36 | 54 | +86.1% | +70.9% |
| EPS (₹) | 0.52 | 0.24 | 0.44 | +116% | +18% |
Annualised EPS (Q3 rule):
Average of Q1, Q2, Q3 EPS × 4 ≈ ₹1.30 (matches TTM, sanity intact)
Commentary:
- Revenue dipped QoQ because execution timing
