From Steel to Dreams: Lloyds Engineering’s 5-Year Reinvention
At a Glance Over the past five years, Lloyds Engineering Works Ltd has transitioned from basic steel fabrication to turnkey EPC solutions for refineries, power stations and naval vessels. FY25 revenue rose 21% to ₹755.8 Cr, EBITDA margin expanded to 19.2%, and order book jumped to ₹1,315 Cr. Net debt/EBITDA sits at 0.6×. Fair value: ₹14–18.
Introduction with Hook Picture this: welding massive stabilizer fins for a missile vessel in the morning, then overseeing a nuclear boiler assembly by afternoon. That’s a day in the life of Lloyds Engineering—a once-niche fabricator now elbowing into high-precision, high-margin infrastructure projects. But such reinvention comes with growing pains, valuation questions and a rights issue that could make or break the next leg of growth.
Business Model (WTF Do They Even Do?)
Design & Manufacturing: Heavy equipment and pressure vessels for oil & gas, steel, power and nuclear sectors.
