1. At a Glance
Lloyds Enterprises Ltd (earlier Shree Global Tradefin – because nothing screams “serious business” like random name swaps) is technically a steel trader but lately behaves more like a holding co. with side hustles in real estate, logistics, and even gold mining. CMP: ₹66.6, market cap: ₹9,583 Cr, P/E: 34x, Book Value: ₹16.1 (so yes, trading at 4.1x BV like it’s some FMCG stock). ROE? Just 2.48%, which is what your savings account gives without risk. Quarterly PAT spiked to ₹230 Cr, thanks largely to “other income” of ₹282 Cr – essentially the financial equivalent of jugaad. Still, stock is up 64% in 1 year.
2. Introduction
This is not your average steel trader. Lloyds Enterprises is like that friend who starts with a simple kirana store but suddenly claims to own crypto mines, real estate, and a share in his mama’s gold jewellery business. The company began life pushing iron & steel products – coils, plates, beams, the usual mandi stuff. But then it decided: why stay boring?
So in the past two years, we’ve seen:
- Name change (Shree Global → Lloyds Enterprises).
- Investments worth ~₹1,490 Cr, with big chunks in group cos like Lloyds Steels.
- A new 7% stake in Lloyds Metals & Minerals Trading LLP.
- Rights issue worth ₹992 Cr (partly-paid, because why take full money upfront when you can milk it later).
- A surprise entry into gold mining via LLP investments.
- A logistics park project at Taloja through Lloyds Realty Developers.
Basically, Lloyds is trying to be Reliance-lite – metals, infra, mining, realty – without the Mukeshbhai execution muscle.
3. Business Model – WTF Do They Even Do?
Let’s break it down:
- Core Business: Trading steel products (HR coils, CR sheets, MS channels, angles, beams). Simple, mandi-level margins.
- Subsidiaries: Lloyds Steels Industries Ltd (engineering projects) and Indrajit Properties (real estate).
- Investments: ~₹860 Cr in Lloyds Steels, ~₹460 Cr in other listed firms, ~₹170 Cr in Indrajit.
- New Ventures:
- Mining: Gold projects via LLPs (~₹140 Cr investment).
- Logistics: 99-acre warehousing park at Taloja with ₹242 Cr debt funding.
- Rights Issue: Raising ~₹992 Cr, partly paid, payable till 2027.
So basically, it’s
