01 — At a Glance
The Iron Ore Kid Who Decided to Mine Copper in Africa
- 52-Week High / Low₹1,613 / ₹1,005
- Q3 FY26 Revenue₹3,875 Cr
- Q3 FY26 PAT₹889 Cr
- Q3 FY26 EPS₹19.24
- Annualised EPS (Q3×4)₹76.96
- Book Value₹142
- Price to Book8.34x
- Dividend Yield0.08%
- Debt / Equity1.06x
- EBITDA Margin Q334%
The Gist: Lloyds Metals crossed ₹11,000 crore in consolidated revenue. Standalone Q3 delivered ₹3,875 crore revenue (+129% YoY), ₹1,317 crore EBITDA (+137%), and ₹889 crore PAT. Margins at 34%. But here’s the plot twist: they’re not just expanding sponge iron and mining capacity anymore. They’ve acquired a 50% stake in a copper mine in the Democratic Republic of Congo. Pellet plants. Steel mills. Beneficiation plants. And copper cathodes in Africa. Welcome to 2026 — when mid-cap miners forget to stay mid-cap.
02 — Introduction
From Sponge Iron to Sponge Risk. A Beautiful Mess.
Two years ago, Lloyds Metals was a niche sponge iron manufacturer with a captive iron ore mine. Standard narrative: backward integration, low cost, decent margins, nobody exciting. The stock was trading in the ₹400–₹600 range.
Today — ₹1,184 per share, a market cap of ₹76,186 crore, and management is casually discussing copper mining in the DRC as if it’s as routine as updating the canteen menu.
What happened? Environmental clearance expansion. Pellet plants commissioned. Slurry pipelines delivering cost savings. A full integration play into steel. Acquisition of Thriveni Earthmovers’ mining business (79.82% stake). And now — a 50% JV stake in a copper mine in Katanga, DRC, targeting 10,000–12,000 tonnes of cathode output in FY27 and scaling to 30,000 TPA medium-term.
This is no longer a conservative miner’s story. This is a diversified mining and metals company building optionality at a furious pace. The question isn’t whether they can execute one thing. It’s whether they can execute seven things simultaneously. Q3 FY26 results suggest they can. Or suggests they’re running very fast before gravity catches up. Both are possible.
Concall Tone (Feb 2026): Management explicitly stated copper is “a new gold for the new age economy.” They’re not joking. They also confirmed that Katanga (DRC) is “not zero politically worrying” but “well sustained” with “infrastructure and systems in place.” Translation: we believe in this. Believe in us.
03 — Business Model: WTF Do They Even Do Now?
It’s Complicated. Let Me Count the Buckets.
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2 Responses
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