1. At a Glance
When your quarterly revenue jumps 154% YoY to ₹3,651 crore and profit grows 90%, even iron ore starts looking like gold dust.
Lloyds Metals & Energy Ltd, once just another sponge-iron maker from Maharashtra, has officially morphed into a full-blown mining and metals juggernaut with a market cap of ₹68,034 crore and ambitions that could give NMDC heartburn.
In Q2FY26, it posted a PAT of ₹572 crore, an EPS of ₹10.87, and an operating margin near 29% — numbers solid enough to make a CFO cry tears of molten steel.
The stock trades at ₹1,287, P/E of 37.7x, and ROCE of 38.3%, with ROE at 31.4% — not bad for a company that started mining at 3 MTPA just three years ago and now targets 55 MTPA by FY30.
As the Bhagavad Gita says: “You have the right to work, but never to the fruits of your labour.”
Apparently, Lloyds disagreed — it took both the work and the fruits (and maybe the entire orchard).
2. Introduction – From Sponge Iron to Iron Throne
Lloyds Metals has pulled off the desi version of an industrial glow-up. Ten years ago, it was a small integrated sponge iron plant in Chandrapur. Today, it’s one of the largest merchant miners of iron ore in India, producing millions of tonnes from its Surjagarh lease in Maharashtra.
In FY23, 78% of its revenue came from mining, 19% from sponge iron, and 3% from power — clear evidence that this is no longer a “manufacturer” but a full-fledged miner that happens to smelt on weekends.
The Surjagarh Iron Ore Mine (SIOM), spread over ~350 hectares, sits like a money-printing mountain in Gadchiroli. Initially approved for 3 MTPA, it now operates at 10 MTPA and has EC clearance for 55 MTPA.
When most miners spend years waiting for approvals, Lloyds has been laying slurry pipelines, expanding DRI units, and commissioning new sponge kilns like it’s running a race with time. It’s like the Elon Musk of Indian metallurgy — except instead of Mars, it’s going after Maharashtra’s red earth.
3. Business Model – WTF Do They Even Do?
To decode Lloyds’ empire, you need to understand three pillars of its molten madness:
- Iron Ore Mining (78% revenue):
The crown jewel. The Surjagarh mine produces high-grade ore sold to steelmakers across India. Current mining stands at 10 MTPA; expansion approved to 55 MTPA. It’s like going from a Maruti 800 to a freight train in three years. - Sponge Iron Manufacturing (19%):
Two operational plants — Ghugus and Konsari — producing 350,000 MTPA of sponge iron. In September 2025, a new 360 KTPA plant at Ghugus was commissioned, taking total DRI capacity to 700 KTPA.
Think of
