LLOYDS ENGINEERING WORKS LIMITED (LLOYDSENGG)
₹96.37 +5.45% last close, 16 Oct
Latest quarterly results (Q1 FY27)
In its latest reported quarter, Q1 FY27, LLOYDS ENGINEERING's revenue was ₹527 Cr (+133.4% year on year, +6.5% on the previous quarter), and net profit ₹55.1 Cr (+83.7% year on year); the operating margin was 12.5%.
| Q1 FY27 (₹ Cr) | Value | YoY vs Q1 FY26 | QoQ |
|---|---|---|---|
| Revenue | ₹527 | +133.4% | +6.5% |
| Operating profit | ₹66.2 | +145.0% | +8.4% |
| Net profit | ₹55.1 | +83.7% | +19.8% |
| EPS (₹) | 0.47 | +135.0% | +42.4% |
| Operating margin | 12.5% | — | — |
LLOYDSENGG delivery percentage
NSE end-of-day data for
On Fri, 16 Oct 2026, 23.49% of the LLOYDSENGG shares traded on NSE were taken to delivery, against the stock's own 20-session average of 38.53%. The price rose 5.45% on unusually low delivery, so more of the move than usual was intraday trading. It traded 2.4 times its average daily volume.
Delivery in the last 5 sessions: 38.9% · 24.3% · 28.0% · 39.0% · 23.5%
A description of what the exchange published, not a recommendation. Names such as "accumulation" or "long buildup" label a pattern in the numbers. How delivery is analysed
📢 Recent Corporate Announcements
Lloyds Engineering Works Limited announced that its unsecured creditors have unanimously approved the scheme of merger by absorption at an NCLT-convened meeting held on October 16, 2026. A total of 75,84,13,241 votes were polled, representing 72.54% of outstanding eligible debt/value, with 100% voting in favor of the scheme. The proposed merger absorbs Lloyds Infrastructure & Construction Limited, Metalfab Hightech Private Limited, and Techno Industries Private Limited into the company. The consolidation aligns with the company's previously stated strategic focus to scale order book integration and expand capabilities.
- 100.0000% of votes polled were in favour of the merger scheme by unsecured creditors
- 75,84,13,241 votes polled out of 1,04,54,58,409 eligible total value, achieving 72.5436% turnout
- Merger covers absorption of 3 entities: Lloyds Infrastructure & Construction, Metalfab Hightech, and Techno Industries
- Meeting conducted on October 16, 2026 via VC/OAVM pursuant to NCLT order dated August 19, 2026
Lloyds Engineering Works Limited announced that equity shareholders have approved the Scheme of Merger by Absorption with an overwhelming 99.96% majority in an NCLT-convened meeting held on October 16, 2026. The scheme involves merging Lloyds Infrastructure & Construction Limited, Metalfab Hightech Private Limited, and Techno Industries Private Limited into the company. A total of 94.05 crore votes were polled across 60.75% of outstanding equity shares, with 94.01 crore votes cast in favor. The amalgamation consolidates related engineering, manufacturing, and EPC businesses directly into Lloyds Engineering Works.
- Scheme of Merger approved with 99.96% of polled votes in favor (94,01,19,665 votes).
- Overall voter turnout stood at 60.75% across 94,04,80,048 total votes polled.
- Merger absorbs 3 entities: Lloyds Infrastructure & Construction, Metalfab Hightech, and Techno Industries.
- Promoter voting was 100% in favor (62,04,10,542 votes), while public non-institutional approval was 99.88%.
Lloyds Engineering Works Limited conducted an NCLT-convened meeting of its unsecured creditors on October 16, 2026, to approve the Scheme of Merger by Absorption. The proposed scheme involves the merger of Lloyds Infrastructure & Construction Limited, Metalfab Hightech Private Limited, and Techno Industries Private Limited into Lloyds Engineering Works. The voting results will be disclosed within two working days following the scrutinizer's report. If approved by a 75% majority in value, the merger will proceed to subsequent NCLT sanctions.
- Meeting of unsecured creditors held on October 16, 2026 via VC/OAVM pursuant to NCLT order dated August 19, 2026
- Scheme involves merger of Lloyds Infrastructure & Construction, Metalfab Hightech, and Techno Industries into Lloyds Engineering Works
- Approval threshold requires a majority in number representing at least 75% in value of unsecured creditors present and voting
- Voting results along with Scrutinizer's Report to be submitted within 2 working days
Lloyds Engineering Works Limited conducted an NCLT-convened meeting of its unsecured creditors on October 16, 2026, to approve the Scheme of Merger by Absorption. The proposed scheme involves the merger of Lloyds Infrastructure & Construction Limited, Metalfab Hightech Private Limited, and Techno Industries Private Limited into Lloyds Engineering Works. The voting results will be disclosed within two working days following the scrutinizer's report. If approved by a 75% majority in value, the merger will proceed to subsequent NCLT sanctions.
- Meeting of unsecured creditors held on October 16, 2026 via VC/OAVM pursuant to NCLT order dated August 19, 2026
- Scheme involves merger of Lloyds Infrastructure & Construction, Metalfab Hightech, and Techno Industries into Lloyds Engineering Works
- Approval threshold requires a majority in number representing at least 75% in value of unsecured creditors present and voting
- Voting results along with Scrutinizer's Report to be submitted within 2 working days
Lloyds Engineering Works Limited has submitted its quarterly compliance certificate under Regulation 74(5) of the SEBI (Depositories and Participants) Regulations, 2018 for the quarter ended September 30, 2026. The certificate issued by Bigshare Services Private Limited confirms that security certificates received for dematerialisation were processed and confirmed within 15 days. Additionally, physical certificates were mutilated and cancelled per regulations. This is a standard quarterly administrative filing with zero impact on operational or financial metrics.
- Compliance certificate submitted under Regulation 74(5) for the quarter ended September 30, 2026
- RTA Bigshare Services confirmed dematerialisation requests within 15 days of receipt
- Physical security certificates verified, mutilated, and cancelled as per SEBI regulations
Lloyds Engineering Works Limited announced the completion of its postal ballot e-voting, with all four proposed resolutions approved by shareholders with over 97% majority. Key approvals include material related-party transaction limits between group entity Lloyds Metals and Energy Limited (LMEL) and subsidiaries Techno Industries and Metalfab Hightech. Shareholders also passed special resolutions permitting a variation in the objects of the Rights Issue (Letter of Offer dated April 19, 2025) and expanding the ESOP Pool under Scheme 2021. Notably, while the ESOP resolution passed with 97.87% overall favour, 73.12% of institutional votes were cast against it.
- Resolution 1 (RPT limits between LMEL and TIPL) approved with 99.9874% votes in favour
- Resolution 2 (RPT limits between LMEL and MHPL) passed with 99.9875% votes in favour
- Resolution 3 (Variation in objects of Rights Issue dated April 19, 2025) approved with 99.9948% votes in favour
- Resolution 4 (Increase in ESOP Pool) passed with 97.8704% votes in favour, though 73.1203% of institutional votes opposed it
Lloyds Engineering Works announced that shareholders have approved all four resolutions submitted via Postal Ballot as of September 25, 2026. The passed resolutions include material Related Party Transaction limits between Lloyds Metals and Energy Limited (LMEL) and subsidiaries Techno Industries and Metalfab Hightech, passed with over 99.98% votes in favour. Additionally, shareholders approved a variation in the objects of the Rights Issue (Offer Letter dated April 19, 2025) with 99.99% majority, and an expansion of the Employee Stock Option Scheme 2021 pool with 97.87% approval.
- Material RPT limit approval between LMEL and subsidiary Techno Industries passed with 99.9874% votes in favour.
- Material RPT limit approval between LMEL and subsidiary Metalfab Hightech passed with 99.9875% votes in favour.
- Special resolution to vary the objects of the Rights Issue passed with 99.9948% votes in favour.
- Resolution to expand the ESOP Pool under Scheme 2021 passed with 97.8704% votes in favour (73.12% institutional votes cast against).
Lloyds Engineering Works Limited has scheduled participation in the Anand Rathi Annual Flagship Conference G-200 Summit 2026 on September 21 and 22, 2026. The meetings will take place physically in Mumbai as group sessions with institutional investors. The company stated that discussions will strictly cover publicly available information without sharing any unpublished price-sensitive information.
- Scheduled conference participation on September 21 & 22, 2026
- Event: Anand Rathi Annual Flagship Conference G-200 Summit 2026 in Mumbai
- Format: Physical / Group Meeting with institutional investors
- Company confirmed no unpublished price-sensitive information (UPSI) will be discussed
Lloyds Engineering Works Limited has scheduled a court-convened equity shareholder meeting on October 16, 2026, following an NCLT Mumbai Bench order dated August 19, 2026. The meeting will seek approval for the Scheme of Merger by Absorption of three entities: Lloyds Infrastructure & Construction Limited (LICL), Metalfab Hightech Private Limited, and Techno Industries Private Limited into the company. The scheme had previously secured board approval in December 2025 and stock exchange observation letters from BSE and NSE in May 2026, as well as CCI approval on May 12, 2026. Absorbing LICL and existing acquisitions aligns with the company's aggressive scale strategy, leveraging LICL's substantial order pipeline of INR 4,558.8 Cr.
- Shareholders meeting scheduled for Friday, October 16, 2026, at 11:30 a.m. via video conferencing
- Scheme involves absorption of 3 companies: LICL, Metalfab Hightech, and Techno Industries into Lloyds Engineering
- Eligibility cut-off date set for October 09, 2026, with remote e-voting running from October 12 to October 15, 2026
- Secured prior clearance from CCI on May 12, 2026, and stock exchange observation letters from BSE and NSE in May 2026
Pursuant to the Mumbai NCLT order dated August 19, 2026, Lloyds Engineering Works has scheduled an equity shareholder meeting on October 16, 2026. The meeting will consider and approve the Scheme of Merger by Absorption of three entities: Lloyds Infrastructure & Construction Limited (LICL), Metalfab Hightech Private Limited, and Techno Industries Private Limited into the company. The scheme has previously received stock exchange observation letters in May 2026 and Competition Commission of India (CCI) approval on May 12, 2026. Shareholder eligibility is set for October 09, 2026, with remote e-voting running from October 12 to October 15, 2026.
- NCLT-convened shareholder meeting scheduled for October 16, 2026 via video conference
- Merger brings three entities (LICL, Metalfab Hightech, and Techno Industries) into Lloyds Engineering Works
- Record date for e-voting eligibility set as October 09, 2026; e-voting active October 12–15, 2026
- Scheme already secured approvals from the Competition Commission of India on May 12, 2026, alongside NSE and BSE observation letters in May 2026
Lloyds Engineering Works Limited announced the cessation of Mrs. Bela Rajan as Non-Executive Independent Director, effective at the close of business hours on August 31, 2026. The cessation occurs upon the scheduled completion of her second consecutive five-year term under statutory regulations. This is a routine governance update with no impact on the company's daily operations or financial trajectory.
- Mrs. Bela Rajan ceased to be Non-Executive Independent Director on August 31, 2026
- Cessation follows the completion of her second term of 5 consecutive years
- Change conforms to statutory limits under the Companies Act and SEBI LODR regulations
Lloyds Engineering Works Limited has issued a Postal Ballot notice seeking shareholder approval for four resolutions via remote e-voting. Key resolutions include approving a Material Related Party Transaction (RPT) limit of up to ₹125 crore between group firm Lloyds Metals and Energy Ltd (LMEL) and material subsidiary Techno Industries Pvt Ltd (TIPL). Shareholders will also vote on RPT limits with Metalfab Hightech Pvt Ltd, a variation in the objects of its April 2025 Rights Issue, and an increase in the ESOP 2021 pool. E-voting runs from August 27, 2026, to September 25, 2026.
- Approval sought for ₹125 crore RPT limit between LMEL and subsidiary Techno Industries Pvt Ltd for Sep 2026–Sep 2027
- Approval sought for Material RPT limits between LMEL and subsidiary Metalfab Hightech Pvt Ltd
- Shareholder vote to approve variation in objects of Rights Issue from Letter of Offer dated April 19, 2025
- Approval sought to expand the ESOP Pool under Employee Stock Option Scheme 2021
- Remote e-voting window open from August 27, 2026, to September 25, 2026, with cut-off date of August 21, 2026
Lloyds Engineering Works Limited held its 32nd Annual General Meeting on August 21, 2026. Key agenda items placed for voting included the adoption of FY26 financial statements and approval of a 25% final dividend on fully paid-up shares of face value Re 1 (12.50% on partly paid-up shares). Shareholders also voted on enabling resolutions regarding material related-party transactions with group entities (LMEL and Lloyds Enterprises) and increases in Section 186 investment and Section 180(1)(c) borrowing limits.
- Concluded 32nd AGM via Video Conferencing on August 21, 2026
- Recommended final dividend of 25% (₹0.25 per share of FV ₹1) on fully paid-up shares and 12.50% on partly paid-up shares
- Special resolutions presented to increase Section 180(1)(c) borrowing limits and Section 186 loan/investment thresholds
- Ordinary resolutions tabled for material Related Party Transactions with Lloyds Metals and Energy Limited and Lloyds Enterprises Limited
Lloyds Engineering Works Limited conducted its 32nd Annual General Meeting on August 21, 2026, via video conferencing. Key resolutions placed for shareholder voting included the adoption of FY26 financial statements and a final dividend of 25% on fully paid-up equity shares (face value Re 1) alongside 12.50% on partly paid-up shares. Special resolutions were also tabled to approve material related-party transactions with Lloyds Metals and Energy Limited and Lloyds Enterprises Limited, alongside increases in borrowing and investment/guarantee limits under Sections 180 and 186.
- 32nd AGM concluded on August 21, 2026, with remote e-voting and AGM e-voting results pending formal declaration.
- Proposed final dividend of 25% (₹0.25 per share) on fully paid-up shares and 12.50% on partly paid-up shares of face value ₹1 for FY26.
- Shareholders voted on material related-party transaction limits with Lloyds Metals and Energy Limited and Lloyds Enterprises Limited.
- Special resolutions tabled to increase borrowing limits (Section 180(1)(c)) and loan/investment limits (Section 186).
Lloyds Engineering Works Limited has consummated the acquisition of a controlling 51.13% stake in Steel Infra Solutions Company Limited (SISCOL) for a total consideration of ₹626.40 Cr. The consideration comprises ₹127.34 Cr in cash and ₹499.05 Cr via the preferential issuance of 7.00 Cr shares at ₹71.25 per share. SISCOL posted a turnover of ₹816.87 Cr (approx. 50.5% of Lloyds' TTM revenue) and a net profit of ₹43.42 Cr in FY26. The company plans to file a DRHP for a potential listing of SISCOL within 30 months.
- Acquired 51.13% stake (2,08,79,871 shares) in SISCOL for a total consideration of ₹626.40 Cr
- Funded via ₹127.34 Cr cash and ₹499.05 Cr share swap (allotting 7,00,42,458 shares at ₹71.25 each)
- SISCOL reported FY26 revenue of ₹816.87 Cr and PAT of ₹43.42 Cr, operating 6 manufacturing units with 100,000 MT annual capacity
- Company targets filing a Draft Red Herring Prospectus (DRHP) for SISCOL's IPO within 30 months
Financial Performance
Revenue Growth by Segment
Consolidated revenue from operations reached INR 845.74 Cr in FY25, representing a significant increase from standalone sales of INR 312.45 Cr in FY23. H1FY26 performance is described as broad-based with all major verticals contributing to growth, though specific percentage splits by segment are not disclosed.
Geographic Revenue Split
Not explicitly disclosed in available documents, though the company operates primarily in India with strategic international technology tie-ups in Italy (Virtualabs S.r.l.).
Profitability Margins
Gross margins are impacted by raw material costs which represent 50.6% of revenue (INR 428.43 Cr). PAT margin for FY25 stood at 12.4% (INR 105.04 Cr PAT on INR 845.74 Cr revenue). H1FY26 margins remain stable at approximately 18%.
EBITDA Margin
EBITDA margin was 18.84% in FY25 (INR 159.33 Cr) compared to 17.26% in FY24 (INR 92.13 Cr), showing an improvement of 158 basis points YoY due to operational efficiencies and scale.
Capital Expenditure
Capital Work In Progress (CWIP) stood at INR 63.08 Cr as of March 31, 2025, with payments towards capital expenditure including advances totaling INR 66.89 Cr during the fiscal year.
Credit Rating & Borrowing
Total borrowings as of March 31, 2025, were INR 58.34 Cr (INR 15.47 Cr non-current and INR 42.86 Cr current). Interest expenses for FY25 were INR 8.53 Cr, implying an average borrowing cost of approximately 14.6%.
Operational Drivers
Raw Materials
Steel and specialized metal components are the primary raw materials, with 'Cost of Raw Materials Consumed' totaling INR 428.43 Cr, representing 50.6% of total revenue.
Import Sources
Not specifically disclosed, though the company has entered into technology agreements with Italian firms (Virtualabs S.r.l.) suggesting some high-tech component sourcing or design influence from Europe.
Key Suppliers
Not explicitly named in the documents, but the company operates in the heavy engineering and steel fabrication space, likely sourcing from major domestic steel producers.
Capacity Expansion
The company is expanding through acquisitions, including a 66% stake in Techno Industries for which it recognized goodwill of INR 122.78 Cr. It is also expanding into the defence sector via the newly incorporated Lloyds Advance Defence Systems Limited (Dec 2025).
Raw Material Costs
Raw material costs stood at INR 428.43 Cr in FY25. Procurement strategies involve a mix of direct consumption and purchase of traded goods (INR 59.35 Cr).
Manufacturing Efficiency
Working capital requirements reduced from 116 days to 85.6 days, indicating improved operational cycle efficiency despite an increase in debtor days from 73.6 to 97.9.
Strategic Growth
Expected Growth Rate
400%
Growth Strategy
The company is targeting 4x growth in FY26 revenue through a combination of a massive order book (INR 1,303.81 Cr standalone + INR 4,558.8 Cr from associate LICL), strategic acquisitions like Techno Industries and Metalfab, and a pivot into the high-growth defence sector with FPV drones and SIGINT UAVs.
Products & Services
Heavy equipment and machinery for HydroCarbon, Oil & Gas, Steel, Power, and Nuclear plants; Turnkey project execution; First Person View (FPV) drones; Defender SIGINT UAVs; and Pellet plant projects.
Brand Portfolio
Lloyds Engineering Works, Lloyds Steels Industries, Lloyds Advance Defence Systems.
New Products/Services
Advanced FPV drones and Defender SIGINT UAVs for India's defence sector; 4.2 MTPA Pellet Project for SAIL-IISCO.
Market Expansion
Strategic push into the Defence sector via a dedicated subsidiary; expansion into the Italian market/technology via Virtualabs S.r.l. agreement.
Market Share & Ranking
Not disclosed, but positioned as a niche player in heavy engineering and a new entrant in advanced defence electronics.
Strategic Alliances
MoUs with FlyFocus (Drones), Virtualabs S.r.l. (Italy), Kliver, and Fincantieri; Consortium with Primetals for SAIL projects.
External Factors
Industry Trends
The industry is shifting toward automation and indigenous defence manufacturing (Atmanirbhar Bharat). The company is positioning itself by moving from pure fabrication to high-tech electronics and UAVs.
Competitive Landscape
Competes with other heavy engineering firms and EPC contractors; now entering the competitive drone market against established defence PSUs and startups.
Competitive Moat
Moat is built on 'Technological Tie-ups' in underpenetrated sectors like Defence and Nuclear. This is sustainable due to high entry barriers and long certification cycles in these industries.
Macro Economic Sensitivity
Highly sensitive to industrial CAPEX cycles and the National Infrastructure Pipeline. A 1% change in GDP growth typically correlates with higher industrial machinery demand.
Consumer Behavior
Shift in government procurement toward domestic private players in the defence sector is a key demand driver.
Geopolitical Risks
Trade barriers or export restrictions on high-tech drone components could impact the new defence subsidiary's manufacturing timeline.
Regulatory & Governance
Industry Regulations
Subject to Ministry of Defence procurement policies and industrial licensing for heavy equipment manufacturing.
Taxation Policy Impact
Effective tax rate for FY25 was approximately 23.5% (INR 33.14 Cr tax on INR 141.14 Cr PBT).
Legal Contingencies
Not explicitly detailed in the provided MDA or financial notes, though the auditor noted the first-time recognition of INR 122.78 Cr in goodwill related to acquisitions.
Risk Analysis
Key Uncertainties
Integration risk of new acquisitions (Techno Industries, Metalfab) and the success of the pivot into the defence sector, which has high R&D risks.
Geographic Concentration Risk
Primarily concentrated in India, with the registered office and major operations in Mumbai/Maharashtra.
Third Party Dependencies
High dependency on technology partners like FlyFocus for the success of the new drone vertical.
Technology Obsolescence Risk
Rapid changes in drone technology and SIGINT capabilities require continuous R&D investment to avoid obsolescence.
Credit & Counterparty Risk
Trade receivables stood at INR 256.79 Cr as of Sept 2025. Debtor days increased to 97.9, suggesting a slight deterioration in collection efficiency or longer credit terms for large infrastructure projects.
