Lloyds Engineering Works Ltd(LLOYDSENGG)

NSE: LLOYDSENGGBSE: 539992

₹ 84.7-3.01%refreshed 23 Oct, 03:30 pm ISTMarket cap: ₹ 13,137 crWebsite: www.lloydsengg.inUpdated: 24 Oct 2026

About

Lloyds Engineering Works Limited (LEWL) is an Indian industrial engineering company that designs and supplies process equipment, fabricated structures and electrical systems for steel, mining, power, defence and infrastructure. In FY26 it reported consolidated revenue of Rs 1,301.14 crore across two segments, Engineering and Electrical.^[1][2]

Business segments

Engineering made up 87.1% of segment revenue in FY26 (Rs 1,267.27 cr). It covers process equipment, fabrication and EPC.^[2]
Electrical, run through the wholly owned subsidiary Techno Industries, made up 12.9% of segment revenue in FY26 (Rs 187.26 cr). It covers motors, pumps, elevators and escalators.^[2]
LICL, a 24.2% associate, is an EPC contractor. Its order book was Rs 48,302 Mn in Q1 FY27.^[3]

Products and services

The core business is detailed engineering and supply of critical process equipment for steel plants, pellet plants and the mining-to-metal value chain.^[4]
Eco Pickled Surface (EPS Gen 4) technology has been commercialised in India with orders above Rs 50 cr. The licence now covers global markets except China, Macao, HK, Taiwan and the area within 350 miles of Red Bud, Illinois.^[4]
Related party LMEL supplies iron ore, pellets and power. LEWL had Rs 662.27 cr of revenue transactions with LMEL in FY25-26.^[5]

Order book and operating numbers

The consolidated group order book was Rs 88,569 Mn as of Q1 FY27. It spans mining-to-metal, power, naval and defence, civil, hydrocarbon, eco-pickling, EPC, and elevators and motors.^[3]
Consolidated working capital days were 188 in FY26, up from 101 in FY25. Asset turnover was 8.52x in FY26.^[6]
Metalfab had its highest-ever capacity utilisation in Q1 FY27, when its revenue was Rs 1,641 Mn (+517% YoY).^[3]

Operations

The Ahmedabad (Vatva) unit is expanding from 10,000 sq m to 60,000 sq m. A new HT motor line is targeted to go live in FY27.^[3]
Metalfab is a 76% subsidiary, consolidated from 20 May 2025. Its order book was Rs 1,962 Mn in Q1 FY27.^[3]
Rs 320 Mn has been invested in defence R&D, with 12 contracts worth Rs 199 Mn across ROMD, torpedoes and UAVs. HT motor R&D adds Rs 121 Mn.^[3]

Customers and distribution

SAIL-IISCO is a customer. LEWL, in a consortium with Primetals, won an order worth Rs 613 cr plus €18.26 mn for a 4.2 MTPA pellet plant at Burnpur, West Bengal, with a project timeline of about 39 months.^[4]
Techno Industries is pre-qualified with NTPC, BHEL and L&T. The new Vatva plant can dispatch 200+ elevator units a month.^[3]
Through an alliance with Fincantieri, LEWL serves the Indian Navy and Coast Guard with controllable pitch propeller and shafting systems.^[7]

Expansion and capex

LEWL has proposed buying 52.16% of SISCOL (100,000 MTPA structural steel fabrication capacity) for about Rs 635 cr, with a path to 88.12% for about Rs 1,073 cr.^[3]
The fabrication capacity roadmap targets about 150,000 MTPA, with a path to about 200,000 MTPA through SISCOL and existing expansions.^[3]
Of the Rs 987.25 cr rights issue, Rs 660.52 cr had been used as of 30 June 2026.^[8]
The combined LEWL+LICL platform targets revenue of Rs 10,000+ cr by FY29/30.^[3]

Defence and new technology

The naval and defence order book was Rs 855+ Mn as of Q1 FY27.^[3]
A partnership with FlyFocus (Poland) covers FPV drones and SIGINT UAVs with exclusive India rights. Initial orders above Rs 1,270 Mn have been secured.^[3]
LEWL has MoUs or contracts with Virtualabs (surveillance radar) and Kliver Polska (underwater systems).^[4]

Recent developments

On 16 Oct 2026, shareholders at an EGM approved a scheme of merger by absorption of group companies including Lloyds Infrastructure & Construction and Metalfab Hightech. The scheme still needs tribunal and regulatory approval.^[9]
On 16 Oct 2026, unsecured creditors approved the merger scheme, with 100% of votes polled in favour.^[10][11]
The FY26 annual report proposes raising the borrowing limit to Rs 5,000 crore from Rs 1,000 crore, to fund capex, working capital and support to subsidiaries and JVs.^[5]
A related-party transaction limit of Rs 5,250 crore with LMEL is proposed for FY27, including Rs 4,500 crore for sale of goods.^[5]

Market Cap

₹13,137 Cr

High / Low

₹104 / 37

Stock P/E

56.1

Price / Book

7.5

Book Value

₹11

EPS

₹1.3

No. of Shares

148.01 Cr

ROCE

20.5%

ROE

16.4%

OPM

16.1%

Debt / Equity

0.02

Sales

₹1,301 Cr

Net Profit

₹198 Cr

Promoter holding

40.0%

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Lloyds Engineering Works Ltd(LLOYDSENGG)

About

Business segments

Products and services

Order book and operating numbers

Operations

Customers and distribution

Expansion and capex

Defence and new technology

Recent developments

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