Lloyds Metals posts record Q2 and H1 revenue on strategic expansion

Lloyds Metals and Energy Limited (LMEL) reported its highest-ever Q2 and H1 revenue for FY '26. Total income reached INR25,754 million in Q2, a 75% year-on-year increase. H1 FY '26 total income was INR49,838 million, up 28% year-on-year. EBITDA for Q2 was INR8,693 million (up 95% year-on-year), with margins at 33.75%, expanding by 348 basis points. H1 EBITDA stood at INR16,778 million, with margins at 33.66%. Profit after tax for Q2 was INR6,056 million and INR12,402 million for H1, both up 22% year-on-year.

Operational highlights include the commissioning of the pellet plant, which achieved 100% capacity utilization in October 2025 with a production of 350,000 tons. The 85-kilometer slurry pipeline significantly reduced structural costs and carbon footprint. Iron ore production in Q2 FY '26 reached 3.42 million tons, with sales of 2.5 million tons, up 77% year-on-year. DRI volumes increased 4% year-on-year to 88,200 tons.

The company's subsidiary, Thriveni Earthmovers and Infra Private Limited, contributed to the consolidated performance, despite monsoon-related volume challenges in Q2. Total capital expenditure for H1 FY '26 amounted to INR24,117 million across active projects, including the recently commissioned DRI expansion in Ghugus. LMEL aims for around INR5,000 crores to INR6,500 crores in capex for the next two years.