Lloyds Engineering Works Ltd is an engineering company repositioning from equipment manufacturing into an integrated platform spanning fabrication, electrical engineering, EPC and defence, operating against a strong capital-goods demand backdrop with IIP capital goods up 16-17% YoY in July-August 2026. The Q2 print will be the first quarter consolidating the SISCOL acquisition (effective August 17, 2026), with margin trajectory against the guided 15-18% EBITDA band the key pressure point after two quarters below it.
| Results date | November 02, 2026 |
|---|---|
| Quarter | Q2 FY 2026-2027 |
| Previous quarter revenue | Rs. 527.15 Cr (consolidated, Q1 FY27, +142.92% YoY) |
| Previous quarter PAT | Rs. 68.23 Cr (consolidated, incl. associates) |
| Previous quarter EBITDA margin | 14.66% (consolidated, Q1 FY27) |
| Market cap | Rs. 13,411.2 Cr |
| CMP | Rs. 86.6 |
The board is scheduled to meet on November 2, 2026 to consider the Q2 and H1 FY27 results for the quarter and half-year ended September 30, 2026. The trading window for designated persons has been closed from October 1, 2026 until 48 hours after declaration, per SEBI Insider Trading Regulations.
The dominant question for Q2 FY27 is margin: the last two prints ran below the guided 15-18% EBITDA band (13.88% in Q4 FY26, 14.66% in Q1 FY27), and steel feedstock costs rose sharply through the quarter, with HRC up Rs. 6,000/t and CRC up Rs. 8,500/t from August 1 to four-year highs of Rs. 64,000/t and Rs. 75,000/t by around September 22, 2026. Revenue direction is supported by a strong demand backdrop — IIP capital goods grew 16.1% YoY in July and 16.9% in August 2026, and large steel-capex approvals landed inside the window, including Tata Steel's Rs. 33,873 Cr NINL Phase-1 expansion and SAIL's Bhilai expansion from 6.8 to 10.2 MTPA — against a consolidated order book of Rs. 2,817.42 Cr as of July 1, 2026, up 81.19% YoY. SISCOL consolidates for roughly the final six weeks of the quarter from its August 17, 2026 effective date, and its Q1 FY27 standalone EBITDA margin of 10.30% adds an arithmetic mix drag on the consolidated margin, alongside the loss-making Techno Industries (Q1 FY27 EBITDA of -Rs. 4.5 Cr). Management has given no refreshed FY27 margin target, so the guidance question for the call is the H2 FY27 path back inside the 15-18% band, including quantification of the SISCOL mix drag and the steel pass-through lag. The call is also expected to cover order-book momentum off the Rs. 8,856.9 Cr platform book and the balance-sheet framing, given FY26 operating cash flow of -Rs. 252.90 Cr and Q1 FY27 finance costs up 38% YoY.
Performance vs guidance tracking: Management's stated targets and where each stood entering Q2 FY27:
First consolidation of SISCOL: Q2 FY27 is the first quarter consolidating SISCOL, effective August 17, 2026.
Order book momentum: Whether the book builds on the July 1, 2026 levels despite a quiet order-win window.
Techno Industries turnaround: The Electrical segment remains the loss-making spot in the portfolio.
Promoter encumbrance and balance-sheet credibility: Pledge activity and the debt-free framing are likely Q&A items.
The last two quarters ran below the band, with consolidated Adj. EBITDA margin at 13.88% in Q4 FY26 (-347 bps YoY) and 14.66% in Q1 FY27 (-97 bps YoY). Management attributed the Q4 compression to business mix, and the Q2 FY27 print adds a SISCOL mix drag (Q1 FY27 EBITDA margin of 10.30%) plus rising steel feedstock costs.
Management's deck states the company 'remains Debt Free, thereby having superior Return Ratios', but consolidated FY26 interest rose 63.89% YoY to Rs. 13.98 Cr and RoE fell to 9.24% in FY26 from 26.32% in FY24. Clarification of the debt-free framing versus rising finance costs and falling returns is a likely follow-up on the call.
Management has committed to filing a DRHP for SISCOL listing within 30 months of Stage 1 completion. The SISCOL acquisition (86.89% stake) was consummated on August 17, 2026.
Lloyds Enterprises, the promoter, pledged shares with Tata Capital securing Rs. 219 Cr of financial assistance and with Aditya Birla Capital for a Rs. 40 Cr facility, before releasing 1,80,00,000 shares (1.16%) on October 8, 2026, taking encumbrance to 7.04%. The company stated the reason as 'prudent financial management, while ensuring that the lender's interests remain fully protected'; these are promoter-level transactions, not company debt.
On the proforma basis management uses for this target, FY26 total income of Rs. 3,253.09 Cr was +318% versus the Rs. 777.96 Cr FY25 legacy base, roughly 4.2x. On the stated consolidated revenue basis, FY26 revenue of Rs. 1,301.14 Cr was 1.54x FY25.