Lloyds Engineering Works Ltd's Q2 FY27 numbers came in soft, with revenue of Rs. 593.55 Cr (+87.44% YoY) and PAT growth of -1.68% YoY. Here's a quick read of what worked, what to watch, and what management said.
| Results date | November 02, 2026 |
|---|---|
| Revenue (Q2) | Rs. 593.55 Cr (+87.44% YoY) |
| PAT (Q2) | Rs. 50.97 Cr (-1.68% YoY) |
| EBITDA margin | 13.40% (-454 bps YoY) |
| EPS (Q2) | Rs. 0.38 (-7.32% YoY) |
Consolidated revenue grew 87.44% YoY to Rs.593.55 Cr on first-time SISCOL consolidation and the order book rose 190.43% YoY to Rs.4,591.67 Cr, but PAT to owners fell 1.68% YoY as EBITDA margin slipped to 13.40%, below the guided 15-18% band for a third straight quarter. H1 CFO was negative at Rs.(44.54) Cr, borrowings rose ten-fold to Rs.336.35 Cr, and the loss-making Electrical segment (Techno −Rs.9.64 Cr PAT) remains a drag. Growth is being funded by equity issues and debt rather than internal cash, making margin recovery and cash conversion the key watch items.
| Driver | Expected before results | What happened | Verdict |
|---|---|---|---|
| Revenue | Ahead YoY: "revenue direction is likely ahead YoY" | Consol +87.44% YoY; standalone +48.21% | Played out |
| Margins | Compressing vs the 15–18% band on steel feedstock run-up + SISCOL mix (~10.30% margin) | Consol EBITDA margin 13.40% (rev basis)/13.09% (deck), below band; Engineering PBIT margin 12.01% | Played out |
| SISCOL consolidation | ~6 weeks, first-time consolidation swing | Subsidiary w.e.f. Aug 17, 2026 at 51.70%; contributed Rs.7.38 Cr PAT in the quarter | Played out |
| Order inflow | Book to build off Rs.2,817.42 Cr | Rs.4,591.67 Cr (+62.97% QoQ) | Played out |
| Finance-cost credibility | "the finance-cost trajectory... is the credibility test" | Finance cost +147.06% YoY; borrowings Rs.336.35 Cr | Materializing |
| Techno/Electrical loss trajectory | Watch after −Rs.6.93 Cr Q1 | Electrical −Rs.4.21 Cr Q2, −Rs.11.14 Cr H1 — persists | Materializing |
| SISCOL PPA/weeks, steel pass-through, promoter encumbrance | Quantify on the call | Not addressed in the filing — remains open for the call | Not observable |
Read our full results preview.
| What management said | Where | What happened | Verdict |
|---|---|---|---|
| Consolidated EBITDA margin 15–18% band | Management's FY26 EBITDA-margin guidance (Q4 FY26 investor presentation), carried as yardstick | 13.09% on the deck's own total-income basis (13.40% on revenue from operations) — third straight print below the band (13.88% → 14.67% → 13.09%, deck basis | Missed |
| Order-book growth (consol) | Management claim, Nov 2, 2026 board outcome letter (+190.43% YoY) | Rs.4,591.67 Cr, +190.43% YoY, +62.97% vs Rs.2,817.42 Cr on July 1, 2026 | Met |
| Order-book growth (standalone) | Same letter (+122.31% YoY) | Rs.2,898.49 Cr, +122.31% YoY | Met |
| Group revenue Rs.10,000+ Cr by FY29/30 | FY29/30 ambition, Q4 FY26 deck | H1 run-rate ~Rs.2,241 Cr annualized | Too early |
| SISCOL DRHP within 30 months of Stage-1 | SISCOL acquisition disclosure, Aug 17, 2026 | No update in this filing | Too early |
| Rights-issue redeployment Rs.326.73 Cr by March 31, 2027 | Board approval of object variation, Aug 6, 2026 | Rs.982.42 of Rs.987.25 Cr collected; no deviation per monitoring agency | On track |
Disclaimer: This results analysis is published for educational and informational purposes only. It is not investment advice, not a recommendation to buy, sell or hold any security.