Lloyds Metals And Energy Limited (LLOYDSME) Q2 Results FY27 Preview: Date, Time, Expectations & Key Things To Watch

Lloyds Metals and Energy is an iron-ore and steel value-chain company operating DRI plants at Ghugus and Konsari, an 8 MnT pellet capacity and mining services arm Thriveni Earthmovers, and it enters this quarter on the back of a record 39% EBITDA margin in Q1 FY27. The print will speak to whether that margin step-up holds through the seasonally weak monsoon quarter, and to volume run-rates against FY27 targets of 26 MnT iron ore, 7.75-8 MnT pellets and 825 KT DRI.

Lloyds Metals And Energy Limited Q2 Results Date and Time

The Board of Directors will meet on 3 November 2026 to approve the unaudited standalone and consolidated financial results for the quarter and half year ended 30 September 2026, and to consider raising funds via equity, debt, QIP or preferential issue. The trading window for designated persons has been closed from 1 October 2026 until 48 hours after the results.

The Q2 and H1 FY27 earnings call is scheduled for 4 November 2026 at 3:30 PM IST, hosted by Anand Rathi Research. Speakers include MD Rajesh Gupta, Director Finance & CFO Riyaz Shaikh, and S.K. Naredi (Director Finance, TEIL).

What to expect from Lloyds Metals And Energy Limited's Q2 FY27 results

The quarter's central test is whether the 39% standalone EBITDA margin reported in Q1 FY27 — attributed by management to a structural mix of Thriveni savings, slurry pipeline savings of Rs. 550/tonne and fuel efficiencies — holds through the seasonally weakest monsoon quarter. On price, spot pellet prices rose almost 30% on an iron-ore-fines shortage (BigMint, 12 Oct 2026) and domestic HRC hit a four-year high of Rs. 62,000/t in September, a tailwind for the value-added mix that drove Q1's margin. On costs, the energy headwind built late in the quarter: coal WPI inflation jumped from 1.57% in August to 9.31% in September, IEX day-ahead prices rose 105% YoY to Rs. 7.3/unit, and power-plant coal stocks fell to a three-year-low 9-day cover — pressure that lands on DRI EBITDA/tonne (FY26: Rs. 6,643) and pellet EBITDA/tonne (FY26: Rs. 4,657). Volume is the other swing factor: the 2026 monsoon was 87% of LPA, the fourth lowest since 2001, and monsoon disruption cut Indian iron ore production and availability through the quarter, with Vidarbha seeing active rainfall in mid-September. Against the FY27 guides of 26 MnT iron ore, 7.75-8 MnT pellets and 825 KT DRI, quarterly run-rates will show how H2-weighted the delivery path needs to be. The balance sheet is also in focus, with net debt of Rs. 5,616.1 Cr at 30 June 2026 — up Rs. 1,715.1 Cr QoQ — against a 1.0x-1.5x net debt/EBITDA target, and the 3 November board agenda includes a fundraising consideration via equity, debt, QIP or preferential issue despite the May 2026 'no equity dilution' stance. The call is also expected to clarify the Thriveni FY27 EBITDA framing, where 'close to Rs. 3,000 Cr' and an earlier Rs. 2,000-2,200 Cr range remain unreconciled.

Key Things To Watch

Guidance scorecard — FY27 volume and Thriveni targets: Management's August 2026 FY27 targets are the yardstick for this quarter's run-rates.

• Iron ore production — 26 MnT by FY27: Q1 FY27 volumes were +58% YoY; run-rate vs 26 MnT annualised needs tracking through the monsoon months
• Pellet production — 7.75-8 MnT by FY27: plant 2 commissioned May 2026; watch ramp-up and the 8 to 10 MnT de-bottlenecking
• DRI production — 825 KT by FY27 vs 484 KT FY26 actual; watch realisation/EBITDA-per-tonne trajectory after FY26's Rs. 6,643/tonne
• Thriveni — Rs. 10,000+ Cr revenue and close to Rs. 3,000 Cr EBITDA by FY27 at a 27-30% MDO margin; any restatement given the Rs. 2,000 Cr vs Rs. 3,000 Cr discrepancy across calls

Margin sustainability and the Q1 bridge: Q1 FY27's 39% margin versus 33.77% for FY26 is the number the market will test.

• How much of Q1's 39% was the Rs. 550/tonne slurry savings vs value-added mix vs operating leverage — management previously called the savings 'a mix of everything' with no breakup available
• Whether the ~30% spot pellet surge and the 25% export mix flowed into Q2 realisations, or whether distant-market/export drift (the Q4 FY26 pattern) diluted it
• Energy-cost impact on DRI and pellet EBITDA/tonne from coal WPI at 9.31% in September and IEX day-ahead prices at Rs. 7.3/unit, +105% YoY

Project execution — steel, BHQ and slurry pipeline: Multiple commissioning timelines are live in FY27-FY28.

• Steel (WRM) — Q4 FY27 commissioning guided; steel plant construction started after the Ghugus DRI plant was commissioned
• BHQ beneficiation plant — two dates on record, December 2027 vs the Q1 FY27 restatement of March 2028; 85-90% of equipment ordered
• Second slurry pipeline (16 MnT, Hedri-Chandrapur) — first phase estimated at Rs. 2,000-2,500 Cr, on track for completion within a 2-year timeframe as stated May 2026

Copper ramp in DRC: The CHEMAF-based copper entry is in its investment-heavy phase.

• 8-10 KT copper production targeted by FY27 vs 2.5 KT FY26 actual; Q1 FY27 copper revenue of Rs. 444 Cr was loss-making
• $300+ Mn additional capex over 9 months for the larger JV asset, with financial closure targeted within 3 months of August 2026 and operations by Q1 FY28

Funding, capex and compliance follow-ups: Balance-sheet trajectory and governance items carry into this quarter.

• Net debt/EBITDA — 1.0x-1.5x target against net debt of Rs. 5,616.1 Cr at 30 June 2026, up Rs. 1,715.1 Cr QoQ; funding via USD 130 Mn bonds allotted 29 Oct and NCD approvals
• Capex — Rs. 8,500 Cr India plus $300 Mn foreign for FY27; Rs. 3,005 Cr spent in Q1 FY27 against a two-year Rs. 11,000-11,500 Cr plan
• Compliance items — CCI penalty of Rs. 15 Lakhs, India Ratings flags, Konsari pellet plant cost revision from Rs. 1,625 Cr to Rs. 2,236 Cr, and promoter encumbrances at 26.30% of equity capital per the 4 Sep filing