LLOYDS METALS: ₹1,550 Cr NCDs & DRI Expansion

Lloyds Metals and Energy has approved a ₹1,550 crore NCD issue through private placement and a DRI capacity expansion to over 9 lakh MTPA. Key Highlights NCD Issue: Up to ₹1,550 crore ₹600 crore + ₹950 crore tranches Private placement basis DRI Capacity: To increase to around 9.07 lakh MTPA Ghugus: 8.15 lakh MTPA Konsari: 92,400 MTPA Expansion Cost: Around ₹190 crore Funding: Internal accruals for the DRI expansion. Fundamental Snapshot Metric FY26 Consolidated Revenue ₹17,306 Cr Consolidated EBITDA ₹6,334 Cr Consolidated PAT ₹3,829 Cr EBITDA Margin ~36.6% Debt/Equity 0.46x* Net Worth ₹11,781 Cr FY26 revenue and EBITDA increased substantially year-on-year, while the company's FY26 filing reported a 0.46x debt-equity ratio. Projects / Growth Drivers DRI capacity expansion Expansion across mining, beneficiation, pelletisation and steelmaking Planned 1.2 MTPA steel plant at Chandrapur Longer-term targeted mining output of 26 MTPA and pellet capacity of 12 MTPA. Risk Factors Higher debt: The ₹1,550 crore NCD programme increases borrowing obligations. Execution risk: Capacity expansion depends on timely project execution and ramp-up. Commodity-price risk: Iron ore and steel prices can materially affect profitability. Working-capital risk: FY26 current ratio was below 1x in the standalone filing. Cyclical industry: Metals and mining earnings can fluctuate with demand and prices. Disclaimer: This content is for educational and informational purposes only and should not be considered investment advice or a recommendation to buy or sell any security. Please conduct your own research or consult a SEBI-registered investment professional before making investment decisions.