LLOYDS METALS Results Analysis-Q3FY26

Operating Revenue for Q3FY26 is Rs. 5,058 Crs., 202% growth YoY, Total Income is Rs. 5,155 Crs., 204.47% growth YoY, Gross Profit is Rs. 4,399 Crs., 185.24% growth YoY, EBITDA is Rs. 1,759 Crs., 227.95% growth YoY (Higher share of value-added products (esp. pellets) Slurry pipeline benefits now flowing through P&L), EBITDA Margin is 34.78% Improved by 276 Basis points YoY, PBT Rs. 1,517 Crs, 189% growth YoY, PAT Rs. 1,090 Crs, 180% growth YoY. Highest ever performance, robust demand for iron ore and pellet in domestic market aided the overall growth On QoQ basis Op. Revenue is up by 38.53%, Total Income is up by 39%, Gross Profit is up by 45.23%, EBITDA is up by 68.65%, PBT is up by 100.54% YoY, and PAT is also up by 92%. • Forward capex: ~INR14,000 cr over this year and next year, with intent to fund ~INR6,000 cr via debt and balance via internal accruals. • Net debt (consolidated) as of 31 Dec: ~INR7,100 cr; management expects FY26 not above this. • FY27 framed as formal entry into steelmaking. • Copper positioned as a “strong growth engine” over medium term. • The company has commenced its operations of DRI expansion in Q3FY26. This would aid the company further. • Tata Steel and Lloyds Metals and Energy Limited sign MoU to explore strategic collaboration