Lloyds Engineering Works Ltd.
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ABOUT
KEY POINTS
Revenue Breakup Mar 2026 • Engineering: 87.1% • Electrical: 12.9%
AI Sector View
AI GENERATEDCapital Goods
Capital goods is supported by strong public capex and still-expansionary industrial activity. Capital expenditure rose 66% YoY (2026-06), GST collections grew 8% YoY (2026-07), and the core industries Overall Index increased 5.4% YoY (2026-07). E-way bills slowed to 6% YoY (2026-07) and sector FPI flows show INR -9697 crore net outflow over 3 months to 2026-08-31, but the investment cycle and fiscal impulse remain favorable.
PROS
- Company is almost debt free
- Company has a healthy return on capital (ROCE) of 22.7%
- Latest quarter profit grew 146.6% YoY, showing strong momentum
- Company has delivered good sales growth of 71.9% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 30.4%
CONS
- Operating cash flow has been negative in recent years
- Promoter holding has decreased over last 2 years: -15.3pp
- Poor cash conversion - profits are not backed by operating cash flow (CFO/PAT -0.74x)
- Working capital days have increased from 144 to 355 days
- Equity base is being diluted - shares outstanding up 45.6%
- Operating margins have contracted to 14.3% from 18.6%
* The pros and cons are machine generated based on quantitative rules.
Peer comparison
| Name | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| BHEL | 433.30 | 62.03 | 150877.81 | 0.32 | 376.71 | 182.70 | 7697.72 | 40.29 | 9.24 | 6.69 |
| INDOMIM | 988.35 | 91.60 | 48872.02 | 0.60 | 2401.22 | — | 12187.42 | — | 24.48 | 33.36 |
| THERMAX | 3635.85 | 73.01 | 43323.44 | 0.55 | 21.79 | -85.61 | 2302.73 | 7.09 | 15.85 | 2.98 |
| HONAUT | 34159.35 | 54.80 | 30202.07 | 0.32 | 150.70 | 20.95 | 1204.40 | 1.80 | 17.04 | 14.32 |
| JYOTICNC | 1008.70 | 71.30 | 22940.17 | 0.00 | 57.14 | -19.99 | 508.47 | 23.97 | 21.34 | 21.40 |
| INOXINDIA | 2184.80 | 77.95 | 19864.74 | 0.09 | 58.07 | -4.98 | 370.79 | 9.18 | 33.54 | 20.46 |
| AZAD | 2804.70 | 130.33 | 18113.24 | 0.00 | 35.16 | 19.46 | 172.60 | 25.90 | 12.04 | 37.29 |
| TRITURBINE | 564.90 | 53.40 | 17958.08 | 0.75 | 511.00 | 693.48 | 4427.00 | 1092.30 | 35.95 | 11.59 |
| TEGA | 1680.15 | 597.41 | 12622.58 | 0.12 | -108.25 | -406.36 | 1723.44 | 383.99 | 8.37 | 3.27 |
| LLOYDSENGG | 81.23 | 56.33 | 12599.09 | 0.31 | 68.23 | -77.28 | 527.15 | 142.92 | 17.99 | 15.04 |
| KRN | 1600.40 | 108.06 | 10475.98 | 0.00 | 32.90 | 164.84 | 252.32 | 118.87 | 16.06 | 19.44 |
| KENNAMET | 4727.35 | 88.73 | 10389.88 | 0.00 | 31.50 | 11.31 | 267.30 | 12.55 | 18.99 | 17.51 |
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
| Jun 2023 | Sep 2023 | Dec 2023 | Mar 2024 | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 113 | 122 | 201 | 188 | 135 | 212 | 230 | 178 | 174 | 244 | 222 | 412 | 356 | |
| 99 | 98 | 166 | 161 | 110 | 180 | 190 | 152 | 150 | 206 | 186 | 359 | 318 | |
| Operating Profit | 15 | 24 | 36 | 27 | 25 | 32 | 39 | 27 | 24 | 38 | 36 | 53 | 38 |
| OPM % | 12.87% | 19.67% | 17.73% | 14.25% | 18.58% | 15.00% | 17.10% | 15.00% | 13.95% | 15.46% | 16.37% | 12.75% | 10.61% |
| 2 | 1 | 1 | 3 | 2 | 6 | 10 | 5 | 9 | 8 | 10 | 11 | 14 | |
| Interest | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 2 | 1 | 3 | 3 | 3 | 3 |
| Depreciation | 1 | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 4 | 5 | 5 | 5 |
| Profit before Tax | 15 | 23 | 35 | 27 | 24 | 34 | 45 | 28 | 30 | 38 | 38 | 56 | 52 |
| Tax % | 13.71% | 19.43% | 22.85% | 21.51% | 10.31% | 17.33% | 24.59% | 39.50% | 40.35% | 12.75% | 25.10% | 30.13% | 16.71% |
| Net Profit | 13 | 19 | 27 | 21 | 21 | 28 | 34 | 17 | 18 | 33 | 29 | 39 | 43 |
| 0.12 | 0.17 | 0.25 | 0.19 | 0.19 | 0.24 | 0.29 | 0.14 | 0.15 | 0.25 | 0.22 | 0.29 | 0.30 |
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | TTM | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 76 | 122 | 98 | 114 | 70 | 50 | 313 | 624 | 756 | 1,052 | 1,234 | |
| 79 | 152 | 103 | 117 | 80 | 45 | 260 | 523 | 633 | 901 | 1,069 | |
| Operating Profit | -3 | -30 | -5 | -3 | -10 | 5 | 52 | 101 | 123 | 151 | 164 |
| OPM % | -4.21% | -24.87% | -5.62% | -2.54% | -14.33% | 9.41% | 16.71% | 16.18% | 16.28% | 14.34% | 13.32% |
| 6 | 35 | 10 | 8 | 13 | 10 | 3 | 7 | 22 | 37 | 43 | |
| Interest | 0 | 0 | 0 | 1 | 1 | 1 | 4 | 4 | 7 | 11 | 12 |
| Depreciation | 1 | 1 | 1 | 2 | 2 | 1 | 2 | 4 | 8 | 16 | 19 |
| Profit before Tax | 1 | 3 | 3 | 3 | 1 | 12 | 49 | 100 | 130 | 161 | 184 |
| Tax % | 19.06% | 30.45% | 9.00% | 23.91% | 27.59% | 50.88% | 25.19% | 20.34% | 23.30% | 26.71% | 21.69% |
| Net Profit | 1 | 2 | 3 | 2 | 1 | 6 | 37 | 80 | 100 | 118 | 144 |
| EPS | 0.00 | 0.00 | 0.00 | 0.00 | 0.01 | 0.06 | 0.35 | 0.70 | 0.86 | 0.82 | — |
| Dividend Payout % | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 75.56% | 26.85% | 28.67% | 29.22% | 30.43% | — |
COMPOUNDED SALES GROWTH
- 10 Years:
- 25%
- 5 Years:
- 72%
- 3 Years:
- 50%
COMPOUNDED PROFIT GROWTH
- 10 Years:
- 69%
- 5 Years:
- 198%
- 3 Years:
- 48%
STOCK PRICE CAGR
- 10 Years:
- 50%
- 5 Years:
- 100%
- 3 Years:
- 31%
- 1 Year:
- 26%
RETURN ON EQUITY
- 10 Years:
- 9%
- 5 Years:
- 17%
- 3 Years:
- 19%
- Last Year:
- 11%
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Equity Capital | 90 | 90 | 90 | 90 | 90 | 90 | 99 | 114 | 117 | 144 |
| 15 | 17 | 20 | 23 | 24 | 30 | 87 | 289 | 517 | 1,433 | |
| 0 | 0 | 1 | 4 | 4 | 23 | 30 | 71 | 41 | 63 | |
| Trade Payables | 57 | 13 | 35 | 16 | 7 | 8 | 25 | 28 | 72 | 105 |
| 381 | 381 | 233 | 17 | 19 | 41 | 128 | 62 | 132 | 274 | |
| Total Liabilities | 544 | 501 | 379 | 150 | 144 | 190 | 370 | 565 | 878 | 2,019 |
| 12 | 11 | 12 | 14 | 14 | 14 | 33 | 77 | 80 | 168 | |
| Capital Work in Progress | 0 | 0 | 0 | 0 | 0 | 4 | 26 | 11 | 63 | 66 |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5 | 194 | 289 | |
| 32 | 10 | 34 | 22 | 19 | 49 | 115 | 102 | 41 | 290 | |
| 0 | 0 | 0 | 0 | 0 | 0 | 0 | 152 | 203 | 132 | |
| Cash & Bank | 19 | 20 | 22 | 22 | 18 | 25 | 8 | 125 | 121 | 381 |
| 482 | 459 | 311 | 92 | 93 | 99 | 188 | 93 | 176 | 693 | |
| Total Assets | 544 | 501 | 379 | 150 | 144 | 190 | 370 | 565 | 878 | 2,019 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -4 | -5 | -2 | -8 | 18 | -18 | 8 | -45 | 160 | -334 | |
| Cash from Investing | 3 | 5 | 1 | 12 | -17 | -12 | -54 | -97 | -106 | -396 |
| Cash from Financing | -0 | -0 | -0 | -0 | -0 | 36 | 46 | 142 | -55 | 800 |
| -1 | 0 | -1 | 3 | 0 | 7 | -11 | 1 | -1 | 69 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
| Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
Documents
Corporate disclosures, annual reports, credit ratings, and concall transcripts
2026-09-01 - LLOYDS ENGINEERING WORKS LIMITED has informed the Exchange about Copy of Newspaper Publication regarding Last and Final Reminder-cum-Forfeiture Notice # 2 for payment of First and Final Call on partly paid-up rights equity shares.
2026-08-31 - LLOYDS ENGINEERING WORKS LIMITED has informed the Exchange regarding Cessation of Mrs Bela Rajan as Non- Executive Independent Director of the company from the closure of business hours of August 31, 2026.
2026-08-26 - LLOYDS ENGINEERING WORKS LIMITED has informed the Exchange about Copy of Newspaper Publication informing the members regarding The Post Dispatch of Postal Ballot and commencement of E-voting
2026-08-25 - LLOYDS ENGINEERING WORKS LIMITED has informed the Exchange regarding Notice of Postal Ballot
2026-08-25 - LLOYDS ENGINEERING WORKS LIMITED has informed the Exchange about Copy of Newspaper Publication for Pre dispatch of Postal Ballot Notice.
2026-08-21 - LLOYDS ENGINEERING WORKS LIMITED has submitted the Exchange a copy Srutinizers report of Annual General Meeting held on August 21, 2026. Further, the company has informed the Exchange regarding voting results.
2026-08-21 - LLOYDS ENGINEERING WORKS LIMITED has informed the Exchange regarding Proceedings / Outcome of 32nd Annual General Meeting of the Company held on August 21, 2026
2026-08-17 - LLOYDS ENGINEERING WORKS LIMITED has informed the Exchange about the Investment in Steel Infra Solutions Company Limited.
2026-08-17 - LLOYDS ENGINEERING WORKS LIMITED has informed the Exchange about the Acquisition of Shares through Preferential Issue
News
Recent coverage and analyst commentary for LLOYDSENGG
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