Quarter Ended: March 2026

Lloyds Engineering Works Ltd – Q4 FY26 Results

NSE

lloydsengg

BSE

539992

The company delivered sharp YoY and QoQ growth driven by engineering segment strength, supported by significant capital infusion and asset expansion

key financial highlights

Revenue from Operations:
- Total Income (Q4 FY26): ₹503.80 Crore
  - QoQ Change: +69.9%
  - YoY Change: +111.0%
- Previous Quarter (Q3 FY26): ₹296.52 Crore
- Previous Year (Q4 FY25): ₹238.73 Crore
Profit After Tax (PAT):
- PAT (Q4 FY26): ₹46.49 Crore
  - QoQ Change: +30.3%
  - YoY Change: +138.0%
- Previous Quarter (Q3 FY26): ₹66.70 Crore
- Previous Year (Q4 FY25): ₹19.55 Crore
QoQ Performance
- Revenue Trend: Strong Growth
- Profit Trend: Decline

Margin Analysis

Drivers:

Sharp increase in raw material consumption (₹298 Cr vs ₹110 Cr YoY)
Operating leverage from revenue growth
Higher employee and manufacturing expenses
Finance cost increase

Insight:

Revenue growth is strong, but margin compression visible sequentially due to cost escalation

Segment performance

Segments: Engineering

Revenue: ₹471.52 Cr
Insights:
- Major contributor (~87% of revenue)
- Strong YoY and QoQ growth
- Core growth driver

Segments: Electrical

Revenue: ₹69.85 Cr
Insights:
- Smaller but stable segment
- Moderate contribution to profitability

Segment insight

Summary:

Engineering segment dominates revenue and profitability, indicating project-driven growth model

Charcateristics:

Heavy engineering and EPC exposure
High operating leverage
Dependent on order inflows and execution

Earning quality check

Drivers:

Strong core operating profit
Contribution from associate income (~₹7.5 Cr)
No major exceptional items

Interpretations:

Earnings quality is strong but partially supported by non-operating income

balance sheet Analysis

Total Assets: ₹2,369.08 Cr
Total Liabilities: ₹685.77 Cr

Insight:

Massive balance sheet expansion (~2.4x YoY) driven by capital raise and asset build-up, indicating aggressive growth phase

key risks

Execution risk in large engineering projects
Working capital intensity (inventory + receivables increase)
Margin volatility due to raw material costs
Dependence on project pipeline

management strategy signals

Focus Area:

Expansion in engineering & EPC capabilities
Capital raising via equity (₹857 Cr rights issue)
Asset base scaling
Strengthening order book

Financial metrics table

Particular	Q4 FY26	Q.O.Q	Y.O.Y
Total Income	₹503.80 Crore	+69.9%	+111.0%
PBT	₹59.40 Crore	-10.8%	+67.6%
PAT	₹46.49 Crore	-30.3%	+138.0%

Lloyds Engineering is in a high-growth expansion phase with exceptional revenue scaling and strong YoY profitability. However, declining QoQ margins and rising working capital intensity suggest execution and cost risks. The balance sheet expansion signals long-term growth potential but also demands close monitoring

Official Exchange Filing: Lloyds Engineering Works Limited

Quarterly Performance Context

COST OF OPERATIONS AS % OF REVENUE

88%

NET PROFIT AS % OF REVENUE

FISCAL YEAR

2025-2026

AUDIT STATUS

REVIEWED