Lloyds Engineering Order Book Doubles to ₹2,643 Cr; Integration with LICL to Boost Scale

Synopsis:- In a year marked by aggressive inorganic expansion, a rights issue, and a proposed merger with two subsidiaries, Lloyds Engineering Works has reported consolidated FY26 revenues of Rs. 1,301 crore, up 54 percent year-on-year while its order book as of April 1, 2026 stands at Rs. 2,643 crore, nearly double the year-ago figure. The company’s associate, Lloyds Infrastructure and Construction Limited, carries a separate order book of Rs. 5,681 crore.

Shares of a mid-cap capital goods company focused on heavy engineering for hydrocarbon, steel, marine, and power sectors came into investor focus after the company filed its audited consolidated and standalone financial results for the full year ended March 31, 2026. The results reflect a year of substantial balance sheet transformation, driven in large part by a rights issue that raised over Rs. 857 crore and two rounds of acquisitions in Techno Industries Private Limited.

With a market capitalization of Rs. 8,312.59 crore, the shares of Lloyds Engineering Works Limited were trading at Rs. 59.45 per share, up 1.76 percent from its previous close of Rs.58.42. It is trading at a P/E of 58.74.

Lloyds Engineering’s consolidated revenues from operations for FY26 came in at Rs. 1,301 crore, representing 54 percent year-on-year growth from Rs. 845 crore in FY25. EBITDA rose 50 percent to Rs. 239 crore from Rs. 159 crore, while Profit Before Tax grew 44 percent to Rs. 202 crore from Rs. 141 crore. Net profit attributable to shareholders of the company was Rs. 189 crore for the full year.

The Q4 FY26 quarter alone delivered revenues of Rs. 495 crore, more than double the Rs. 232 crore recorded in Q4 FY25 indicating significant back-end loading, though this is consistent with the project-execution nature of the business. The engineering segment contributed Rs. 1,267 crore of the group’s gross segment revenue, with the electrical segment (elevators, pumps, and motors) contributing Rs. 187 crore.

Notably, operating cash flow for the year was negative at Rs. 253 crore on a consolidated basis, driven by a sharp inventory buildup of Rs. 287 crore and a Rs. 287 crore increase in other current assets, both consistent with order-intake-driven working capital absorption rather than operational deterioration. The rights issue proceeds and ESOP exercises more than offset this, leaving the company with cash and cash equivalents of Rs. 74 crore at year-end versus Rs. 0.24 crore a year prior.

Order Book and Pipeline

At Rs. 2,643 crore as of April 1, 2026, the consolidated order book has grown 91 percent over the prior year’s figure of Rs. 1,383 crore, the single most important data point in the filing for forward revenue visibility. Management has indicated it intends to execute a major portion of this book within 15 months, which would imply a revenue run-rate trajectory significantly above FY26’s Rs. 1,301 crore. The associate, Lloyds Infrastructure and Construction Limited, which is pending merger with the parent under an approved scheme carries a further Rs. 5,681 crore in orders, adding structural importance to the proposed consolidation.

On a standalone basis, revenues grew 39 percent to Rs. 1,052 crore, with standalone EBITDA rising 30 percent to Rs. 188 crore. Standalone PBT grew a more modest 22 percent to Rs. 161 crore against Rs. 130 crore in the prior year. The standalone order book stood at Rs. 2,351 crore as of April 1, 2026.

Business Overview

Established in 1974, Lloyds Engineering Works is primarily engaged in the design, manufacturing, and commissioning of heavy equipment, machinery, and systems for the hydrocarbon sector, oil and gas, steel plants, power plants, and nuclear plant boilers. The company operates across two reported segments — Engineering and Electrical — and has built a multi-subsidiary group structure covering defence, elevators, and infrastructure construction.

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