Lloyds Engineering: consolidated revenue more than doubles YoY, PAT up 127% to ₹68 Cr

Consolidated revenue came in at ₹527.15 Cr, up 142.9% YoY (₹217.01 Cr) and 6.5% QoQ (₹495.02 Cr); consolidated PAT (including the ₹13.13 Cr share of associate profit and ₹4.26 Cr non-controlling interest) was ₹68.23 Cr, up 127.2% YoY (₹30.03 Cr) and 46.8% QoQ (₹46.49 Cr), with PBT of ₹68.99 Cr up 132.1% YoY. The only street estimate found — a trend-extrapolation model from Univest/Uniresearch — had penciled in just ₹239 Cr revenue and ₹34 Cr PAT for the quarter; the actual print beat that by roughly 2.2x on revenue and 2x on PAT, a scale of beat that suggests order-book conversion accelerated well beyond simple trailing-growth assumptions. There is no formal management guidance on record for this quarter (none in our records, none found in the filing); the closest proxy is the board's own outcome-of-meeting letter, which flagged 142.92% YoY revenue growth, 124.38% EBITDA growth and 132.06% PBT growth — figures that match the reported numbers almost exactly, with no shortfall between management's framing and the filed statement.

Margins tell a more mixed story than the headline growth. Net profit margin (PAT/total income) was 12.63% this quarter versus 13.30% a year ago and 9.23% last quarter — so on a YoY basis, the primary comparison, margins actually gave up ground even as absolute profit surged, while QoQ margin expanded sharply off a soft base. EBITDA margin moved similarly, slipping to roughly 15.0% (₹79.23 Cr EBITDA on ₹527.15 Cr revenue) from about 16.3% a year ago (₹35.31 Cr on ₹217.01 Cr), per the company's own disclosure. The Engineering segment (pressure vessels, steel-plant equipment, marine/navy, power) drove essentially all of the growth, with segment revenue of ₹537.07 Cr (nearly tripling YoY from ₹199.74 Cr) and a segment result of ₹74.40 Cr; the Electrical segment (elevators, pumps & motors) stayed loss-making at ₹6.93 Cr, a wider loss than the ₹4.28 Cr posted a year ago, and is the modest drag behind the YoY margin slippage.

The stock went into the print at ₹90, up 10% over the past month of trading.

For context: this is the highest quarterly PAT in the last 6 quarters on our records; revenue is at a 6-quarter high.

Standalone (parent-only) results grew even faster in percentage terms than the group — PAT of ₹43.43 Cr on ₹355.82 Cr revenue, up 146.8% YoY and 104.5% YoY respectively — because subsidiary Techno Industries (a ₹6.44 Cr loss this quarter) and the Electrical segment weigh on the consolidated number; this is a known drag rather than a divergence in the underlying story. The consolidated order book stood at ₹2,817.42 Cr as of July 1, 2026, up 81.2% YoY, with associate Lloyds Infrastructure & Construction carrying a further ₹4,830.23 Cr — a large forward pipeline feeding future quarters. The board also cleared several capital-structure items this quarter that don't touch the P&L but matter going forward: a ₹130 Cr corporate guarantee for the associate, a ₹71.25/share preferential allotment of 7.14 Cr equity shares (still awaiting stock-exchange approval), and the LADS stake dilution from 100% to 85% via private placement that introduced the ₹4.26 Cr non-controlling interest now sitting in the consolidated P&L.