Lloyds Engineeri Q1 FY27 Results (NSE: LLOYDSENGG)
Signal: Growth reaccelerated
The read
The operating trajectory strengthened after Q4FY26: revenue growth accelerated from 113.4% YoY to 142.92%, EBITDA rose 124.38% to ₹79.23 Cr and the current 15% margin was above the prior quarter's 12% OPM in the company history, while the ₹2,817.42 Cr order book was up 81.19%; however, standalone other income of ₹14.40 Cr was 27.6% of PBT and group earnings remain partly dependent on subsidiaries or associates.
| Metric | Value | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹527.15 Cr | +142.92% | N/A |
| EBIT | ₹72.25 Cr | N/A | |
| Net profit | ₹63.97 Cr | N/A | |
| EPS | ₹0.47 | N/A | |
| EBIT margin | 15% |
P&L walk
Consolidated revenue rose to ₹527.15 Cr, up 142.92% YoY, and EBITDA increased 124.38% to ₹79.23 Cr; PBT reached ₹68.99 Cr, up 132.06%, while the filing does not disclose comparable consolidated EBIT, PAT or EPS growth columns.
Segments
No segment table is disclosed, but consolidated revenue of ₹527.15 Cr and PAT of ₹63.97 Cr materially exceeded standalone revenue of ₹355.82 Cr and PAT of ₹43.43 Cr, indicating that subsidiaries or associates contributed materially to group earnings.
Key positives
- Consolidated revenue reached ₹527.15 Cr, up 142.92% YoY, accelerating from 113.4% YoY growth in Q4FY26.
- EBITDA increased 124.38% YoY to ₹79.23 Cr, while the 15% current margin improved from the 12% Q4FY26 OPM in the prior-results series.
- The consolidated order book stood at ₹2,817.42 Cr on 1 July 2026, up 81.19% from ₹1,554.94 Cr, providing execution visibility.
- Consolidated PBT rose 132.06% YoY to ₹68.99 Cr and consolidated other income of ₹13.08 Cr remained below the 20% earnings-quality threshold.
Key concerns
- Standalone EBITDA growth of 82.19% to ₹60.03 Cr lagged standalone revenue growth of 104.55% to ₹355.82 Cr, and the filing does not disclose the margin bridge.
- Standalone other income of ₹14.40 Cr represented 27.6% of standalone PBT of ₹52.14 Cr, making standalone earnings quality weaker than consolidated earnings quality.
- The proposed increase in the ESOP pool from 4,40,00,000 to 7,35,00,000 options could create future equity dilution, subject to shareholder approval.
- The company approved a corporate guarantee of up to ₹130 Cr for associate Lloyds Infrastructure & Construction Limited, creating contingent exposure despite the stated nil immediate impact.
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