Lloyds Metals And Energy

“And now, we are hopeful that this high cost will be absorbed, and we don't foresee any challenges in achieving the EBITDA what we have projected.”

“FY29. Volumes of iron ore remains at 26 million tons throughout the period. Relevant or usable iron ore will remain at 26 million. The benefits should start in '29.”

“Our volumes in Lloyds Metals will go up for sure. Our volumes in the MDO will go up.”

“And we are now extending this to a much longer and larger pipeline network, which will carry our beneficiated materials over long distances, eliminating the movement of fine iron ore by truck almost entirely.”

“Blast furnace and coke oven should get started in Q4. And steel plant and wire rod mill should get started in Q1 2027. It delayed by a quarter or so, the steel plant particularly, but it's a huge plant.”

“Right now, we are starting -- out of this EC, we're only starting the power plant, which will be used for powering our beneficiation plant as well as the pellet plants.”

“We are confident of completing them by the end of this financial year and have them in production in FY28.”

“For example, now we are putting money into power because power rates by the government are pretty high, and we are trying to lower our overall costs.”

“That should get -- it should become from 8 million to 9.6 million tons in the next 3, 4 months.”

“Iron ore production for quarter 2 was 3.95 million tons, up 15.5% year-on-year with H1 production at 10 million tons, up 35% year-on-year.”

“Our monthly run rate remains upward of 2 million tons.”

“production was 2.11 million tons in quarter 2 and 3.81 million tons in H1 following the commissioning of our second pellet plant in May.”

“EBITDA for H1 came at INR884 crores, up 85% year-on-year with margins at 19.18%, an expansion of 436 basis points over the last year.”

“Iron ore volumes, including BHQ, stood at 11.22 million tons in Q2 and 30.31 million tons in H1.”

“Our sales mix was 71% domestic and 29% export.”

“The first pipeline is already running at full capacity and has actually lowered our freight cost for iron ore.”

“Our H1 EBITDA margin came in at 38.33%, the best half-year margin the company has ever reported and an expansion of 542 basis points year-on-year.”

“Our Q2 margin stood at 37.22%, up 419 basis points year-on-year.”

“Three factors are driving this: first, the commissioning of the slurry pipeline lowered the logistics and freight cost on iron ore.”

“added products now contribute 61% of stand-alone revenue and 67% of EBIT in quarter 2 versus 43% and 49% a year ago.”

“Stand-alone net debt as on 30th September 2026 stood at INR9,316 crores, comfortable relative to the EBITDA the business is now generating, even through an intensive capex cycle.”

“Our consolidated net debt remains below INR20,000 crores. A significant part of this pertains to the debt acquired as part of the Chemaf acquisition, which we are actively working to renegotiate on more favourable terms which would bring our group net debt down meaningfully.”

“so we are looking to close it within the next 3 to 4 months. So before the end of this financial year, it will be done.”

“So net debt in the longer run in the asset will be somewhere around $500 million from the current levels of around $800 million.”

“the debt what we are doing will be around INR9,500 crores of borrowing what the company has done on a stand-alone basis.”

“That's an enabling resolution what we have taken. So we just wanted to keep ourselves ready if such an opportunity arises. And we already have this resolution in place, and we can go ahead with it. And everything obviously will be used more and more for capex or that's what the intention is.”

“But ultimately, we are looking at raising that from the U.S. parties, some of the very well-known investors as well as some of the multilateral institutions.”

“Looking ahead, our partnership at Panguna gives us access to one of the greatest -- world's greatest untapped copper sources, an asset which at its peak produced around 175,000 tons of copper every year.”

“Then coming to PNG, basically, it's very early stage. We feel confident that we have the trust of the people.”

“But yes, 51% of the profitability will be going out as minority interest.”

“So currently, we are focusing upon 2 things only: one is working with the government on what is the right model of operations; and second, working with the people on how we develop a long-term plan for inclusive growth.”

“These are -- there are geopolitical headwinds, and we are addressing the near-term cost challenges, but the long-term logic of captive ore and in-house mining through Thriveni's expertise remains compelling.”

“Q2 always being rainy season, it has been historically that Q2 is always low. Q2 is slightly better than Q1, but from Q3 and Q4, we scale up.”

“And in terms of coal also, due to these geopolitical issues for the pricing of HSD and explosives, we had to suffer a little bit.”

“In terms of production, we have been facing challenges in terms of supply of sulphuric acid because it does not have a dedicated sulphuric acid plant.”

“It is like $3.2 per liter, which is, I mean, almost 3x of what we see in India.”

“Revenue from operations for Q2 stood at INR4,132 crores, up 62% year-on-year.”

“For H1, revenue was INR9,545 crores, a sharp 94% growth over last year.”

“EBITDA for quarter 2 came in at INR1,538 crores, up 83% year-on-year, and for H1 at INR3,658 crores, up 126% year-on-year.”

“This growth was driven by higher iron ore EC limits, a faster-than-planned ramp-up of the pellet plant and improved sponge iron volumes.”

“We now have 88 electric equipment units operational at the mine and a further 20 are at the railway siding.”