Lloyds Enterprises Ltd - Aamara Capital Research

Snapshot

Data as of 21 Oct 2026. Source-key convention used throughout this report: each bracketed key carries a file prefix because the six research files each use their own [S#] numbering and the same number can point to different documents. B = business file, F = financials file, G = governance file, M = market/competition file, N = narrative file, H = street-view file. Tab 14 lists the six key tables separately and gives full URLs. Latest reported period: Q1 FY27 (quarter ended 30 Jun 2026, board approval 11 Aug 2026). Q2 FY27 results are not out: no results-date intimation appeared in the NSE announcement feed through 19 Oct 2026 [B-S26, N-S1]; the board calendar in the FY26 annual report puts results by 14 Nov 2026 [F-S3] [Fact]. No earnings-call transcripts exist for this company and no broker covers it (Tab 11, Tab 12).

Price caveat [Fact]

The Rs 65.9 price and Rs 10,075 cr market cap are the Screener figures fetched on 21 Oct 2026 at about 15:23 IST (day change -3.98%) [F-S1]. Moneycontrol showed NSE Rs 66.19 at 15:18 IST [F-S17, H-H1]. Both are intraday vendor prints, not the official NSE closing price (the 15:30 close was not captured). A later Screener re-fetch during QC (about 4:01 pm) showed Rs 66.1, market cap Rs 10,116 cr and P/E 88.7, consistent with these prints; the report keeps the 15:23 basis so that every derived multiple uses one price.

Market data	Value
CMP (Screener, ~15:23 IST)	Rs 65.9 (-3.98% on the day) [Fact]
CMP (Moneycontrol, NSE, 15:18 IST)	Rs 66.19 [Fact]; the day fall is quoted at -3.6% to -4.0% across the two pages
Market cap	Rs 10,075 cr (Screener) [Fact]; implies 152.9 cr shares [Est.]
52-week high / low	Rs 84.7 / Rs 40.7 (Screener); company deck range Rs 40.70-84.70
All-time high / low	Rs 96.40 (date not captured) / Rs 37.28 (Moneycontrol)
Distance from highs	About 22% below the 52-week high (Moneycontrol) and about 32% below the all-time high [Est.]
P/E (consolidated, owners' TTM)	88.4x on TTM EPS about Rs 0.74-0.75 [Fact]
P/B / book value per share	2.38x / Rs 27.7 (Screener); Rs 27.4 on owners' equity of Rs 4,142.59 cr / 151.04 cr shares [Est.]
Dividend yield	0.22% (interim Re 0.10 ex 4 Sep 2025; final Re 0.05 ex 2 Jul 2026)
ROE / ROCE (Screener, last year)	0.33% / 3.67%
Beta; volume; delivery	1.80 (1-yr; 1.66 alternate); 20-day average volume 46.1 lakh shares; delivery 42.68%; previous session 34.9 lakh shares (Rs 23.1 cr)
Shares in issue (30 Sep 2026)	1,52,66,91,243 including 3,35,552 partly paid; face value Re 1
Listing	BSE since 1987; NSE 17 Oct 2024 (1,27,21,26,621 shares at that time)
Index membership (Screener)	BSE 1000, Nifty Smallcap 500, Nifty Microcap 250, Nifty Total Market
Company-deck price points	Rs 89.24 / Rs 11,357 cr (30 Jun 2025); Rs 62.49 / Rs 8,997 cr (30 Sep 2025); Rs 59.75 / Rs 8,617 cr (31 Dec 2025); Rs 41.39 / Rs 6,183 cr (31 Mar 2026); Rs 73.83 / Rs 12,500 cr (30 Jun 2026)

Company overview	Detail
Legal name / CIN	Lloyds Enterprises Limited (LEL); L27100MH1986PLC041252
Formerly	Shree Global Tradefin Limited (SGTL); renamed with effect from 6 Sep 2023 (filing dated 7 Sep 2023) to align with Lloyds Metals and Energy Ltd, Lloyds Engineering Works Ltd and Lloyds Luxuries Ltd
Incorporated	15 Oct 1986
Registered office	A-2, 2nd Floor, Madhu Estate, Pandurang Budhkar Marg, Lower Parel, Mumbai 400013
ISIN / face value	INE080I01025 (fully paid) / Re 1
Promoters	The Agarwal / Gupta family: Babulal Agarwal's family and Rajesh Gupta's family, holding through Blossom Trade & Interchange LLP, Teamwork Properities Developments LLP and Crosslink Food and Farms Pvt Ltd; 8 holders, 62.71% (30 Sep 2026). No promoter named Mittal appears in any document read (the word appears only as Screener's data-vendor footer)
Relationship to Lloyds Metals & Energy (LMEL)	Separately listed sister company, not a subsidiary; LEL owns about 4.13% of LMEL and is itself described as "one of the promoters of LMEL"; LMEL is listed as a "Promoter of the Company" in LEL's related-party list (cross-holding)
Chairman and MD	Babulal Agarwal (79; 54 years in steel trading)
Executive Director	Rajesh Gupta (61; also MD of LMEL); maternal nephew of the Chairman
CFO / Company Secretary	Viresh Sohoni / Pranjal Mahapure
Statutory auditor	V.K. Beswal & Associates from the 40th AGM (9 Jul 2026), 5 years; FY26 was signed by Todarwal & Todarwal LLP
Employees	Not Available (FY26 BRSR workforce tables show only a very small standalone permanent staff; not reliably extractable)
Shareholders	68,342 (Sep 2026) vs 56,812 (Jun 2025)
Sector	Diversified holding platform: metals trading, engineering/EPC, MMR real estate, gold mining, listed strategic stakes

What this company is. Lloyds Enterprises is an investment holding company with a small steel-trading business, not a trading company. Standalone trading revenue was Rs 463.20 cr in FY26 at roughly zero operating margin and Rs 43.11 cr in Q1 FY27. Standalone FY26 profit of Rs 268.09 cr came from "other income" of Rs 348.89 cr, of which Rs 183.71 cr was a realised share-sale gain and Rs 129.19 cr came from selling rights entitlements. The statutory auditor lists the share-sale gain as Key Audit Matter number one. Consolidated revenue (Rs 1,756.29 cr in FY26) is now mostly Lloyds Engineering Works Ltd (LEWL), which LEL consolidates as a subsidiary at 31-34% direct ownership; the Q1 FY27 engineering share was 88% of operating revenue (Screener) [Fact].

The value of the equity sits in two listed stakes (LEWL 48,33,26,722 shares and LMEL 2,32,38,340 shares, together worth Rs 8,590-8,612 cr at 21 Oct 2026 prices) plus unlisted assets carried at cost: a roughly 30.48-31.58% economic interest in a gold mine (the company's documents conflict), 60.38% of a Mumbai real-estate developer, 17.98% of a structural-steel company and smaller holdings [Est.].

Quick Verdict Scorecard

BusinessMediumgood assets, no parent moat

ManagementWeakSEBI settlement, disclosure gap

FinancialWeakprofit unrealised, OCF negative

ValuationExpensiveabout 1.06x NAV, no holdco discount

OverallNeutralverdict TRACK, see Tab 13

Headline KPIs (FY26 unless stated)

Consolidated revenue from operationsRs 1,756.3 cr+18.0% YoY; total income Rs 2,183.7 cr

PAT: owners / total incl. minoritiesRs 283.4 crTotal Rs 416.96 cr; minorities Rs 133.52 cr

Operating margin ex other income6.7%Company-defined EBITDA margin 24.88% includes other income Rs 427.4 cr

RoE / RoCE (Screener)0.33% / 3.67%3-yr ROE 2%; 5-yr ROE 2%

Standalone trading revenueRs 463.2 crFY25 Rs 593.4 cr; Q1 FY27 Rs 43.11 cr

Standalone other incomeRs 348.9 crShare-sale gain 183.7 + rights sale 129.2

EPS FY26: reported / owners'3.08 / 2.09Reported divides total PAT incl. minorities [Est.]

Price to NAV~1.06xNAV about Rs 9,540 cr, unlisted at cost [Est.]

Valuation snapshot	Rs cr	Basis
Market cap	10,075	Screener, 21 Oct 2026 [Fact]
LEWL stake (48.33 cr sh)	4,403-4,422	At Rs 91.1 (M-S2) to Rs 91.5 (F-S15) [Est.]
LMEL stake (2.3238 cr sh at Rs 1,803)	4,190	[Est.]
Two listed stakes combined	8,590-8,612	Rs 56.3 per LEL share at the upper figure [Est.]
Market cap as % of the two listed stakes	about 117%	No holding-company discount [Est.]
Net asset value before deferred tax	about 9,540	Rs 62.4 per share; unlisted holdings at cost [Est.]
Net asset value after deferred tax	about 8,806	Rs 57.6 per share [Est.]
Market cap / NAV	1.06x (1.14x after DTL)	Premium, not the usual 20-40% holdco discount [Est.]

Three numbers that must not be read as earnings [Analyst View]

"Total comprehensive income" of Rs 3,115.83 cr in standalone Q1 FY27 (and -Rs 482.11 cr in Q4 FY26) is the mark-to-market of LEWL and LMEL share prices through other comprehensive income. Standalone profit in Q1 FY27 was Rs 2.44 cr. It is not profit.
Company-defined EBITDA (Rs 543.34 cr, 24.88% in FY26) includes other income; operating profit excluding it was Rs 117 cr (6.7% of sales).
Reported EPS of Rs 3.08 (FY26) includes the minorities' share of profit; owners' EPS is about Rs 2.09.

Open status items	Status
Q2 FY27 results	Not out; no date announced in the NSE feed to 19 Oct 2026; the Q2 FY26 results came on 11 Nov 2025, so a print on or before the statutory outer date of 14 Nov 2026 is expected [Est.]. Re-checked at QC on 21 Oct 2026: Screener's announcement list for LEL (latest items 19 Oct ESOP grant, 16 Oct volume clarification, 12 Oct Reg 74(5) certificate) and the company's intimation page show no board-meeting or results-date notice [Fact, vendor read]
SEBI settlement order	Dated 29 Sep 2026; Rs 4.16 cr paid in total; no admission; both individuals remain in office (Tab 7)
LRDL/IPPL merger and real-estate demerger	NSE/BSE no-objection 15 May 2026; NCLT Mumbai petition filed 2 Jun 2026, pending; no NCLT order or meeting notice in the NSE feed
LEWL merger (LICL, Metalfab, Techno)	CCI approved 12 May 2026; Q1 FY27 deck calls it completed; NCLT order status: Not Available
Gold mine	Commercial operations 24 Jun 2026 per LEL deck (LMEL deck says inauguration 24 Jul 2026); FY27 output guided down to about 400 kg
Exchange surveillance	Volume query 16 Oct 2026; company reply: market-driven, no undisclosed price-sensitive information
Credit rating, broker coverage, transcripts	Not Available: none exist or none found (Tab 6, Tab 11, Tab 12)

Data freshness: prices 21 Oct 2026 (Screener ~15:23 IST; Moneycontrol 15:18 IST); financials to Q1 FY27 (30 Jun 2026, half-yearly balance sheet last published for 31 Mar 2026); shareholding to the Sep 2026 quarter (NSE XBRL filed 19 Oct 2026).

Analyst Notes

[Analyst View] Aamara Capital, 21 Oct 2026

What this is, and what just happened. Lloyds Enterprises is a holding company that happens to own a small steel-trading desk. The stock went from Rs 41.39 on 31 Mar 2026 to Rs 73.83 on 30 Jun, touched Rs 74.59 on 8 Oct and printed Rs 65.9 on 21 Oct (Screener, about 15:23 IST; not an official close). The 11% slide since early October coincides with the SEBI settlement order of 29 Sep 2026 and a BSE volume query on 16 Oct, but no document links the two and I will not assert a cause. The Q1 FY27 headline "profit falls 56% YoY to Rs 110 cr" is a base effect: Q1 FY26 carried Rs 282 cr of consolidated other income. The opposite headline, standalone "total comprehensive income" of Rs 3,116 cr, is not profit at all: it is the revaluation of the LEWL and LMEL stakes at 30 Jun prices.

What the market is pricing. At Rs 10,075 cr the market cap is about 117% of the combined market value of the two listed stakes alone (Rs 8,590-8,612 cr; LEWL at Rs 91.1 or Rs 91.5 depending on the file) and about 1.06x my net asset value of about Rs 9,540 cr, where the unlisted holdings are carried at cost [Est.]. A holding company usually trades at a 20-40% discount to NAV. This one trades at a premium. The premium is a payment for the gold mine, the Mumbai land bank, SISCOL and management's ability to monetise them, none of which has produced meaningful earnings: real-estate segment revenue was Rs 18.47 cr in Q1 FY27, the gold mine has been in commercial operation since 24 Jun 2026 (per the LEL deck) with FY27 output cut to about 400 kg, and SISCOL was bought in August 2026 at about 28x trailing earnings. The 88x P/E is arithmetically correct on owners' TTM EPS of about Rs 0.75 and analytically useless.

Earnings quality is the first problem. In FY26 other income was 91% of consolidated PBT (Rs 427.42 cr of Rs 468.52 cr). Standalone profit of Rs 268.09 cr rested on a Rs 183.71 cr share-sale gain, which the auditor raised as Key Audit Matter number one, and Rs 129.19 cr from selling rights entitlements. Equity stakes carried at fair value through OCI generally cannot be recycled to profit on sale under Ind AS 109, so the P&L route for that gain is a point to verify with the filer and auditor [Est.]; the audit opinion is unmodified. Five-year consolidated operating cash flow is -Rs 354 cr against cumulative profit of Rs 937 cr, and FY26 operating cash flow was -Rs 361 cr. Growth has been funded by a Rs 929 cr rights issue and NBFC loans, not by operations.

The second problem is governance, and it is recent. SEBI's settlement order (29 Sep 2026) concerns Rs 144.82 cr of listed-company funds advanced in FY2006-07 to two promoter-linked entities at nil interest with no agreement, no expected-credit-loss recognition in FY17-FY21, and no related-party disclosure in FY17-FY23. The company paid Rs 1.28 cr, the then Managing Director Rajesh Gupta Rs 1.44 cr and the CFO Rs 1.44 cr, without admission. Both individuals remain in office and Gupta sits on the Audit Committee. The FY26 annual report, signed 8 May 2026, says there was no SEBI or exchange action against the company, yet the show-cause notice is dated 9 Jul 2025. Separately, the promoters took up only about 1.7 cr of roughly 18.8 cr entitled rights shares (stake 73.91% to 62.72%) while the company lent Rs 638 cr of the proceeds to its own 60.38% subsidiary LRDL on 9.25% debentures with interest deferred to years 5-7 and not accrued; the pending LRDL merger would lift the promoter group to 64.61%.

Concentration, leverage and group dependence. Two listed stakes are about 85% of the market cap. Consolidated sales to LMEL were Rs 655.39 cr in FY26, about 37% of consolidated revenue from operations. LEL has borrowed Rs 361 cr (December 2025, secured on a promoter-group entity's LMEL shares) and Rs 219 cr (August 2026, secured on 11.62 cr LEWL shares, 24.04% of its holding); Tata Capital states Rs 316 cr outstanding. It has also guaranteed Rs 170 cr of gold-mine debentures jointly with Thriveni Earthmovers, a counterparty that appears in five roles across the group. In August 2025 the Chairman called LEL "debt-free". That is no longer true at the parent.

Guidance credibility. The decks give no revenue guidance for LEL itself, but project-level statements have moved against investors: gold commercial start "targeted November 2025" became 24 Jun 2026; FY27 gold output went from about 600 kg (AGM, 9 Jul 2026) to about 400 kg five weeks later; peak project EBITDA went from about Rs 700 cr to about Rs 450 cr; the stake is quoted at 31.58%, 31%, 30.50% and 30.48% and the cost at Rs 140 cr, "Rs 200 cr" and "~Rs 204 cr". The real-estate restructuring did hit its first-half milestones on time.

What would change my view. (1) The Q2 FY27 results (due by 14 Nov 2026) and a clean split of owners' profit from mark-to-market. (2) The NCLT order and final share-exchange ratio for the LRDL/IPPL scheme, and the listing of Lloyds Realty Ltd (deck target Q4 FY27). (3) Evidence of gold recoveries and output against the 400 kg target. (4) A price that offers a real holding-company discount to NAV, because the two listed stakes can be bought directly without the SEBI history, the pledges or the related-party layer. (5) A corrected disclosure on the SEBI matter and an explanation of the audit-committee composition. The Tab 13 verdict sets these out as dated triggers.

Market cap against the stakes it owns

Corrections to assumptions in the brief

Assumption	What the primary documents show
LEL is a steel trader	It is a holding company. Trading revenue Rs 463.20 cr in FY26 at about zero margin (operating profit -Rs 4 cr on Screener); Rs 43.11 cr in Q1 FY27 vs Rs 98.41 cr a year earlier (-56%) [F-S2, B-S10]
A promoter named Mittal	None found. Promoter group is the Agarwal / Gupta family: Babulal Agarwal, Ravi Agarwal, Rajesh Gupta, Abha Gupta, Renu Gupta, Kiran Agarwal, Pooja Agarwal, plus Blossom Trade & Interchange LLP, Teamwork Properities Developments LLP and Crosslink Food and Farms Pvt Ltd [G-S18, G-S3]
LEL is a subsidiary of Lloyds Metals & Energy	No. It is a separately listed sister company that owns 4.13% (4.27% in one annexure) of LMEL and is described as "one of the promoters of LMEL" [G-S3 p.47]
Standalone profit reflects trading	Other income Rs 348.89 cr: share-sale gain 183.71, rights-entitlement sale 129.19, LLP share 13.16, dividends 13.43, interest 7.66, other 1.74 [F-S3 Note 22]
Total comprehensive income is a result	It is OCI mark-to-market: Q1 FY27 standalone OCI +Rs 3,632.89 cr pre-tax, deferred tax -Rs 519.50 cr, TCI Rs 3,115.83 cr, against profit Rs 2.44 cr; Q4 FY26 TCI -Rs 482.11 cr [F-S5]
Reported EPS Rs 3.08 is the owners' figure	It divides total PAT Rs 416.96 cr (incl. minorities) by 135.38 cr weighted shares; owners' EPS is 283.44/135.38 = Rs 2.09 [Est.]; FY25 reported 0.97 vs owners' 0.45 [Est.] [F-S3 Note 41]
A holding discount exists	Market cap Rs 10,075 cr vs Rs 8,590-8,612 cr for the two listed stakes alone and about Rs 9,540 cr NAV: a premium [Est.]

Conflicts register: where the sources disagree (not resolved here)

Each row shows every figure with its source. Arithmetic that may explain a gap is shown beside the figures and tagged [Est.]; it does not replace them. The sum-of-the-parts in Tab 12 uses share counts and carrying values, so the stake-percentage conflicts do not move NAV; the gold cost conflict (Rs 140 cr vs Rs 203.55 cr carrying value) moves it by about Rs 64 cr, under 1%.

Item	Figures and sources	Arithmetic note	Status
LEL stake in LEWL	31.16% on 155.10 cr shares at 30 Sep 2026 (G-S20); 32.66% on 148.0 cr shares at 9 Feb 2026 (G-S24); 33.58% at 31 Mar 2026 (AR p.90, p.312; B-S9); 49.26% "direct and indirect" (AGM related-party annexure, G-S3 p.47) and promoter-group holding 72,61,50,723 shares = 49.26% of 147.42 cr (Dec 2025 merger filing, B-S18)	48,33,26,722 / 155.10 cr = 31.16%; / 148.0 cr = 32.66%; 33.58% implies about 143.9 cr shares [Est.]. 49.26% is a promoter-group aggregate. LEWL promoter group at 30 Sep 2026: LEL 31.16 + LMMT LLP 4.41 + Aeon Trading LLP 4.41 + individuals about 0.02 = 40.00% (G-S20); pro-forma after merger 39.14% (B-S38)	Open. Ind AS 110 consolidation basis for a sub-50% holding not stated in the pages read
LRDL / IPPL share-exchange ratio	51 LEL per 400 LRDL (AR p.79, Q1 FY27 deck; F-S3, G-S3) vs 43 per 350 (22 Dec 2025 release; B-S13, N-S20, F-S16); IPPL ratio and holders Not Available	LRDL minority about 72.17 cr shares: x51/400 = 9.2 cr new LEL shares (+6.0%), x43/350 = 8.9 cr (+5.8%) (F). The market file (M-S14) quotes 8.18 cr for the promoter-group part: 36.6% x 182.17 cr = 66.7 cr x 43/350 = 8.19 cr, and (95.74 + 8.18) / (152.67 + 8.18) = 64.61% [Est.]	Open; NCLT scheme filing not available
Gold stake (economic)	31.58% (Aug 2025-Feb 2026 decks); 31% (May 2026 deck, Q1 FY27 deck, AGM); 30.48% (28 May 2026 board note); 30.50% (AR) [B-S6, B-S4, B-S3, B-S2, B-S17, B-S9]; Prakar's holding in GMSI 63.17% (4 Jul 2025 filing, B-S19) vs about 61% (AR)	50% x 63.17% = 31.58%; 50% x 61% = 30.5% [Est.]; attributable EBITDA Rs 142 cr = 31.58% x Rs 450 cr	Open
Gold cost	Rs 140 cr for 50% of Prakar (4 Jul 2025 filing; LLP capital contribution Rs 318.95 cr); "Rs 200 cr" (May 2026 deck); "~Rs 204 cr" (AR MD&A); carrying value Rs 203.55 cr (standalone note); LEL also holds 2,62,500 GMSI shares directly	Gap to filing amount Rs 63.55 cr, not explained in documents read [Est.]	Open; carried at cost
Gold start of commercial operations	24 Jun 2026 (LEL Q1 FY27 deck, B-S2); inauguration 24 Jul 2026 (LMEL deck, B-S22); earlier "targeted November 2025" (10 Oct 2025 release)	Possibly different events (operations vs inauguration), not stated	Open
Gold resource	JORC about 13.1 t, upside 42.5 t (Aug-Nov 2025 decks); 8.2 Mt at 1.49 g/t = about 12 t, upside about 32 t (Feb 2026 on); mine website 361,000 oz and 6.8 t mineable, 8-9 year life, potentially 14 t [B-S6, B-S3, B-S24]	8.2 Mt x 1.49 g/t = 12.2 t [Est.]	Open
LMEL holding	4.13% (Chairman, deck, AR) vs 4.27% (AR related-party annexure); 2,32,38,340 shares in both	Share count unchanged; percentage base differs [Est.]	Open
Cunni Realty	39.98% (consolidation note) vs 24.14% (AOC-1) [G-S3 p.90-91, 281-282]	None	Open
LRDL acquisition date	20 Jan 2023 (AOC-1) vs 31 Jan 2024 (Q1 FY27 deck; B says acquired "from 31 Jan 2024") [G-S3, G-S7]	None	Open
Real-estate pipeline area	14 mn sq ft (AGM 9 Jul 2026); 15 mn+ (22 Dec 2025 deck); about 20.3 mn from summing website project areas; Goregaon Nilayam 748,000 sq ft (website) vs 1.10 mn (Dec 2025 deck)	Website sum is my arithmetic [Est.]	Open
FY26 profit growth wording	"near 340%" (Q4 FY26 deck text) vs +237.9% in the table beside it (123.39 to 416.96) [N-S8]	416.96/123.39 - 1 = 237.9%	Narrative overstated vs own table
FY26 consolidated other income	Rs 422 cr (Screener) vs Rs 427.42 cr (AR) [F-S1, F-S3]	Vendor presentation difference [Est.]	Both shown
LEL sale of LEWL shares to Thriveni (14.2 lakh at Rs 70.50)	6 Aug 2025 (B, F filing date) vs 5 Aug 2025 (G)	Filing may be one day after the trade [Est.]	Open
Pledge counts in press	Press: 1.10 cr shares (13 Oct 2026); 6 cr shares for the Rs 219 cr loan, "4.05% of LEWL" (20 Aug 2026); 40 lakh added (28 Aug 2026) vs primary: 11,62,00,000 LEWL shares pledged at 30 Sep 2026 [H-H5, G-S20]	The press items do not sum to 11.62 cr; earlier pledges are "partially pledged" at Mar 2026; composition Not Available. The press said "promoter pledges" but the pledger is LEL	Open
ESOP 2025 split	16,35,840 options granted (16 Oct 2025) and 15,46,900 outstanding (30 Jun 2026); entity split 3,75,290 LEL + 9,46,360 LRDL + 1,61,790 Simon + 63,460 IPPL	The split sums to 15,46,900 = outstanding, not the grant; 88,940 options unexplained [Est.]	Open
LEWL order book	~Rs 8,335 cr (Q4 deck), Rs 8,336 cr (AR split 5,692 + 2,493 + 151), "approximately 8,000 cr" (AGM), Rs 8,857 cr (Q1 FY27); press "above Rs 2,800 cr standalone" (CNBC TV18, 6 Aug 2026) vs deck standalone Rs 2,432 cr	Differences of 1 cr are rounding [Est.]; the standalone gap is unexplained	Open
SEBI matter in the FY26 annual report	AR says no SEBI/exchange action and no penalties in three years (G-S3 p.103, 144); show-cause notice dated 9 Jul 2025 and settlement applications 8552/2025 and 8553/2025 filed in 2025 (G-S22, G-S23). The order calls the applications "suo-motu"; the company letter cites the notice	Wording mismatch noted by the governance file	Open
Pellet capacity and mining throughput in LEL decks	"4 Mt" and "26 Mt" (Aug 2025-May 2026 decks) vs "8 Mt expanding to 12" and "55 Mt" (Aug 2026)	Consistent with LMEL's own timeline: plant 2 commissioned May 2026, EC raised 26 to 55 Mt [Est.]	Explained
Cause of the Sep 2025 promoter step-down	73.91% to 62.72%; cause not stated in documents read	Coincides with the Aug-Sep 2025 rights issue; promoters took 1.72 cr of about 18.8 cr entitled shares [Est.]	Not stated

Open questions

Question	Why it matters	Where searched
Who are the LRDL minority holders and the holders of Cheerful Trade & Realty and Triumph Trade & Properties?	Value transfer in the merger; ultimate beneficiaries of the Rs 144.82 cr advances	AR FY26, SEBI order, Q1 FY27 deck: Not Available
Why did the share-sale gain go through P&L when the stakes are FVOCI?	Quality of Rs 183.71 cr of FY26 profit	AR FY26 Note 22 and KAM; auditor challenged management's treatment (G-S3 p.201)
Who is Streamland Estate LLP (17.98% of SISCOL, same price as LEL)?	Related-party read on the SISCOL deal	SISCOL release, board outcome: Not Available
What explains the Rs 63.55 cr gold cost gap?	Cost basis of the main unlisted option	Reg-30 filing, AR, decks
Why is an executive director who led the company in the period covered by the SEBI order on the Audit Committee?	Committee independence	AR FY26 corporate-governance report
What did LEL pay for the 7% LMMT LLP interest, and what is its value?	Carrying Rs 157.7 cr (standalone) vs consolidated Rs 203.55 cr label in the business file; LLP net worth Rs 5,852.64 cr in FY24 per SEBI	SEBI order, AR Note 06: LLP accounts Not Available

Business Deep-Dive

Built from primary filings: seven LEL investor decks (Q4 FY25 to Q1 FY27), the FY26 annual report, NSE/BSE Reg-30 filings, the SEBI order, group-company websites and Screener (21 Oct 2026). Tags: [Fact] stated in a cited document; [Est.] arithmetic or inference with basis shown. Keys are B-S# (business file). Web search was unavailable to the research agents.

1. Identity and control

Item	Detail
Name history	Shree Global Tradefin Limited, renamed Lloyds Enterprises Limited with effect from 6 Sep 2023 to align with Lloyds Metals and Energy Ltd (LMEL), Lloyds Engineering Works Ltd (LEWL) and Lloyds Luxuries Ltd [B-S25] [Fact]
Corporate identifiers	CIN L27100MH1986PLC041252, incorporated 15 Oct 1986 [B-S13]; BSE 512463 (listed 1987); NSE LLOYDSENT (listed 17 Oct 2024); ISIN INE080I01025; face value Re 1
How the Lloyds group took control	Open offer in 2023 by Ravi Agarwal and Aristo Realty Developers (now Lloyds Realty Developers Ltd): 26% offer at Rs 6.50, only 6,576 shares tendered [B-S25]
Management	Chairman and MD Babulal Agarwal (54 years in steel trading, group founder); Executive Director Rajesh Gupta (also MD of LMEL); CFO Viresh Sohoni; Company Secretary Pranjal Mahapure; the AR related-party list describes Ravi Agarwal as son of the MD [B-S9, B-S22]
Shareholding (Sep 2026 quarter)	Promoters 62.71% (73.91% to Jun 2025, 62.72% from Sep 2025), FII 0.71%, DII 0.14%, public 36.42%; 68,342 holders [B-S1]
Share capital, 30 Sep 2026	1,52,66,91,243 shares issued of which 3,35,552 partly paid [B-S33]
Auditors	Todarwal & Todarwal LLP signed FY26; V.K. Beswal & Associates appointed for 5 years from the 40th AGM (9 Jul 2026), signed the Q1 FY27 limited review; internal auditor R.D. Nagvekar & Co.; secretarial auditor Mitesh Shah & Co. [B-S9, B-S10, B-S34]

2. Business model: a holding platform with five exposures

LEL describes itself as "a diversified holding platform spanning trading, real estate and strategic investments" (Q1 FY27 deck) [B-S2] [Fact]. Standalone it trades steel, allied products and iron-ore pellets and holds strategic and treasury investments. Through those holdings it is exposed to five verticals. [Analyst View] The parent has no plant, and the engineering, real-estate and mining operations sit in companies where outside shareholders own most of the equity or where the stake is a minority.

#	Vertical	Vehicle	LEL interest	Accounting treatment
1	Metals trading	LEL standalone	100% (own P&L)	Revenue from operations
2	Engineering, EPC, electrical, defence	Lloyds Engineering Works Ltd (LEWL), NSE: LLOYDSENGG	33.58% direct at 31 Mar 2026 (31.16% at 30 Sep 2026; see conflicts register)	Consolidated as subsidiary; standalone carrying Rs 1,823.59 cr at fair value through OCI
3	MMR real estate	Lloyds Realty Developers Ltd (LRDL) and Indrajit Properties Pvt Ltd (IPPL)	60.38% of LRDL; 40.26% of IPPL directly (76.33% effective)	Subsidiaries; cost Rs 110 cr + Rs 638 cr NCDs
4	Gold mining	Prakar Estates and Promoters LLP into Geomysore Services India Pvt Ltd, now Thriveni Lloyds Swarnagiri Pvt Ltd (GMSI)	About 30.48-31.58% economic (conflict)	Carried at cost Rs 203.55 cr
5	Iron ore, pellets, DRI, power, copper-cobalt	Lloyds Metals and Energy Ltd (LMEL), NSE: LLOYDSME	4.13%; LMEL is also classified a "Promoter" of LEL	Quoted investment at fair value through OCI, Rs 2,955.22 cr at 31 Mar 2026
6 (new)	Structural steel	Steel Infra Solutions Company Ltd (SISCOL)	17.98% (group about 88%)	Acquired 17 Aug 2026 at cost Rs 219 cr

Revenue mix, Q1 FY27 consolidated [Fact]

Segment revenue before inter-segment eliminations of Rs 35.99 cr: Real Estate Rs 18.47 cr, Steel (trading) Rs 46.74 cr, Engineering Rs 537.07 cr, Electrical Rs 39.15 cr; total Rs 641.43 cr, net Rs 605.44 cr. Engineering is 83.7% of gross segment revenue [Est.]; Screener states Engineering was 88% of Q1 FY27 operating revenue vs 33% a year earlier. The reconstruction comes from an OCR-scrambled segment note; row sums tie to the reported totals of 641.43 and 605.44 [B-S10, B-S1]. The "Steel" segment line includes treasury income: FY26 Steel segment revenue Rs 765.82 cr vs trading revenue Rs 463.20 cr plus other income Rs 348.89 cr, close to total standalone income of Rs 812.09 cr [Est.].

3.1 Metals trading (standalone LEL)

Standalone trading	FY24	FY25	FY26	Q1 FY26	Q1 FY27
Revenue from operations (Rs cr)	316.7	593.4 (+87%)	463.2 (-21.9%)	98.41	43.11 (-56%)
Standalone operating profit (Rs cr, Screener)	-0	2	-4	n/a	n/a

Products: steel and allied products; since FY25 also raw materials for steel such as iron-ore pellets; "serves both domestic and export markets" [B-S2, B-S7]. FY26 included iron-ore pellets worth Rs 70 cr for domestic distribution and export [B-S9].
Chairman, 9 Jul 2026: trading income about Rs 463 cr (vs about Rs 593 cr in FY25), exports about Rs 70 cr, and "was awarded the prestigious steel pipe supply tender by GAIL (India) Limited" [B-S14] [Fact].
Standalone statements say "primarily engaged in the business of trading; no separate reportable segments" (Ind AS 108) [B-S10].
Related-party sales are negligible: BRSR "sales to related parties / total sales" 0.01% (FY26) vs 0.06% (FY25); related-party purchases nil in both years. The AR notice lists an LMEL related-party limit of Rs 500 cr (iron ore and other products, sale of services, loans and investments; approval date shown as 29 Mar 2025) [B-S9].
BRSR also reports "loans and advances to related parties" at 78.87% of total in FY25 and "-" in FY26 (row mapping verified by re-extraction); two adjacent figures 94.42% / 83.70% appear to be investments in related parties as % of total investments (FY26 / FY25) [Est.], column order inferred [B-S9].
Customers and suppliers by name, top-10 concentration and margins by product: Not Available (searched AR FY26 BRSR and notes, investor decks and Reg-30 filings; BRSR concentration rows are blank). Trading gross margin before employee and other costs is about Rs 19.6 cr (463.20 sales less 442.00 purchases less 1.59 inventory change) [Est.] [F-S3].

3.2 Engineering, EPC, electrical, defence: LEWL

Topic	Detail
Ownership	LEL holds 48,33,26,722 LEWL shares = 33.58% (FY26 AR). LEWL is consolidated as a subsidiary on the basis of control despite below 50% (AR Note 45 lists it as "Enterprises consolidated as Subsidiary"). Carried at fair value through OCI Rs 1,823.59 cr (31 Mar 2026) vs Rs 2,769.10 cr (31 Mar 2025); part pledged. LEL pledged LEWL shares to Tata Capital as security for the Rs 219 cr SISCOL loan (13 Aug 2026) [B-S9, B-S18, B-S16]
Business	Process-plant equipment (pressure vessels, heat exchangers, columns, dryers, waste-heat recovery boilers), steel-melting-shop and rolling-mill equipment, equipment for nuclear power projects, marine (fin stabilisers, electro-hydraulic steering gear), ports and jetty (marine loading arms with TB Global), construction contracting/EPC. Formerly Lloyds Steels Industries Ltd, renamed 25 Jul 2023; engineering business founded 1974 [B-S21]
Technology tie-ups	EPS Gen-4 eco-pickling surface technology with TMW (orders over Rs 50 cr); Fincantieri alliance extended to CPP and shafting; drone partnership with FlyFocus; CEMI partnership [B-S3]
Scale (Q1 FY27)	Consolidated order book Rs 8,857 cr at 30 Jun 2026 (standalone Rs 2,432 cr, +82% YoY); income Rs 540.2 cr (+139%), net profit Rs 68.2 cr (+127%), EBITDA Rs 79.2 cr (14.7%), PBT Rs 69.0 cr [B-S2]
Order book at 31 Mar 2026	Rs 8,336 cr = Infrastructure 5,692 + Engineering 2,493 + Electrical 151 [B-S9]
Inter-group dependence [Est.]	Consolidated sale of goods to LMEL Rs 655.39 cr in FY26 (FY25 Rs 549.53 cr) per the consolidated related-party note, about 37% of FY26 consolidated revenue from operations of Rs 1,756.29 cr. The note does not name the selling subsidiary; LEWL/LICL (slurry pipeline, fabrication) is the likely source (attribution is an estimate). LMEL also paid the LEWL group Rs 13.41 cr of rent [B-S9]
Credit rating	India Ratings intimation on the LEWL site (Sep 2025); rating level Not Available (document not opened)

LEWL order book history (Rs cr)	Mar-25	Jun-25	Sep-25	Dec-25	Mar-26	Jun-26
Reported	1,315	1,338	~1,500	6,645	8,335	8,857

The jump from about Rs 1,500 cr to Rs 6,645 cr coincides with consolidating LICL's order book of over Rs 4,500 cr [Est.]. Dec 2025 split: standalone 1,666, subsidiaries 4,980; Sep 2025: standalone 1,304, subsidiaries 277. Chart in Tab 12.

Platform build-out ("four engines")

Entity	What it does	Status and numbers
Techno Industries Pvt Ltd	Elevators, escalators, motors, pumps (Ahmedabad GIDC Vatva)	FY25 turnover Rs 155.0 cr; remaining 12% bought for Rs 22.70 cr (26 Dec 2025), now 100% [B-S18, B-S35]
Metalfab Hightech Pvt Ltd	Heavy fabrication	76% held; contributed Rs 164.1 cr in its first full quarter of consolidation (Q1 FY27 deck)
Lloyds Infrastructure and Construction Ltd (LICL)	Road, rail, bridge, slurry pipeline, steel structures; incorporated 12 Apr 2023	LEWL held 24.20%; H1 FY26 turnover Rs 911 cr; order book over Rs 4,500 cr
Lloyds Advance Defence Systems Ltd (LADSL)	Indigenous defence systems (Ahmedabad, 42,000 sq m)	Incorporated 11 Dec 2025; LEWL stake diluted to 85% on 29 Jun 2026 after a private placement to two outside investors; no revenue [B-S36, B-S37]
SISCOL	Structural steel	See 3.6

LEWL merger scheme [Fact]

Scheme to absorb LICL, Metalfab and Techno into LEWL: LEWL board 29 Dec 2025; CCI approved 12 May 2026 (notice filed jointly with Thriveni Earthmovers); exchange ratios 1,798 LEWL shares per 1,500 LICL shares and 94 per 5 Metalfab shares. Pro-forma LEWL share count 147.42 cr to 185.52 cr and promoter-group holding 49.26% to 39.14% [B-S18, B-S38]. The Q1 FY27 deck says the merger is "completed" while the NCLT order status is Not Available; LEWL's court-convened meetings were held 16 Oct 2026 [G-S3]. Dilution of LEL's percentage follows [Est.].

LEL block-deal sales of LEWL shares to Thriveni Earthmovers (investment arm of B. Prabhakaran) [B-S20]

Date	Shares	Price (Rs)	Value (Rs cr)
23 May 2025	2.68 cr	48.50	129.98
6 Aug 2025 (5 Aug in the governance file)	14.2 lakh	70.50	10.0
9 Feb 2026	60.34 lakh	49.65	29.96

The percentage-of-capital columns in these filings use inconsistent denominators; ignore them (B-S20). At 21 Oct 2026 LEWL traded at about Rs 91.1-91.5.

3.3 Real estate: Lloyds Realty Developers Ltd (LRDL) and Indrajit Properties

Ownership: LEL holds 60.38% of LRDL (110 cr shares at cost Rs 110 cr) and 40.26% of Indrajit Properties Pvt Ltd (IPPL) directly; LRDL holds 59.74% of IPPL and IPPL holds 3.05% of LRDL; effective LEL holding in IPPL 76.33%. The remaining about 36.6% of LRDL is with promoter-group holders (promoter group holds 99.999999% of LRDL's 182.17 cr shares) [B-S9, B-S13]. IPPL standalone: Q1 FY27 revenue/net loss Rs 3.96 cr / Rs 3.43 cr, management-certified, not reviewed [G-S5].
LRDL: established 1994 (CIN says incorporated 6 Jan 1987); delivered about 3.16 mn sq ft (2.9 mn in the Aug-Nov 2025 decks) across MMR, Pune and Tamil Nadu; asset-light and JV-led. Deliveries: Lloyds Estate Wadala (4.5 lakh sq ft), The Qube Andheri (2.65 lakh), Pearl Residency Prabhadevi (1.55 lakh), Om Chambers Pimpri Pune (3.25 lakh) [B-S2, B-S6].
Real-estate segment revenue: Q1 FY27 Rs 18.47 cr; FY26 Rs 66.91 cr [B-S10]. LRDL standalone assets Rs 1,293.05 cr and revenue Rs 66.91 cr (audited by other auditors) [G-S3]. AOC-1 shows LRDL share capital Rs 182.17 cr, reserves -Rs 1.85 cr, total assets Rs 888.55 cr [F-S3 p.90].
Press (28 Jul 2026): "Lloyds Realty secures Rs 600 cr rental revenue from Smartworks deal" (Business Standard, headline only; body not retrieved) [H-H5].

Pipeline (website, sq ft)	Segment	Area
Raj Chambers, Bandra E	Commercial	155,695
Solace, Dadar W	Residential	170,102
Nilayam, Goregaon W	Residential	748,000 (Dec 2025 deck: 1.10 mn; conflict)
Thane, Ghodbunder Road	n/a	655,995
Taloja	Industrial / warehousing / data centre	42,68,880
Khopoli	Plotted / high-rise / senior living	1,43,25,423
Website total	About 20.3 mn sq ft [Est.]	vs 14 mn (AGM) and 15 mn+ (Dec 2025 deck)

Land deal	Terms (all non-binding MoUs)
Taloja, 11 Jul 2025	LRDL to buy 51% of Calculus Logistech Pvt Ltd for Rs 60 cr and extend up to Rs 242 cr of secured debt; about 99 acres plus about 32 acres aggregation; revenue potential over Rs 1,250 cr over 3-4 years [B-S28]
Khopoli, 18/20 Oct 2025	About 175 acres, LRDL to hold majority; over 13 mn sq ft; revenue over Rs 5,000 cr in 5 years [B-S30]
Aggregate	Over 270 acres. Definitive agreements: none disclosed in the NSE feed through 21 Oct 2026 (absence confirmed against B-S26) [Fact]

Rights issue and its use [B-S29, B-S39, B-S40, B-S27]

Item	Detail
Terms	25,44,25,324 partly paid shares at Rs 39 (Rs 19.50 on application, Rs 19.50 on call), ratio 1:5, gross Rs 992.26 cr; record date 14 Aug 2025; open 25 Aug to 8 Sep 2025
Objects	Up to Rs 700 cr into LRDL secured NCDs, balance general corporate purposes and expenses; LEL subscribed Rs 638.00 cr of LRDL debentures in FY26 [B-S9]
Call money	Record date 16 Jan 2026 (announced 8 Jan), paid 2-16 Feb 2026; all but Rs 4.77 cr collected by 30 Jun 2026 (24,44,540 shares unpaid); India Ratings as monitoring agency reports no deviation

Restructuring [Fact]

LRDL and IPPL to merge into LEL, then the real-estate business to be demerged into Lloyds Realty Ltd (LRL, incorporated 11 Dec 2025) at 1 LRL share for every 2 LEL shares; LRDL minorities get LEL shares at 43 per 350 (Dec 2025 release) or 51 per 400 (AR/Q1 deck): conflict, see register. Appointed Date 1 Apr 2026; NSE and BSE no-objection 15 May 2026; NCLT Mumbai filing 2 Jun 2026, pending. The Dec 2025 deck promised NCLT and shareholder approvals in Q2 FY27 and effectiveness in Q4 FY27; stated revenue potential over Rs 7,000 cr (LRL share) [B-S13, B-S2, B-S10].

3.4 Gold: Jonnagiri / Swarnagiri (Thriveni Lloyds Swarnagiri Pvt Ltd, formerly Geomysore Services India Pvt Ltd, originally Dharwar Mining Company Pvt Ltd)

Item	Detail
Structure	LEL bought 50% of Prakar Estates and Promoters LLP on 4 Jul 2025 for Rs 140 cr (LLP capital contribution Rs 318.95 cr; LLP holds 63.17% of GMSI per the filing; AR says LEL paid "~Rs 204 cr" for about 50% of an LLP with about 61% of GMSI, "effectively 30.50%") [B-S19, B-S9]. Stake and cost conflict: see register. The mine is carried at cost, not marked up
Asset	Open-pit mine, Mine Lease 597.82 ha, Tuggali mandal, Kurnool district, Andhra Pradesh; Environmental Clearance to 2043; simple (free-milling) metallurgy; 1,000 tpd (330,000 tpa) plant; 4% royalty to Andhra Pradesh [B-S2, B-S24]. Rs 405 cr invested (company), about 700 jobs. Plant inaugurated by the AP Chief Minister (LEL deck: commercial operations 24 Jun 2026; LMEL deck: 24 Jul 2026)
Resource	Stated four ways (JORC about 13.1 t, upside 42.5 t; 8.2 Mt at 1.49 g/t about 12 t, upside about 32 t; website 361,000 oz and 6.8 t mineable, 8-9 year life, potentially 14 t) [B-S6, B-S3, B-S24]
Guided economics over time	Aug 2025: peak revenue about Rs 950 cr, EBITDA about Rs 700 cr. Feb-May 2026: about Rs 600 cr revenue, about 75% EBITDA margin (about Rs 450 cr), LEL attributable EBITDA about Rs 142 cr, AISC about USD 1,021/oz. Q1 FY27: about 400 kg of gold in FY27, scaling toward about 1 tonne [B-S6, B-S3, B-S2]. Pre-production trials produced about 60 kg (Q4 FY26 deck)
Operator	Mine developer-operator Thriveni Earthmovers and Infra; LMEL's own deck cites ROM production of 0.17 Mt in the quarter and 14,105 m drilling [B-S22]
Guarantee	LEL board (28 May 2026) approved an unconditional corporate guarantee, jointly and severally with Thriveni Earthmovers and Prakar, for Rs 170 cr of GMSI secured NCDs (1,700 x Rs 10 lakh) trusteed by Axis Trustee; treated as a contingent liability; NCDs unlisted and unrated [B-S17, F-S11]
Rename	Thriveni Lloyds Swarnagiri Pvt Ltd with effect from 1 Sep 2026 (MCA certificate in the 3 Sep 2026 filing) [B-S31]

3.5 Strategic investments

LMEL. LEL holds 2,32,38,340 shares (1,57,38,338 a year earlier; +75,00,002 from warrant conversion), carried at fair value Rs 2,955.22 cr at 31 Mar 2026 (Rs 1,272 per share) vs Rs 2,025.92 cr. Chairman: about 4.13% "directly and indirectly". The warrant balance was funded by loans of Rs 211 cr (Tata Capital), Rs 75 cr (Bajaj Finance) and Rs 75 cr (Jio Credit) = Rs 361 cr on 26 Dec 2025, secured by a pledge of LMEL shares held by a third party, Crosslink Food and Farms Pvt Ltd (a promoter-group shareholder of LEL) [B-S9, B-S14, B-S41]. LMEL operations are in Tab 4.
LICL. LEL bought 12.25% for Rs 14.21 cr (28 Jan 2025, total 24.50%) and sold its entire 24.20% to Prakar Estates for Rs 31.36 cr (29 Mar 2025); LICL remains an associate in the FY26 consolidation at 24.20% (attribution to LEWL is an estimate); consolidated cost Rs 58.06 cr for 9.8 cr shares per the governance file [B-S42, B-S43, B-S9, G-S3].
Other FY26 holdings. Lloyds Metals and Minerals Trading LLP (SEBI says LEL received a 7% interest in FY24 in lieu of old advances; LLP net worth Rs 5,852.64 cr in FY24; the business file shows Rs 203.55 cr carried while the financials and governance files show Rs 157.70 cr for this LLP and the financials file shows Rs 203.55 cr for Prakar; the AR's "~Rs 204 cr" for the gold investment matches the Prakar line, so the business file's Rs 203.55 cr for the LLP looks like a mislabel [Est.]; this report uses Rs 157.70 cr for the LLP and Rs 203.55 cr for Prakar); Fatakpay Digital Pvt Ltd CCPS Rs 395.74 cr (investee's business not described in the AR: Not Available); Ushdev International 1.31 cr shares (fully pledged); Thriveni Earth Movers and Infra 2.5 cr shares; Lloyds IHL LLP, Snowwhite Realty Developers LLP, Freelance Infraelex LLP; Waaree Energies fully sold in FY26. Standalone non-current investments Rs 6,094.45 cr (Mar 2026) vs Rs 5,476.54 cr [B-S12, B-S9].

3.6 Structural steel: SISCOL (Steel Infra Solutions Company Ltd), new (Jun-Aug 2026)

Item	Detail
Deal (18 Jun 2026)	Group acquires 88.12% (3,57,80,117 shares) for about Rs 1,073.40 cr, implying equity value about Rs 1,220 cr. LEWL 52.16% for about Rs 635.40 cr (Rs 131.85 cr cash for 10.82%, balance by issue of 7,06,74,554 LEWL shares at Rs 71.25 for 41.34%); LEL 17.98% (73 lakh shares) for Rs 219 cr cash; Streamland Estate LLP 17.98% for Rs 219 cr [B-S11, B-S44]
Completion	LEL leg completed 17 Aug 2026 (indicative date was 31 Jul 2026) [B-S45]; LEWL and Streamland legs: Not Available
Financing	Rs 219 cr secured Tata Capital loan (sanctioned 4 Aug, agreement 13 Aug 2026); Rs 40 cr syndicated to Aditya Birla Capital on 30 Sep 2026; security is a pledge of LEWL shares; "total amount outstanding" with Tata Capital stated as Rs 316 cr [B-S16]
Target	Incorporated 2017, Delhi; FY26 revenue about Rs 817 cr (FY25 Rs 636 cr; FY24 Rs 573 cr), EBITDA about Rs 92 cr, PAT about Rs 43-44 cr, order book about Rs 1,134 cr; 187 projects in 22 states (Delhi Airport T1, Noida International Airport, Dwarka Convention Centre, Rourkela hockey stadium, ITPL Bengaluru, Amaravati 40-storey di-grid building under execution); customers L&T, Shapoorji Pallonji, Tata Projects, Adani Power, KEC International, Jindal Stainless, DP World; six plants (Bhilai, Vadodara, Hyderabad) 100,000 MTPA; chairman-MD Ravi Uppal (ex-JSPL, ABB India, Volvo India, L&T) [B-S11, B-S46]. Combined LEWL structural capacity 150,000 MTPA
Listing plan	LEWL to file a DRHP for a SISCOL listing within 30 months of Stage-1 completion
Implied entry multiples [Est.]	Rs 1,220 cr / PAT Rs 43.4 cr = about 28x trailing earnings; 1,220 / EBITDA 92 = about 13x

4. Facilities (all consolidated entities) [B-S21, B-S3, B-S11]

Location	Entity	Use	Size
Murbad, Thane (MIDC A-5/5)	LEWL	Pressure vessels, heat exchangers, refinery equipment, heavy plate fabrication, process plant; 8 acres; 84 km from JNPT, 1 km to NH	35,000 sq m
Nagpur	LEWL	Structural fabrication (CNC, welding)	90,000 sq m
Bhilai	LEWL	Heavy engineering equipment, mining/metallurgical machinery, boilers	65,000 sq m
Ahmedabad (GIDC Vatva)	Techno Industries	Elevators, motors, pumps	10,219 sq m
Ahmedabad	LADSL	Indigenous defence systems	42,000 sq m
Bhilai, Vadodara, Hyderabad (6 units)	SISCOL	Structural steel	99,584 sq m; 100,000 MTPA
Combined	LEWL group		About 342,000 sq m
Lower Parel, Mumbai	LEL / LRDL / LEWL / LMEL	Registered and head offices	n/a

Certifications at LEWL's Murbad workshop: ISO 9001:2015, ISO 45001:2018, ASME U/U2/S stamps, IBR (boiler, pressure vessel, heat exchanger, steam piping), PESO, DGQA for naval equipment; enlisted with Thyssenkrupp, Tecnimont, EIL, Linde, PDIL, Toyo, Technip Energies, MECON, MN Dastur, Danieli, Primetal and SMS Group. Murbad modernisation targets about 2x throughput. LEL standalone owns no plant (trading only) [Est.]: no manufacturing is disclosed [B-S21, B-S3].

5. Other business facts

ESOP 2025: 16,35,840 options granted 16 Oct 2025 at Rs 2 (15,46,900 outstanding at 30 Jun 2026); further 1,35,440 granted 19 Oct 2026; 1,39,298 shares allotted to the ESOP trust on 29 Sep 2026 [B-S10, B-S33, B-S48]. See conflicts register on the entity split.
Dividends: interim Re 0.10 (Aug 2025) and final Re 0.05 for FY26 (recommended 8 May 2026; approved at the 9 Jul 2026 AGM per the financials file) [B-S47, B-S34].
Headcount: Not Available. Credit ratings for LEL and LEWL, LEL concall transcripts, gold offtaker, LRDL approvals and sales velocity, trading counterparties and margins, LEWL raw-material mix and top customers: Not Available (searched AR FY26 including BRSR, seven LEL decks, NSE feed, group websites).

Segment Analysis

How to read segments here

LEL reports consolidated segments (Real Estate, Steel, Engineering, Electrical) in its results, but consolidated numbers mix a 31-34% owned engineering subsidiary, a 60.38% owned developer and a parent that earns treasury gains. Segment EBITDA by year is not published in the filings read: Not Available (searched Q1 FY27 results segment note [B-S10], FY26 AR, decks). Standalone statements report one segment (trading). [Fact]

Segment revenue

Rs cr	FY26	Q1 FY27	Share of Q1 FY27 gross segment revenue	Comment
Real estate	66.91	18.47	2.9%	LRDL; project revenue tiny vs claimed pipeline
Steel (trading)	765.82 (includes treasury/other income)	46.74	7.3%	Trading revenue from operations was Rs 463.20 cr; the segment line is close to total standalone income of Rs 812.09 cr [Est.]
Engineering	Not Available	537.07	83.7%	LEWL group; Screener: 88% of operating revenue vs 33% a year earlier
Electrical	Not Available	39.15	6.1%	Techno Industries (FY25 turnover Rs 155.0 cr)
Total before eliminations	n/a	641.43	100%	Less inter-segment Rs 35.99 cr = 605.44
Net (consolidated total income)	2,183.71	605.44		Q1 FY26: 613.01 (-1.2%)

Engineering (LEWL group): fastest-growing, mostly inorganic

LEWL metric	Q1 FY26	Q1 FY27	Source
Consolidated income (Rs cr)	about 226 [Est.] (not reported; back-solved from +139%)	540.2 (+139%) [Fact]	B-S2
Net profit (Rs cr)	about 30 [Est.] (not reported; back-solved from +127%)	68.2 (+127%) [Fact]	B-S2
EBITDA (Rs cr) / margin	n/a	79.2 / 14.7%	B-S2
PBT (Rs cr)	n/a	69.0	B-S2
Order book (Rs cr)	1,338	8,857	B-S5, B-S2
Standalone order book (Rs cr)	n/a for Jun-25 (about 1,304 at Sep 2025)	2,432 (+82% YoY)	B-S2
Screener TTM sales / OPM / P/E / ROCE	n/a (quarterly Screener data not captured)	TTM to Jun-26: sales 1,611; OPM 14%; P/E 63.1; ROCE 16.1% [Fact]	M-S2
Screener FY26 sales / PAT / OPM (full year, not a quarter)	FY26: sales 1,301; PAT 198; OPM 15% [Fact]		M-S2

The Q1 FY26 income (about Rs 226 cr) and profit (about Rs 30 cr) figures above are estimates, not reported numbers: they are back-solved from the stated growth rates (+139%, +127%). Growth drivers: acquisitions (Techno 100%, Metalfab 76%, LICL via the scheme, SISCOL 52.16%), the Rs 4,500 cr+ LICL order book, Metalfab's Rs 164.1 cr contribution, and captive group demand (about Rs 655 cr of FY26 sales to LMEL). Management stated focus (Q1 FY27 deck): "four engines" of process equipment, infrastructure/EPC, electrical and defence, plus structural steel through SISCOL.

Real estate (LRDL): MoU-heavy, revenue-light

Segment revenue Rs 66.91 cr in FY26 and Rs 18.47 cr in Q1 FY27; LRDL asset base Rs 1,293.05 cr (audited by other auditors) [G-S3].
Management's revenue claims: over Rs 1,250 cr (Taloja, 3-4 years), over Rs 5,000 cr (Khopoli, 5 years), over Rs 7,000 cr (LRL share, Dec 2025). None is booked; Taloja and Khopoli are non-binding MoUs and no definitive agreement had been disclosed through 21 Oct 2026 [B-S28, B-S30, B-S26].
Rs 638 cr of LEL's rights money sits in LRDL 9.25% NCDs with interest deferred to years 5-7 and not accrued (AR Note 40) [F-S3]. LRDL described as "debt-free, asset-light" in the Nov 2025 deck [N-S6].

Gold: guidance has been cut at each update

Gold item	Detail
Production status	About 60 kg produced in pre-production trials (Q4 FY26 deck); commercial operations 24 Jun 2026; about 400 kg targeted in FY27, scaling toward about 1 tonne [B-S2]
Illustrative revenue [Est.]	400 kg x Rs 16,000/g (gold above Rs 16,000/g per AR MD&A) is about Rs 64 cr vs the "Rs 600 cr" peak-case revenue; the gap is about 1 tonne of annual throughput not yet achieved. Arithmetic only [M-S7]
Attributable EBITDA	About Rs 142 cr (31.58% x Rs 450 cr) at peak; no earnings contribution yet. AISC about USD 1,021/oz, 75% EBITDA margin guided [M-S11]
Positioning	Claimed to be India's first private primary gold mine since Independence; "import substitution advantage" [M-S9, M-S12]
Indian listed comparables	None found (Hutti Gold Mines unlisted; Deccan Gold Mines page 404): Not Available

Steel trading and SISCOL

Trading: revenue Rs 463.20 cr in FY26 (-21.9%), Rs 43.11 cr in Q1 FY27 (-56%); standalone operating profit -Rs 4 cr in FY26 and -Rs 5 cr TTM [F-S2]. The business is shrinking while the narrative moves to holdings.
SISCOL (FY26): revenue about Rs 817 cr, EBITDA about Rs 92 cr (11.3% margin [Est.]), PAT about Rs 43.4 cr (5.3% [Est.]), order book about Rs 1,134 cr; entry at about 28x trailing PAT. Peers: KEC OPM 8%, Kalpataru 3.5% [M-S3, M-S5].

The largest listed stake: LMEL operating base (4.13% held)

LMEL is a separately listed sister company (not a subsidiary of LEL). Its operating data matter because LMEL is the largest component of LEL's NAV. Source: LMEL Q1 FY27 deck and 11 Aug 2026 call [B-S22].

LMEL Q1 FY27	Standalone	Consolidated
Revenue (Rs cr)	5,413 (+127% YoY)	7,354
EBITDA (Rs cr)	2,120 (39.2% margin)	2,782
PAT (Rs cr)	1,527	1,734 (Screener, 21 Oct 2026) [Fact]
Net debt (Rs cr)	5,616	about 19,000 (largely Chemaf acquisition)
Capex (Rs cr)	3,005 in Q1 FY27; 13,513 in FY24-26	n/a

LMEL volumes and realisation, Q1 FY27	Volume	Realisation (Rs/t)	EBITDA (Rs/t)
Iron ore sold	5.46 Mt	6,068	2,230
Pellets	1.69 Mt	11,783	5,803
DRI	183,920 t	27,376	n/a

LMEL FY27 guidance	FY27	FY26 actual
Iron ore (Mt)	26	21.96
Pellets (Mt)	7.75-8	3.03
DRI (kt)	825	484
Steel wire rod (kt)	8-10	n/a
Copper (kt)	2.5	n/a

Sales mix 75.3% domestic, 24.7% export (Kenya, South Korea, Indonesia, China, South Africa) [B-S22].
Assets: Surjagarh mines (Gadchiroli), Hedri, Konsari (pellet plants 1 and 2, 4 Mt each; plant 2 commissioned May 2026 with 100% utilisation in 4 months), Ghugus (DRI, 150 MW captive power), 85 km Hedri-Konsari slurry pipeline (10 Mtpa) with a 195 km extension planned, 1.2 Mt long-product steel plant under construction (commissioning guided Q4 FY27), BHQ beneficiation (pilot yield 38%+), third pellet plant (12 Mt total planned), mining EC 55 Mtpa.
Mine developer-operator Thriveni Earthmovers and Infra (consolidated in LMEL): Q1 FY27 revenue Rs 2,672 cr, EBITDA 24.6%, iron-ore volumes 19.09 Mt including BHQ.
Copper-cobalt (DRC): Surya Mines 50% (12,000 tpa), Chemaf 49% (70,000 tpa Cu, 20,000 tpa Co); Panguna (Bougainville) agreement; Tata Steel JV (BRPL: 540 ktpa pellets, slurry pipeline, Joda West manganese MDO from 1 Jun 2026).
Post-quarter LMEL items from Screener's announcement list (re-checked at QC, 21 Oct 2026; vendor read, not in the research files) [Fact]: 8 Oct update on LMEL's acquisition of an equity stake in Thriveni Earthmovers and Infra (3.5 cr shares worth Rs 606.76 cr credited to its demat account); 9 and 13 Oct board-meeting notices; 14 Oct board approval of NCDs up to Rs 3,000 cr and USD notes up to USD 130 mn, with a Rs 600 cr issue cancelled; 13 Oct CARE ESG score 76.7. LMEL has not reported a Sep 2026 quarter; Q1 FY27 consolidated net profit on Screener is Rs 1,734 cr (EPS Rs 30.67). Fresh LMEL debt raising bears on the leverage risk in Tab 10 (row 16).
Screener (LMEL, 21 Oct 2026): promoters 61.61%; equity capital Rs 56 cr, reserves Rs 13,815 cr, borrowings Rs 20,716 cr at Mar 2026 [G-S14].

Financials: P&L

All figures Rs crore unless stated. FY ends 31 March. Source keys F-S# (financials file); S1 = Screener consolidated, S2 = Screener standalone, S3 = FY26 annual report (PDF page = printed page + 4), S5 = Q1 FY27 results (OCR-quality scan), S7 = Q1 FY27 deck. [Fact] = taken from a primary document or data page; [Est.] = arithmetic or judgement.

One-paragraph read [Analyst View]

Lloyds Enterprises is an investment holding company with a small steel-trading business. Standalone FY26 revenue from trading was Rs 463 cr at roughly zero margin; standalone profit of Rs 268 cr came from other income of Rs 349 cr. Consolidated numbers are mostly LEWL, consolidated although LEL holds only 31-34% directly (non-controlling interest Rs 1,290 cr; 32% of FY26 PAT belongs to minorities). Company-defined EBITDA includes other income and so flatters operating performance.

Consolidated P&L, five years and TTM [F-S1] [Fact]

Rs cr	FY22	FY23	FY24	FY25	FY26	TTM (Jun-26)
Sales (revenue from operations)	48	380	958	1,488	1,756	1,988
Operating profit (EBITDA ex other income)	4	51	89	118	117	182
OPM %	8%	13%	9%	8%	7%	9%
Other income	159	14	135	83	422	184
Interest	1	5	6	27	48	45
Depreciation	1	2	5	11	23	27
PBT	161	57	213	163	469	294
Tax %	4%	22%	18%	23%	20%	n/a
Net profit incl. minorities	154	68	175	123	417	278
EPS Rs (Screener, owners' basis)	0.99	0.32	0.77	0.37	1.90	0.75
Dividend payout	17%	26%	11%	22%	8%	n/a
Other income as % of PBT [Est.]	99%	25%	63%	51%	90%	63%

Compounded growth (Screener): sales 3-year 67%, TTM 33%; profit 3-year -40%, TTM -59%; ROE 3-year 2%, 5-year 2%, last year 0%. FY26 other income is Rs 422 cr on Screener and Rs 427.42 cr in the annual report (both shown).

Company-reported FY26 (annual report) [F-S3 p.15-16 MD&A; p.264 P&L] [Fact]

Rs cr	FY26	FY25	Change
Total income	2,183.71	n/a	+39.0%
Revenue from operations	1,756.29	n/a	+18.0%
Other income	427.42	82.64	+417% [Est.]
EBITDA (company definition, includes other income)	543.34 (24.88%)	n/a	n/a
PBT	468.52	n/a	n/a
Tax	93.99	n/a	n/a
Share of associates	+42.43	-2.92	n/a
PAT (total)	416.96	123.39	+237.9% [Est.]
Other comprehensive income	+296.80	n/a	n/a
Total comprehensive income (PAT plus OCI mark-to-market; not earnings)	713.76	983.22	-27.4% [Est.]

EBITDA definition [Est.]

The company's EBITDA of Rs 543.34 cr includes other income. Operating profit excluding other income was Rs 117 cr, 6.7% of sales. Other income was 91% of consolidated PBT (427.42 / 468.52).

PAT split between owners and minorities [F-S3 p.264; F-S5 p.9] [Fact]

Rs cr	Owners	Non-controlling interest	Total	NCI share
FY26	283.44	133.52	416.96	32% [Est.]
FY25	57.10	66.29	123.39	54% [Est.]
Q1 FY27 (OCR scan)	58.58	51.40	109.98	47% [Est.]
Q1 FY26	about 229.73 [Est.]	18.94	248.67	8% [Est.]

Q1 FY26 owners' figure is derived: the scan shows "29.73" and 248.67 - 18.94 = 229.73 fits. NCI is now about 47% of Q1 FY27 consolidated PAT as LEWL grows.

The EPS problem

EPS basis	FY26	FY25	Comment
Company-reported (total PAT / weighted shares)	3.08	0.97	416.96 / 135.38 cr; 123.39 / 127.21 cr (AR Note 41) [Fact]
Owners' PAT / weighted shares [Est.]	2.09	0.45	283.44 / 135.38; reported overstates owners' EPS by about 47% in FY26
Screener EPS (owners' profit)	1.90	0.37	TTM 0.75; the right basis for P/E
Standalone basic EPS	1.98	n/a	Standalone FY26 [Fact]
Q1 FY27	0.73 reported (OCR; about 109.98 / 151 cr) [Est.]	n/a	Owners' only about 0.38-0.39 (Screener 0.39)

The Dec-25 quarter shows negative owners' EPS (-0.05) despite Rs 38 cr consolidated PAT because minorities' share exceeded the total [Est.]. The Q4 FY26 deck's EPS Rs 3.08 compares with Rs 0.97 for FY25 [N-S8].

Standalone P&L, five years [F-S2] [Fact]

Rs cr	FY22	FY23	FY24	FY25	FY26	TTM
Sales (steel trading)	1	68	317	593	463	408
Operating profit	-2	-2	-0	2	-4	-5
Other income	151	13	92	33	349	94
Interest	0	1	2	16	33	35
PBT	149	11	90	18	311	53
Net profit	149	11	72	16	268	49
EPS	0.98	0.07	0.47	0.11	1.79	0.33
Dividend payout	17%	120%	18%	77%	8%	n/a

FY26 standalone detail and the other-income build [F-S3 p.213-214, p.244]

Item	Rs cr
Revenue (traded steel; export about Rs 70 cr incl. iron-ore pellets per MD&A p.17)	463.20
Purchases	442.00
Employee cost	4.78
Finance cost	33.14
PBT	311.02
Tax	43.00
PAT	268.09
Other income total	348.89
... share-sale profit (realised)	183.71
... sale of rights entitlements	129.19
... LLP share	13.16
... dividends	13.43
... interest	7.66
... other	1.74

Components sum to 348.89; labels come from scrambled PDF text, so treat labels as high-confidence rather than certain.

Earnings-quality check [Fact]

The statutory auditor lists "Profit or Loss on Sale of Investments in Equity Instruments" as Key Audit Matter number one: Rs 183.71 cr profit on sale; the auditor "challenged management's treatment of the profit or loss on sale ... in the Statement of Profit and Loss" (PDF p.201). [Est.] Equity stakes carried at FVOCI generally cannot be recycled to P&L on sale under Ind AS 109, so the company's P&L route for the gain looks non-standard and is a point to verify with the filer or auditor. The audit opinion is unmodified. Operating cash flow tells the same story (Tab 6).

Quarterly results, consolidated (last nine quarters) [F-S1] [Fact]

Qtr	Sales	Op. profit	OPM	Other inc	Interest	Dep	PBT	Tax %	Net profit	EPS (Screener)
Jun-24	323	23	7%	4	2	2	22	21%	17	0.04
Sep-24	385	29	8%	24	4	2	46	13%	40	0.14
Dec-24	290	41	14%	18	3	3	53	22%	41	0.13
Mar-25	489	25	5%	37	17	3	42	35%	25	0.06
Jun-25	331	22	7%	282	14	3	288	18%	249	1.50
Sep-25	407	24	6%	40	4	6	54	4%	62	0.15
Dec-25	299	25	8%	34	13	7	39	30%	38	-0.05
Mar-26	720	45	6%	67	17	7	88	32%	69	0.26
Jun-26	563	88	16%	42	11	7	113	14%	110	0.39

Growth [Est.]	Sales YoY	Sales QoQ	Net profit YoY
Jun-24	n/a	n/a	n/a
Sep-24	n/a	+19.2%	n/a
Dec-24	n/a	-24.7%	n/a
Mar-25	n/a	+68.6%	n/a
Jun-25	+2.5%	-32.3%	n/m (base effect)
Sep-25	+5.7%	+23.0%	+55%
Dec-25	+3.1%	-26.5%	-7%
Mar-26	+47.2%	+140.8%	+176%
Jun-26	+70.1%	-21.8%	-56%

The Jun-26 sales jump is LEWL's consolidation of LICL, Metalfab and Techno. The Jun-26 operating margin of 16% is engineering mix, not trading. TTM sales Rs 1,988 cr and TTM net profit Rs 278 cr (sum of the last four quarters) tie to the Screener TTM column.

Quarterly results, standalone [F-S2, F-S5] [Fact]

Qtr	Sales	Other inc	PBT	Net profit	Total comprehensive income (OCI mark-to-market, not earnings)
Jun-25	98.41	265.85	260.42	221.27	1,106.04
Sep-25	91.42	33.82	28.51	30.05	not captured
Dec-25	48.76	2.27	-3.22	-4.68	not captured
Mar-26	224.61	46.95	25.31	21.45	-482.11
Jun-26	43.11	10.88	2.20	2.44	3,115.83

Q1 FY27 detail [F-S7 p.3-5, F-S5] [Fact]

Item	Detail
Consolidated total income	Rs 605.44 cr vs Rs 613.01 cr (-1.2%); Q1 FY26 contained about Rs 282 cr of other income
Consolidated EBITDA (company definition)	Rs 130.75 cr, 21.6% margin (includes other income)
Consolidated total comprehensive income	Rs 1,200.65 cr (+60% vs Rs 748.48 cr): mark-to-market of listed stakes; not a profit figure
Standalone total income	Rs 53.99 cr vs Rs 364.26 cr; standalone TCI Rs 3,115.83 cr vs standalone PAT of about Rs 2.4 cr
Revenue driver	+70% YoY revenue driven by LEWL, which merged LICL, Metalfab and Techno; Metalfab contributed Rs 164.1 cr in its first full quarter
PAT YoY	Rs 110 cr vs Rs 249 cr (-56%): the optical decline is the Q1 FY26 base effect (press headline "profit falls 56% YoY") [H-H5]

Revenue quality, margins and one-offs

Topic	Assessment
Organic vs inorganic	The FY26 and Q1 FY27 revenue steps are acquisition- and consolidation-driven (Metalfab, Techno, LICL via the scheme). An organic split is Not Available (searched AR MD&A, Q1 FY27 deck) [Fact]
Volume vs price	Not Available for trading (no volume disclosure). Engineering growth is order-book driven
Margin trend	Consolidated OPM 8%, 13%, 9%, 8%, 7% (FY22-FY26), 9% TTM; quarterly 5-16%. Margin is mix, not trading skill
One-time items	Share-sale gain Rs 183.71 cr (standalone FY26); rights-entitlement sale Rs 129.19 cr; Q1 FY26 other income Rs 282 cr; associates' share +Rs 42.43 cr in FY26 vs -Rs 2.92 cr; FY22 other income Rs 159 cr (nature Not Available)
Look-through of LEWL profit [Est.]	LEL's share of LEWL Q1 FY27 net profit (68.2 cr x 31-33%) is about Rs 21-23 cr a quarter; the rest of consolidated owners' PAT comes from treasury, trading and real estate
Interest	Consolidated Rs 48 cr FY26 (Rs 27 cr FY25); standalone Rs 33 cr FY26 vs operating profit of -Rs 4 cr
Tax	Standalone tax Rs 43.00 cr; consolidated Rs 93.99 cr (20% effective)

Financials: Balance Sheet, Cash Flow & Ratios

Rs crore. Keys F-S# as in Tab 5. The Q1 FY27 balance sheet and cash flow are not published (half-yearly disclosure only): Not Available. Q2 FY27 not out.

Consolidated balance sheet, 31 March [F-S1] [Fact]

Rs cr	FY22	FY23	FY24	FY25	FY26
Equity capital	127	127	127	127	151
Reserves	612	891	1,423	2,474	3,992
Borrowings (Screener, incl. leases)	23	70	125	596	798
Other liabilities	93	209	722	1,060	2,239
Total assets	855	1,297	2,396	4,257	7,180
Fixed assets / CWIP	14 / 4	33 / 26	109 / 11	254 / 63	445 / 71
Investments	351	632	1,246	2,482	3,515
Other assets	487	606	1,031	1,458	3,149

Mar-26 consolidated, statutory [F-S3 p.263]	Rs cr
Owners' equity	4,142.59
Non-controlling interest	1,290.14
Total equity	5,432.73
Long-term borrowings	389.18
Current borrowings	334.19 (total debt about 723.4 ex leases; lease liabilities 60.28 + 14.66)
Non-current deferred tax liability	337.70
Goodwill on consolidation	75.99
Investments, non-current / current	3,456.93 / 58.32
Inventories	561.70
Trade receivables	269.09
Total assets	7,180.18

Column mapping from raw text, cross-checked by totals. Book value per share (owners' equity / 151.04 cr shares) = Rs 27.4 [Est.]. Other liabilities jumped to Rs 2,239 cr from Rs 1,060 cr: includes deferred tax and advances from customers in EPC contracts (consolidated contract book: Rs 2,643 cr balance revenue to be recognised, Rs 1,628.57 cr within a year) [F-S3 p.309 Note 42].

Standalone balance sheet, 31 Mar 2026 [F-S3 p.213; F-S2] [Fact]

Rs cr	Mar-26	Mar-25
Total assets	6,319.84	5,617.95
Non-current investments	6,094.45	5,476.54
Current investments	58.32	19.42
Cash / bank FD	3.37 / 33.65	n/a
Equity (capital 151.04 + other equity 5,044.64)	5,195.68	n/a
Long-term borrowings (term loan 378.80 + car loan 1.18)	379.98	n/a
Short-term borrowings (term loan 102.20 + car loan 0.38)	102.58	n/a
Trade payables	25.68	n/a
Lease liability	0.15	n/a
Deferred tax liability [Est.]	about 214 (opening 313.43 less 99.31 OCI credit; Note 39)	313.43
Current ratio	1.17	0.53
Debt-to-equity	0.09	0.05

Standalone non-current investments, 31 Mar 2026 vs 2025 [F-S3 p.230-231 Note 06] [Fact]

Holding	Mar-26 (Rs cr)	Mar-25	Detail
Lloyds Engineering Works Ltd (quoted subsidiary, FVOCI)	1,823.59	2,769.10	48,33,26,722 sh (Mar-25: 48,04,12,901); "partially pledged"
Indrajit Properties Pvt Ltd (subsidiary, FVOCI)	169.27	169.27	21,472 sh
Lloyds Metals & Energy Ltd (quoted, FVOCI)	2,955.22	2,025.92	2,32,38,340 sh (Mar-25: 1,57,38,338); implied Rs 1,271.7/sh
Ushdev International	1.35	1.35	1.31 cr sh; "fully pledged"
Waaree Energies	nil	39.33	1,63,500 sh sold in FY26
Lloyds Realty Developers Ltd (unquoted subsidiary)	110.00	110.00	110 cr sh = 60.38%
Lloyds Metals & Minerals Trading LLP (7%)	157.70	144.55	LLP interest
Prakar Estates & Promoters LLP (50%; holds about 61% of GMSI)	203.55	nil	acquired FY26 (about Rs 204 cr per MD&A)
LRDL NCDs (9.25% p.a.; interest payable only in years 5-7; not accrued)	638.00	nil	funded from rights issue (Note 40)
LMEL share warrants	nil	194.25	converted to 75,00,002 sh in FY26
Adithya (associate 8.0), CCPS 9.68, MF 12.73, debt funds 2.52, Thriveni 2.5, other	about 36	about 23	small
TOTAL	6,094.45	5,476.54	FVOCI 4,962.16; at cost 1,132.29 (Mar-25: 5,004.97 / 471.57)

Quoted investments Rs 4,780.16 cr (Mar-25: 4,835.70); unquoted Rs 1,314.29 cr (640.84). Current investments Rs 58.32 cr include India Homes Ltd 2.81 cr shares = Rs 38.68 cr (new), small positions in MPIL, Prime Securities, Shyam Metalics, Indian Hotels, and 1-share holdings in steel majors [F-S3 p.232-233]. Realised sales: 6 Aug 2025, 14.2 lakh LEWL shares at Rs 70.50 (Rs 10.0 cr); 9 Feb 2026, 60,34,299 LEWL shares at Rs 49.65 (Rs 29.96 cr, 0.41%) to Thriveni Earthmovers via block, when LEWL was far below today's Rs 91.1-91.5 [F-S21; NSE filing 6 Aug 2025].

Fair-value swings through OCI [F-S3 p.214; F-S5] [Fact]

Standalone, Rs cr	OCI pre-tax	Deferred tax	Profit	Total comprehensive income
FY25	+1,518.87	-313.43	16.43	1,221.87
FY26	-694.44	+99.31	268.09	-327.04
Q4 FY26	-587.59	+84.03	21.45	-482.11
Q1 FY27	+3,632.89	-519.50	2.44	3,115.83

Consolidated TCI FY26 Rs 713.76 cr (includes OCI mark-to-market; not earnings) vs PAT Rs 416.96 cr. Reconciliation of Q1 FY27 OCI [Est.]: Mar-26 carrying values imply LEWL Rs 37.7 per share and LMEL Rs 1,272. At 21 Oct 2026 prices (LEWL Rs 91.5; LMEL Rs 1,803) the same share counts are worth Rs 4,422 cr and Rs 4,190 cr, a gain of Rs 3,834 cr over Mar-26 carrying values; the reported Q1 OCI of Rs 3,633 cr (30 Jun prices) is the same order of magnitude, so there is no obvious unexplained Level-3 revaluation (GMSI still carried at cost per MD&A p.18). Sensitivity [Est.]: a 10% move in LEWL is Rs 442 cr; in LMEL Rs 419 cr; together about Rs 861 cr (8.5% of market cap) before tax.

Cash flow versus profit

Consolidated, Rs cr [F-S1]	FY22	FY23	FY24	FY25	FY26	5-yr sum
Operating cash flow (CFO)	-181	63	-20	145	-361	-354
Net profit incl. minorities	154	68	175	123	417	937 [Est.]
CFO less profit [Est.]	-335	-5	-195	22	-778	-1,291

Standalone, Rs cr [F-S2, F-S3 p.215]	FY22	FY23	FY24	FY25	FY26	5-yr sum
CFO	-166	68	180	86	-33	135
Net profit	149	11	72	16	268	516

Consolidated FY26: CFI -1,582 and CFF +2,489 (rights issue Rs 929 cr, borrowings, minority/LEWL capital), net cash +546 (-361 - 1,582 + 2,489); free cash flow -294. Cash conversion CFO/EBITDA -250%. Working-capital days 198 (FY26) vs 123; inventory days 188 vs 65; debtor days 56; payable days 74 [F-S1].
Standalone FY26: investing outflow -1,047 (net purchase of investments 1,154 including Rs 638 cr LRDL NCDs and Rs 360.75 cr LMEL warrant conversion, offset by sale of rights receipts 129.19); financing +1,093 (rights issue 929.18, net borrowings 258.39, dividend -39.85 including interim and prior final, rights-issue expenses -25.44).
[Est.] Profits are largely unrealised or non-cash; operations consume cash; growth is externally financed (rights issue, NBFC loans).

Ratios, returns and solvency

Ratio	FY23	FY24	FY25	FY26
ROCE (Screener)	7%	7%	6%	4%
ROE 3-year (Screener)	1.75%
Interest cover, consolidated EBIT / interest [Est.]	(operating profit 117 - depreciation 23 = 94) / 48 = 2.0x in FY26; counting other income, 10.8x
Interest cover, standalone [Est.]	(311.02 + 33.14) / 33.14 = 10.4x, but only because of non-recurring gains; operating profit (-4) does not cover interest (33)
Standalone current ratio / D/E	1.17 / 0.09 (FY25: 0.53 / 0.05)
Dividend	FY26 interim Re 0.10 (ex 4 Sep 2025) + final Re 0.05 (ex 2 Jul 2026; approved 9 Jul 2026 AGM); about Rs 7.55 cr final outflow; payout 22% of consolidated profit FY25, 8% FY26

EV/EBITDA and market-cap/sales are chart-only on Screener (not in the static page): Not Available. Consolidated EV is distorted by NCI (Rs 1,290 cr book) and by the fact that profit is mostly OCI mark-to-market.

Debt and funding map

Item	Detail
Standalone term debt, 31 Mar 2026	Rs 378.80 cr long-term + Rs 102.20 cr short-term term loans + car loan 1.56 [F-S3 p.237-238]
26 Dec 2025 loans (balance consideration of LMEL warrant conversion)	Tata Capital Rs 211 cr (outstanding Rs 127.5 cr at disclosure), Bajaj Finance Rs 75 cr, Jio Credit Rs 75 cr; total Rs 361 cr (= "investment in share warrants Rs 360.75 cr" in the related-party note). Security: pledge of unencumbered LMEL shares held by Crosslink Food and Farms Pvt Ltd, a promoter-group shareholder of LEL (3.56%), as security provider. Company says lenders are not related parties [F-S10, F-S18]
13 Aug 2026 Tata Capital loan	Rs 219 cr to buy 73 lakh SISCOL shares; total Tata Capital outstanding Rs 316 cr; security: pledge of LEWL shares held by LEL [F-S8]. On 30 Sep 2026 Tata Capital assigned Rs 40 cr of the Rs 219 cr to Aditya Birla Capital [F-S9]
LEWL shares encumbered	11,62,00,000 LEWL shares (24.04% of LEL's LEWL stake; 7.49% of LEWL capital) pledged at 30 Sep 2026 [F-S20]. At Rs 91.5 that block is worth about Rs 1,063 cr, about 3.4x the Rs 316 cr Tata Capital loan [Est.]
Subsidiary and associate support	Rs 170 cr unconditional guarantee for GMSI NCDs (post balance sheet, 28 May 2026) [F-S11]; contingent corporate guarantee to a subsidiary and bank guarantees in consolidated Note 43 (amounts uncertain mapping)
Rights issue	25,44,25,324 shares at Rs 39 (Re 1 face value + Rs 38 premium), 1:5, record 14 Aug 2025, Rs 19.5 on application + Rs 19.5 call; total Rs 992.26 cr; Rs 929.18 cr received by 31 Mar 2026 (call money Rs 63.08 cr in arrears; forfeiture notices issued); utilisation: Rs 700 cr NCDs of LRDL (Rs 638 cr subscribed), general corporate Rs 247.5 cr, issue costs Rs 44.76 cr; monitoring agency India Ratings reported no deviation [F-S3 p.80, p.251]
Credit rating	Not Available: loans are from Tata Capital, Bajaj Finance, Jio Credit and Aditya Birla Capital; GMSI NCDs are "unlisted, unrated" [F-S11]; Moneycontrol "Credit Rating" tab empty [F-S17]
Contingent liabilities, consolidated Mar-26 [F-S3 p.310 Note 43; mapping uncertain]	Investments pledged 23.29 (both years; standalone Note 37 confirms); standalone income-tax dispute nil (Mar-25: 1.77); consolidated items listed 6.27, 126.55, 1.09, 4.29, 1.68, 0.38 (Mar-25: 34.50, 47.95, 6.09, 1.68, 0.38, 0.02); capital commitments 271.54 (Mar-25: 36.78)

Equity dilution and share-count history [F-S3 p.235 Note 13; F-S18] [Fact]

Item	Shares / %	Source
Shares FY22-FY25	127.21 cr (after 13.26 cr issued in the 21 May 2021 swap for LEWL shares)	F-S3
Rights issue FY26	+25.44 cr (+20%); 149.42 cr fully paid + 3.23 cr partly paid at 31 Mar 2026	F-S3
Current (30 Sep 2026)	152.67 cr including 3.36 lakh partly paid	F-S18
ESOP Plan 2025	16,35,840 options granted Oct 2025 (Rs 2 strike); 15,46,900 outstanding at 30 Jun 2026; further 1,35,440 granted 19 Oct 2026; 1,39,298 shares allotted to ESOP trust 29 Sep 2026	F-S5, F-S13, F-S18
LRDL / IPPL merger [Est.]	LRDL minority about 72.17 cr sh x 51/400 = about 9.2 cr new LEL shares (+6.0%); the 22 Dec 2025 release gave 43:350 (= 8.9 cr, +5.8%); IPPL ratio and holders Not Available. The market file quotes 8.18 cr for the promoter-group part (see Tab 2 register)	F-S3 p.79, F-S16
Demerger	1 Lloyds Realty share per 2 LEL shares (about 76-81 cr new LRL shares; separate listing)	F-S7 p.9

Key balance-sheet risks [Analyst View]

Fair-value swings: about 8.5% of market cap moves with a 10% move in the two listed stakes, with deferred tax on the way up (about Rs 734 cr already).
Pledged LEWL shares (24.04% of the holding) and a third-party pledge of LMEL shares support Rs 361 cr and Rs 219 cr of loans; both pledgors are group entities.
Interest cover depends on non-recurring gains at the parent.
Rs 638 cr is in unaccrued, deferred-interest NCDs of a subsidiary the company plans to merge.
Capital commitments rose to Rs 271.54 cr from Rs 36.78 cr.

Management, Promoters & Governance

Keys G-S# (governance file); H-H# (street-view file) for holder and deal data. AR = FY26 annual report (PDF page = printed + 4). [Fact] primary document or data page; [Est.] inference. "Not Available" = searched, not found.

Correction to the brief [Fact]

No document names a "Mittal" promoter. The promoter group is the Agarwal / Gupta family: Babulal Agarwal, son Ravi Agarwal, Rajesh Gupta, Abha Gupta, Renu Gupta, Kiran Agarwal, Pooja Agarwal, plus Blossom Trade & Interchange LLP, Teamwork Properities Developments LLP and Crosslink Food and Farms Pvt Ltd [G-S18, G-S3 p.236]. LEL is not a subsidiary of Lloyds Metals & Energy; it is a separately listed sister company that owns 4.13-4.27% of LMEL and is described as "one of the promoters of LMEL" [G-S3 p.47].

Headline governance flags, ranked

#	Flag	Evidence
1	SEBI settlement, 29 Sep 2026	Rs 144.82 cr of listed-company funds sent in FY2006-07 to two promoter-linked entities (Cheerful Trade & Realty Developers Pvt Ltd; Triumph Trade & Properties Developers Pvt Ltd) at nil interest, no agreement; no expected credit loss recognised FY17-FY21; entities not disclosed as related parties FY17-FY23; LEL given a 7% partnership interest in Lloyds Metals & Minerals Trading LLP in FY24 in lieu. Settled "neither admitting nor denying" for Rs 1.28 cr (LEL) + Rs 1.44 cr (Rajesh Gupta, then MD) + Rs 1.44 cr (Viresh Sohoni, CFO) = Rs 4.16 cr. Both remain in office: Gupta as Executive Director and Audit Committee member; Sohoni as CFO [G-S22]
2	Disclosure gap	The FY26 annual report (signed 8 May 2026) says no SEBI or exchange action against the company, its directors or subsidiaries (Secretarial Compliance Report item 11 "NA / None") and "no penalties or strictures in preceding three years" [G-S3 p.103, 144], while SEBI had issued a show-cause notice dated 9 Jul 2025 (per the company's own 30 Sep 2026 intimation) and settlement applications nos. 8552/2025 and 8553/2025 were filed in 2025 [G-S22, G-S23]. The order calls the applications "suo-motu" whereas the company letter cites the notice: wording mismatch
3	Earnings quality and auditor focus	Key Audit Matter on the Rs 183.71 cr "profit on sale of investments" booked in P&L although the stakes are FVOCI (Tab 5) [G-S3 p.201]
4	Concentrated related-party revenue	Sales of goods to LMEL Rs 655.39 cr in FY26 (FY25: 549.53), about 37% of consolidated revenue of Rs 1,756.29 cr [Est.] [G-S3 p.308]
5	Leverage against pledged stakes	LEL pledged 11.62 cr LEWL shares (24.04% of its holding) for Tata Capital; Crosslink (promoter group) pledged LMEL shares for LEL's Rs 361 cr December 2025 loans [G-S8, G-S10, G-S20]
6	Rights-issue promoter behaviour	Promoters took up only about 1.7 cr of about 18.8 cr entitled shares; stake fell 73.91% to 62.72% while public holding rose to 37.3%; the proceeds (Rs 638 cr) were lent via NCDs to the 60.38% subsidiary LRDL (39.62% held by others, identities Not Available) with interest deferred to years 5-7 and not accrued (Note 40) [G-S3 p.250, G-S18]
7	Minority-heavy consolidation	LEWL consolidated at 31% ownership, NCI Rs 1,290 cr; the Q1 FY27 consolidated review used unreviewed, management-certified numbers for IPPL, Simon and associate Cunni [G-S5 p.8]

The SEBI settlement order in detail [G-S22, N-S41, N-S43, M-S13]

Item	Detail
Order	SO/KM/PSD/2026-27/8552, 29 Sep 2026, "Settlement Order in the matter of Lloyd Enterprises Limited"; settlement of alleged violations of LODR and PFUTP regulations
Trigger	BSE alert report of 21 Nov 2023; show-cause notice dated 9 Jul 2025; settlement applications 8552/2025 and 8553/2025
Allegation	Rs 144.82 cr advanced in FY07 to Cheerful Trade & Realty Developers and Triumph Trade & Properties Developers at nil interest without agreement for the benefit of promoter-related entities; no ECL recognised FY17-FY21; not disclosed as related parties FY17-FY23
Cure by the company	In FY24 LEL received a 7% partnership interest in Lloyds Metals & Minerals Trading LLP (net worth Rs 5,852.64 cr in FY24) in lieu of old advances. Carrying value Rs 157.70 cr in the FY26 standalone note (the business file shows Rs 203.55 cr, which the financials file assigns to Prakar; see Tab 3)
Amounts paid	LEL Rs 1.28 cr; Rajesh Gupta (then MD, now Executive Director) Rs 1.44 cr; Viresh Sohoni (CFO) Rs 1.44 cr; total Rs 4.16 cr vs Rs 144.82 cr advanced (the gap was the subject of press commentary)
Admission	Neither admitted nor denied; SEBI can reopen if representations are untrue (market file)
Company position	Intimation to exchanges 30 Sep 2026: no financial impact [N-S43]. FY26 BRSR reports no regulatory penalties in the year; the order is dated 29 Sep 2026, so any payment falls in FY27. One research file dates payment to Aug 2026, which would precede the order; that dating is not relied on here and no payment date is stated
Press coverage	29/30 Sep 2026: Moneycontrol, Livemint, Economic Times, NiftyTrader ("Rs 4.16 Cr vs Rs 144.82 Cr gap explained"), HDFC Sky, Rediff MoneyWiz; 6 Oct 2026 Taxscan; headline only [H-H5]

Promoters and family [G-S18, G-S3]

Promoter and promoter group at 30 Sep 2026: 8 holders, 95,74,19,922 shares = 62.71% (62.72% in every filing from Sep 2025 to Jun 2026; 73.91% through Jun 2025). Individuals 5 holders 12,61,23,070 sh (8.26%); bodies corporate 3 holders 83,12,96,852 sh (54.45%). Earlier history [G-S1]: promoters 68.00% (2017-2021), 60.90% (2022-23), 73.91% (2024-25). Screener flag: "Promoter holding has decreased over last 3 years: -11.2%".

Promoter holder	Shares (Sep-26)	%	Notes
Blossom Trade & Interchange LLP	39,04,04,000	25.57	+65,00,000 sh bought in FY26 (38,39,04,000 at Mar-25)
Teamwork Properities Developments LLP	38,65,55,000	25.32	unchanged
Ravi Babulal Agarwal	7,28,15,206	4.77	Son of Babulal Agarwal; remuneration Rs 2.10 cr FY26 (Rs 2.00 cr FY25) from a group company (employer not stated)
Crosslink Food and Farms Pvt Ltd	5,43,37,852	3.56	+1,06,51,376 sh in FY26; pledged LMEL shares as security for LEL loans (Dec 2025)
Kiran Agarwal	2,45,85,000	1.61	Spouse of MD
Pooja Ravi Agarwal	2,44,00,000	1.60
Abha Gupta	21,61,431	0.14	Significant beneficial owner
Rajesh Rajnarayan Gupta	21,61,433	0.14	Executive Director

Significant beneficial owners (NSE XBRL): Abha Gupta, Renu Gupta and Ravi Agarwal through Teamwork (0.1105 / 0.1105 / 0.0322 holding fractions) and Blossom (0.0852 each): the two big LLPs are family-owned. Babulal Agarwal himself holds no shares in LEL ("-") [G-S3 p.117].
Relationships [G-S3 p.117-118]: Babulal Agarwal (Chairman and MD, 79) is maternal uncle of Rajesh Gupta (Executive Director, 61). Babulal is a Non-Executive Director of LMEL; Rajesh Gupta is Managing Director of LMEL. Mukesh R Gupta, Aeon Trading LLP and Lloyds Metals and Minerals Trading LLP are promoter-group names in LEWL disclosures [G-S24, G-S20]. Other promoter businesses, education and track record beyond the group companies: Not Available (annual report and filings read).
Pledge on LEL shares: none at 30 Sep 2026 (XBRL "encumbered under pledge: false"; NSE pledge-data API empty). Encumbrances elsewhere: LEL pledged 11,62,00,000 LEWL shares (24.04% of its LEWL stake; 7.49% of LEWL); Crosslink's LMEL shares pledged for LEL's Rs 361 cr loans (Tata Capital 211, Bajaj Finance 75, Jio Credit 75; Tata Capital outstanding Rs 127.5 cr at Dec 2025). LEWL promoter group (Sep-26): LEL 31.16%, LMMT LLP 4.41%, Aeon Trading LLP 4.41%, individuals about 0.02%; total 40.00% [G-S10, G-S20].
Promoter-to-promoter flows [G-S24, G-S21]: 9 Feb 2026 two promoter-group LLPs (LMMT and Aeon Trading) each sold 4,98,52,941 LEWL shares (9.97 cr combined) and LEL sold 60,34,299; Thriveni Earthmovers Pvt Ltd (investment arm of Balasubramanian Prabhakaran; stated as not promoter group) bought 10,57,40,181 LEWL shares via block/open market and now holds 13,39,60,181 LEWL shares (8.64%, public category). 5/6 Aug 2025: LEL sold 14,20,000 LEWL shares at Rs 70.50 to Thriveni. LEL's LEWL shares were created via a swap (13.26 cr LEL shares issued to LEWL shareholders on 21 May 2021) [G-S3 p.235].
Rights-issue take-up [Est.]: promoter shares 94.03 cr (Jun-25) to 95.74 cr (Mar-26) = +1.72 cr vs entitlement about 18.8 cr (1:5). Non-promoter holding rose from 26.09% to 37.28%. The Blossom (+0.65 cr) and Crosslink (+1.065 cr) additions sum to 1.715 cr.

Shareholding trend (Screener quarter-end; NSE XBRL for Sep-26) [G-S1, G-S18] [Fact]

Date	Promoters %	FIIs %	DIIs %	Public %	Holders
Dec-2023	73.91	0.40	0.00	25.68	47,629
Mar-2024	73.91	0.28	0.00	25.81	53,495
Jun-2024	73.91	0.24	0.00	25.84	55,611
Sep-2024	73.91	0.26	0.00	25.83	53,890
Dec-2024	73.91	0.24	0.00	25.86	55,962
Mar-2025	73.91	0.13	0.07	25.89	57,687
Jun-2025	73.91	0.47	0.08	25.53	56,812
Sep-2025	62.72	0.59	0.12	36.58	70,053
Dec-2025	62.72	0.58	0.08	36.62	71,088
Mar-2026	62.72	0.50	0.11	36.67	70,709
Jun-2026	62.72	0.65	0.11	36.53	70,580
Sep-2026	62.71	0.71	0.14	36.42 (+0.01 trust)	68,342

Sep-26 composition and holders [G-S18, H-H3] [Fact]

Category	Detail
FPIs	39 holders, 1,08,18,282 sh (0.71%): 34 Category-I (77.8 lakh sh), 5 Category-II (30.4 lakh sh); about Rs 71 cr at Rs 65.9 [Est.]
Mutual funds	7 holders, 15,52,300 sh (0.10%), about Rs 10 cr [Est.]; names not disclosed in the summary XBRL
AIFs / domestic institutions	AIF 2 holders (6.2 lakh sh); domestic institutions 9 holders, 0.14%
Bodies corporate	483 holders, 12.34%
Resident individuals above Rs 2 lakh	217 holders, 11.51%
Small individuals	65,406 holders, 8.45%
HUF / NRIs / employee trust	1.71% / 0.38% / 1,39,298 sh
Who is missing	No large domestic MF, no insurer, no marquee FPI above 1% as of Sep 2026. Holder-level institutional names (the 7 MFs, 39 FPIs): Not Available

Institutional ownership over time [H-H3] [Fact]

Date	FPI % (holders)	MF % (holders)	Other domestic institutions	Total shareholders
Dec-2023	0.40	0.00	0.00	47,629
Mar-2025	0.13	0.07	n/a	57,687
Jun-2025	0.46 (12 FPIs: 11 Cat-I, 1 Cat-II)	0.08 (5 MFs)	AIF 2 holders; domestic institutions 0.09% (7)	56,812
Dec-2025	0.58	0.08 (DII)	n/a	71,088
Mar-2026	0.50	0.11 (DII)	n/a	70,709
Jun-2026	0.65 (31 FPIs: 28 Cat-I 72.8 lakh sh, 3 Cat-II 26.2 lakh)	0.10 (7 MFs, 15.07 lakh sh)	AIF 1 holder 1.1 lakh sh; domestic institutions 0.11% (8)	70,580
Sep-2026	0.71 (39 FPIs)	0.10 (7 MFs, 15.5 lakh sh)	AIF 2 holders 6.2 lakh sh; domestic institutions 0.14% (9)	68,342

FPI holders rose 12 to 31 to 39 between Jun-2025, Jun-2026 and Sep-2026, rising but tiny (1.08 cr shares). Index membership (Nifty Smallcap 500 / Microcap 250) implies passive flows around rebalances; actual passive AUM tracking this name: Not Available. Shareholder count rose about 1.2x from Jun-2025 to Sep-2026 after the Rs 992 cr rights issue.

Notable non-promoter holders [G-S18, H-H3, H-H7]

Holder	Latest	History	Note
Pragya Trade Hub Pvt Ltd (formerly shown as Pragya Realty Developers Pvt Ltd)	5,32,04,030 sh = 3.48% (Sep-26)	5,92,04,030 = 4.65% (Jun-25); Mar-26 top-10: 3.88%	Classified Public; sold about 60 lakh shares; Pragya Realty Developers was a party to the group's earlier scheme of arrangement that created the capital reserve (with Ragini Trading and Parishram Properties) [G-S3 p.236-237]. An observation, not an allegation
Gyanshankar E-Trading LLP	2,13,46,952 = 1.40%	2,16,21,952 = 1.42% (Jun-26)	Not above 1% in Jun-25
Vivek Bhimsaria	1,79,67,242 = 1.18%	1,58,92,242 = 1.04% (Jun-26 / Mar-26)	Individual; accumulating
F3 Advisors Pvt Ltd	1,76,51,262 = 1.16%	1,76,51,261 (Jun-26)	Also in bulk deals below
Anil Vishanji Dedhia	0.85% (Mar-26)		Individual
Authum Investment & Infrastructure Ltd	0.84% (Mar-26)		Listed investment company
Thriveni Earthmovers Pvt Ltd	8.64% of LEWL (not LEL)		Partner in the gold project; bought LEWL stakes from LEL and promoter LLPs

Bulk and block deals (Moneycontrol; NSE history API returned 503) [H-H1, H-H4]

Date	Client	Side	Quantity	Price (Rs)	Value [Est.]
5-Mar-2026	F3 Advisors Pvt Ltd	Buy	1,45,00,000	46.85	Rs 67.9 cr
5-Mar-2026	F3 Advisors Pvt Ltd	Sell	1,45,00,000	46.79	Rs 67.8 cr
27-Mar-2026	F3 Advisors Pvt Ltd	Buy	1,76,00,000	42.50	Rs 74.8 cr
27-Mar-2026	F3 Advisors Pvt Ltd	Sell	1,76,00,000	42.46	Rs 74.7 cr
27-Mar-2026	Irage Broking Services LLP	Buy	98,17,445	42.45	Rs 41.7 cr
27-Mar-2026	Irage Broking Services LLP	Sell	98,33,599	42.48	Rs 41.8 cr
27-Mar-2026	Irage Broking Services LLP	Buy / Sell	40,510 / 24,356	42.79 / 42.86	about Rs 0.2 cr

Pattern [Est.]: each client both bought and sold near-identical quantities at near-identical prices on the same days, consistent with intraday round-trip or matched trades rather than net accumulation. F3 Advisors' recorded holding of 1.7651 cr shares in the Jun-26 and Sep-26 filings equals the 1.76 cr quantity of the 27 Mar 2026 deals, so at least that parcel ended up held. These are observations, not accusations; no regulatory allegation exists in the documents read. The NSE bulk-deal file for 19 Oct 2026 (126 rows) has no LLOYDSENT entry and the block-deal file was empty. Press, 9 Oct 2026: "Asi Industries buys 0.027% stake in Lloyds Enterprises for Rs 3.03 crore" (headline only; about 4.1 lakh shares at about Rs 73.5 [Est.]). Insider (PIT) and SAST Reg 29/31 filings for LEL: NSE endpoints returned empty sets, which is not proof of none: Not Available.

Board and committees (FY26) [G-S3 p.8-10, p.117-130]

8 directors at 31 Mar 2026; no appointment, cessation or KMP change in FY26; 9 board meetings (9 May, 28 May, 4 Jul, 21 Jul, 14 Aug, 11 Nov, 8 Dec, 22 Dec 2025 and 9 Feb 2026). Five of eight are independent; the Chair is executive, so at least half independent is required and met.

Director	Role	Age	Notes
Babulal Agarwal (DIN 00029389)	Chairman and Managing Director (term 8 Aug 2023 to 7 Aug 2028)	79	Founder; 54 years in steel trading/administration; NED of LMEL; proposed salary Rs 1.80 cr p.a. from 1 Apr 2026 (FY26 Rs 1.50 cr; FY25 Rs 0.90 cr); passed as a Special Resolution at the 9 Jul 2026 AGM [G-S3 p.19-20, G-S26]
Rajesh Gupta (DIN 00028379)	Executive Director	61	MD of LMEL; directorships in 5 other companies; holds 21,61,433 sh; no remuneration or sitting fee from LEL in FY26; member of Audit Committee; chair of Risk Management Committee; SEBI settlement applicant
Manesh Cherian (DIN 02244855)	Non-Executive, non-independent	43	Lawyer (SRA/redevelopment); holds 20,272 shares; NRC member
Vikram Shah (DIN 00824376)	Independent; chair Audit, NRC, CSR	69	Chartered accountant and lawyer
Mohinder Anand (DIN 08156946)	Independent (woman)	71	HR professional
Sandeep Aole (DIN 01786387)	Independent	52	Litigator; second 5-year term 27 May 2027 to 26 May 2032 approved
Jagannath P. Dange (DIN 01569430)	Independent	74	Ex-IAS; also independent director of Alna Trading & Exports; chair Stakeholders Relationship Committee
Satish Kumar Gupta (DIN 02914009)	Independent	n/a	Ex-BHEL / ICICI Bank; XLRI

Audit Committee (6 meetings, 100% attendance each): Vikram Shah (Chair), Rajesh Gupta (Executive, non-independent), Sandeep Aole, J.P. Dange [G-S3 p.125-126]. [Est.] An executive director who was MD in the period covered by the SEBI order sits on the Audit Committee: a governance weakness. NRC: Shah (Chair), Dange, Cherian (non-executive, non-independent) [G-S3 p.127]. Other committees: CSR, Stakeholders Relationship, Risk Management (chair Rajesh Gupta), Investment Committee, Rights Issue Committee [G-S3 p.82-83].
KMP and pay [G-S3 p.249]: CFO Viresh Sohoni Rs 0.54 cr (FY25 Rs 0.28 cr); Company Secretary Pranjal Mahapure (ACS69408) Rs 0.12 cr (0.07); independent directors' sitting fees Rs 0.05-0.10 cr each. Related-party remuneration in the group: Ravi Agarwal Rs 2.10 cr; Mukesh Gupta, Shrikrishna Gupta, Bharat J. Patel and others (consolidated list) [G-S3 p.307-308].
ESOP Plan 2025 (trust route; approved by postal ballot 6 Jul 2025): 16,35,840 options at Rs 2 (granted 16 Oct 2025); further 1,35,440 granted 19 Oct 2026. Entity split in the filing: 3,75,290 LEL employees, 9,46,360 LRDL, 1,61,790 Simon, 63,460 IPPL (sums to 15,46,900, the outstanding count; see Tab 2 register). Management is not individually named among grantees: Not Available [G-S5 note 10, G-S13].

Subsidiaries and group structure (31 Mar 2026 unless stated) [G-S3, G-S7, G-S16, G-S24]

Entity	LEL stake	Status	Notes
Lloyds Engineering Works Ltd (LEWL; formerly Lloyds Steels Industries; NSE LLOYDSENGG)	33.58% direct at Mar-26 (AR p.90, p.312); 32.66% on 148.0 cr shares at 9 Feb 2026; 31.16% on 155.10 cr shares at 30 Sep 2026; "49.26% direct and indirect" in the AGM RPT disclosure	Listed subsidiary, consolidated	LEL treats it as a subsidiary despite below 50% direct; Ind AS 110 basis not stated in the pages read [Est.] control through group holdings/board; NCI Rs 1,290 cr
LEWL step-downs: Techno Industries, Metalfab Hightech, LADSL (LEWL stake diluted to 85% on 29 Jun 2026)	Via LEWL	Step-down subsidiaries	Lloyds Infrastructure & Construction Ltd (LICL; LEL associate 24.20% / 9.8 cr sh at cost Rs 58.06 cr) merging into LEWL with Techno and Metalfab (board 29 Dec 2025; LEWL court-convened meetings 16 Oct 2026)
Lloyds Realty Developers Ltd (LRDL)	60.38% (110 cr of 182.17 cr shares)	Subsidiary; acquisition date 20 Jan 2023 per AOC-1 vs 31 Jan 2024 per Q1 deck	Simon Developers & Infrastructure is 100% of LRDL
Indrajit Properties Pvt Ltd (IPPL)	76.33% direct + indirect	Subsidiary	Reserves over Rs 300 cr [G-S16]
Lloyds Metals & Energy Ltd (LMEL)	4.13% (2,32,38,340 sh); 4.27% in RPT annexure	Quoted, FVOCI; LEL "one of the promoters"	LMEL promoters 61.61% (Sep-26)
Geomysore Services India (GMSI), renamed Thriveni Lloyds Swarnagiri w.e.f. 1 Sep 2026	About 30.48% (guarantee filing), 30.5% (AR), "~31%" (deck/speech) via 50% of Prakar	Strategic investment (cost Rs 203.55 cr)	Prakar holds about 61% of GMSI; partner Thriveni Earthmovers; commercial production 24 Jun 2026; Rs 170 cr NCD guarantee
Steel Infra Solutions Co Ltd (SISCOL)	17.98% bought 17 Aug 2026 for Rs 219 cr	Financial investment alongside LEWL (52.16%) and Streamland Estate LLP (17.98%)	Streamland ownership/relationship: Not Available
Lloyds Metals & Minerals Trading LLP (LMMT)	7% interest (carrying Rs 157.7 cr)	Partner in a promoter-group vehicle	Net worth Rs 5,852.64 cr in FY24 per SEBI; also holds 4.41% of LEWL; received LEWL dividends
Other LLPs / associates	Freelance Infraelex LLP, Snowwhite Realty Developers LLP, Lloyds IHL LLP (Rs 21.86 cr FY26 investment), Cunni Realty (39.98% consolidated; 24.14% in AOC-1: conflict), Adithyapower Refractories (26%), Thriveni Earthmovers & Infra (2.5 cr sh), Fatakpay Digital		[G-S3 p.90-91, 281-282, 312]

Corporate action in progress [G-S3 p.79; G-S27; G-S5 note 5]: composite scheme in which LRDL and IPPL merge into LEL; consolidated real estate then demerges into Lloyds Realty Ltd (LRL), 1 LRL share per 2 LEL shares; LRDL holders get LEL shares at 51:400 (AR / Q1 deck) vs 43:350 (22 Dec 2025 release); NSE/BSE observation letters 15/16 May 2026; SEBI no-objection pending at AR date; NCLT petition filed 2 Jun 2026, pending.

Value-extraction watch-points [Est.]

LEL lent Rs 638 cr of public rights money to LRDL via 9.25% NCDs, interest unaccrued, to be extinguished on merger: economically an equity injection into a company LEL will merge, benefitting the LRDL minority (39.62%) who will receive new LEL shares; identity of the LRDL minority holders is Not Available.
Promoter-group LLPs sold about 10 cr LEWL shares at about Rs 49.6 to a third party in Feb 2026 when LEWL was far lower than today's Rs 91.1-91.5.
LEL sold 60 lakh LEWL shares at Rs 49.65 (0.41%) in the same block.

Related-party transactions with amounts (FY26 vs FY25, Rs cr)

Standalone [G-S3 p.249 Note 35] [Fact]

Counterparty and nature	FY26	FY25
Lloyds Realty Developers: subscription of debentures	638.00	nil
LEWL: capital expenditure (advance for machinery)	50.45 (Rs 8.54 cr outstanding advance)	6.00
LEWL: dividend received	11.77	9.61
LEWL: sales	0.04	0.04
Lloyds Metals & Minerals Trading LLP: advance given (outstanding in FY25) / repayment in FY26	repaid 59.05	54.33
LMMT: interest received	nil	3.82
Indrajit Properties: loan taken / repaid / interest paid	repaid 5.02	taken 5.02; interest 1.45
Trofi Chain Factory: other services	0.04	0.04
Babulal Agarwal remuneration	1.50	0.90
Viresh Sohoni / Pranjal Mahapure	0.54 / 0.12	0.28 / 0.07

Consolidated additional [G-S3 p.307-308 Note 40] [Fact]

Counterparty and nature	FY26	FY25
LMEL: sale of goods	655.39	549.53
LMEL: sale of fixed assets / rent	nil / 13.41	0.15 / nil
ICASA Trading Co: other services	5.89	2.24
Aeon Trading LLP and LMMT LLP: dividend (each)	2.57	1.75
LICL: ESOP compensation cost / sale of goods	2.40 / nil	n/a / 2.23
Lloyds Infinite Foundation: sale of goods	nil	26.50
ABD Diamonds Pvt Ltd: loan given / received back	nil / 2.40	2.40 / n/a
ABD Diamonds: interest income / loan received / repaid / interest paid / rent / purchase	0.22 / nil / 3.10 / 0.11 / 1.30 / 0.01	0.05 / 1.20 / 1.98 / n/a / 0.51 / n/a
Thriveni Earthmovers and Infra: sale of goods/services	4.00	n/a
Thriveni Sainik Mining	0.03	0.06
Cunni Realty: advance given	19.41	1.78
Lloyds IHL LLP: investment	21.86	n/a
Ravi Agarwal (promoter): remuneration	2.10	2.00
Purchase of factory land from Mr Bharat J. Patel (probable mapping; column alignment partly garbled)	20.00	n/a
Relatives and KMP of subsidiaries (Mukesh Gupta, Shrikrishna Gupta, Kalpesh Agrawal, Ritul Shah and others)	0.02-2.88 each	n/a

AOC-2 (FY26) [G-S3 p.107-108]: no non-arm's-length transactions reported; purchase of machinery from LEWL 53.00; investment in LMEL share warrants 360.75 (194.25 in FY25), total Rs 555 cr for 75,00,002 shares [Est.] Rs 740 per share vs Rs 1,272 at Mar-26 and Rs 1,803 now; the annexure also lists a loan taken of Rs 99.42 cr in LRDL's column (period and direction ambiguous in raw text).

AGM 9 Jul 2026 related-party approvals, valid until the 41st AGM (2027) [G-S3 p.21-25; G-S26] [Fact]

Counterparty	Limit (Rs cr)	% of consolidated turnover
LEWL	200 (prior year 100)	13.44%
LMEL	500 (prior year 500)	33.60%
LRDL	500	33.60%
IPPL	200	n/a
LICL	200	n/a
Lloyds Realty Ltd	1,000	n/a
Simon Developers	300	n/a

All resolutions passed with the requisite majority; per-class voting percentages not extracted. Credit support involving related parties: the Rs 170 cr GMSI NCD guarantee jointly with Thriveni Earthmovers and Prakar (28 May 2026; "promoter/promoter group have interest: Yes ... at arm's length") [G-S11]; Crosslink (promoter group) security for LEL loans [G-S10]. Postal ballot of 9/12 Jan 2026 approved material related-party transactions (with Crosslink, Geomysore, Prakar) and s185 loans/guarantees [N-S35].

Auditors and reporting quality [G-S3, G-S5, G-S26, G-S29]

Item	Finding
Statutory auditor FY26	Todarwal & Todarwal LLP (FRN 111009W/W100231; partner Sunil Todarwal), appointed 29 Sep 2021 for five years, ended at the 40th AGM; successor V.K. Beswal & Associates (FRN 101083W, est. 1983, peer-reviewed) appointed 9 Jul 2026 for 5 years to the 45th AGM (2031): routine rotation, not a resignation. Its first limited review (Q1 FY27) was unmodified but notes comparative periods were reviewed by the predecessor
Opinion	Unmodified; no emphasis of matter
Key audit matters	Standalone and consolidated (consolidated KAMs repeat the standalone five): (1) Rs 183.71 cr profit on sale of equity investments; (2) borrowings (Rs 361 cr new term loans); (3) rights issue (Rs 496 cr application + Rs 433 cr call money); (4) Rs 638 cr NCD subscription; (5) proposed LRDL/IPPL merger [G-S3 p.201-203, p.253-255]
Audit coverage	For the consolidated statements LEWL (assets Rs 2,369.08 cr; revenue Rs 1,350.98 cr), LRDL (assets Rs 1,293.05 cr; revenue Rs 66.91 cr), Simon, LADSL and Metalfab (assets Rs 321.60 cr; revenue Rs 177.85 cr) were audited by other auditors; the principal auditor relies solely on their reports [G-S3 p.255-256]
Audit fee	Statutory audit fee Rs 0.03 cr (Rs 3 lakh) and secretarial Rs 0.01 cr against standalone assets of Rs 6,320 cr: very low for the asset base [Est.] [G-S3 p.242]
CARO (standalone)	Rights proceeds Rs 929 cr, utilised Rs 928 cr, Rs 0.68 cr pending; no loans raised on pledge of securities held in subsidiaries (clause ix(f)); no whistle-blower complaints; no fraud reported under Sec 143(12). The Aug 2026 Tata Capital loan is secured on LEWL shares after FY26; the Dec 2025 loans were secured by a third-party (Crosslink) pledge, consistent with CARO [G-S3 p.211, G-S8, G-S10]
Other auditors	Secretarial auditor Mitesh Shah & Co. (5-year term FY26-FY30); internal auditor R.D. Nagvekar & Co. (re-appointed for FY27); registrar Bigshare Services
Q1 FY27 consolidated review	Unreviewed, management-certified results used for IPPL (revenue / net loss Rs 3.96 cr / Rs 3.43 cr) and Simon, and for associate Cunni (share of profit Rs 20.00 cr per OCR text; verify) [G-S5 p.8]
Monitoring agency	India Ratings & Research Pvt Ltd reported no deviation in rights-issue fund use [G-S3 p.80]

Litigation, regulatory and exchange matters

Matter	Status
SEBI	Settled (above). BSE alert of 21 Nov 2023 triggered the probe; SCN 9 Jul 2025; the FY26 secretarial report shows none
Exchange surveillance	9/10 Apr 2026 NSE/BSE price-movement query (reply: no pending Reg 30 information; market-driven); 16 Oct 2026 BSE volume query (reply: "purely market-driven"). Partly paid series (E1) suspended 13 Jan 2026 [G-S28; BSE letter, N-S37]
Tax and indirect-tax disputes (consolidated Note 43; mapping uncertain)	Income-tax claims Rs 6.27 cr (FY25: 34.50), GST about Rs 1.68 cr, VAT 4.29, TDS default 1.68 / 0.38; investments pledged Rs 23.29 cr; standalone income-tax dispute nil (Rs 1.77 cr in FY25) [G-S3 p.250, p.310]
NCLT	LRDL/IPPL composite scheme pending (filed 2 Jun 2026); LEWL's own merger court-convened meetings held 16 Oct 2026
CCI	Approval for the LEWL acquisition referenced 14 May 2026; detail not read
Court cases against promoters outside LEL	Not Available (no litigation search tool available)
PIT / SAST filings for LEL	Not Available (NSE endpoints empty)

Disclosure-quality observations [Est.]

Mixed stake disclosures: LEWL 31.16% / 32.66% / 33.58% / 49.26%; LMEL 4.13% / 4.27%; GMSI 30.48% / 30.5% / about 31%; Cunni 39.98% vs 24.14%; LRDL acquisition date 20 Jan 2023 vs 31 Jan 2024; LRDL swap 51:400 vs 43:350. Each should be reconciled before use.
The Q1 FY27 deck leads with "Total Comprehensive Income" (Rs 1,200.65 cr consolidated; Rs 3,115.83 cr standalone): mark-to-market, not earnings. Company-defined EBITDA includes other income; EPS includes minorities.
The Chairman's July 2026 speech cites a group order book of approximately Rs 8,000 cr and the LMEL DRC acquisition; rights call arrears of Rs 63.08 cr (Mar-26) were being handled by forfeiture notices [G-S25, G-S3 p.80, p.251].
Not Available: names of LRDL minority holders and the IPPL swap ratio; Streamland Estate LLP's ownership; Cheerful Trade & Realty and Triumph Trade & Properties shareholders; any litigation database; Screener RPT/commentary pages (login); Q1 FY27 board and committee attendance (next AR in 2027).

Supply Chain

LEL parent has no plant; the supply chain is that of its trading desk and of the operating companies it owns or holds (LEWL group, LRDL, the gold mine, LMEL). Customer and supplier names, concentration and margins for the trading book are Not Available (searched AR FY26 BRSR and notes, decks, Reg-30 filings; BRSR concentration rows are blank). Keys B-S#, M-S#.

Value-chain map

Where pricing power sits [Analyst View]

Commodity prices and counterparties, not LEL. Trading earns about zero margin (operating profit -Rs 4 cr on Rs 463 cr sales). LMEL has a cost position (captive ore, slurry pipeline saving about Rs 550/t on pellets) but is a price-taker on realisation, flat at about Rs 6,068/t for ore. LEWL has approvals (ASME U stamp, IBR, DGQA) but about 37% of group revenue goes to a related party, which cuts both ways. Gold is a price-taker on the global price; real estate depends on landowners, approvals and MoU conversion.

By vertical: upstream and downstream [B section 6]

Vertical	Upstream (inputs, suppliers)	Downstream (customers, channels)	Evidence
Metals trading (LEL)	Domestic steel mills and traders; LMEL (iron ore, pellets) under the Rs 500 cr related-party limit; pellets bought for resale	Domestic infrastructure/construction and industrial buyers; export (about Rs 70 cr FY26); GAIL steel-pipe tender	B-S9, B-S14; counterparties Not Available
Engineering (LEWL group)	Steel plates and tubes, forgings, bought-out components, stores and sub-contracting (consolidated P&L carries "cost of raw materials", "bought-out components", "sub-contracting"); technology partners TMW (EPS), TB Global (loading arms), Fincantieri	Steel (SMS, Danieli, Primetal), hydrocarbon EPCs (EIL, Tecnimont, Technip, Linde, Toyo), nuclear, shipyards/marine, ports; LMEL group (Rs 655 cr FY26 sale of goods, about 37% of consolidated revenue [Est.]); SISCOL's L&T, Tata Projects, Shapoorji Pallonji, Adani Power, KEC, Jindal Stainless, DP World	B-S10, B-S21, B-S9, B-S11; supplier names/shares Not Available
Electrical (Techno)	Motors, pumps, elevator components; supplier detail Not Available	Elevator, pump and motor buyers; customer detail Not Available	B-S18
Real estate (LRDL)	Land (JV/MoU with landowners, redevelopment societies, SRA), contractors; capital from LEL NCDs	Residential buyers (Dadar, Goregaon, Thane), commercial occupiers (Bandra), industrial/warehouse/data-centre users (Taloja), plot buyers (Khopoli)	B-S23, B-S28
Gold (GMSI)	Own open-pit ore; mine developer-operator Thriveni; reagents and power	Refined gold to be sold domestically (import-substitution pitch); refiner/offtaker named: Not Available	B-S2, B-S22
LMEL (4.13%)	Own Surjagarh ore, slurry pipeline, captive power, LNG/LSHS fuel; Thriveni mining services	Steel mills (central and southern India), exports (25%); Tata Steel JV	B-S22

Upstream detail: what the group depends on

Input	Detail
Iron ore and pellets for trading	Purchased domestically; LMEL is a related-party source (limit Rs 500 cr); related-party purchases were nil in FY25 and FY26 per BRSR, so the pellets traded were not bought from LMEL in those years [Est.]
Steel plate and bought-out components (LEWL)	Raw-material mix, import dependence and single-source risk: Not Available
Land (LRDL)	MoU-stage: Taloja (Calculus Logistech, Rs 60 cr for 51% plus up to Rs 242 cr debt), Khopoli (about 175 acres); no definitive agreement disclosed
Mine operator and capital	Thriveni Earthmovers and Infra operates the gold mine and LMEL's Gadchiroli mine; LEL and Thriveni co-guarantee Rs 170 cr of GMSI NCDs
Finance	NBFC loans (Tata Capital, Bajaj Finance, Jio Credit, Aditya Birla Capital) against share pledges; rights-issue proceeds routed into LRDL NCDs
Fuel and energy (LMEL)	LNG/LSHS fuel, fuel-cost pressure from the "gulf crisis" and sulphuric-acid prices on copper (Chemaf Q1 EBITDA USD -2.63 mn) [M-S6]

Downstream detail: who depends on the group

Item	Detail
Customer concentration	LMEL about 37% of consolidated revenue from operations in FY26 (Rs 655.39 cr of Rs 1,756.29 cr; FY25 Rs 549.53 cr) [Est.]; the selling subsidiary is not named. Top-10 customer concentration: Not Available
Order book	LEWL Rs 8,857 cr (Jun 2026) includes LICL's Rs 4,500 cr+ book and captive group demand; SISCOL order book about Rs 1,134 cr; contract book Rs 2,643 cr of balance revenue to be recognised, Rs 1,628.57 cr within a year (consolidated, Mar-26)
Contract tenors	Not Available for trading; EPC and fabrication contracts are project-based
Rental and services to LMEL	LMEL paid the LEWL group Rs 13.41 cr of rent in FY26; ICASA Trading Co other services Rs 5.89 cr; Thriveni Earthmovers sale of goods/services Rs 4.00 cr (Tab 7)
Distribution model	Direct B2B sales and tenders (GAIL pipe tender); export about Rs 70 cr; real estate through JV/MoU land deals and project launches

Group linkages [Est.]

LEL borrows (Rs 361 cr for LMEL warrants, Rs 219 cr for SISCOL) against share pledges; the LEWL group sells to LMEL; Thriveni appears in five roles (GMSI operator and guarantor, LEWL block-deal buyer, LMEL's mine developer-operator, CCI co-notifier on the LEWL merger, LEL investee); LEL rights money is routed into LRDL debentures.

Competitive Position

Peer metrics are point-in-time Screener pages fetched 21 Oct 2026 (consolidated where available; "FY26" = year to Mar 2026; "TTM" to Jun 2026 for most and Sep 2026 for Hindustan Zinc and Oberoi). Screener data derives from company filings and is [Fact] as a data-vendor read; P/E is a vendor ratio. Peers that Screener did not return (Data Patterns, Interarch, MSTC, Deccan Gold, Keystone, MOIL stale-2020 page) are Not Available (Screener fetch; HTTP 404 or empty page). No listed holding-company peer was fetched: Not Available. Keys M-S#.

Where LEL's exposures sit

Exposure	Vehicle	Key market metric of the vehicle	Source
Iron ore, pellets, DRI, power, copper	LMEL (4.13%; 2,32,38,340 shares)	Mcap Rs 1,01,464 cr at Rs 1,803; TTM sales Rs 22,084 cr; OPM 37%; P/E 21.3; ROCE 27.3%	M-S1
Engineering / EPC / electrical / defence	LEWL (33.58%; 48,33,26,722 shares)	Mcap Rs 14,121 cr at Rs 91.1; TTM sales Rs 1,611 cr; OPM 14%; P/E 63.1; ROCE 16.1%	M-S2
MMR real estate	LRDL 60.38% (to be demerged as Lloyds Realty Ltd)	Unlisted; delivered 3.16 mn sq ft	B
Gold	Prakar 50% to GMSI (30.48-31.58%, conflict)	Unlisted; about 400 kg FY27 guided	B
Steel trading	LEL standalone	Revenue Rs 463 cr FY26, Rs 43 cr in Q1 FY27	B
Structural steel	SISCOL (LEL 17.98%; group about 88%)	FY26 revenue Rs 817 cr, EBITDA Rs 92 cr, PAT Rs 43 cr	M-S3

Reference arithmetic [Est.]: at 21 Oct 2026 Screener prices the two listed stakes are worth about Rs 4,190 cr (LMEL: 2.3238 cr x 1,803) and about Rs 4,403 cr (LEWL: 48.33 cr x 91.1), together about Rs 8,590 cr against LEL's own market cap of about Rs 10,075 cr (Rs 65.9) [M-S1, M-S2, M-S4]. (The financials file uses LEWL at Rs 91.5, giving Rs 4,422 cr and Rs 8,612 cr.) LEWL's share count will rise about 26% when the LICL/Metalfab merger and SISCOL swap shares are issued, diluting LEL's percentage [Est.].

Iron ore, pellets and steel (LMEL is the operating base of the biggest listed stake)

Company	Mcap Rs cr	CMP Rs	P/E	ROCE %	ROE %	FY26 sales	FY26 OPM	FY26 PAT	TTM sales
Lloyds Metals and Energy (LMEL)	1,01,464	1,803	21.3	27.3	36.6	17,113	36%	3,829	22,084
NMDC	61,322	69.7	8.2	27.6	23.4	32,071	29%	7,450	32,127
Tata Steel	2,15,264	172	18.2	12.5	11.7	2,32,140	15%	10,886	2,39,756
JSW Steel	2,99,736	1,221	24.9	11.0	10.2	1,85,470	16%	25,508	1,89,687
Jindal Steel and Power	1,05,448	1,029	34.2	9.7	8.2	53,225	18%	3,361	56,413
Godawari Power and Ispat	13,545	201	15.2	22.2	17.2	4,710	25%	919	5,067
Sarda Energy and Minerals	16,357	464	14.6	16.9	15.1	5,690	31%	1,109	5,665
Shyam Metalics	33,201	1,189	29.6	13.0	9.7	18,552	13%	1,060	19,584
Kirloskar Ferrous	7,471	453	19.4	13.4	14.5	6,889	12%	507	6,962
Hindustan Zinc (mining margin reference)	2,21,971	525	10.7	69.5	76.6	40,844	54%	13,832	53,364

LMEL's 36-37% operating margin is the highest in the integrated iron-ore/pellet/DRI set, next to NMDC (29%) and Sarda (31%); it is a captive-ore plus slurry-pipeline cost position, not a price story: LMEL's iron-ore realisation was flat at about Rs 6,068/t YoY [M-S6] [Fact]. Its P/E (21x) is above NMDC (8x), Godawari (15x), Sarda (15x) and Tata Steel (18x), below JSW (25x), Shyam (30x) and JSPL (34x) [Est.].
Traders: MMTC (Mcap Rs 7,982 cr, P/E 39.6, FY26 sales Rs 2 cr, profit Rs 387 cr, presumably non-trading income [Est.]) shows the listed pure-trader model has collapsed into a shell; Adani Enterprises (Mcap Rs 3,51,413 cr, P/E 148, TTM sales Rs 1,11,431 cr, OPM 14%) is the only scaled listed commodity trader/integrator [M-S5]. MSTC: Not Available (Screener 404). LEL's standalone trading book (Rs 463 cr FY26) has no meaningful listed pure-play benchmark [Est.].
Market structure: LMEL serves "most of the markets in Southern India or Central India", 75.3% domestic / 24.7% export. FY26 AR: steel prices "remained under pressure ... due to global overcapacity, particularly from China", partly offset by a temporary 12% safeguard duty on specific steel imports; iron-ore prices "remained range-bound with a modest downward bias ... before recovering on supply concerns" [M-S7].

Mining services / MDO

Participant	Position	Source
Thriveni Earthmovers and Infra (consolidated in LMEL; promoter-linked)	Mine developer-operator at LMEL Gadchiroli; Q1 FY27 revenue Rs 2,672 cr (+63%), EBITDA 24.6% (FY27 guided 28-30%); iron-ore volumes 19.09 Mt in Q1 (9.87 Mt a year ago); Odisha operations 34-35 Mt in FY27; coal (Thriveni Sainik, 5-star Ministry of Coal rating); overseas coal; logistics (150 EV/LNG vehicles)	M-S6 [Fact]
BRPL / LMEL-Tata Steel JV	MDO at Tata Steel's Joda West manganese mines from 1 Jun 2026; 540 ktpa pellets; BOT slurry pipeline under study	M-S6
Adani Enterprises (mining services within the group)	TTM sales Rs 1,11,431 cr, OPM 14% (whole group, not mining-only)	M-S5
BEML (equipment OEM, not an MDO)	Mcap Rs 15,572 cr, FY26 sales Rs 4,351 cr, OPM 7%, P/E 87	M-S5
Other listed MDO / mining-service operators	Not Available (no clean listed pure-play found; Screener search not run)

[Est.] Thriveni (inside the Lloyds ecosystem) is both LMEL's operator and a counterparty to LEL (buyer of LEWL blocks, co-guarantor of GMSI debt). Its 24-25% EBITDA margin is the reference for MDO economics; LMEL discloses it is consolidating MDO to capture the margin.

Engineering, EPC, process equipment, defence, structural steel

Company	Mcap Rs cr	CMP	P/E	ROCE %	ROE %	FY26 sales	FY26 OPM	FY26 PAT	TTM sales
Lloyds Engineering Works (LEWL)	14,121	91.1	63.1	16.1	15.1	1,301	15%	198	1,611
Isgec Heavy Engineering	6,525	886	25.0	11.2	4.2	6,789	9%	154	7,458
Thermax	37,740	3,167	68.6	13.9	10.6	10,774	10%	720	10,839
GMM Pfaudler	5,631	1,253	44.7	13.6	6.7	3,524	11%	52	3,654
Titagarh Rail	9,550	709	49.2	10.9	6.8	3,186	10%	123	3,272
BEML	15,572	1,868	87.2	7.7	4.8	4,351	7%	141	4,536
KEC International	8,876	333	14.8	16.5	11.4	23,506	8%	606	23,506
Kalpataru Projects	5,251	255	42.8	1.3	2.7	3,436	3.5%	80	3,465
Mazagon Dock (defence shipbuilding)	80,493	1,997	28.2	36.0	29.2	13,006	17%	2,578	13,323
Cochin Shipyard	30,713	1,166	52.0	14.5	11.2	4,308	16%	643	4,240

Structural-fabrication benchmark: SISCOL FY26 EBITDA margin about 11.3% (92/817) and PAT margin about 5.3% (43.4/817) [M-S3]; EPC peers KEC 8% and Kalpataru 3.5% OPM (KEC and Kalpataru figures as returned by Screener; Kalpataru's ROCE looks anomalous). Stated entry price about Rs 1,220 cr equity is about 28x FY26 PAT [Est.].
LEWL's margin (14-16%) is above process-equipment peers Isgec (9%), Thermax (10%), GMM Pfaudler (11%), Titagarh (10%); its P/E (63x) is in line with Thermax (69x) and above Isgec (25x) and KEC (15x) [Est.]. LEWL FY26 sales of Rs 1,301 cr are a fraction of these peers, so its order book (Rs 8,857 cr, about 5x TTM sales [Est.]) is the growth case, helped by LICL's book. About Rs 655 cr of FY26 group sales went to LMEL (about 37% of consolidated revenue) [Est.].
Defence / electrical: LADSL (LEWL 85%) has no revenue; elevators/pumps/motors via Techno (FY25 turnover Rs 155 cr). Listed elevator and electrical-equipment comparators, Data Patterns, Interarch: Not Available (not fetched).

Real estate (MMR comparators for Lloyds Realty)

Company	Mcap Rs cr	CMP	P/E	ROCE %	ROE %	FY26 sales	FY26 OPM	FY26 PAT	TTM sales
Macrotech (Lodha)	1,00,600	1,006	24.4	16.4	15.5	16,676	30%	3,431	18,181
Godrej Properties	47,110	1,560	29.1	7.6	8.8	5,131	n.m. (negative; accounting)	1,841	5,203
Oberoi Realty	59,988	1,648	22.6	17.3	14.6	6,009	56%	2,507	6,214
Prestige Estates	62,923	1,455	55.2	10.4	7.5	12,685	29%	1,305	13,053
Mahindra Lifespaces	7,280	341	23.4	7.6	9.9	1,178	-10%	298	2,108
Sunteck Realty	3,948	269	18.5	7.5	5.9	1,124	27%	202	1,127
Suraj Estate Developers	888	185	9.7	14.5	9.4	556	39%	90	568
Arkade Developers	2,059	111	11.6	18.9	20.3	816	23%	5	804

Small MMR redevelopment/SRA peers trade at 9.7-18.5x trailing earnings (Suraj, Arkade, Sunteck) and large developers at 22-29x (Lodha, Oberoi, Godrej, Mahindra Lifespaces), Prestige 55x [Est.]. Keystone Realtors: Not Available (Screener 404). Lloyds Realty has no meaningful earnings today (segment revenue Rs 18.5 cr in Q1 FY27), so a listing multiple would rest on land bank and MoU pipeline, not trailing profit [Est.] [M-S9].
Industry context (AR): MMR is the "most active residential market"; metro, coastal road and SRA schemes unlock redevelopment; warehousing and logistics demand rising from e-commerce and China+1; RBI cut repo by 125 bps to 5.25% in FY26. Taloja is positioned as industrial park / data centre, about 20 km from the Navi Mumbai airport per the Dec 2025 deck [M-S7, M-S14].
Positioning [Est.]: LRDL is asset-light and JV-led with 3.16 mn sq ft delivered and about 14-20 mn sq ft of mostly MoU-stage land; scale far below Lodha, Godrej or Oberoi, closer to Suraj / Arkade / Sunteck on size.

Gold mining

Indian peers: no listed Indian primary gold producer found. Hutti Gold Mines is unlisted (state-owned); Deccan Gold Mines: Screener 404, Not Available. Hindustan Zinc and Hindustan Copper (TTM OPM 58% and 50%; P/E 10.7x and 33.7x) are only margin references for Indian mining, not gold comparables [M-S5].
Context: gold rose about 55% in USD terms in calendar 2025, first above USD 4,000/oz in Oct 2025; about 40-45% in INR terms over FY26; above Rs 16,000/gram; India gold ETF AUM Rs 1.71 lakh cr, FY26 inflows over Rs 68,000 cr [M-S7]. Jonnagiri claims to be India's first private primary gold mine since Independence [M-S9]. AISC guided about USD 1,021/oz and 75% EBITDA margin [M-S11].

Industry context

Macro: India FY26 real GDP about 7.4-7.6%, CPI about 2.6%, repo 5.25% by year end, Union capex allocation Rs 11.21 lakh cr (FY26 Budget); Brent spiked to about USD 110 in Mar 2026 on the Iran conflict, weakening the rupee [M-S7].
Iron ore / steel: demand "buoyant" per LMEL, domestic mills the main buyers; value-added mix (pellets, DRI, steel) lifts margins (41% of LMEL standalone revenue, 40% of EBIT). Capacity ramp (pellets 8 Mt to 12; EC 55 Mtpa; 1.2 Mt steel plant) raises both earnings and execution risk [M-S6].
Engineering: the group is pivoting from products to multi-discipline EPC through acquisitions (Techno, Metalfab, LICL, SISCOL); the Rs 8,857 cr order book includes captive group demand [M-S10].
Real estate: multi-year MMR upcycle per AR; LRDL's revenue is small and project value rests on non-binding MoUs [M-S7, M-S10].
Gold: the price tailwind is cyclical; the operating risk is ramp-up.

Policy and regulatory touchpoints

Policy / regulation	Relevance	Evidence
12% temporary safeguard duty on certain steel imports	Supports domestic steel pricing and trading margins	M-S7 [Fact]
Environmental Clearance limits (LMEL ore 26 to 55 Mtpa; GMSI EC to 2043)	Caps and enables output	M-S6, M-S9
State royalty (Andhra Pradesh 4%, of which 30% to the district trust)	GMSI cost	M-S9
Domestic gold production vs import duties	"Import substitution advantage" claimed by LEL	M-S12
SEBI LODR / PFUTP (settlement order 29 Sep 2026) and related-party rules	Governance cost; RPT approvals needed for LRDL merger / cross-links	M-S13
Companies Act s230-232 schemes, NCLT, SEBI scheme circular (public-shareholder majority)	Demerger and LEWL merger timing	M-S14
Companies Act s180 / s185 / s186 limits (raised by postal ballot Jan 2026 and May 2026)	Capacity to borrow, guarantee and invest (limits not read: Not Available)	M-S15
Competition Act s6	CCI cleared the LEWL merger 12 May 2026	M-S16
Defence indigenisation / DGQA approvals	LADSL and naval-equipment supply	[Est.] (LEWL holds DGQA accreditation, M-S17)
Tariffs / US policy	AR cites broad US tariffs from Apr 2025 as a global trade headwind	M-S7
Mining law / forest clearances for LMEL's BHQ and pipelines	LMEL notes forest land secured for BHQ; wider MMDR changes: Not Available	M-S6

Competitive-position summary and Porter's five forces [Analyst View]

Layer	Assessment
LEL parent	No operating moat: standalone trading is shrinking (-56% YoY in Q1 FY27 revenue) and earns little; value rests on holdings (LMEL, LEWL), unlisted bets (gold, real estate) and group relationships
LMEL	Cost leadership (captive ore, 85 km slurry pipeline, about Rs 550/t pellet logistics saving), but commodity-price exposed and capital-intensive (consolidated net debt about Rs 19,000 cr)
LEWL	Niche heavy fabrication / process equipment with approvals (ASME U stamp, IBR, DGQA); growth via inorganic stacking and captive demand; peer-premium multiple
Real estate	Sub-scale, asset-light, execution unproven at the current pipeline size
Gold	First-mover but unproven ramp
Rivalry / entry	Trading: intense, no differentiation. Engineering: moderate rivalry, entry barriers from approvals and vendor enlistments. Mining: licence-gated. Real estate: fragmented, land-gated
Buyer / supplier power	High buyer power in trading and EPC; concentrated related-party buyer (LMEL). Supplier power high for land and steel inputs
Substitutes	Limited for iron ore and steel; imported gold for domestic gold

Risks & Red Flags

Rows 1-23 are the market file's risk register (severity and likelihood are its [Est.] judgements, source keys M-S#); rows 24-32 are risks drawn from the governance and financials files. The Mitigant column states only facts found in the sources; "None identified" means none was found. Severity badges: High / Medium-High / Medium / Low.

#	Risk	Category	Severity	Detailed explanation and evidence	Mitigant
1	SEBI settlement over promoter-linked advances	Governance / Regulatory	High (occurred)	Rs 144.82 cr advanced FY07 to promoter-related entities at nil interest, undisclosed related parties, no ECL (FY07-FY23); LEL, then-MD Rajesh Gupta (now Executive Director, also LMEL MD) and CFO penalised Rs 1.28 / 1.44 / 1.44 cr. Order 29 Sep 2026; settled without admission; SEBI can reopen if representations untrue [M-S13]	Settled; total Rs 4.16 cr paid; 7% LMMT LLP interest received in lieu in FY24; company says no financial impact
2	Related-party structure and promoter benefit	Governance	High (present)	LRDL's about 36.6% promoter-group stake is bought out with new LEL shares (8.18 cr per the market file); promoter-group holding rises 62.72% to 64.61%; LMEL is a "Promoter" of LEL; Thriveni / Prabhakaran links appear in five roles [M-S14, M-S8]	Scheme needs NCLT approval and public-shareholder majority under the SEBI scheme circular; AOC-2 reports no non-arm's-length transactions
3	Mark-to-market volatility through OCI (not earnings)	Financial	High (recurring)	Reworded from the market file's "Mark-to-market earnings": the swings are in other comprehensive income, not profit. OCI moves with LMEL / LEWL prices: standalone total comprehensive income +Rs 3,116 cr in Q1 FY27 vs PAT about Rs 2 cr; Q4 FY26 -Rs 482 cr [M-S18]	Stakes are in liquid listed companies; company states they are held long term, not for trade
4	Holding-company concentration	Financial	High (present)	LMEL + LEWL stakes are about 85% of LEL's market cap at current prices [Est.] [M-S1, M-S2]	LMEL OPM 37%, ROCE 27%; LEWL order book Rs 8,857 cr
5	Leverage and pledges	Financial	Medium-High (present)	Rs 361 cr (LMEL warrants, secured on third-party LMEL shares) + Rs 219 cr (SISCOL, secured on LEWL shares); Tata Capital outstanding Rs 316 cr; Rs 170 cr GMSI guarantee (contingent) [M-S19, M-S20]. 11.62 cr LEWL shares (24.04% of the holding) pledged	Pledged LEWL block about 3.4x Tata Capital outstanding [Est.]; lenders stated not to be related parties
6	Related-party cash recycling	Governance	Medium (possible)	Rs 638 cr of rights money into LRDL NCDs; LRDL to be merged then demerged; value leakage to minorities if exchange ratios or later listing are mispriced [M-S21, M-S14]	Use matches stated objects (up to Rs 700 cr); India Ratings monitoring agency: no deviation
7	Gold execution	Execution	High (occurring)	Commercial start slipped about 7 months, FY27 output cut 600 to 400 kg, peak EBITDA cut 700 to 450 cr, resource figures inconsistent (12 t / 13.1 t / 6.8 t mineable), stake and cost inconsistent [M-S10, M-S22]	Mine in commercial operation since 24 Jun 2026; EC to 2043; free-milling metallurgy; carried at cost (no write-up risk)
8	Gold price and AISC	Business	Medium (possible)	Value is highly sensitive to gold price and recoveries; early production only 0.17 Mt ROM in Q1 [M-S6]	Gold price tailwind; AISC guided about USD 1,021/oz
9	Demerger / merger approval risk	Regulatory / Execution	Medium (possible)	NCLT Mumbai pending since 2 Jun 2026; Dec 2025 plan had approvals in Q2 FY27 and listing in Q4 FY27; share-exchange dilution [M-S10, M-S14]	NSE / BSE no-objection received 15 May 2026; CCI cleared the LEWL merger
10	Real-estate pipeline is MoU-based	Business	High (present)	Taloja / Khopoli non-binding, no definitive agreements disclosed; claims of over Rs 5,000 cr and over Rs 7,000 cr are unbooked; segment revenue Rs 18.5 cr in Q1 FY27 [M-S23, M-S9]	None identified
11	MMR real-estate cycle and approvals	Macro	Medium (cyclical)	SRA / redevelopment approval dependence [M-S7] [Est.]	AR cites an MMR upcycle
12	Acquisition integration	Execution	Medium-High (present)	LICL, Metalfab, Techno, LADSL, SISCOL (about Rs 1,073 cr; about 28x PAT) all inside 18 months; order-book step-up is inorganic; 7.07 cr LEWL shares issued at Rs 71.25, below the Rs 91.1 market price on 21 Oct 2026 [M-S3, M-S2]	SISCOL chairman-MD Ravi Uppal has L&T, ABB, Volvo, JSPL background
13	Customer concentration	Business	High (present)	About 37% of consolidated FY26 revenue from one related party (LMEL) [Est.]; trading counterparties Not Available [M-S8]. The FY26 consolidated sale of goods to LMEL (Rs 655.39 cr) compares with the LMEL limit of Rs 500 cr listed in LEL's notice; the limits are LEL-level and LEWL's own approvals were not read [Est.]	Shareholder-approved related-party limits; AOC-2 reports arm's length
14	Standalone trading decay	Business	Medium (occurring)	Revenue -22% FY26, -56% Q1 FY27; cannot service holding-level costs and interest [M-S12]	Trading is immaterial to NAV
15	Commodity cycle	Macro	Medium-High (cyclical)	Iron-ore realisation flat; steel pricing pressure from Chinese overcapacity; safeguard duty is temporary; LMEL margins at record 39% [M-S7, M-S6]	12% temporary safeguard duty
16	LMEL balance sheet and overseas risk	Financial	Medium-High (present)	Consolidated net debt about Rs 19,000 cr (Chemaf), DRC copper-cobalt ramp, fuel and sulphuric-acid costs, Chemaf EP-1 shut, Q1 copper EBITDA USD -2.63 mn [M-S6]	Management says Chemaf debt is being renegotiated; standalone LMEL EBITDA Rs 2,120 cr in Q1
17	Disclosure quality and consistency	Governance	Medium (present)	Stakes (30.48-31.58% gold; 31.16-49.26% LEWL), costs (Rs 140-204 cr), resource, order book, share-count denominators in block-deal notices, and the "near 340%" profit claim conflicting with its own table (+237.9%) [M-S10]	None identified (see Tab 2 register)
18	Auditor change and unreviewed numbers	Governance	Medium (present)	Todarwal & Todarwal to V.K. Beswal (8 May 2026) with prior-period figures reviewed by the predecessor; IPPL, Simon and associate Cunni in the Q1 FY27 consolidation were unreviewed management numbers [M-S12]	Rotation was routine (5-year term ended); first review unmodified
19	Market microstructure	Market	Medium (present)	Thin institutional ownership (FII 0.71%, DII 0.14%), 68,342 holders; exchange surveillance queries on price/volume 9-10 Apr 2026 and 16 Oct 2026; stock from Rs 41.39 (31 Mar 2026) to Rs 73.83 (30 Jun) to Rs 65.9 [M-S4, M-S24]	Beta 1.80 indicates volatility, not protection
20	Key-person and family control	Governance	Medium (present)	54-year founder-Chairman (79); Executive Director shared with LMEL; son Ravi Agarwal on the remuneration list and acquirer in the 2023 open offer [M-S8, M-S25]	Five of eight directors independent
21	Defence and new ventures	Execution	Low-Medium (possible)	LADSL (no revenue, 15% outside investors), drone and technology tie-ups early stage [M-S26]	Small capital at stake
22	Macro and geopolitics	Macro	Medium (possible)	Brent about USD 110 shock, rupee depreciation, US tariffs; rate path (RBI at 5.25%) [M-S7]	None identified
23	Partly paid share leftovers	Governance	Low (present)	24,44,540 shares with Rs 4.77 cr call unpaid [M-S27]	Forfeiture process underway; E1 series trading suspended 13 Jan 2026
24	Profit-recognition route for the share-sale gain	Financial	High (present)	Rs 183.71 cr gain is KAM number one; auditor challenged management's treatment; FVOCI stakes generally cannot be recycled to P&L under Ind AS 109 [Est.] [G-S3 p.201]	Unmodified audit opinion
25	Negative operating cash flow, external funding	Financial	High (recurring)	Five-year consolidated CFO -Rs 354 cr vs profit Rs 937 cr; FY26 CFO -Rs 361 cr; growth funded by Rs 929 cr rights issue and NBFC loans [F-S1]	Net cash from financing Rs 2,489 cr in FY26; no rating, so refinancing terms are unobserved
26	Disclosure gap on SEBI matter in the FY26 AR	Governance	High (occurred)	AR says no SEBI action while a show-cause notice dated 9 Jul 2025 existed; wording mismatch "suo-motu" vs notice [G-S3, G-S22]	None identified
27	Audit-committee composition	Governance	Medium (present)	Executive Director Rajesh Gupta (MD in the period covered by the SEBI order) sits on the Audit Committee with three independents [G-S3 p.125-126]	Committee chaired by an independent chartered accountant; 100% attendance
28	Low promoter participation in the rights issue	Governance	Medium (occurred)	Promoters took about 1.7 cr of about 18.8 cr entitled shares (73.91% to 62.72%); reason not stated [Est.] [G-S18]	Promoter stake is still 62.71%; no pledge on LEL shares
29	Reliance on other auditors for main subsidiaries	Governance	Medium (present)	LEWL, LRDL, Simon, LADSL and Metalfab audited by other auditors; principal auditor relies solely on them; statutory audit fee only Rs 0.03 cr vs Rs 6,320 cr standalone assets [G-S3 p.242, p.255-256]	Unmodified opinions
30	Valuation premium to NAV	Valuation	High (present)	Market cap about 1.06x NAV (1.14x after deferred tax) and about 117% of the two listed stakes, with unlisted holdings at cost [Est.] [F section 9]	None; the premium is what the market pays for the unlisted options
31	Information scarcity	Market	Medium (present)	No earnings-call transcripts, no broker coverage, no credit rating; price discovery by promoter-group announcements and retail flows [N, H-H1]	Quarterly decks and Reg-30 filings are available
32	Dilution overhang	Financial	Medium (possible)	LRDL merger +8.2 to 9.2 cr shares, demerger into LRL, ESOP options (15,46,900 outstanding), LEWL dilution of LEL's percentage by about 26% on the merger and SISCOL share issue [Est.] [F section 11]	Share counts are in NAV arithmetic (152.9 cr shares)

Market microstructure and trading risk [H-H1, H-H3, H-H9, H-H10]

Factor	Evidence
Liquidity and delivery	20-day average volume 46.1 lakh shares; delivery 42.68%; previous session 34.9 lakh shares (Rs 23.1 cr); beta 1.80 (1-yr) / 1.66
Institutional ownership	FPI 0.71%, MF 0.10%, domestic institutions 0.14% (Sep 2026); no MF, insurer or marquee FPI above 1%
Exchange surveillance	NSE / BSE price-movement query 9-10 Apr 2026 (no pending Reg 30 information; market-driven); BSE volume query 16 Oct 2026 (reply: market-driven, no undisclosed price-sensitive information). The stock fell 3.6-4.0% on 21 Oct 2026, after the query
Matched large trades	5 and 27 Mar 2026 near the 52-week low: F3 Advisors and Irage Broking both bought and sold near-identical quantities at near-identical prices (Tab 7). Observations, not accusations
Partly paid shares	E1 series trading suspended 13 Jan 2026; 3,35,552 partly paid shares remain at 30 Sep 2026
Moneycontrol "Stock Score"	54 / 100 ("Average Financial Strength, High Growth Trend; Stock Priced at High Valuations"); strengths 9, weaknesses 2 ("Decline in Quarterly Net Profit YoY"), opportunities 1 ("Above 200 DMA"), threats 4 ("Stocks with high PE (PE > 40)")
Retail positioning	Moneycontrol user poll "100% BUY" (sample size not shown, old name "Shree Global" still used: stale); forum cheerleading posts and a promotional spam post: low information content

Items searched but not substantiated

Litigation beyond an income-tax dispute line in the AR contingent-liability note (amounts not reliably extractable); credit ratings (Not Available); contingent liabilities at LEWL (Not Available); court cases against promoters outside LEL (Not Available); PIT and SAST filings for LEL (NSE endpoints returned empty).

Management Narrative & Guidance (no concall transcripts exist)

Critical source note [Fact]

Lloyds Enterprises has not filed any earnings-call transcript, audio recording or analyst-meet intimation on NSE or BSE. Evidence: (a) Screener's concall block lists Aug 2026, May 2026, Feb 2026 and Nov 2025 with "Transcript / AI Summary" chips that carry no links and only the presentation link [N-S2]; (b) the 135-item NSE feed (Jul 2025 to Oct 2026) and the 33-item feed (Jan to Jun 2025) contain no analyst / investor-meet or transcript category [N-S1]. This tab therefore does not contain "concall highlights". Each quarter below is drawn from the company's earnings-update deck, press releases, AGM speeches or Reg-30 filings, and says which. The closest thing to a management Q&A for the group is the Lloyds Metals and Energy (LMEL) Q1 FY27 call of 11 Aug 2026 (hosted by Nomura; Rajesh Gupta, who is also an Executive Director of LEL, speaking): it is a group-company call, not an LEL call (section below) [N-S3]. A broker-coverage search also found nothing (Tab 12).

Decks give no revenue guidance numbers for LEL itself; "guidance" below is project-level (gold, real estate, order book, restructuring dates) and group-company guidance quoted by LEL. IR contacts in the decks: Chintan Mehta / Rohan Gandhi (Chintan Mehta is also LMEL's investor-relations officer; lloyds_ir@lloyds.in) [N-S9, N-S3, H-H11]. Keys N-S#.

Disclosure calendar actually available (six quarters)

Quarter	Date filed	Format	Key
Q4 / FY25	9 May 2025	Earnings update (2 pages)	N-S4
Q1 FY26	14 Aug 2025	Investor presentation (12 pp)	N-S5
Q2 FY26	11 Nov 2025	Investor presentation (12 pp)	N-S6
Q3 FY26	9 Feb 2026	Investor presentation (13 pp)	N-S7
Q4 FY26	8 May 2026	Investor presentation (13 pp)	N-S8
Q1 FY27	11 Aug 2026	Investor presentation (15 pp)	N-S9
AGMs	29 Aug 2025; 9 Jul 2026	Chairman's speeches	N-S10, N-S11

Quarter by quarter, from decks and releases

Period (document)	What the company said [Fact]	Tone [Analyst View]
Q4 / FY25 (update dated 9 May 2025) [N-S4]	FY25 "best-ever": standalone income Rs 627 cr, consolidated Rs 1,571 cr (+44%); standalone operations +53%; standalone revenue from operations Rs 593 cr (+87%) on steel trading expansion including pellets; consolidated total comprehensive income +59% (OCI mark-to-market, not earnings). LEWL: highest-ever revenue and PAT, order book Rs 1,315.38 cr, profit +24.91%. "Primary operations are trading and investments"; investments in group companies "held for the long term and not held for trade"	Celebratory
Q1 FY26 (14 Aug 2025) [N-S5]	Consolidated total income Rs 613 cr (+88% YoY); TCI Rs 748 cr (+241%; OCI mark-to-market, not earnings); standalone income Rs 364 cr, PAT Rs 221 cr, TCI Rs 1,106 cr (OCI mark-to-market, not earnings; driven by "strategic portfolio monetisation", not trading: "trading activities remained stable"). LEWL order book Rs 1,337.57 cr; revenue +29%, PBT +25%. New: stake in Geomysore (gold) "expected to commence commercial production shortly"; GMSI "peak revenue about Rs 950 cr p.a., EBITDA about Rs 700 cr". Taloja MoU "over Rs 1,250 cr over 3-4 yrs". Rights issue of Rs 992.26 cr approved. Interim dividend 10%. Price Rs 89.24, mcap Rs 11,357 cr (30 Jun 2025)	Bullish
Q2 FY26 (11 Nov 2025) [N-S6]	H1 FY26 standalone operations +36%, consolidated +44%; PAT +1,634% standalone, +441% consolidated (low base plus monetisation gains). LEWL order book "about Rs 1,500 cr" (standalone Rs 1,304 cr, subsidiaries Rs 277 cr). Gold: JORC "about 13.1 t, upside to 42.5 t"; "405+ cr invested; commercial production expected this quarter"; 1,000 tpd plant. LRDL "debt-free, asset-light"; delivered area 2.9 mn sq ft. Price Rs 62.49, mcap Rs 8,997 cr (30 Sep 2025)	Confident
Q3 FY26 (9 Feb 2026) [N-S7]	9M FY26: standalone total income Rs 540.5 cr (+40.6%), PAT Rs 246.6 cr; consolidated total income Rs 1,393.3 cr (+33.4%), EBITDA Rs 427.3 cr (30.7% margin), PAT Rs 348.4 cr (+253%). LEWL order book jumps to "about Rs 6,645 cr" (standalone 1,666; subsidiaries 4,980). Gold stake 31.58%, investment "Rs 140 cr"; resource "8.2 Mt at 1.49 g/t, about 12 t, upside about 32 t"; planned output "about 600 kg/yr from FY27, peak about 1,000 kg"; AISC USD 1,021/oz. Real-estate restructuring slide added. Price Rs 59.75, mcap Rs 8,617 cr (31 Dec 2025)	Confident, reframing
Q4 FY26 (8 May 2026) [N-S8]	FY26: consolidated revenue from operations Rs 1,756 cr (+18%), total income Rs 2,183.7 cr (+39%), EBITDA Rs 543.4 cr (24.9%), PAT Rs 417 cr, EPS Rs 3.08 (FY25 Rs 0.97). Text says profit rose "near 340%"; the table beside it shows +237.9% (123.39 to 416.96): internal inconsistency. Standalone revenue Rs 463 cr, PAT Rs 268 cr (FY25 Rs 16 cr) on other income Rs 349 cr; Q4 standalone revenue Rs 224.6 cr, PAT Rs 21.5 cr. Standalone TCI (OCI mark-to-market on the LEWL and LMEL stakes, not earnings) swung from +Rs 1,106 cr (Q1 FY26) to -Rs 482 cr (Q4 FY26) and +Rs 3,116 cr (Q1 FY27), against standalone PAT of Rs 221 cr, Rs 21.5 cr and about Rs 2.4 cr in those quarters [N-S9]. LEWL order book about Rs 8,335 cr (Infrastructure 5,692; Engineering 2,493; Electrical 151); "debt-light" (earlier decks said "debt-free"). Gold: "about 60 kg produced in pre-production trials"; EBITDA attributable about Rs 142 cr. Price Rs 41.39, mcap Rs 6,183 cr on 31 Mar 2026 (52-week low Rs 40.86)	Upbeat print, softer language
Q1 FY27 (11 Aug 2026) [N-S9]	Consolidated total income Rs 605.44 cr (-1.2% YoY; Q1 FY26 contained Rs 282 cr of other income), EBITDA Rs 130.75 cr (21.6%), TCI Rs 1,200.65 cr (+60%; OCI mark-to-market, not earnings). Standalone income Rs 53.99 cr (-85%), standalone TCI Rs 3,115.83 cr (OCI value gains on strategic holdings, not earnings) vs standalone PAT of only about Rs 2 cr (PBT 2.20 cr from the results table, N-S12). LEWL: "record quarter", income Rs 540.2 cr (+139%), net profit Rs 68.2 cr, order book Rs 8,857 cr; SISCOL announced; gold "commercial operations 24 Jun 2026, about 400 kg targeted in FY27"; restructuring slide shows NSE / BSE approvals received, NCLT pending. LMEL slide: pellet plant "8 Mt expanding to 12", EC 55 Mt. Price Rs 73.83, mcap Rs 12,500 cr (30 Jun 2026); 52-week range Rs 40.70-84.70. On 21 Oct 2026: Rs 65.9, mcap Rs 10,075 cr [N-S2]	Promotional on engineering, quieter on gold

Guidance versus actuals ledger (discrepancies shown as discrepancies)

Item	What was said (date, source)	What happened / later statement	Read-across
Gold commercial production start	"Targeted November 2025" (10 Oct 2025 release, N-S13); "expected this quarter" (Nov 2025 deck, N-S6); "commercial ramp-up underway" (Feb 2026, N-S7)	Commercial operations 24 Jun 2026 per LEL deck (N-S9); LMEL deck says plant inaugurated 24 Jul 2026 (N-S3)	Slipped about 7 months [Fact]; month of inauguration conflicts between group decks
Gold output FY27	"Up to 900 kg/yr by end FY28" (Oct 2025, N-S13); "about 600 kg/yr from FY27, peak about 1,000 kg" (Feb / May 2026 decks; AGM 9 Jul 2026 "about 600 kg in FY27")	"About 400 kg in FY27, scaling toward about 1 t" (Aug 2026, N-S9)	About 33% cut to FY27 volume within 5 weeks of the AGM figure [Est.]
Gold project economics	"Peak revenue about Rs 950 cr, EBITDA about Rs 700 cr" (Aug 2025, N-S5)	"Revenue about Rs 600 cr, about 75% EBITDA (about Rs 450 cr), LEL attributable about Rs 142 cr" (Feb, May 2026)	Peak EBITDA cut about 36% [Est.]; attributable EBITDA quoted at both "about 32%" and "30.50%" stake
Gold stake / cost	31.58% and Rs 140 cr (Aug 2025-Feb 2026); "31%, Rs 200 cr" (May 2026 deck); 30.48% (28 May 2026 note, N-S14); about 30.50% and "about Rs 204 cr" (AR, N-S15); Prakar holds 63.17% (Jul 2025, N-S16) vs "about 61%" (AR)	Unreconciled	Conflict on stake and cost [Fact]; carried at cost
Gold resource	13.1 t, up to 42.5 t (Aug-Nov 2025); about 12 t, up to 32 t (Feb 2026 on); mine website 361k oz / 6.8 t mineable (N-S17)	Unreconciled	Four statements of the same asset
LEWL order book	About Rs 1,315 cr (Mar 2025), 1,338 (Jun), about 1,500 (Sep), 6,645 (Dec), about 8,335 (Mar 2026), about 8,000 (AGM), 8,857 (Jun 2026)	Step-change after LICL consolidation (LICL order book over Rs 4,500 cr, N-S18)	Not organic growth [Est.]; the Sep-2025 "1,500" excluded LICL
Real-estate revenue potential	"Over Rs 5,000 cr" from Khopoli (Oct 2025, N-S19); "over Rs 7,000 cr, LRL share" (Dec 2025, N-S20)	No definitive agreements disclosed through 21 Oct 2026 (NSE feed, N-S1); Taloja / Khopoli MoUs non-binding	Potential is unbooked [Fact]
Real-estate area	"14 mn sq ft" (AGM, N-S11); "15 mn+ sq ft" (Dec 2025, N-S20); about 20.3 mn sq ft summing website project areas (N-S21) [Est.]; Goregaon 1.10 mn sq ft (N-S20) vs 7.48 lakh (website)	Unreconciled
Demerger timeline	Dec 2025 deck: exchange approvals and NCLT filing Q1 FY27; shareholder / creditor and NCLT approval Q2 FY27; effectiveness and listing Q4 FY27 (N-S20)	NSE / BSE no-objection 15 May 2026; NCLT filing 2 Jun 2026; AGM 9 Jul 2026 said "applied to NCLT"; Aug 2026 deck "NCLT approval pending" (N-S9, N-S11)	Q1 milestones met on time [Fact]; Q2 NCLT approval not reported as of 21 Oct 2026 (Not Available: no NCLT order or meeting notice in the NSE feed)
SISCOL closing	"Indicative completion 31 Jul 2026" (N-S22)	LEL leg completed 17 Aug 2026 (N-S23)	About 2.5 weeks late; LEWL / Streamland legs: Not Available
"Debt-free"	AGM 29 Aug 2025: "debt-free company" (N-S10); LEWL "debt-free" in Aug 2025-Feb 2026 decks	LEL took Rs 361 cr (Dec 2025) + Rs 219 cr (Aug 2026) loans; Tata Capital "outstanding Rs 316 cr" (N-S24); LEWL called "debt-light" from May 2026	Claim no longer holds for the parent [Fact]
FY26 profit growth wording	"Near 340% increase" (N-S8)	Table: +237.9%	Narrative overstated vs own table [Fact]
Rights-issue use	Up to Rs 700 cr to LRDL NCDs	Rs 638 cr subscribed in FY26; no deviation per monitoring agency (30 Jun 2026, N-S25)	On plan [Fact]
LMEL capacity	Pellet plant "4 Mt", EC "26 Mt" (Aug 2025-Feb 2026)	"8 Mt expanding to 12", EC 55 Mt (Q4 / Q1 decks); LMEL plant 2 commissioned May 2026 (N-S3)	Consistent with LMEL's timeline [Est.]

What management said that matters (AGM speeches and the group call)

Occasion	Statements [Fact]
AGM 29 Aug 2025 (Babulal Agarwal) [N-S10]	Revenue crossed Rs 1,500 cr; trading income Rs 593 cr (+87%); LEWL best-ever year; LRDL "will be one of the strongest value creators"; interim dividend for FY26 equals the prior full-year dividend; rights issue open; gold "soon commencing commercial production"; "advantage of being a debt-free company". Proxies held 69% of capital (87.8 cr shares)
AGM 9 Jul 2026 [N-S11]	About 14 mn sq ft of upcoming real-estate projects; listing of real estate via merger / demerger; LEWL order book about Rs 8,000 cr and PBT growth 44%; gold about 31% stake, about 600 kg in FY27; LMEL 4.13% "directly and indirectly" after subscribing 75,00,002 warrants; trading about Rs 463 cr with about Rs 70 cr exports and a GAIL steel-pipe supply tender; consolidated income about Rs 2,200 cr; dividend 5%; SISCOL: LEL about 18%, group about 88%
LMEL Q1 FY27 call, 11 Aug 2026 (Nomura-hosted; transcript filed 17 Aug) [N-S3]: group-company call	LMEL crossed Rs 1,00,000 cr market cap; standalone revenue Rs 5,413 cr, EBITDA Rs 2,120 cr (39.2%), PAT Rs 1,527 cr; value-added products 41% of revenue and 40% of EBIT (13% and 2% a year earlier); iron-ore realisation flat at about Rs 6,068/t YoY with EBITDA/t Rs 2,230 (management: more ore used internally); pellet realisation Rs 11,783/t; slurry pipeline saves about Rs 550/t on pellets; about 25% of pellet output exported; consolidated net debt about Rs 19,000 cr, mostly Chemaf, being renegotiated; copper-cobalt capex about USD 300 mn over 9 months for the JV with US partners (financial closure expected within 3 months), operational Q1 FY28; Thriveni FY27 EBITDA margin guidance 28-30%, Q1 24.6% hit by fuel costs (pass-through under negotiation); Tata Steel JV started a small MDO at Joda West and evaluates BOT slurry pipelines

Read-across [Est.]: LEL's largest listed stakes (LMEL about Rs 4,190 cr, LEWL about Rs 4,400 cr at 21 Oct 2026 prices of Rs 1,803 and Rs 91.1 x 2,32,38,340 and 48,33,26,722 shares) together equal about 85% of LEL's Rs 10,075 cr market cap, before borrowings (Rs 361 cr + Rs 219 cr new loans), gold, real estate and SISCOL.

Tone and credibility over time [Analyst View]

Decks moved from "best-ever" and "debt-free" (2025) to "debt-light", cut gold targets and a refocus on engineering order book (2026). The restructuring milestones were met on time; the gold milestones, stake and cost statements were not stable. No analyst ever questions management on the record because no call exists. Recurring themes: portfolio monetisation, order-book growth, real-estate value unlocking. Contradictions: "debt-free" vs Rs 580 cr of new loans in eight months; gold "about 600 kg" at the AGM vs "about 400 kg" five weeks later; "near 340%" vs +237.9%.

News and event log, Jul 2025 to Oct 2026 [N section 5]

Date	Event	Key
23 May and 6 Aug 2025; 4 Jul 2025; 11 Jul; 21 Jul	Block sales of LEWL shares to Thriveni Earthmovers; Prakar 50% (Rs 140 cr); Taloja MoU; rights issue approved	N-S16, N-S28, N-S31
9 Aug 2025; 14 Aug; 25 Aug-8 Sep; 29 Aug	Rights terms (Rs 39, 1:5); interim dividend 10%; issue open; 39th AGM	N-S10, N-S32
10 Oct 2025; 16 Oct; 18-20 Oct	Gold pre-commercial trials; ESOP grant 16.36 lakh options; Khopoli MoUs	N-S13, N-S19
8-22 Dec 2025; 11 Dec; 22 Dec; 26 Dec; 29 Dec	New Articles; LADSL incorporated; real-estate restructuring announced; Rs 361 cr loans to convert LMEL warrants and Techno 100%; LEWL merger approved	N-S20, N-S33, N-S34
9 Jan 2026; 9 Feb	Postal ballot approved material related-party transactions (Crosslink Food and Farms, Geomysore, Prakar) and s185 loans / guarantees; LEWL block sale (Rs 29.96 cr), Q3 results; call money Feb 2026	N-S35, N-S36
9-10 Apr 2026	NSE / BSE surveillance queries on price / volume; company says "purely market-driven", no pending UPSI	N-S37
8 May 2026; 15-16 May; 16 May; 28 May	FY26 results, auditor change to V.K. Beswal, final dividend 5%; NOC; postal ballot raised borrowing / investment / guarantee limits (s180, s186; limits not read: Not Available); Rs 170 cr guarantee for GMSI NCDs	N-S38, N-S39, N-S14
2 Jun; 18-19 Jun; 24 Jun; 29-30 Jun 2026	Demerger filed at NCLT; SISCOL; gold commercial; LADSL 85%	N-S9, N-S22, N-S29
9 Jul; 11 Aug; 13 Aug; 17 Aug 2026	40th AGM; Q1 FY27 results; Rs 219 cr Tata Capital loan; SISCOL leg done	N-S11, N-S24, N-S23
1-3 Sep 2026	GMSI renamed Thriveni Lloyds Swarnagiri Pvt Ltd	N-S40
29-30 Sep 2026	SEBI settlement order; Rs 40 cr of Tata loan syndicated to Aditya Birla Capital; 29 Sep ESOP allotment	N-S41, N-S24, N-S42
16 Oct 2026; 19 Oct	Exchange sought clarification on volume movement (company: market-driven, no undisclosed price-sensitive information); ESOP grant	N-S2, N-S30

Not Available (and where searched)

LEL earnings-call transcripts and recordings, Q&A, analyst names: none exist on NSE / BSE feeds or the LEL site (Results, Intimation to Stock Exchanges, Other Disclosures pages); LEL IR pages list no call [N-S1].
Broker research, targets, estimates: not in scope of primary documents (see Tab 12).
Q2 FY27 date and NCLT order dates: NSE feed to 19 Oct 2026; BSE API blocked (HTTP 403).
LEWL and LMEL concalls beyond LMEL Q1 FY27: LMEL's investor page lists earlier recordings (mp3 for Aug 2025, Nov 2025, Feb 2026, May 2026 calls) that could not be transcribed [N-S45].

Growth, Outlook & Valuation

Order book and revenue visibility (LEWL group; LEL itself has no order book)

LEL discloses no order book for its own trading business and no book-to-bill. The order book below is LEWL's (consolidated), which LEL consolidates but owns 31-34% of. Contract revenue visibility: consolidated balance revenue to be recognised Rs 2,643 cr at Mar-26 (Rs 1,628.57 cr within a year) [F-S3 p.309 Note 42]; SISCOL order book about Rs 1,134 cr [B-S11]. Share of order book that is captive (LMEL group): Not Available.

Guidance and plans (project-level; no LEL revenue or profit guidance exists)

Item	Latest statement	Source
Gold FY27 output	About 400 kg, scaling toward about 1 tonne (earlier 600 kg; 900 kg "by end FY28")	B-S2, N-S13
Gold project economics	Revenue about Rs 600 cr, EBITDA about 75% (about Rs 450 cr); LEL attributable about Rs 142 cr; AISC about USD 1,021/oz	B-S3, B-S2
Real-estate listing	Merger of LRDL / IPPL into LEL, demerger into Lloyds Realty Ltd; listing targeted Q4 FY27 (Jan-Mar 2027); revenue potential over Rs 7,000 cr (LRL share), over Rs 5,000 cr (Khopoli), over Rs 1,250 cr (Taloja)	B-S13, N-S20
LEWL	Order book Rs 8,857 cr; Murbad modernisation targets about 2x throughput; combined structural capacity 150,000 MTPA; SISCOL DRHP within 30 months of Stage-1 completion	B-S2, B-S3, B-S11
LMEL (stake value driver)	FY27 iron ore 26 Mt, pellets 7.75-8 Mt, DRI 825 kt, copper 2.5 kt; 1.2 Mt steel plant guided Q4 FY27; Thriveni EBITDA margin 28-30%	B-S22
Capital commitments	Rs 271.54 cr at Mar-26 (Mar-25: Rs 36.78 cr)	F-S3 p.310
Dividend	FY26 interim Re 0.10 + final Re 0.05; FY25 payout 22%, FY26 8% of consolidated profit	F-S1, F-S3
Analyst consensus (FY+1, FY+2)	Not Available: Moneycontrol (S&P feed) shows "No Analyst Rating Data / No Consensus Data / Broker Research: No Data"; Trendlyne, Tickertape, Economic Times pages did not resolve to this stock	H-H1

Catalysts and pipeline (dated), status at 21 Oct 2026 [N section 4]

Item	Status	Next milestone	Key
LRDL + IPPL merger into LEL; demerger of real estate into Lloyds Realty Ltd (1 LRL per 2 LEL; 43 LEL per 350 LRDL or 51 per 400)	NSE / BSE NOC 15 May 2026; NCLT Mumbai filing 2 Jun 2026; pending	NCLT meeting / approval; record dates; LRL listing (deck target Q4 FY27 = Jan-Mar 2027)	N-S9, N-S20, N-S26
LEWL merger with LICL, Metalfab, Techno	CCI approved 12 May 2026; deck calls it completed; NCLT order Not Available	Share issue (LEWL count 147.4 cr to 185.5 cr; promoter 49.26% to 39.14%)	N-S27, N-S9
SISCOL: LEWL 52.16% stake (cash + 7.07 cr LEWL shares at Rs 71.25), Streamland 17.98%	LEL leg done 17 Aug 2026	Remaining legs; DRHP for SISCOL listing within 30 months of Stage 1	N-S22, N-S23
Gold ramp to about 400 kg FY27	Commercial from 24 Jun 2026; LMEL reports 0.17 Mt ROM in Q1	Quarterly recoveries; resource update	N-S9, N-S3
Taloja (51% of Calculus Logistech for Rs 60 cr + up to Rs 242 cr debt) and Khopoli (about 175 acres)	Non-binding MoUs	Definitive agreements (none disclosed)	N-S28, N-S19
LMEL: 1.2 Mt steel plant (Q4 FY27), third pellet plant, BHQ, Chemaf restructuring, copper ramp	Per LMEL deck / call	Q2 / Q3 FY27 LMEL prints	N-S3
LADSL (defence)	85% LEWL; no revenue	Orders	N-S29
Q2 FY27 results	Not announced	Last year Q2 results came 11 Nov 2025, so a print on or before the statutory outer date of 14 Nov 2026 is expected [Est.]	N-S6
Rights call balance	24,44,540 shares unpaid (Rs 4.77 cr)	Forfeiture / clean-up	N-S25
ESOP	1,35,440 options granted 19 Oct 2026	Vesting	N-S30

Horizon	Drivers [Analyst View]
12-month catalysts	Q2 FY27 print (due by 14 Nov 2026); NCLT order and final exchange ratio; listing of Lloyds Realty (deck: Q4 FY27); gold quarterly output vs 400 kg; remaining SISCOL legs; any definitive Taloja / Khopoli agreement; reconciliation of stake and cost disclosures
Long-term drivers	LEWL execution of an Rs 8,857 cr order book; LMEL volume ramp (pellets 3.03 Mt to 7.75-8 Mt) and copper-cobalt; gold scaling toward 1 tonne; land-bank conversion in MMR; monetisation of stakes
Headwinds	Pledged stakes and NBFC leverage; mark-to-market volatility; governance overhang; dilution from the LRDL merger and ESOP; steel and iron-ore price cycle; gold ramp risk
Industry tailwinds	12% safeguard duty on steel imports; MMR redevelopment and metro / coastal-road schemes; gold price strength; defence indigenisation (Tab 9). No PLI scheme identified in the sources

Valuation

Market-based multiples [F-S1]	Value	Comment
P/E (owners' TTM EPS about Rs 0.75)	88.4x	Price Rs 65.9
P/B	2.38x	BV Rs 27.7
Market cap / listed stakes	about 1.17x	Rs 10,075 / 8,612 [Est.]
Market cap / NAV	1.06x (1.14x after DTL)	[Est.]
EV/EBITDA, market-cap/sales	Not Available	Chart-only on Screener; consolidated EV distorted by NCI Rs 1,290 cr and OCI-driven profit
Dividend yield	0.22%	No buyback history found
3-year average P/E, P/B	Not Available	Historical multiples not captured in the sources (Screener history is chart-only; BSE / NSE price APIs returned 403 / 503)
Target prices (bull / base / bear)	Not Available	No broker or valuer value exists

Sum of the parts at 21 Oct 2026 prices [F section 9] [Est.]

LEL price Rs 65.9 at 15:23; LEWL Rs 91.5, mcap Rs 14,192 cr (market file: Rs 91.1, Rs 14,121 cr); LMEL Rs 1,803, mcap Rs 1,01,532 cr (market file Rs 1,01,464 cr); pages fetched the same afternoon [F-S14, F-S15, M-S1, M-S2]. Share counts from AR Note 06 and the Sep 2026 shareholding [F-S3, F-S20]: LEWL 48,33,26,722 shares; LMEL 2,32,38,340 shares. The SOTP uses share counts and carrying values, so the stake-percentage conflicts (LEWL 31.16-33.58% vs 49.26%; gold 30.48-31.58%) do not move NAV; the gold cost conflict (Rs 140 cr vs Rs 203.55 cr carrying value) moves it by about Rs 64 cr, under 1%.

Component	Basis	Rs cr
LEWL 48.33 cr sh x Rs 91.5 (x Rs 91.1 = 4,403)	market	4,422
LMEL 2.3238 cr sh x Rs 1,803	market	4,190
Listed stakes subtotal (Rs 8,590-8,612 cr across the two files)		8,612 (= Rs 56.3 per LEL share)
Geomysore / GMSI via Prakar LLP (50% of Prakar; 30.48-31.58% economic, sources conflict)	at cost (Mar-26)	204
LMMT LLP 7% interest	carrying value	158
SISCOL 17.98% (73 lakh sh)	cost, bought 17 Aug 2026	219
LRDL equity (110 cr sh) + 9.25% NCDs 638	cost	748
IPPL (76.33% direct + indirect)	carrying	169
Other quoted / unquoted (India Homes, Thriveni 2.5, Fatakpay, MF / debt funds, etc.)	carrying	about 100
Gross asset value		about 10,200
Less standalone borrowings: Mar-26 482.6 + Aug-26 Tata Capital Rs 219 cr loan (some repayment unknown)		(about 700)
Add standalone cash / bank (Mar-26)		+37
Net asset value (no deferred tax)		about 9,540 (Rs 62.4 per share on 152.9 cr sh)
Less deferred tax on OCI gains (Mar-26 about 214 + Q1 FY27 519.50 = about 734)		(about 734)
NAV after deferred tax		about 8,806 (Rs 57.6 per share)

Result [Est.]

Market cap Rs 10,075 cr is 1.06x NAV before deferred tax and 1.14x after. The stock trades at a premium, not at the usual 20-40% holding-company discount. The premium implicitly values the LRDL pipeline (company claims revenue potential over Rs 7,000 cr per the 22 Dec 2025 release, over Rs 5,000 cr per the Q1 deck), the gold mine (about 400 kg in FY27 scaling to about 1 tonne; about Rs 600 cr revenue at about 75% EBITDA; LEL share of peak EBITDA about Rs 142 cr) and SISCOL well above cost.

Cross-checks [Est.]	Value	Basis
Listed stakes less standalone net debt	Rs 7,949 cr (Rs 52.0 per share)	8,612 - 700 + 37
Value the market assigns to all unlisted holdings if there were no holdco discount	Rs 2,126 cr	10,075 - 7,949
Unlisted holdings at cost / carrying	about Rs 1,598 cr	204 + 158 + 219 + 748 + 169 + 100
Market-implied multiple on unlisted cost	about 1.33x	2,126 / 1,598
Price at 20% / 30% discount to NAV before DTL	Rs 49.9 / Rs 43.7	0.8 and 0.7 x Rs 62.4
Price at 20% / 30% discount to NAV after DTL	Rs 46.1 / Rs 40.3	0.8 and 0.7 x Rs 57.6
Price band seen over the last year	Rs 40.7 to Rs 84.7	52-week range; March 2026 low was about Rs 41-42.5

Sensitivity of price-to-NAV to the two listed stakes [Est.] (other components held constant, before tax effect)

LEWL and LMEL prices move by	NAV (Rs cr)	Market cap / NAV at Rs 10,075 cr
-20%	7,818	1.29x
-10%	8,679	1.16x
Unchanged	9,540	1.06x
+10%	10,401	0.97x
+20%	11,262	0.89x

A 10% move in both stakes is about Rs 861 cr (8.5% of market cap). Illustrative upside cases (explicit assumptions only, scenarios not forecasts): if GMSI attributable peak EBITDA of Rs 142 cr were capitalised at 6x / 8x EV/EBITDA the stake would be Rs 850-1,140 cr vs Rs 204 cr cost; LRDL's book net worth is only about Rs 180 cr (AOC-1: share capital 182.17, reserves -1.85, total assets 888.55) so land-bank value is not on the balance sheet [F-S3 p.90]. SISCOL implied value: Rs 219 cr for 17.98% = Rs 300 per share, about Rs 1,218 cr for 100%; FY26 PAT Rs 43.42 cr, about 28x; group deal 88.12% for Rs 1,073.4 cr (LEWL 52.16% for Rs 635.4 cr via cash and a share swap); SISCOL FY26 revenue Rs 816.87 cr, order book about Rs 1,134 cr [F-S7 p.11, F-S12]. No broker or valuer value is available. Look-through [Est.]: LEL's share of LEWL Q1 FY27 net profit is about Rs 21-23 cr a quarter.

Peer multiples for the listed stakes [M-S1, M-S2, M-S5]

Name	P/E	Mcap Rs cr
LEL (owners' TTM)	88.4	10,075
LMEL	21.3	1,01,464
LEWL	63.1	14,121
Thermax / Isgec / KEC (engineering peers)	68.6 / 25.0 / 14.8	37,740 / 6,525 / 8,876
NMDC / Tata Steel / JSW Steel (iron ore and steel)	8.2 / 18.2 / 24.9	61,322 / 2,15,264 / 2,99,736

Street view: coverage, media and sentiment [H sections 1, 5, 6, 7]

Item	Finding
Sell-side coverage	None found. Moneycontrol (S&P Global Market Intelligence feed) shows "No Analyst Rating Data", "No Consensus Data", "No SharePrice Data", "No Earnings Data", "No Valuations Data", "No Hit/Misses Data" and "Broker Research: No Data" [H-H1]. Target prices from brokers: Not Available (searched Moneycontrol forecast tab; Economic Times page returned "Stock not traded" / no recos; Tickertape and Trendlyne pages did not resolve to this stock)
Company-side investor relations	IR contacts (Chintan Mehta / Rohan Gandhi, lloyds_ir@lloyds.in); the deck names no covering brokers; no analyst calls or transcripts posted for FY26-27. An LEWL investor-conference schedule (21-22 Sep 2026) exists for the subsidiary, not for LEL [H-H11, H-H2]
Technical and retail-tip items (not brokerage research; headline only)	18 Jun 2026 "Stocks to buy: Nagaraj Shetti recommends IRFC, Lloyds Enterprises" (target / stop-loss unreadable); 27 Sep 2026 Livemint "Top 5 stocks to buy under Rs 100 ... Lloyds ... by Sumeet Bagadia" (UNCONFIRMED which Lloyds company; LMEL is above Rs 100, LEWL about Rs 90; not counted as LEL coverage); 15 Sep 2026 Univest "Bull Case vs Bear Case for 2026"; Aug 2026 Univest "Welspun Investments Share Price: Lloyds Enterprises Adds Rs 4.11 Crore Stake"; 7 Oct TechGraph; 8 Oct siam.in "LLOYDSENT falls 5.56% to Rs 74.59, retests lower support" (algorithmic)
Read-through [Est.]	A Rs 10,000 cr Nifty Smallcap 500 / Microcap 250 constituent with zero formal research means price discovery is driven by promoter-group announcements, retail flows and thematic stories (gold mine, real-estate listing, defence / engineering). Valuation anchors must be self-built (SOTP above)
Sentiment: narrative heard by retail [Est.]	"Multi-engine Lloyds group play": gold mine in production (24 Jun 2026), engineering / defence order book Rs 8,857 cr at LEWL, real-estate demerger and separate listing, stake in high-momentum LMEL. The 1-for-2 LRL entitlement and "mirror-image" structure are marketed as value unlocking
Counter-narrative [Est.]	SEBI settlement over Rs 144.82 cr promoter-linked advances; earnings dominated by treasury gains and OCI marks; negative owners' cash flow; leverage with pledged LEWL shares; low institutional participation; same-day matched blocks in March 2026
Sentiment direction since the SEBI order [Est.]	Price fell from about Rs 74-75 (early Oct) to Rs 65.9 (-11%), but the stock is up about 55% from March lows; headlines on the settlement are mostly neutral and factual ("settles", "pays Rs 4.16 Cr") rather than alarmist, and several emphasise the small penalty versus the Rs 144.82 cr gap
Social media (X, Telegram, Reddit, ValuePickr)	Not Available (no search access)

Price, volume and positioning timeline

Levels: Rs 42.5 (27 Mar 2026 block price) to Rs 73.83 (30 Jun 2026, mcap Rs 12,500 cr) to Rs 74.59 after a 5.56% fall (8 Oct, press) to Rs 68.72 (20 Oct close) to Rs 66.19-65.9 (21 Oct, -3.6% to -4.0%) [H-H1, H-H2, H-H11, H-H5]. About 32% below the all-time high and about 22% below the 52-week high.
Moneycontrol notes promoters "decreased holding from 62.72% to 62.71% in Sep 2026 qtr" (due to ESOP-trust allotment, not selling) [H-H1, H-H3]. Ex-dates 4 Sep 2025 (interim Re 0.10) and 2 Jul 2026 (final Re 0.05).
Technical sentiment: price below the 52-week high, above the 200-DMA per Moneycontrol; a 3.6-4.0% fall on 21 Oct 2026 after the exchange's 16 Oct volume query [H-H9].

Media and news-flow log (newest first; headline-level, bodies not retrieved) [H-H5]

Date	Headline / item	Publisher	Type
19 Oct 2026	LEL grants 1,35,440 stock options under ESOP 2025 (Rs 2 strike)	Business Upturn; Kalkine; InvestyWise	Filing recap
13 Oct 2026	LEL pledges 1.10 crore shares in Lloyds Engineering Works	scanx.trade	Pledge recap (primary: 11.62 cr LEWL shares pledged at 30 Sep 2026)
12 Oct 2026	Reg 74(5) certificate Q2 FY27	Kalkine	Routine
9 Oct 2026	Asi Industries buys 0.027% stake in LEL for Rs 3.03 cr	Bing News result	Small holder buy
8 Oct 2026	LLOYDSENT falls 5.56% to Rs 74.59, retests lower support	siam.in	Price-move item
6 Oct 2026	SEBI settles Lloyds Enterprises Rs 144.82 cr advances case	Taxscan	Regulatory
29 / 30 Sep 2026	LEL settles with SEBI over Rs 144.82 cr advances to promoter-linked entities (Moneycontrol, Livemint, Economic Times, NiftyTrader, HDFC Sky, Rediff MoneyWiz; Bing: "MD and CFO pay Rs 4.16 Crore ...")	Multiple	Regulatory
27 Sep 2026	Top 5 stocks under Rs 100 (Sumeet Bagadia)	Livemint	Tip; company ambiguous
15 Sep 2026	Bull Case vs Bear Case for 2026	Univest	Retail content
3 Sep 2026	Subsidiary renamed Thriveni Lloyds Swarnagiri (gold)	Business Standard; Kalkine	Company news
28 Aug 2026	Adds 40 lakh share pledge to Tata Capital	InvestyWise	Recap
20 Aug 2026	"Promoter pledges 6 crore shares for Rs 219 crore loan"; "pledges 4.05% of Lloyds Engineering for Rs 219 Crore loan"	scanx.trade; InvestyWise	Recap (the pledger is LEL, not the promoters, per the Tata Capital filing)
17 Aug 2026	Lloyds Engineering snaps up 51% of SISCOL in Rs 626 cr deal	NDTV Profit	Deal
11 Aug 2026	LEL profit falls 56% YoY to Rs 110 cr in Q1 FY27; revenue jumps 70%	Free Press Journal	Results
6 Aug 2026	Lloyds Engineering Q1 profit more than doubles; order book over Rs 2,800 cr (standalone)	CNBC TV18	Subsidiary results
28 Jul 2026	Lloyds Realty secures Rs 600 cr rental revenue from Smartworks deal	Business Standard	Real estate
29 Jun 2026	LEL's subsidiary stake diluted to 85% (LADSL)	scanx.trade	Corporate
18 Jun 2026	Nagaraj Shetti: buy IRFC, Lloyds Enterprises (short term)	Bing News	Technical tip
8 May 2026	LEL Q4 profit rises 49% QoQ to Rs 40.7 cr, revenue more than doubles YoY	Bing News	Results (Screener shows Q4 consolidated PAT Rs 69 cr incl. minorities; Rs 40.7 cr appears to be owners' share [Est.])
22 Dec 2025	Major restructuring; separate listing for real estate	Bing News	Corporate
5 Sep 2025	Rights issue date extended; price and issue size	Bing News	Corporate

Final Verdict

Business QualityMediumgood assets, no parent moat

Management QualityWeakSEBI settlement, disclosure gap

Financial QualityWeakprofit unrealised, OCF negative

ValuationExpensiveabout 1.06x NAV, no holdco discount

Overall ViewNeutralverdict TRACK, see box below

Bull case

The underlying stakes are strong and growing: LMEL (OPM 37%, ROCE 27%, FY27 pellet guidance 7.75-8 Mt vs 3.03 Mt) and LEWL (order book Rs 8,857 cr, Q1 FY27 income +139%) are about 85% of the market cap; a further 20% rise in both lifts NAV to about Rs 11,262 cr (about Rs 73.7 a share) [Est.].
The unlisted options are carried at cost and could be re-rated by events with dates: the NCLT order and Lloyds Realty listing (deck target Q4 FY27), gold output scaling from 400 kg toward 1 tonne (LEL share of peak EBITDA about Rs 142 cr), and SISCOL (FY26 revenue Rs 817 cr, order book Rs 1,134 cr).
Market participation is broadening: the Rs 929 cr rights issue was taken up by non-promoters (non-promoter holding 26.09% to 37.28%), FPI holders rose from 12 to 39 between Jun 2025 and Sep 2026, the stock is up about 55% from its March 2026 lows, and the real-estate restructuring met its first-half 2026 milestones on time.

Bear case

Governance: a SEBI settlement over Rs 144.82 cr of advances to promoter-linked entities, an annual report that said there was no SEBI action while a show-cause notice existed, the settled executive on the Audit Committee, a promoter group that took 1.7 cr of 18.8 cr rights shares, and a merger that lifts it to 64.61%.
Financial quality and leverage: other income 91% of FY26 consolidated PBT, a Rs 183.71 cr gain the auditor flagged, five-year operating cash flow of -Rs 354 cr vs profit of Rs 937 cr, Rs 580 cr of new NBFC loans against pledged shares, and about 37% of revenue from one related party.
Price: about 1.06x NAV (1.14x after deferred tax) and 117% of the two listed stakes, with everything else at cost, a gold FY27 output target cut by a third within five weeks of the AGM figure, real-estate value resting on non-binding MoUs, and a NAV exposed to the two listed stakes (a 20% fall in both would put market cap at 1.29x NAV) [Est.].

Base case (12-18 months) [Analyst View]

Most likely: LEL continues to behave as a leveraged, lagging proxy for LEWL and LMEL, with 10% moves in both stakes changing NAV by about Rs 861 cr. Reported profit stays noisy: Q2 FY27 and later quarters carry treasury gains or none, owners' EPS runs well below the reported figure, and OCI swings of several thousand crore dominate "total comprehensive income". The NCLT order and listing of Lloyds Realty arrive on or after the deck's Q4 FY27 target; gold output is below the original 600 kg. With stakes unchanged, the stock should trade around 0.85-1.15x NAV (about Rs 53-72 on a Rs 62.4 NAV, or Rs 49-66 on the Rs 57.6 after-deferred-tax NAV). Scenario ranges for the stakes: both listed stakes down 20% gives NAV of about Rs 51 a share; up 20% gives about Rs 74. These are scenario ranges, not forecasts.

Five things to remember

This is a holding company, not a trader: trading revenue was Rs 463 cr in FY26 and Rs 43 cr in Q1 FY27; standalone profit came from other income of Rs 349 cr, including a Rs 183.7 cr share-sale gain the auditor flagged and Rs 129.2 cr from selling rights entitlements.
Total comprehensive income (Rs 3,116 cr in standalone Q1 FY27; -Rs 482 cr in Q4 FY26) is mark-to-market of the LEWL and LMEL stakes, not earnings. Owners' EPS is about Rs 2.09 vs the reported Rs 3.08.
The price (Rs 65.9, Screener, 21 Oct 2026, about 15:23 IST, not an official close) is a premium to NAV: market cap Rs 10,075 cr vs Rs 8,590-8,612 cr for the two listed stakes and about Rs 9,540 cr NAV [Est.].
The SEBI order of 29 Sep 2026 was settled for Rs 4.16 cr in total without admission; both executives remain in office and the FY26 annual report said there was no SEBI action. LEL is a sister company of LMEL, and the promoters are the Agarwal / Gupta family (62.71%); there is no Mittal promoter.
There are no earnings-call transcripts and no broker coverage. Q1 FY27 (board 11 Aug 2026) is the latest result; Q2 is due by 14 Nov 2026.

Five questions before investing

What is the final LRDL / IPPL exchange ratio (51:400 or 43:350) and how many new LEL shares go to which holders, given that the promoter-group stake rises to 64.61%?
Why was the Rs 183.71 cr share-sale gain recognised through profit and loss when the stakes are carried at fair value through OCI, and is the Rs 129.19 cr rights-entitlement income repeatable?
What are the terms, tenor and covenants of the Tata Capital, Bajaj Finance, Jio Credit and Aditya Birla Capital loans, and what happens to the pledged LEWL shares (24.04% of the holding) if LEWL falls 30-40%?
Can the gold mine deliver the revised 400 kg in FY27, and why do the stake (30.48-31.58%) and cost (Rs 140 cr, Rs 200 cr, Rs 204 cr) differ across the company's own documents?
Why does an executive director named in the SEBI order sit on the Audit Committee, and will the board correct the annual-report statement on SEBI actions?

Opinion [Analyst View]. Lloyds Enterprises owns two strong listed businesses and a set of unlisted options, but it asks for a premium to NAV (about 1.06x before deferred tax, 117% of the two listed stakes) for a structure that carries leverage against pledged shares, earnings dominated by treasury gains and mark-to-market, a fresh SEBI settlement with an inaccurate annual-report statement, and related-party flows that benefit the promoter group. The two listed stakes can be bought directly without those layers, and the unlisted options are all carried at cost, with a gold plan that has been cut and real-estate claims that are non-binding. That does not support committing capital at Rs 65.9. It also does not justify closing the file, because dated events will price the options: the Q2 FY27 results (due by 14 Nov 2026), the NCLT order and exchange ratio, the Lloyds Realty listing (deck target Jan-Mar 2027), and gold output against 400 kg by March 2027.

Revisit conditions. Reconsider only if (1) the price falls to about Rs 46-50, a 20% discount to NAV after or before deferred tax [Est.], or the listed stakes rise enough to restore a margin of safety; (2) Q2 FY27 shows owners' profit and operating cash flow separate from OCI and treasury gains; (3) the board corrects the SEBI disclosure and revisits the Audit Committee composition; and (4) the final exchange ratio and any deleveraging of the pledged LEWL shares are known.

TRACK

Sources

Access date: 21 Oct 2026 for every item (the as-of date stated by each of the six research files; document dates are in the Document column). The six research files were written by two agents from primary documents (BSE / NSE filings, the FY26 annual report, the SEBI order) and each has its own [S#] key table. The key tables are deliberately not merged: the same number points to different documents in different files, so every in-text citation in this report carries a file prefix (B = business, F = financials, G = governance, M = market/competition, N = narrative, H = street view). Web search was unavailable to the research agents; vendor pages (Screener, Moneycontrol) are data-vendor reads and Google / Bing News items are headline-only.

Concordance: entries that appear to be the same document under different keys [Est.]

Pairing is by matching title and date; copies are often hosted on different sites (NSE archive, BSE, company website), so treating them as one document is an inference. FY26 annual report: B-S9, F-S3, G-S3, M-S7 and M-S8, N-S15, H-H7 (same BSE URL in all six files). SEBI settlement order: B-S12, F-S22, G-S22, M-S13, N-S41, H-H6 (same sebi.gov.in URL). Q1 FY27 investor deck: B-S2, F-S7, G-S7, M-S9, N-S9, H-H11 (NSE and BSE copies). Q1 FY27 results filing: B-S10, M-S12, N-S12 (company site) and F-S5, G-S5 (BSE copy). Screener LEL consolidated: B-S1, F-S1, G-S1, M-S1 and M-S4, N-S2, H-H2. GMSI NCD guarantee of 28 May 2026: B-S17, F-S11, G-S11, M-S20, N-S14. Tata Capital loan of 13 Aug 2026: B-S16, F-S8, G-S8, M-S20, N-S24. LMEL warrant loans of 26 Dec 2025: B-S41, F-S10, G-S10, M-S19, N-S34. SISCOL completion of 17 Aug 2026: B-S45, F-S12, G-S12, N-S23. Real-estate restructuring of 22 Dec 2025: B-S13, F-S16, G-S16, M-S14, N-S20. LMEL Q1 FY27 deck and call: B-S22, M-S6, N-S3.

A. Business file (1_business): keys B-S#

Key	Document	URL
B-S1	Screener, LEL consolidated page	https://www.screener.in/company/LLOYDSENT/consolidated/
B-S2	LEL Q1 FY27 investor presentation (11 Aug 2026)	https://nsearchives.nseindia.com/corporate/SGTL2008_11082026180750_Intimationearningupdate.pdf
B-S3	LEL Q4 FY26 presentation (8 May 2026)	https://nsearchives.nseindia.com/corporate/SGTL2008_08052026133538_InvestorPresentation31032026.pdf
B-S4	LEL Q3 FY26 presentation (9 Feb 2026)	https://nsearchives.nseindia.com/corporate/SGTL2008_09022026143618_InvestorPresentationFinal.pdf
B-S5	LEL Q2 FY26 presentation (11 Nov 2025)	https://nsearchives.nseindia.com/corporate/SGTL2008_11112025150603_InvestorPresentation.pdf
B-S6	LEL Q1 FY26 presentation (14 Aug 2025)	https://nsearchives.nseindia.com/corporate/SGTL2008_14082025120139_EarningUpdate30062025.pdf
B-S7	LEL FY25 earnings update (9 May 2025)	https://nsearchives.nseindia.com/corporate/SGTL2008_09052025153323_EarningUpdate.pdf
B-S8	Not used in the file (numbering gap in its key table)	No URL
B-S9	LEL Annual Report 2025-26	https://www.bseindia.com/xml-data/corpfiling/AttachHis/82f67229-7245-4268-a22b-49994f6ffe86.pdf
B-S10	Q1 FY27 results (standalone, consolidated, segment note)	https://www.lloydsenterprises.in/wp-content/uploads/2026/08/OutcomeofBM11082026.pdf
B-S11	SISCOL press release 19 Jun 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_19062026155550_Intimationofacquisitionrelease.pdf
B-S12	SEBI Settlement Order 29 Sep 2026	https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790688602846_1.pdf
B-S13	Real-estate restructuring release and board outcome 22 Dec 2025	https://www.lloydsenterprises.in/wp-content/uploads/2025/12/Release.pdf ; https://nsearchives.nseindia.com/corporate/SGTL2008_22122025202542_OutcomeofBoardMeeting.pdf
B-S14	Chairman's AGM speeches 9 Jul 2026 and 29 Aug 2025	https://nsearchives.nseindia.com/corporate/SGTL2008_09072026155713_FinalChairmanSpeech.pdf ; https://nsearchives.nseindia.com/corporate/SGTL2008_29082025182811_ChairmanSpeech.pdf
B-S15	Not used in the file (numbering gap in its key table)	No URL
B-S16	Loan agreement 13 Aug 2026; assignment 30 Sep 2026	https://www.lloydsenterprises.in/wp-content/uploads/2026/10/Memorandum-of-UnderstandingAgreement-13.08.2026.pdf ; https://www.lloydsenterprises.in/wp-content/uploads/2026/10/Transfer-Deed-30.09.2026.pdf
B-S17	GMSI NCD guarantee, Board 28 May 2026	https://www.lloydsenterprises.in/wp-content/uploads/2026/05/Outcome28052026.pdf
B-S18	LEWL merger disclosure 29 Dec 2025; CCI 14 May 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_29122025205822_IntimationLEWLMerger.pdf ; https://nsearchives.nseindia.com/corporate/SGTL2008_14052026123112_CCIIntimationLEWL.pdf
B-S19	Prakar 50% investment, 4 Jul 2025	https://nsearchives.nseindia.com/corporate/SGTL2008_04072025104421_IntimationReg30.pdf
B-S20	LEWL block sales	https://www.lloydsenterprises.in/wp-content/uploads/2025/05/Intimation-Under-Reg-30.pdf ; https://nsearchives.nseindia.com/corporate/SGTL2008_06082025164654_Intimation_ofSaleofShares.pdf
B-S21	LEWL website (Manufacturing, History, Certifications)	https://lloydsengg.in/manufacturing-unit/
B-S22	LMEL Q1 FY27 presentation and call transcript	https://lloyds.in/wp-content/uploads/2026/08/Investor_Presentation_Q1FY27.pdf ; https://lloyds.in/wp-content/uploads/2026/08/Intimation-of-Earnings-call-Transcript-for-Quarter-ended-30th-June-2026.pdf
B-S23	Lloyds Realty website, upcoming projects	https://lloydsrealty.com/upcoming-projects/
B-S24	Geomysore website	https://www.geomysore.com/executive-summary.php
B-S25	Name change (7 Sep 2023), post-offer ad (May 2023), NSE listing (15 Oct 2024)	https://www.lloydsenterprises.in/wp-content/uploads/2023/11/Change-of-Company-Name.pdf ; https://www.lloydsenterprises.in/wp-content/uploads/2023/07/Post-Offer-Advertisement-26.05.2023.pdf
B-S26	NSE corporate-announcements feed (Jan 2025 to Oct 2026)	https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=LLOYDSENT&from_date=01-07-2025&to_date=21-10-2026
B-S27	Monitoring agency report Jun 2026	https://www.lloydsenterprises.in/wp-content/uploads/2026/08/MAReport30062026.pdf
B-S28	Taloja MoU release 11 Jul 2025	https://nsearchives.nseindia.com/corporate/SGTL2008_11072025092601_ReleaseLEL.pdf
B-S29	Rights issue release 9 Aug 2025	https://www.lloydsenterprises.in/wp-content/uploads/2025/08/LEL-Release-1.pdf
B-S30	Khopoli MoU release Oct 2025	https://www.lloydsenterprises.in/wp-content/uploads/2025/10/Press-release-of-Non-Binding-MoUs-Signed-by-Lloyds-Realty-Developers-Limited.pdf
B-S31	Name change of GMSI 3 Sep 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_03092026071849_IntimationChangeinnameofGeomysore.pdf
B-S32	Not used in the file (numbering gap in its key table)	No URL
B-S33	NRC outcome / allotment 29 Sep 2026	https://www.lloydsenterprises.in/wp-content/uploads/2026/10/Outcome-of-the-Nomination-and-Remuneration-Committee-Meeting-dated-29.09.2026.pdf
B-S34	Board outcome 8 May 2026 (auditor change, dividend)	https://nsearchives.nseindia.com/corporate/SGTL2008_08052026132105_OutcomeofBoardMeeting08052026.pdf
B-S35	Techno 12% stake purchase 26 Dec 2025	https://nsearchives.nseindia.com/corporate/SGTL2008_26122025184806_IntimationofStepdownsubsidiary.pdf
B-S36	LADSL incorporation 12 Dec 2025	https://www.lloydsenterprises.in/wp-content/uploads/2025/12/Intimation-of-Incorporation-of-Step-down-Subsidiary.pdf
B-S37	LADSL dilution 30 Jun 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_30062026155402_Intimation_UpdateonLloydsDefence.pdf
B-S38	LEWL merger NOC / observation (May 2026)	https://nsearchives.nseindia.com/corporate/SGTL2008_19052026174536_IntimationofNOC_LEWL.pdf
B-S39	Rights issue board outcome 21 Jul 2025	https://www.lloydsenterprises.in/wp-content/uploads/2025/07/Outcome-of-Board-Meeting-21.07.2025.pdf
B-S40	Call money record date 8 Jan 2026	https://www.lloydsenterprises.in/wp-content/uploads/2026/01/OutcomeofRightsIssueCommitteeMeeting.pdf
B-S41	Loan agreements for LMEL warrants 26 Dec 2025	https://nsearchives.nseindia.com/corporate/SGTL2008_26122025204157_Intimation_of_Loan_Agreement.pdf
B-S42	LICL 12.25% acquisition 28 Jan 2025	https://www.lloydsenterprises.in/wp-content/uploads/2025/01/Intimation-of-Investment-in-Unlisted-Company-28.01.2025-1.pdf
B-S43	LICL stake sale 29 Mar 2025	https://www.lloydsenterprises.in/wp-content/uploads/2025/04/Intimation-under-Reg-30_Sale-of-Stake.pdf
B-S44	Board outcome 18 Jun 2026 (SISCOL)	https://www.lloydsenterprises.in/wp-content/uploads/2026/06/OutcomeofBMLEL.pdf
B-S45	SISCOL completion 17 Aug 2026	https://www.lloydsenterprises.in/wp-content/uploads/2026/10/Update-on-Acquisition-17.08.2026.pdf
B-S46	Cited in the file's text for the SISCOL target profile but absent from its key table	URL not given in source file
B-S47	Board outcome 14 Aug 2025 (interim dividend)	https://www.lloydsenterprises.in/wp-content/uploads/2025/08/Outcome-of-the-Board-Meeting-dated-14.08.2025.pdf
B-S48	ESOP grant 19 Oct 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_19102026151207_IntimationofGrant.pdf
B-S49	Gold PCOD release 10 Oct 2025	https://nsearchives.nseindia.com/corporate/SGTL2008_10102025093850_CL.pdf
B-S50	SEBI settlement intimation to exchanges 30 Sep 2026	https://www.lloydsenterprises.in/wp-content/uploads/2026/10/Settlement-Order-SEBI.pdf

B. Financials file (2_financials): keys F-S#

Key	Document	URL
F-S1	Screener consolidated (fetched 21 Oct 2026)	https://www.screener.in/company/LLOYDSENT/consolidated/
F-S2	Screener standalone	https://www.screener.in/company/LLOYDSENT/
F-S3	Annual Report FY26 (40th AGM; PDF page = printed page + 4)	https://www.bseindia.com/xml-data/corpfiling/AttachHis/82f67229-7245-4268-a22b-49994f6ffe86.pdf
F-S4	Annual Report FY25	https://www.bseindia.com/xml-data/corpfiling/AttachHis/5408c4f6-594d-400d-aadf-28e17b39561e.pdf
F-S5	Q1 FY27 results (standalone + consolidated, unaudited, OCR-quality scan)	https://www.bseindia.com/xml-data/corpfiling/AttachHis/3664b229-abf5-4eca-b6a7-7127bf1fadf1.pdf
F-S6	Q4 FY26 results	https://www.bseindia.com/xml-data/corpfiling/AttachHis/d23bcce8-addb-48e8-a5fa-2d1364440bf6.pdf
F-S7	Q1 FY27 investor presentation (11 Aug 2026)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0f5d58a2-e1d3-465f-adc5-9ae67e65228e.pdf
F-S8	Tata Capital loan (13 Aug 2026)	https://nsearchives.nseindia.com/corporate/SGTL2008_13082026175941_IntimationofLoanAgreement.pdf
F-S9	Assignment to Aditya Birla Capital (30 Sep 2026)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=55772789-44f8-408a-8c34-690a843b1008.pdf
F-S10	Dec-2025 loans for LMEL warrants	https://nsearchives.nseindia.com/corporate/SGTL2008_26122025204157_Intimation_of_Loan_Agreement.pdf
F-S11	GMSI NCD guarantee (28 May 2026)	https://nsearchives.nseindia.com/corporate/SGTL2008_28052026120154_Outcome28052026.pdf
F-S12	SISCOL completion (17 Aug 2026)	https://nsearchives.nseindia.com/corporate/SGTL2008_17082026183719_IntimationUpdateonAcquisition17082026.pdf
F-S13	ESOP grant (19 Oct 2026)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=bfff44da-84dc-4317-bd47-7933d160ee18.pdf
F-S14	Screener LMEL (fetched 21 Oct 2026)	https://www.screener.in/company/LLOYDSME/consolidated/
F-S15	Screener LEWL (fetched 21 Oct 2026)	https://www.screener.in/company/LLOYDSENGG/consolidated/
F-S16	Restructuring release (22 Dec 2025)	https://nsearchives.nseindia.com/corporate/SGTL2008_22122025204336_Release.pdf
F-S17	Moneycontrol quote page	https://www.moneycontrol.com/india/stockpricequote/miscellaneous/lloydsenterprises/SGT
F-S18	NSE shareholding Sep-26 XBRL	https://nsearchives.nseindia.com/corporate/xbrl/SHP_1741507_19102026035746_WEB.xml
F-S19	NSE announcements API (LEL)	https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=LLOYDSENT
F-S20	LEWL shareholding Sep-26 XBRL	https://nsearchives.nseindia.com/corporate/xbrl/SHP_1742963_21102026041212_WEB.xml
F-S21	LEWL block sale Feb-2026	https://nsearchives.nseindia.com/corporate/SGTL2008_09022026191547_IntimationofSaleofShares.pdf
F-S22	SEBI settlement order	https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790688602846_1.pdf
F-S28	NSE EQUITY_L.csv (listing date)	https://nsearchives.nseindia.com/content/equities/EQUITY_L.csv
F body	NSE Reg-29 (SAST) data for LEWL (carries the "formerly known as Shree Global T..." text)	https://www.nseindia.com/api/corporate-sast-reg29?index=equities&symbol=LLOYDSENGG
F body	NSE corporate-actions API (dividend ex-dates)	https://www.nseindia.com/api/corporates-corporateActions?index=equities&symbol=LLOYDSENT
F body	LEL shareholding Jun-25 XBRL (rights-issue take-up arithmetic)	https://nsearchives.nseindia.com/corporate/xbrl/SHP_1479069_09072025105558_WEB.xml
F body	LEL sale of LEWL shares, 6 Aug 2025 filing	https://nsearchives.nseindia.com/corporate/SGTL2008_06082025164654_Intimation_ofSaleofShares.pdf
F-S23 to F-S27	Not present in the file's key table (numbering gap)	No URL

C. Governance file (3_governance): keys G-S#

Key	Document	URL
G-S1	Screener consolidated LEL	https://www.screener.in/company/LLOYDSENT/consolidated/
G-S3	Annual Report FY26 (PDF page = printed + 4)	https://www.bseindia.com/xml-data/corpfiling/AttachHis/82f67229-7245-4268-a22b-49994f6ffe86.pdf
G-S4	Annual Report FY25	https://www.bseindia.com/xml-data/corpfiling/AttachHis/5408c4f6-594d-400d-aadf-28e17b39561e.pdf
G-S5	Q1 FY27 results	https://www.bseindia.com/xml-data/corpfiling/AttachHis/3664b229-abf5-4eca-b6a7-7127bf1fadf1.pdf
G-S7	Q1 FY27 deck	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0f5d58a2-e1d3-465f-adc5-9ae67e65228e.pdf
G-S8	Tata Capital loan 13 Aug 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_13082026175941_IntimationofLoanAgreement.pdf
G-S10	Dec-2025 loans	https://nsearchives.nseindia.com/corporate/SGTL2008_26122025204157_Intimation_of_Loan_Agreement.pdf
G-S11	GMSI guarantee	https://nsearchives.nseindia.com/corporate/SGTL2008_28052026120154_Outcome28052026.pdf
G-S12	SISCOL completion	https://nsearchives.nseindia.com/corporate/SGTL2008_17082026183719_IntimationUpdateonAcquisition17082026.pdf
G-S13	Cited (ESOP grant) but absent from the file's key table; the financials file's F-S13 is the ESOP grant of 19 Oct 2026 and is likely the same document [Est.]	URL not given in source file
G-S14	Screener LMEL	https://www.screener.in/company/LLOYDSME/consolidated/
G-S15	Screener LEWL	https://www.screener.in/company/LLOYDSENGG/consolidated/
G-S16	Restructuring release 22 Dec 2025	https://nsearchives.nseindia.com/corporate/SGTL2008_22122025204336_Release.pdf
G-S18	LEL shareholding Sep-26 XBRL; Jun-26; Jun-25; index	https://nsearchives.nseindia.com/corporate/xbrl/SHP_1741507_19102026035746_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_1696094_18072026034030_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_1479069_09072025105558_WEB.xml ; https://www.nseindia.com/api/corporate-share-holdings-master?index=equities&symbol=LLOYDSENT
G-S20	LEWL shareholding Sep-26 XBRL	https://nsearchives.nseindia.com/corporate/xbrl/SHP_1742963_21102026041212_WEB.xml
G-S21	LEWL block sale 9 Feb 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_09022026191547_IntimationofSaleofShares.pdf
G-S22	SEBI Settlement Order SO/KM/PSD/2026-27/8552	https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790688602846_1.pdf ; page: https://www.sebi.gov.in/enforcement/orders/sep-2026/settlement-order-in-the-matter-of-lloyd-enterprises-limited_104811.html
G-S23	Company intimation of the order (30 Sep 2026)	https://nsearchives.nseindia.com/corporate/SGTL2008_30092026155838_IntimationofSettlementorder.pdf
G-S24	NSE Reg-29 (SAST) data for LEWL	https://www.nseindia.com/api/corporate-sast-reg29?index=equities&symbol=LLOYDSENGG
G-S25	Chairman's AGM speech 9 Jul 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_09072026155713_FinalChairmanSpeech.pdf
G-S26	AGM voting results	https://nsearchives.nseindia.com/corporate/SGTL2008_10072026162017_IntimationofVotingResults09072026.pdf
G-S27	Merger observation letters 15/16 May 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_16052026122256_IntimationMerger.pdf
G-S28	NSE announcements API	https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=LLOYDSENT
G-S29	Rights / ESOP / other 2025 filings via S28; Q4 FY26 outcome (8 May 2026)	https://nsearchives.nseindia.com/corporate/SGTL2008_08052026132547_OutcomeofBoardMeeting08052026.pdf
G body	CCI approval for the LEWL acquisition (14 May 2026)	https://nsearchives.nseindia.com/corporate/SGTL2008_14052026123112_CCIIntimationLEWL.pdf
G body	BSE volume letter (16 Oct 2026)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c3623b0d-592f-4e07-9d8b-02b261101ee7.pdf
G body	MCA certificate for the GMSI rename, in the 3 Sep 2026 filing	https://nsearchives.nseindia.com/corporate/SGTL2008_03092026071849_IntimationChangeinnameofGeomysore.pdf
G body	LEWL announcements API (court-convened meetings 16 Oct 2026)	https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=LLOYDSENGG
G-S2, S6, S9, S17, S19	Not present in the file's key table (numbering gap)	No URL

D. Market / competition file (4_market): keys M-S#

Key	Document	URL
M-S1	Screener, Lloyds Metals and Energy and LEL pages (21 Oct 2026)	https://www.screener.in/company/LLOYDSME/consolidated/ ; https://www.screener.in/company/LLOYDSENT/consolidated/
M-S2	Screener, Lloyds Engineering Works	https://www.screener.in/company/LLOYDSENGG/consolidated/
M-S3	SISCOL release 19 Jun 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_19062026155550_Intimationofacquisitionrelease.pdf
M-S4	Screener LEL (price, mcap, shareholding)	https://www.screener.in/company/LLOYDSENT/consolidated/
M-S5	Screener peer pages (each at /company/TICKER/consolidated/)	https://www.screener.in/company/NMDC/consolidated/ ; https://www.screener.in/company/TATASTEEL/consolidated/ ; https://www.screener.in/company/JSWSTEEL/consolidated/ ; https://www.screener.in/company/JINDALSTEL/consolidated/ ; https://www.screener.in/company/GPIL/consolidated/ ; https://www.screener.in/company/SARDAEN/consolidated/ ; https://www.screener.in/company/SHYAMMETL/consolidated/ ; https://www.screener.in/company/KIRLFER/consolidated/ ; https://www.screener.in/company/HINDZINC/consolidated/ ; https://www.screener.in/company/MMTC/consolidated/ ; https://www.screener.in/company/ADANIENT/consolidated/ ; https://www.screener.in/company/ISGEC/consolidated/ ; https://www.screener.in/company/THERMAX/consolidated/ ; https://www.screener.in/company/GMMPFAUDLR/consolidated/ ; https://www.screener.in/company/TITAGARH/consolidated/ ; https://www.screener.in/company/BEML/consolidated/ ; https://www.screener.in/company/KEC/consolidated/ ; https://www.screener.in/company/KALPATARU/consolidated/ ; https://www.screener.in/company/MAZDOCK/consolidated/ ; https://www.screener.in/company/COCHINSHIP/consolidated/ ; https://www.screener.in/company/LODHA/consolidated/ ; https://www.screener.in/company/GODREJPROP/consolidated/ ; https://www.screener.in/company/OBEROIRLTY/consolidated/ ; https://www.screener.in/company/PRESTIGE/consolidated/ ; https://www.screener.in/company/MAHLIFE/consolidated/ ; https://www.screener.in/company/SUNTECK/consolidated/ ; https://www.screener.in/company/SURAJEST/consolidated/ ; https://www.screener.in/company/ARKADE/consolidated/ ; https://www.screener.in/company/HINDCOPPER/consolidated/
M-S6	LMEL Q1 FY27 deck and call	https://lloyds.in/wp-content/uploads/2026/08/Investor_Presentation_Q1FY27.pdf ; https://lloyds.in/wp-content/uploads/2026/08/Intimation-of-Earnings-call-Transcript-for-Quarter-ended-30th-June-2026.pdf
M-S7	LEL Annual Report FY26 (MD&A)	https://www.bseindia.com/xml-data/corpfiling/AttachHis/82f67229-7245-4268-a22b-49994f6ffe86.pdf
M-S8	Same AR (related-party notes, investments, contingent liabilities, governance)	Same as M-S7
M-S9	LEL Q1 FY27 deck	https://nsearchives.nseindia.com/corporate/SGTL2008_11082026180750_Intimationearningupdate.pdf
M-S10	LEL decks Q1 FY26 to Q4 FY26	https://nsearchives.nseindia.com/corporate/SGTL2008_14082025120139_EarningUpdate30062025.pdf ; https://nsearchives.nseindia.com/corporate/SGTL2008_08052026133538_InvestorPresentation31032026.pdf
M-S11	LEL Q4 FY26 deck (gold economics)	https://nsearchives.nseindia.com/corporate/SGTL2008_08052026133538_InvestorPresentation31032026.pdf
M-S12	Q1 FY27 results filing	https://www.lloydsenterprises.in/wp-content/uploads/2026/08/OutcomeofBM11082026.pdf
M-S13	SEBI Settlement Order 29 Sep 2026	https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790688602846_1.pdf
M-S14	Composite scheme disclosure 22 Dec 2025	https://nsearchives.nseindia.com/corporate/SGTL2008_22122025202542_OutcomeofBoardMeeting.pdf
M-S15	Postal ballot results 12 Jan and 19 May 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_12012026172942_Intimationofvotingresult.pdf ; https://nsearchives.nseindia.com/corporate/SGTL2008_19052026163057_Intimationofvotingresult.pdf
M-S16	CCI approval	https://nsearchives.nseindia.com/corporate/SGTL2008_14052026123112_CCIIntimationLEWL.pdf
M-S17	LEWL certifications	https://lloydsengg.in/affiliations-certification/
M-S18	LEL decks (standalone TCI)	https://nsearchives.nseindia.com/corporate/SGTL2008_09022026143618_InvestorPresentationFinal.pdf
M-S19	LMEL warrant loans	https://nsearchives.nseindia.com/corporate/SGTL2008_26122025204157_Intimation_of_Loan_Agreement.pdf
M-S20	SISCOL loan; GMSI guarantee	https://www.lloydsenterprises.in/wp-content/uploads/2026/10/Memorandum-of-UnderstandingAgreement-13.08.2026.pdf ; https://www.lloydsenterprises.in/wp-content/uploads/2026/05/Outcome28052026.pdf
M-S21	Rights issue release	https://www.lloydsenterprises.in/wp-content/uploads/2025/08/LEL-Release-1.pdf
M-S22	Gold PCOD release	https://nsearchives.nseindia.com/corporate/SGTL2008_10102025093850_CL.pdf
M-S23	NSE announcements feed	https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=LLOYDSENT&from_date=01-07-2025&to_date=21-10-2026
M-S24	NSE volume clarification 10 Apr 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_10042026103935_Responseletter.pdf
M-S25	Post-offer ad May 2023	https://www.lloydsenterprises.in/wp-content/uploads/2023/07/Post-Offer-Advertisement-26.05.2023.pdf
M-S26	LADSL filings	https://nsearchives.nseindia.com/corporate/SGTL2008_30062026155402_Intimation_UpdateonLloydsDefence.pdf
M-S27	Monitoring agency report	https://www.lloydsenterprises.in/wp-content/uploads/2026/08/MAReport30062026.pdf

E. Narrative file (5_narrative): keys N-S#

Key	Document	URL
N-S1	NSE announcements feed (2025-26)	https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=LLOYDSENT&from_date=01-07-2025&to_date=21-10-2026
N-S2	Screener LEL page (concalls block, announcements, prices)	https://www.screener.in/company/LLOYDSENT/consolidated/
N-S3	LMEL Q1 FY27 call transcript; presentation	https://lloyds.in/wp-content/uploads/2026/08/Intimation-of-Earnings-call-Transcript-for-Quarter-ended-30th-June-2026.pdf ; https://lloyds.in/wp-content/uploads/2026/08/Investor_Presentation_Q1FY27.pdf
N-S4	FY25 earnings update	https://nsearchives.nseindia.com/corporate/SGTL2008_09052025153323_EarningUpdate.pdf
N-S5	Q1 FY26 deck	https://nsearchives.nseindia.com/corporate/SGTL2008_14082025120139_EarningUpdate30062025.pdf
N-S6	Q2 FY26 deck	https://nsearchives.nseindia.com/corporate/SGTL2008_11112025150603_InvestorPresentation.pdf
N-S7	Q3 FY26 deck	https://nsearchives.nseindia.com/corporate/SGTL2008_09022026143618_InvestorPresentationFinal.pdf
N-S8	Q4 FY26 deck	https://nsearchives.nseindia.com/corporate/SGTL2008_08052026133538_InvestorPresentation31032026.pdf
N-S9	Q1 FY27 deck	https://nsearchives.nseindia.com/corporate/SGTL2008_11082026180750_Intimationearningupdate.pdf
N-S10	AGM speech 29 Aug 2025	https://nsearchives.nseindia.com/corporate/SGTL2008_29082025182811_ChairmanSpeech.pdf
N-S11	AGM speech 9 Jul 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_09072026155713_FinalChairmanSpeech.pdf
N-S12	Q1 FY27 results	https://www.lloydsenterprises.in/wp-content/uploads/2026/08/OutcomeofBM11082026.pdf
N-S13	Gold PCOD release 10 Oct 2025	https://nsearchives.nseindia.com/corporate/SGTL2008_10102025093850_CL.pdf
N-S14	GMSI NCD guarantee 28 May 2026	https://www.lloydsenterprises.in/wp-content/uploads/2026/05/Outcome28052026.pdf
N-S15	Annual Report FY26	https://www.bseindia.com/xml-data/corpfiling/AttachHis/82f67229-7245-4268-a22b-49994f6ffe86.pdf
N-S16	Prakar investment 4 Jul 2025	https://nsearchives.nseindia.com/corporate/SGTL2008_04072025104421_IntimationReg30.pdf
N-S17	Geomysore website	https://www.geomysore.com/executive-summary.php
N-S18	LEWL merger disclosure 29 Dec 2025	https://nsearchives.nseindia.com/corporate/SGTL2008_29122025205822_IntimationLEWLMerger.pdf
N-S19	Khopoli MoU release	https://www.lloydsenterprises.in/wp-content/uploads/2025/10/Press-release-of-Non-Binding-MoUs-Signed-by-Lloyds-Realty-Developers-Limited.pdf
N-S20	Real-estate restructuring release 22 Dec 2025	https://www.lloydsenterprises.in/wp-content/uploads/2025/12/Release.pdf
N-S21	Lloyds Realty website	https://lloydsrealty.com/upcoming-projects/
N-S22	Board outcome 18 Jun 2026 (SISCOL)	https://www.lloydsenterprises.in/wp-content/uploads/2026/06/OutcomeofBMLEL.pdf
N-S23	SISCOL completion 17 Aug 2026	https://www.lloydsenterprises.in/wp-content/uploads/2026/10/Update-on-Acquisition-17.08.2026.pdf
N-S24	Loan 13 Aug 2026; assignment 30 Sep 2026	https://www.lloydsenterprises.in/wp-content/uploads/2026/10/Memorandum-of-UnderstandingAgreement-13.08.2026.pdf ; https://www.lloydsenterprises.in/wp-content/uploads/2026/10/Transfer-Deed-30.09.2026.pdf
N-S25	Monitoring agency report Jun 2026	https://www.lloydsenterprises.in/wp-content/uploads/2026/08/MAReport30062026.pdf
N-S26	Scheme of arrangement page	https://www.lloydsenterprises.in/scheme-of-arrangement/
N-S27	CCI approval for LEWL merger	https://nsearchives.nseindia.com/corporate/SGTL2008_14052026123112_CCIIntimationLEWL.pdf
N-S28	Taloja MoU 11 Jul 2025	https://nsearchives.nseindia.com/corporate/SGTL2008_11072025092601_ReleaseLEL.pdf
N-S29	LADSL dilution 30 Jun 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_30062026155402_Intimation_UpdateonLloydsDefence.pdf
N-S30	ESOP grant 19 Oct 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_19102026151207_IntimationofGrant.pdf
N-S31	LEWL block sales	https://www.lloydsenterprises.in/wp-content/uploads/2025/05/Intimation-Under-Reg-30.pdf
N-S32	Rights issue release 9 Aug 2025	https://www.lloydsenterprises.in/wp-content/uploads/2025/08/LEL-Release-1.pdf
N-S33	Techno 100% / LADSL incorporation	https://nsearchives.nseindia.com/corporate/SGTL2008_26122025184806_IntimationofStepdownsubsidiary.pdf
N-S34	LMEL warrant loans 26 Dec 2025	https://nsearchives.nseindia.com/corporate/SGTL2008_26122025204157_Intimation_of_Loan_Agreement.pdf
N-S35	Postal ballot result 12 Jan 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_12012026172942_Intimationofvotingresult.pdf
N-S36	LEWL block sale 9 Feb 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_09022026191547_IntimationofSaleofShares.pdf
N-S37	Volume clarification 10 Apr 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_10042026103935_Responseletter.pdf
N-S38	Board outcome 8 May 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_08052026132105_OutcomeofBoardMeeting08052026.pdf
N-S39	Postal ballot result 19 May 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_19052026163057_Intimationofvotingresult.pdf
N-S40	GMSI renamed	https://nsearchives.nseindia.com/corporate/SGTL2008_03092026071849_IntimationChangeinnameofGeomysore.pdf
N-S41	SEBI Settlement Order	https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790688602846_1.pdf
N-S42	ESOP allotment 29 Sep 2026	https://www.lloydsenterprises.in/wp-content/uploads/2026/10/Outcome-of-the-Nomination-and-Remuneration-Committee-Meeting-dated-29.09.2026.pdf
N-S43	LEL intimation of settlement order	https://www.lloydsenterprises.in/wp-content/uploads/2026/10/Settlement-Order-SEBI.pdf
N-S44	Screener LMEL and LEWL pages	https://www.screener.in/company/LLOYDSME/consolidated/ ; https://www.screener.in/company/LLOYDSENGG/consolidated/
N-S45	LMEL investor-meets page	https://lloyds.in/investors/analyst-and-investor-meets-and-presentations/

F. Street-view file (6_heard): keys H-H#

Key	Document	URL
H-H1	Moneycontrol quote / forecast / deals page (fetched 21 Oct 2026 about 15:20 IST)	https://www.moneycontrol.com/india/stockpricequote/miscellaneous/lloydsenterprises/SGT
H-H2	Screener consolidated	https://www.screener.in/company/LLOYDSENT/consolidated/
H-H3	NSE shareholding index and XBRL Sep-26, Jun-26, Jun-25	https://www.nseindia.com/api/corporate-share-holdings-master?index=equities&symbol=LLOYDSENT ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_1741507_19102026035746_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_1696094_18072026034030_WEB.xml ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_1479069_09072025105558_WEB.xml
H-H4	NSE bulk-deal file (latest day only); block-deal file	https://nsearchives.nseindia.com/content/equities/bulk.csv ; https://nsearchives.nseindia.com/content/equities/block.csv
H-H5	Google News RSS (query "Lloyds Enterprises", last 120 days); Bing News RSS (headline-only)	https://news.google.com/rss/search?q=%22Lloyds+Enterprises%22+when:120d&hl=en-IN&gl=IN&ceid=IN:en ; https://www.bing.com/news/search?q=%22Lloyds+Enterprises%22&format=rss
H-H6	SEBI settlement order	https://www.sebi.gov.in/sebi_data/attachdocs/sep-2026/1790688602846_1.pdf
H-H7	Annual Report FY26	https://www.bseindia.com/xml-data/corpfiling/AttachHis/82f67229-7245-4268-a22b-49994f6ffe86.pdf
H-H8	LEWL Reg-29 data; LEWL shareholding Sep-26	https://www.nseindia.com/api/corporate-sast-reg29?index=equities&symbol=LLOYDSENGG ; https://nsearchives.nseindia.com/corporate/xbrl/SHP_1742963_21102026041212_WEB.xml
H-H9	Exchange volume clarification 16 Oct 2026	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=c3623b0d-592f-4e07-9d8b-02b261101ee7.pdf
H-H10	NSE announcements API	https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=LLOYDSENT
H-H11	Q1 FY27 investor deck	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=0f5d58a2-e1d3-465f-adc5-9ae67e65228e.pdf
H body	LEL ESOP grant 19 Oct 2026 (BSE filing)	https://www.bseindia.com/stockinfo/AnnPdfOpen.aspx?Pname=bfff44da-84dc-4317-bd47-7933d160ee18.pdf
H body	LEWL block sale 9 Feb 2026 and 6 Aug 2025 filings	https://nsearchives.nseindia.com/corporate/SGTL2008_09022026191547_IntimationofSaleofShares.pdf ; https://nsearchives.nseindia.com/corporate/SGTL2008_06082025164654_Intimation_ofSaleofShares.pdf
H body	GMSI rename filing 3 Sep 2026	https://nsearchives.nseindia.com/corporate/SGTL2008_03092026071849_IntimationChangeinnameofGeomysore.pdf
H body	NSE corporate-actions API (ex-dates)	https://www.nseindia.com/api/corporates-corporateActions?index=equities&symbol=LLOYDSENT
H body	LEWL announcements API (investor-conference schedule 21-22 Sep 2026)	https://www.nseindia.com/api/corporate-announcements?index=equities&symbol=LLOYDSENGG

What could not be sourced

Searched and not found, with where: broker research and price targets (Moneycontrol S&P feed, Economic Times, Tickertape, Trendlyne); LEL earnings-call transcripts (NSE / BSE feeds, LEL website, Screener concall block); credit ratings of LEL and LEWL (AR, Moneycontrol, decks); employee count (AR BRSR); trading counterparties and margins (AR notes, decks); LRDL minority holders and IPPL swap ratio (AR, SEBI order, decks); Streamland Estate LLP ownership (SISCOL release, board outcome); NCLT order dates (NSE feed to 19 Oct 2026; BSE API 403); holder-level institutional names (NSE XBRL summary); PIT / SAST filings for LEL (NSE endpoints empty); historical bulk / block deals (NSE API 503); social-media sentiment (no search access); Q1 FY27 balance sheet and cash flow (half-yearly only); 3-year average multiples and EV/EBITDA (Screener chart-only).