Transcript of the Conference Call for Investors and Analysts for Q2 & H1FY27

09th November, 2026 BSE Limited National Stock Exchange of India Limited Corporate Services Department Corporate Communications Department Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra Kurla Complex, Dalal Street, Mumbai – 400001 Bandra (East), Mumbai - 400 051 BSE Scrip Code: 512455 NSE Symbol: LLOYDSME Sub: Transcript of the Conference Call for investors and analysts for Q2 & H1FY27 Dear Sir/Madam, Pursuant to the Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), and in furtherance to our intimation dated 29th October, 2026 regarding Conference call with Analyst(s) /Investor(s) held on Wednesday, 04th November, 2026 we would like to inform that the transcript of the aforesaid conference call is attached herewith and the same is also available on the website of the Company at https://lloyds.in/investors/analyst-and-investor-meets-and-presentations/. The same may please be taken on record and suitably disseminated to all concerned. Thanking you, Yours Sincerely, For Lloyds Metals and Energy Limited Akshay Vora Company Secretary Encl.: As above. “Lloyds Metals and Energy Limited Q2 and H1 FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. RAJESH GUPTA – MANAGING DIRECTOR – LLOYDS METALS AND ENERGY LIMITED MR. RIYAZ SHAIKH – DIRECTOR OF FINANCE & CHIEF FINANCIAL OFFICER – LLOYDS METALS AND ENERGY LIMITED MR. S.K. NAREDI – DIRECTOR FINANCE – THRIVENI EARTHMOVERS PRIVATE LIMITED MR. HEMANKUR UPADHYAYA – DIRECTOR, INTERNATIONAL STRATEGY AND OPERATIONS MODERATOR: MR. PARTHIV JHONSA – ANAND RATHI SHARE AND STOCK BROKERS LIMITED Page 1 of 16 Lloyds Metals and Energy Limited November 04, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Lloyd's Metals & Energy Q2 and H1 FY27 Earnings Conference Call hosted by Anand Rathi Share and Stock Brokers Limited. This conference call may contain forward-looking statements about the company, which are based on the beliefs, opinions and expectation of the company as on date of this call. These statements are not a guarantee of future performance and involve risk and uncertainties that are difficult to predict. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touch- tone phone. I now hand the conference over to Mr. Parthiv Jhonsa from Anand Rathi. Thank you, and over to you, sir. Parthiv Jhonsa: Thank you, Danish. Good afternoon, everyone, and thank you for joining us today. Before we start the call, we would like to wish the management of Lloyds Metal & Energy and everyone who has joined this call, a Happy Diwali in advance. We at Anand Rathi are pleased to host Lloyds Metal & Energy Quarter 2 and H1 FY27 earnings conference call. From the management, we have with us today Mr. Rajesh Gupta, Managing Director; Mr. Riyaz Shaikh, Director of Finance and CFO; Mr. S.K. Naredi, Director of Finance from Thriveni; and Mr. Hemankur, Director, International Strategy and Operations. I would like to invite Mr. Rajesh Gupta for his opening remarks, which will then be followed by a question-and-answer session. Thank you, and over to sir. Rajesh Gupta: Good evening, everyone, and a warm welcome and Happy Diwali for the coming week. Thank you, Parthiv and the entire Anand Rathi team for hosting this call today. I'm pleased to share that the first half of FY27 has been the best H1 in the company's history, record revenue, record EBITDA and record PAT on both a stand-alone and a consolidated basis with the best ever H1 margin. Riyaz will take you through the numbers in detail. So rather than dwell on this quarter alone, I would like to use my time to talk about something I feel more strongly about, where this company is headed and why I believe the best of Lloyds is still ahead of us. What we are building is a fully integrated ecosystem. From the ore in the ground to finished steel, from the mines of Gadchiroli to the critical mineral belts of the world, let me walk you through the pieces. It begins with our original resource base, that is the Surjagarh mine, which will give us iron ore for the next few decades. And we continue to scale it responsibly with a green and increasingly electrified mining fleet. But the real transformation is going to be our BHQ Beneficiation initiative. BHQ, which are banded hematite quartzite, or low-grade ore, was treated as a waste by most of the mines in India. We are building one of the largest manufacturing platforms in the world to convert this very material into a high-quality competitive feedstock. This gives us a raw material advantage that Page 2 of 16 Lloyds Metals and Energy Limited November 04, 2026 very few anywhere in the world will be able to replicate, and it is the foundation on which our low-cost, low-carbon steel ambition rests. The second pillar is logistics. Our slurry pipeline is quietly becoming one of our biggest competitive advantages as we can see. The first pipeline is already running at full capacity and has actually lowered our freight cost for iron ore. And we are now extending this to a much longer and larger pipeline network, which will carry our beneficiated materials over long distances, eliminating the movement of fine iron ore by truck almost entirely. The cost and carbon advantage of moving millions of tons by pipeline instead of road is enormous and will only be compounded as the volumes grow. I want to touch base on our value- added products, which have been the cornerstone. On pellets, both our plants of 4 million tons each capacity are running in excess of the rated capacity, and we are debottlenecking towards higher output while adding a third pellet plant as well. We remain among the most competitive and largest merchant pellet producers in the country. And then comes steel, the next big leg of our value creation journey, 1.2-million-ton integrated steel plant producing wire rod is progressing well and moving steadily towards commissioning. The next part of the story that I'm probably most excited about is copper and critical minerals like cobalt. Through our Chemaf operations in the DRC, where we are a shareholder with an American company, we are building 2 integrated copper and cobalt complexes at Etoile and Mutoshi. They come with a fully captive ore, integrated captive sulphuric acid and plants located right next to the mines. At full potential, these operations will produce 74,000 tons of copper and 20,000 tons of cobalt a year. Surya Mines is being repositioned for a lower-cost restart, as we secure captive higher- grade ore. These are -- there are geopolitical headwinds, and we are addressing the near-term cost challenges, but the long-term logic of captive ore and in-house mining through Thriveni's expertise remains compelling. Looking ahead, our partnership at Panguna gives us access to one of the greatest -- world's greatest untapped copper sources, an asset which at its peak produced around 175,000 tons of copper every year. We are still in the early stage here, but we are going ahead in the Lloyds' way, community first with landowners and local communities as long-term partners. Putting it simply, copper is transforming Lloyds from a domestic iron ore company transitioning to steel, and then finally, a relevant player in the minerals that the world needs most for its energy transition. Now about Thriveni. None of this would have been possible without Thriveni. Thriveni has become a diversified pan-India mine developer and operator spanning iron ore, coal, manganese and now gold and is scaling rapidly across Odisha. And beyond this, the operation gives us a premium view of what is happening in the metals space. Naredi ji, of course, will speak to this in details, but the trajectory and the brea [Showing first 8,000 characters — download PDF for full document]