Transcript of the Conference Call for the Investors and Analysts for Q1 FY 27

17th August, 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 Q1 FY27 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 05th August, 2026 regarding Conference call with Analyst(s) /Investor(s) held on Tuesday, 11th August, 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 Enclosure: as above “Lloyds Metals and Energy Limited Q1 FY '27 Earnings Conference Call” August 11, 2026 MANAGEMENT: MR. RAJESH GUPTA – MANAGING DIRECTOR – LLOYDS METALS AND ENERGY LIMITED MR. RIYAZ SHAIKH – CHIEF FINANCIAL OFFICER – LLOYDS METALS AND ENERGY LIMITED MR. S.K. NAREDI – DIRECTOR FINANCE – THRIVENI EARTHMOVERS PRIVATE LIMITED MR. HEMANKUR UPADHYAYA – DIRECTOR OF FINANCE, INTERNATIONAL STRATEGY AND OPERATIONS – LLOYDS METALS AND ENERGY LIMITED MR. CHINTAN MEHTA – IRO – LLOYDS METALS AND ENERGY LIMITED MODERATOR: MR. JASHANDEEP CHADHA – NOMURA Page 1 of 17 Lloyds Metals and Energy Limited August 11, 2026 Moderator: Ladies and gentlemen, good day, and welcome to Lloyds Metals and Energy Limited Q1 FY '27 Earnings Conference Call hosted by Nomura. 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 touchtone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Jashandeep Chadha from Nomura. Thank you, and over to you, sir. Jashandeep Chadha: Thank you. Good afternoon, everyone, and thank you for joining us today. We at Nomura, are pleased to host Lloyds Metals and Energy 1Q FY '27 Earnings Call. From the management, we have with us today Mr. Rajesh Gupta, Managing Director; Mr. Riyaz Shaikh, Director Finance and CFO; Mr. S.K. Naredi, Director of Finance from Thriveni; Mr. Hemankur Upadhyaya, Director, International Strategy and Operations; and Mr. Chintan Mehta, IRO. Now, without much ado, I would like to invite Mr. Rajesh Gupta for his opening remarks. Over to you, sir. Rajesh Gupta: Good evening, Jashandeep, and everyone else on the conference call. A very warm welcome to all of you joining us on our Q1 call. And thank you to Jashandeep and the entire Nomura team for hosting this call today. We deeply value the engagement and the platform you have given us to share the Lloyds Metals story with the investor community. Before I speak about the quarter, I want to pause on a milestone that is very special to all of us at Lloyds as well as I hope for all the people on the call. This quarter, we achieved and crossed a market capitalization of INR1,00,000 crores, a level that would have seemed a distant dream not very long ago. This milestone does not belong to the management or the team. It belongs first and foremost to every investor and to the community that stood with us through the early years of uncertainty, through the ramp-up and through every project that we have executed since. It is a reflection of the trust and the faith you have placed in our ability to execute. We are deeply grateful for it, and I want to assure you that we carry the responsibility with all the seriousness that it deserves. Q1 has been the outstanding quarter for Lloyds Metals on a stand-alone as well as a consolidated basis. The revenue of INR7,354 crores, more than tripling year-on-year is, of course, a milestone for the group. While Riyaz takes you through the numbers in details, I would like to talk about some of the interesting events that have happened. Our second plant of pellets was commissioned in May 2026, and again, in a very short period and as scheduled and within budget. I'm proud to say our pellets operations reached 100% capacity utilization within just 4 months. Pellet production stood on this quarter at 1.69 million tons at a very, very healthy realization. A large part of the realization comes from the geographical mix of our sales. We have expanded our export reach to Kenya, South Africa -- South Korea, Indonesia, and of course, China. And while deepening our presence across Central and Southern India, most of the markets in Southern Page 2 of 17 Lloyds Metals and Energy Limited August 11, 2026 India or Central India are more or less catered to entirely by us. This set of markets, roughly 3/4 of domestic and 1/4 of export, is helping us to place volumes well and protect pricing. Why I have been focusing on pellets is because that's a big factor of the margins that we are reporting of, improving the slurry pipeline that has structurally lowered our logistics and freight cost for iron ore. Very effective fuel mix, including shift partially from LSHS to LNG, which is, of course, a greener mix, has given better cost control across the value chain. Captive ore, captive logistics and a growing share of value-added products together means that these are structural margins and not cyclical ones. We are confident that these margins can sustain in the cyclical commodity because we continue to actively pursue better and higher value markets for every product we make, chasing realization and not just volume. And this is exactly the discipline that we want -- intend to replicate as we commission our first 1.2 million ton long product steel plant very shortly. The same integration, the same cost focus and the same market-first approach will carry into our steel-making journey, and of course, into copper. Even as we deliver these results, the next leg of our project pipeline is already taking shape, BHQ beneficiation, the third pellet plant and the next line of our total slurry handling and iron ore handling system without trucks. Together, these projects deepen our integration, expand our value-added capacity and further lower our delivered cost. We are confident that this pipeline will continue to drive meaningful value for the company over a period of time. Riyaz will now walk you through the stand-alone financial performance. Thank you. Riyaz Shaikh: Thank you, Rajesh-ji, and good evening, everyone. Let me take you through our stand-alone financial performance for the first quarter of FY '27, which has been our strongest quarter yet across every metric. Revenue from operations for the quarter stood at INR5,413 crores, a sharp 127% growth year-on-year and 10% sequentially over quarter 4. EBITDA came in at INR2,120 crores, growing 172% year-on-year and 31% quarter-on-quarter. This growth was driven by higher iron ore EC limits, a faster-than-planned ramp-up of the pellet plant and improved sponge iron volumes. PAT for the quarter was INR1,527 crores, up 141% year-on-year and 43% sequentially. Profit before tax stood at INR2,008 crores. I want to dwell on the margins because this is the real story of the quarter. Our EBITDA margin came in at 39.2%, the best margins the company has ever reported. Importantly, this has scaled on both fronts, up 639 basis points year-on-year and up 631 basis points quarter-on-quarter. Very few quarters see margin expansion of this order on both a year-on-year and a quarter-on-quarter basis at the same time. Three factors drove this. First, t [Showing first 8,000 characters — download PDF for full document]