Corporate Development     

Published: July 15, 2026
Updated: July 15, 2026

Lloyds Engineering Works

Targets Rs 10,000 cr revenue by FY 29

An important member of the fast-growing Lloyds group, Lloyds Engineering Works (LEWL) – an NSE and BSE listed engineering and EPC company – recently announced the acquisition of Steel Infra Solutions Company Ltd (SISCOL), which is into structural steel engineering and fabrication, with an excellent track record of completing 187 projects across 22 states in the country, some of which are landmark projects.

On another front, LEWL is into customised process plant equipment, providing a complete engineering and infrastructure solutions package with designing, manufacturing, fabrication and installation. The products include various categories in heavy equipment, machinery and systems for mining to metal (steel), hydro carbon, oil & gas, thermal power plants, nuclear power plants, heat recovery, marine applications, etc. Most of these projects are undertaken on a turnkey basis. Importantly, the company has facility approval from competent authorities in the respective fields, like industrial boiler regulatory authority SGS UK, and Petroleum and Explosive Safety Organisation. Its state-of-the-art manufacturing facilities are located in Murbad, Thane, Nagpur and Bhilai, with its headquarters in Mumbai.

The enhanced capacities and capabilities of LEWL and SISCOL will facilitate the company in participating across new opportunities significantly at a larger scale under a single umbrella than either business could do independently.

The combined platform will offer a structural fabrication capacity of 1,50,000 mtpa, with a further expansion to 2,00,000 mtpa, to enhance the execution of large and complex infrastructure projects. Further, it will now have 10+ manufacturing facilities and 6 engineering and design centres, the backbone for accelerating growth, as its EPC and civil project capacities have been expanded. It will also now be qualified to participate in very big projects.

DEFENCE ROLE

This will play an important role while manufacturing for the defence sector with key technologies. LEWL is determined to grow aggressively in this particular domain as the sector offers enormous opportunities. In this regard, a subsidiary company, Lloyds Advance Defence Systems Ltd, has been formed wherein it holds an 85% stake. The company has also signed a major strategic MoU with Warsaw-based FlyFocus. This partnership focuses on the exclusive co-development, technology transfer and local manufacturing of the Defender SIGNIT UAV (signals intelligence drone). The other identified growth verticals include airports, convention centres, high-rise buildings, industrial facilities and transport infrastructure.

Importantly, SISCOL will continue to operate parallelly under Ravi Uppal, who has built the company and is an alumnus of IIT Delhi and IIM Ahmedabad, with an advanced management programme from Wharton School. He has worked earlier with Larsen & Toubro, Jindal Steel & Power, ABB India and Volvo Group India, and brings leadership experience of four decades in engineering. Moreover, SISCOL will be at a big advantage due to the financial muscle of the Lloyds group.

Commenting on this, Mr Uppal said, “We at SISCOL are truly excited to become a part of the Lloyds group as both companies have complementary strengths and significant business synergies that will provide access to new business opportunities. Steel-based infrastructure and core industries growth are poised for double-digit growth for at least another two decades.”

LEWL (formerly known as Lloyds Steel Industries) has grown from a mere Rs 80 crore revenue in FY 19 to Rs 3,000 crore+ today, with a healthy order book of Rs 8,000 crore. Similarly, SISCOL completed FY 26 with revenues of Rs 817 crore, EBITDA of approximately Rs 92 crore and PAT of Rs 44 crore, supported by an order book of Rs 1,134 crore. Taken together, this move will make LEWL much stronger and accelerate its next phase of growth.

An enthusiastic Shree krishna Gupta, Executive Director, LEWL, said, “This acquisition is not simply about adding capacity. It is about building a platform for the future. SISCOL brings outstanding engineering talent, structural design expertise, fabrication capabilities and a proven execution track record. Combined with LEWL’s EPC strengths, manufacturing capabilities and growth platform, we believe we can create one of India’s leading integrated engineering infrastructure companies.”

He added, “By leveraging the strengths of both organisations, driving operational synergies and expanding our participation in India’s infrastructure and industrial growth story, we believe the combined platform has the potential to scale significantly over the coming years. Our aspiration is to build a business capable of exceeding Rs 10,000 crore annual revenue by FY 29/FY 30 while continuing to improve profitability, return ratios and long-term shareholder value.”

PURCHASE DETAILS

LEWL’s acquisition of SISCOL, an unlisted company with 6 manufacturing facilities and a total production capacity of 1,00,000 mtpa, was for a consideration of Rs 1,073.40 crore. However, on a standalone basis, LEWL has acquired 52.16% directly for Rs 635.40 crore. Again, of this, a 10.82% stake has been acquired in cash for Rs 131.85 crore and another 41.34% by issuing 1,67,85,210 equity shares of LEWL to SISCOL’s shareholders on a preferential basis @ Rs 71.25 each (face value Re 1).

The remaining 35.96% (from the total 88.12%) stake has been acquired in cash by Lloyds Enterprises Ltd (a listed company) and Streamland Estate LLP in an equal proportion of 17.98%, for which they would pay Rs 219 crore each.

During FY 26, LEWL achieved consolidated operational revenues of Rs 1,301 crore, EBITDA of Rs 239 crore, PAT of Rs 198 crore and EPS of Rs 1.49 on equity capital of Rs 143.95 crore. It has announced a dividend of 25% for the year. The promoter group holds a 41.92% stake in the company and its book value is Rs 11.61 per share. As of March 2026, long-term and short-term borrowings stand at Rs 9.20 crore and Rs 24.63 crore vis-à-vis Rs 15.48 crore and Rs 42.87 crore respectively in the previous year. Considering the bank balance of Rs 396.72 crore, the company is net debt free-cum-cash surplus. However, recently, a resolution was passed to raise up to Rs 1,000 crore debt from banks or financial institutions.

Lloyds Metal & Energy (LMEL), the flagship company of the Lloyds group, is gearing for multi-fold growth in the steel and energy sectors, and robust business plans are in place. Likewise, it appears that the management is looking forward to LEWL as a leading engineering arm with a special focus on engineering infrastructure and defence sector as thrust areas. Its own strengths and leverage from SISCOL have the potential to make LEWL amongst the most valuable engineering players in the country.

The current market price of the stock is Rs 84 with a yearly high-low of Rs 92 and Rs 37, whereas the market capitalisation is at Rs 12,121 crore. PE is at 56.38 based on last one year’s earnings. After the acquisition announcement of SISCOL, the stock has gone up. Hence, our advice is to watch the counter and enter at reasonable levels, with an aim of accumulating at declines. An 18-24 months investment horizon could offer good appreciation.