Note: This is a preliminary transcript and may contain inaccuracies. It will be updated with a final, fully-reviewed version soon.
Lloyds Metals And Energy Ltd (NSE: LLOYDSME) Q4 2026 Earnings Call dated May. 06, 2026
Corporate Participants:
Rajesh Gupta — Managing Director
Riyaz Shaikh — Chief Financial Officer
Unidentified Speaker
Analysts:
Shivang Singh — Analyst
Siddharth Gadekar — Analyst
Amit Dixit — Analyst
Unidentified Participant
Vikas Singh — Analyst
Ritesh Bhagwati — Analyst
Unidentified Participant
Unidentified Participant
Vinit Thakur — Analyst
Harsh Shah — Analyst
Vedant Sarda — Analyst
Tanmay Chaudhary — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to the Lloyd’s Metals and Energy Limited Q4FY26 earnings conference call. As a reminder, all participant lines will be 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. Please note that this conference has been recorded. I now hand the conference over to Mr. Shivang Singh.
Thank you. And over to you sir.
Shivang Singh — Analyst
Good afternoon everyone and thank you for joining us today. We at Equitas are pleased to host Lloyd’s Metals in Energy 4Q in FY26 earnings call. We have with us today Mr. Rajesh Gupta, Managing Director, Mr. Riyazh Sheikh, Chief Financial Officer and Mr. S.K. Naderi, Director of Finance from Triveni. We would like to begin the call with brief opening remarks from the management following which we will have the forum open for an interactive Q and A session. Before we start I would like to point out that some statements made in today’s call may be forward looking in nature.
And a disclaimer to this effect has been included in the earnings presentation shared with you earlier. Now I would like to invite Mr. Rajesh Gupta to initiate the proceedings for the results form. Over to you sir.
Rajesh Gupta — Managing Director
Good afternoon everyone. A very warm welcome to all the participants joining us on this call today. Thank you Shivant and the entire Equivalence team. We deeply value your continued support and engagement. It fills with me with immense pride to share that LloydShield had crossed the concorded market cap of 1 lakh crore. A milestone that would have seemed distant not long ago. This milestone belongs first and foremost to every single investor, each and every one of you who backed us through our 50 year journey, through our early days of uncertainty and up to this milestone.
This I’m saying from a guy, as a guy who oyo thought that IR meant industrial relations only. Your patience is a reflection of trust. Your place in us and we take that responsibility very seriously. Our sincere gratitude to all our investors ang stakeholders joining us on this call and on the journey. Before I speak about this, our performance I want to take a moment to acknowledge our team at the mine, at the plants and all the offices all over the world. What has been achieved by us in the FY26 is quite extraordinary.
It did not happen by accident. It happened because a team. Because of a team that showed up every day with clarity of purpose and relentless focus on execution. In the last 50 years. In the last 5 years. Sorry, in the last 5 years our CAGR on revenue is up by 109% and on PAT the CHR is a whopping 139%. This shows that we are a 50 year old startup. This year our standalone profit crossed 3100 crores on a standalone basis and 3800 crores 3829 crores on a consolidated basis. Consolidated revenue crossed 17,000 crores.
Fast approaching the 2 billion dollar mark. On operations front, our ISO scaled from 10 million to 22 million tonnes which is one 20% growth in a single year. The pellet plant commissioned at the fag end of Q2 reached 100% capacity utilization within just four months. Three months. Three million tons in nine months. A ramp up that very few plants anywhere in the country have achieved. DRI volumes scaled 56% year on year. With the new kill ramping up as steadily as the current plant going on with the projects, we have invested heavily for the future.
13,500 crores in the last four years and this will continue in Konseri. In Gadcharoli we have completed the two parent plants reaching capacity of 8 million tonnes making us the largest merchant pellet player by far. And we also commissioned along with this the 85 kilometer slurry pipeline which is delivering now cost savings and operational stability in the mine. And Haitri we have completed our mine capacity increase from 3 to 55 million tons with a salable output of 26 million tonnes over the last four years.
The BSU beneficiation project is progressing. Pilot plant results have delivered excellent yields and major engineering contracts are completed. Construction machine is mobilized. All major machine are ordered on a key European supplier and we are well in target of first phase readiness by December 2027. This plant, the BHQ beneficiation is a trailblazer in India and will lead to greening of our current company in a steering cycle in very dramatic ways. Meanwhile In Chandrapur the DRI capacity is doubled.
Our power capacity is stable tons 100 megawatts. Sorry. And it is stabilized. The steel plant that is a blast furnace, arc furnace, coke oven and the rolling mill of 1.2 million ton wire rod is well underway for commissioning for last quarter this year. The engineering of this third parrot plant is also nearing complete in Chandrapur along with the 195 kilometer pipeline from Hedri to Ghos via Chandrapur stockyard. This pipeline will reduce logistic cost for most of the iron ore output by US by more than 500 rupees a ton.
And it’s an advanced planning stage. Few milestones for us on the efficiency front, the EBITDA margin has held steady at approximately 34% across both the last two quarters demonstrating structural cost efficiency and not one off gains. Return on capital employed stood at 56% ex CWIP for FY26 and return on equity at 37%. These are world class metrics. Rising parity with competition is maintained along with the volume increase of 120% and new product like feded being started living here ranked number one among 383 open caste minds in India by the Ministry of Coal.
Reflection of operational excellence across the globe across the group other than Suryagarh, the growth in Deveni operations in Odisha and Dharkand continue with three new mining operations starting. A few key updates on copper Copper which is the new gold and Congo which is our new Surjagar is led by Surya. I want to congratulate his team and him for successful commissioning of the Surya copper plant in six months. We are the first Indian integrated player in the copper business. Copper is the backbone of energy transition, electrification and renewables.
It is the perfect foil to our one mine portfolio and also our international entry into critical minerals. We have defined pathway to expand capacity to 30,000 tons per annum at Surya Mines. In addition we have acquired 49% in Chemaf Group. This is the first deal after the US and Congo signed the critical mine mineral agreement in December 2025 and we are proud to be at the forefront of the strategic realignment in global critical minerals. MIF is a large operating copper cobalt platform in the Katanga copper belt with 50 plus permits.
Cobalt capacity is expected to scale to approximately 20,000 tons in the two operating plants. Along with this we will be achieving 100,000 tons of copper over the next three to five years from both Chemaf and Surya. Let me give you our FY27 outlook briefly. The steel markets and therefore iron ore are as strong as ever, especially in Indian market. Our FY27 guidance reflect the next change in our scale. Iron ore production at 26 million tonnes dispatches of 27 million tonnes pellet of 7.75 to 8 million tons DI 125,000 tons at 825,000 tons and a formal entry into steel making with wire rod mill production at around 150,000 tons.
We expect annual cost savings to surpass 2,000 crores per annum as all logistics and sustainability initiatives are maturing by March 28. FY26 has been a year of extraordinary achievement. Our financials have never been stronger, our operational foundation has never been robust and our strategic pipeline in ferrets, in pellets, in steel and now in copper has never been more exciting. We remain deeply grateful to all our investors, partners and every member of our team. Without taking more of your time, I hand over the call to Riaz.
Mr. Naredi and Mr. Himankur will take you through the detailed financial operations of the Triveni and the Congo operations as well. Thank you once again everybody.
Riyaz Shaikh — Chief Financial Officer
Thank you Rajeshi Good evening everyone. I want to open with a line from Aristotle that I believe captures exactly what FY26 means for us. We are what we repeatedly do. Excellence then is not an act but a habit. That is precisely the story of our FY26 numbers. The margin you will see today are not a one time event. They are the outcome of systems we have built, disciplines we have embedded and habits of execution that run deep across every function of this organization with the context. I will take you through the standalone financials and operating performance for Q4 and the full year FY26 focusing on the numbers, margins and CapEx for the financial highlights for quarter four.
FY26 standalone this has been the strongest quarter we have ever reported on a standalone basis. The total income came in at rupees 4977 crores, registering a remarkable 310% year on year growth. EBITDA was rupees 1679 crores up 498% year on year, a near six fold jump in absolute profitability. PAT stood at rupees 1,066 crores up 368% year on year. EBITDA margin expanded to 33.73% in quarter four, an improvement of more than 1000 basis point year on year. For the financial highlights of the full year FY26 FY26 without doubt the best year Lloyd Metals has ever had across every single metric.
Total income for FY26 stood at approximately 13,838 crores up 104% year on year. We more than doubled our revenues in the in a single year. Ebitda came in at 4673 crores growing 133% year on year. PAT was rupees 3194 crores up 120% year on year. EBITDA margin for the full year stood at 33.77% up 418 basis point year on year. The margin improvement is not one off it is structural and is coming from higher share of value added products especially pellets in the revenue mix. Benefits of the slurry pipeline which has started flowing meaningfully into the P and L.
Better utilization across mining pellets and DRI operating leverage as volumes scaled significantly. Coming to the operational highlights of Port Iron Ore Iron ore production for quarter four FY26 was 9.09 million tons up 529% year on year. For the full year Production stood at 21.96 million tons up 120% year on year. Iron ore sales volume for quarter 4 FY26 was 6.16 million tons up to 71% year on year. For FY26 total sales were 16.18 million tonnes up 71% year on year. Realization per ton stood at Rupees 5848 in quarter 4 and Rupees 5806 for the full year.
EBITDA per ton was Rupees 1894 in quarter 4 and 1930 for FY26 reflecting strong unit economics. Our monthly run rate in April 2026 is already at approximately 2 million tons under a strong start for of 2 FY27. Now for the operational highlights for pellets. Pellet production for quarter four FY26 was 1.08 million tonnes and for the full year was 3.03 million tons. The pellet plant commenced commercial production at the fag end of quarter two FY26 within four months of commissioning. It has already reached 100% capacity utilization which is an exceptional execution outcome.
Realization per ton for quarter four FY26 stood at 9590 supported by strong product quality and strategic geographic positioning. EBITDA per ton per pellet stood at rupees 4040 in quarter four. Robust margin driven by captive iron ore slurry pipeline based evacuation and strong demand domestic demand. I’m also pleased to share that the second pellet plant was commissioned in May 2026. This takes our total pellet capacity to 8 million tons per annum and positions us strongly for FY27 volume growth.
For the operational highlights of DRI and power DRI sales volume for quarter four FY26 was 188,000 tons up 171% year on year. For the full year DRI volumes were 480,000 tons up 56% year on year. DRI realization stood at Rs. 27,306 per ton in quarter four with EBITDA per ton of 7,999 strong unit Economics power volumes were up 48% year on year in quarter four FY26 the value added mix value added products now account for 32% of FY26 standalone revenues, up from 20% in FY25. In terms of EBIT contribution, the share is 30% up from 11% in FY25.
This mix shift is central to improving margin stability, reducing volatility and enhancing overall return metrics. With Pellet Plant 2 now commissioned and the wire rod mill on track, this VAP share is expected to improve further in FY27. Going for the CapEx update, the company has incurred CapEx of approximately 13,500 crores during FY24 to FY26. FY26 standalone CapEx alone was 8,100 close to 8,100 crores reflecting the significant investment phase we are currently in. Key projects funded include two pellet plants, DRI expansion, slurry pipeline investments and the ongoing capex of the CD plant.
Importantly, capex execution is on track and within approved budgets. To give Further color on capex of 3500 crores we have capitalized 5100 crores of assets comprising mainly of pellet plant, one slurry pipeline and the DRI plants. Rupees 1850 crores is capital advances. Remaining is CWIP which you can see is in our published numbers. The Balance Sheet and the Net debt Standalone net Debt as on 31st March 2026 stands at Rupees 3901 crore, a manageable level given our EBITDA generation. Despite an intensive CAPEX cycle, the balance sheet remains comfortable.
Strong EBITDA has supported internal approval, led funding and controlled leverage. Working capital continues to be well managed, helped by faster dispatch cycles and healthy demand conditions. To summarize, FY26 standalone performance has been extraordinary across every metric. Margins are structurally strong, CAPEX execution remains disciplined and the pipeline into FY24 is the strongest it has ever been. With that I will hand over to Naridi Ji for Triveni’s performance.
Unidentified Speaker
Thank you Rajeshi and Riyadhji. Good evening everyone. For us at Triveni, growth has always been about disciplined execution, consistency and doing the fundamentals right day in and day out. Let me take you through Trivini’s performance in Q4 and the full year. FY26 Financial Overview TIPL FY26 From a financial perspective, FY26 has been a transformational year for the Trivini. The total income for the full year stood at approximately 8000 crores to be precise 7997 crore with an EBITDA of 1990 crore and EBITDA margin of approximately 25%.
This compares to the EBITDA of 1062 crores and margins of approximately 16 crore in FY25 and nearly doubling of EBITDA in a single year. In Q4. FY26 specifically EBITDA was 910 crore with margins of 36% reflecting exceptional operational operating leverage as volume. 16 cash PAT for the full year stood at 1196 crore with cash PAT margins of approximately 15%. The improvement in margins reflects better operating leverage, higher equipment utilization and continued focus on cost discipline across all project sites.
I’ll come to the Operations at Garchi rally. The environmental capacity at Surjagar maintain has been increased from 10 million ton per annum to 55 million tons per annum, a massive regulatory win that unlocks significant volume headroom. FY27 volume growth is expected to be more than 75% including BHQ underpinned by full scale operations at Central Hill and completion of FY27 equipment mobilization. As procedure, we have now deployed 88 electric equipment units at the mine and 20 electrical units at the railway siding.
That firmly establishes our green mining credentials. BHQ benefication plant excavation has commenced with 22 large scale equipment mobilized. 14 mobile crushers and 26 heavy earth moving machines are also deployed for BHQ crushing at the mines. We have also established a full EV and LNG ecosystem at Suryagarh mines. 100 ton diesel dumper has been successfully converted to LNG hybrid operation which is a significant sustainability milestone now. Odisha Operations Our Odisha operations also continue to scale meaningfully.
One of the mine MGM Mines has been awarded the prestigious 5 star rating by Indian Bureau of Mines which reflects our operational quality. Gwali iron ore mine production has also been enhanced from 7.4 million ton per annum to 9 million ton per annum. Sarojini Pradhan mine has scaled up from 0.57 million tons to 4.99 million tons per annum. These are significant capacity additions. Iron or mine A new mine and the operations are expected to commence in Q1 of FY27 with FY27 production target of 3 million tonnes.
La Sada Pacheri Mines Again a new mine the MDPA has been signed and operations are to commence in Q1 FY27 with the FY27 production target of 1.5 million tons per annum shri metallic mines capacity has been increased from 1.5 to million tons to 1.8 million tons overall. The Odisha operation volumes are expected to increase by 39% year to year to 34 to 35 million tons in FY27 one of the mining list Saga Sahi Mines was selected for the 1150 Excellence Award and acknowledgement of our operational and sustainability standards on coming to Coal Sirvini Scenic mining our subsidiary PB west and PB Northwest.
PB west has achieved the highest distinction of a five star rating from the Ministry of Coal ranking number one among 383 open caste mines across India which is an extraordinary distinction. PB Mine was also awarded the overall winner at the 68th annual Mine Safety Week receiving the Suraksha Shikhar Gold Award. RNR set a national record in FY5 26 completing over 1400 houses which is 143% of the previous year’s target and acquiring over 420 acres of land which is 103% of the target record yearly performance at PB west that OB removal has been at 72.8 million BCM.
Coal production was 17.5 million tons. Coal crushing and dispatch 17.4 million tons. IPCC commission on 11th August 25th handling 2.89 million tons electrical loading 21.8 million BCM that is up to up by 80% year on year. Electric drill 1.5 lakh meters that is up 45% year on year. Wireless communication system implemented across all hemm and mid scale equipment now coming to international and new ventures International on Indonesia we are rationalizing lower margin operations and plan to redeploy equipment to higher return opportunities in Congo and PNG on Geomasseur Gold Mining our MDU and exploration contract commenced in January 26th.
We have a targeted EBITDA contribution of approximately 60 crores in FY27ameaningful new revenue stream with further upside as exploration progresses. Outlook Trivenee’s focus remains clear scale responsibly, execute efficiently and protect margins through productivity and cost optimization. The pipeline for FY27 looks strong across Garciroli, Odisha and coal operations. We are confident of sustaining both growth and profitability. With that I hand over the MIC to Heman Kursan. Thank you.
Siddharth Gadekar — Analyst
Hello. We’ll open up for the questions.
Questions and Answers:
Operator
Thank you. We’ll now begin the question and answer session. Anyone who wishes to ask question may press Star and one on their touch tone telephone. If you wish to remove yourself from the question queue, you may press STAR and two Participants are requested to use handset while asking a question. Ladies and gentlemen will wait for a moment while the question queue assemble. The first question is from the line of Amit Dixit from GS. Please go ahead.
Amit Dixit
Yeah, hi, good evening everyone and congratulations for good performance. A couple of questions from my side. The first one is on slide number 25 where you have this arrangement with Tata Steel on the BRPL project. Just wanted to understand the economics of this because you have mentioned that the free cash and the profit accruing to us is quite substantial. So just wanted to understand the CAPEX part of it and how we are, you know, looking at operations to ensure that this kind of, these kind of numbers in terms of freecash accrue to us.
Unidentified Participant
Yeah, thanks Amit for the question. So as you rightly said, I mean this is a business which is already in place so far generating this kind of free cash flow. The amount of sustaining CAPEX is not much. So that’s why the free cash flows are high. Because this, this is take or take contract that we have with Tata Steel as the captive consumer. This is of great strategic benefit to Tata Steel because this operates a pipeline which is near about the mine mouth of their existing mines and it opens up near the Kalinganagar plant within the five kilometer radius.
So because of which the entire capacity is dedicated to them. And as a part of our shareholder agreement this was agreed as a margin for the existing assets. So that’s why this is a large amount of free cash flow. You would also recall that we had signed MOU with Tata Steel for evaluating multiple projects which involved some of the projects that we’ll be taking up with them. It involved working on slurry pipelines for their projects. It involved steel plant facility in Gachiroli and it also involved new MDO projects that we’ll be doing with them.
So given all of that we are progressing on some of those projects. So as of now those projects CAPEX is still being finalized because. Because they are still in the discussion and finalization stage. But some of these free cash flow will go towards generation and development of those projects. But we intend to maintain high return on capital for such projects so that it is deployed and suitable for maintaining the high return on capital that we have.
Amit Dixit
So just a related question to this, you know because our expertise in laying clarity pipeline in record time is quite well documented. So is there some exclusivity that you have with Tata Steel or you can approach any other steel player? Because a lot of them are looking for the okay okay, okay, okay. The second question I have is on the Congo operations and constellations for starting the copper operations over there and just wondering what kind of incremental Capex you expect to incur in both copper and Cobalt project to reach the capacities that you have mentioned.
Also on the related note, this geography is not the easiest one to work. So what specific steps you are taking to ensure that you know, because I mean you have started operations and I would say I don’t recall any other company that has done that in such a small time.
Unidentified Participant
Yeah. So thanks again, Amit. Yes, definitely. It’s a new territory and that’s where the new opportunities are coming out of it. And that’s why we see that this was a very unique case which presented us an asset which was near operational. So to answer the first question, how much capital expenditure will be required? This plant is near about 85 to 90% complete. We are already engaging with the EPC players. These are world class EPC players. The plants are designed and built by people like Autotech and Bigrim from China.
So we are getting them back on the ground I think within this month. We are getting them up and running. In terms of completion of the plant, the total plant capex initially was near about $1.1 billion out of which 800/million dollars has already been spent. Based on our current evaluation, including the initial working capital and the mine development which will be feeding these plants, it would require near about 200 to 260 million dollars. We are still working on the exact numbers, but this is a fairly broad estimate which can be taken at the moment in terms of players who are operating and working in the mines in Congo, it’s a fairly established mining destination.
It had its challenges earlier, but given the rising demand of copper and cobalt as a strategic material for defense products, particularly apart from the batteries, this is something which is of great importance to us. So US because I mean US has also started realizing that a lot of supply chain of critical minerals is, is basically residing with China. And whenever these tariff barriers and different problems happen, they saw that the supply chain can be choked. So that was one of the key things which kind of drove us to this.
Because having this kind of an asset at such a large scale, yes, you’re right, it is a high risk if you are doing it alone. But that risk is mitigated by the fact that we are partnering with the US and US has a strategic and critical minerals deal which was signed in 2025. So in fact we have very strong support from us and given the kind of support that us is building with DRC, there is a strong cooperation. And this is the first project under this. So a flagship project. So it becomes de risked by the same amount.
It’s something what you can probably see with Suchagar. Like it was one of the first projects that we opened up here. So of course risk was there. But this was the first project in Maharashtra. So for Maharashtra iron ore was new. And now Maharashtra is looking at opening up many more mines and coming up additional iron ore. So this gives us a good entry and also helps us build a very strong partnership with us because they see us as reliable, credible operators. So in difficult terrains, wherever the US companies are not able to operate or not able to scale as fast as they would want the supply chains to be built, we would be a partner of choice.
So this is an alternate to China on the global scale. And that’s why we see this partnership is something which will be quite important and also de risk in the entire process because of the presence of of us.
Amit Dixit
Quite clear sir. Thank you so much and all the best.
Operator
Thank you. The next question is from the line of Vikas Singh from ICICI Securities. Please go ahead.
Vikas Singh
Good afternoon sir. Thank you for the opportunity and congratulation on very good set of number. So my first question pertains to Trivini. If I look at our iron ore ramp up has been largely been done while the coal has not been ramping up. So are we going to expect volume growth in this segment? Because if I remember correctly couple of quarters back we have given a pretty good numbers in terms of revenue guidance on the tribuni side and what has caused this margin expansion on the year on year basis from EBITDA margin of 16% to 26%.
Unidentified Participant
In iron ore. We are starting two new mining leases and the other mining leases where we are already doing we have got the environmental clearances enhancement and due to that the aron ore production is going to be higher as compared to the earlier year. And in respect of coal as we stated Indonesian operations we are slightly slowing down due to lower margins and shark and operations, the contract volumes and all these things we are achieving. So yes, we will be increasing our revenues quantity in iron ore more as compared to coal and surjangar also we have got a large expansion so there also we are going to increase it.
So this is the reason that iron ore expansion will be much more as compared to coal.
Vikas Singh
Okay, so just a follow up question on this. We in the remarks Somebody said that 37, 39% higher iron ore production could be there. Would our revenue follow the similar model? Or the rates are different and revenue growth would be lower than that?
Unidentified Participant
No, no revenue growth will be there. And we’ll be getting the benefit of economies of scale. So our revenues would be much much better?
Vikas Singh
No. So would that go in tandem with the volume at assuming the same kind of rates we are getting across the board or the intensity would be lower than the volume growth? That’s what I was asking. Effectively
Rajesh Gupta
More or less it will be the same top line would be more or less. The same bottom line will be faster because of economic scale.
Vikas Singh
Notice sir. So my second question pertains to our realization this quarter. If I see iron ore and palace there was a deviation. One has gone up on sequential basis while the parallel realization gone down which is a little bit surprising. So could you explain what had happened here? And what is this spot realization? Have we also taken price hike today?
Rajesh Gupta
What has gone down sequentially
Vikas Singh
Was down as per our own presentation while the island ore have been up sharply. So just wanted to understand
Rajesh Gupta
As volumes have gone up in pellet we have had to search new markets and that is where the pellet realizations are little lower because the newer markets are at a distance. Some tenders were there earlier which we have not been able to re establish again. And we have been doing a little bit more export on the top on the pricing of iron ore. It’s more or less driven by the market. We are in line with the rest of the market and the steel market.
Vikas Singh
Not yet sir. And sir, lastly if you could give us some update on your BHQ project because next year if I remember correctly we wanted to do more of a low grade beneficiation versus the high grade sales. So.
Rajesh Gupta
So our. Our. In my opening remarks I mentioned that by December 2027 the BHQ first phase of 30 million tons input and around 12 million tons output would be commissioned. And the. The land is with us. The the equipment has been mobilized, the construction equipment has been mobilized. The crushing of the material has started and we’ll be pushing the metal onto the site and getting it evacuated from the site in this year and over next two years that material will be accumulated there. And the as far as the project itself is concerned we are going ahead with the total engineering is complete.
The main ordering of 85, 90% has been ordered on very five star parties. The parent plant has helped us a lot in establishing the final engineering. And that is the status
Vikas Singh
Since we are beneficiating. And the mining ratio to Output is lower. Do we expect that once the BHQ picks up our overall blended EBITDA pattern on the iron O side atlas would settle on a lower scale. We think it’s on a higher scale
Rajesh Gupta
Because BHQ benefited ore will be 66, 67%. The cost upside is around 200300 rupees which I think we explained in the last con call and particularly with the revised notification of the government on reduced royalties. So with the upside on the cost will be around 200300 rupees. The upside on the selling price or on the usage level even if you do it internally will be at least 700800 rupees. So we think that the EBITDA will go up once the BSQ is commissioned.
Vikas Singh
Sir, wouldn’t the mining cost per ton of the final material would be three times higher? Two and a half times higher. So that should get added in the first.
Rajesh Gupta
Bigger scale volumes. So we would have. Like I said the total cost would be in that range and the royalties are much. This is
Vikas Singh
Adjusted for the mining ratio you are talking about.
Rajesh Gupta
Absolutely, absolutely. I’m talking about next level or
Vikas Singh
Notice. Thank you sir and all the best.
Operator
Thank you. The next question is from the line of Jasindeep Singh from Novara. Please go ahead.
Amit Dixit
Hi. Thank you for the opportunity and congratulations for a great set of results. So my first question is regarding capex. As you know you were highlighting how much Capex will be required for the second copper stream that you have entered. I just wanted to understand you know with that in mind what will be our FY27 28 CAPEX guidance for console Lloyd now And in line with that, you know with Capex increasing the earnings are also increasing significantly. But what will be a sustainable net debt to EBITDA or leverage numbers for the company and is the company looking for any deleveraging in the, you know SI 2728.
That that will be my first question.
Riyaz Shaikh
Thanks Jashindeep. The total capex excluding the ISP for the Konsari unit is around 28,000 crores. That is what we have of which we have already spent as I have mentioned earlier is 13,500. So that remains with the 14,500 crores to be spent over the next two years. Next year our plan does around between 10,000 to 11,000 crores is what we are planning to expand because that will include a lot of portion from the BHQ plant and the ISP at Chandrapur. So it should be on 10,500 in the next year. It should be 4,500 plus years in 2027, 28.
By that time we would be clear on the largest steel plant at Konsari. So the. And. And also the copper. So all those expenditures will be further included in this and and should be a larger number
Amit Dixit
Largely copper. Capex will start from FY28, you know, is that right? And also on deleveraging or your sustainable net debt will be done
Rajesh Gupta
FY27. Also there will be copper investments.
Unidentified Participant
Yeah so actually majority of the copper investments will get done in FY27. So we should have the revenues and profitability from copper coming in from FY28 because as I said the plants are near about 85 to 90% complete. So we want to get them running ASAP. And that’s why large part of the CapEx which actually will done this year
Rajesh Gupta
And to this we would have to add the Triveni Capex. Also since you asked for consolidated Triveni Capex would be around thousand crores in this coming year in this current year.
Amit Dixit
And the 10,000 to 11,000 crore also includes Trinity and Copper is my understanding right sir?
Rajesh Gupta
No, that’s on standalone business.
Amit Dixit
Yeah. So consult. So how much will be consult.
Unidentified Participant
In terms of capex you are asking? Okay. Yes so. So. So basically on a console basis Copper will be as I mentioned earlier near about 200 to 260 million dollars. So we can add near about 2,000 crores,
Rajesh Gupta
12,000 15,000 crores. And so for capex in this 2726 27.
Amit Dixit
Right sir. And any plan of you know deleveraging Trinity because most of the debt on the console book is from Trini. So any plan for next two years to reduce the debt on Cevini and what is your target med debt to EBITDA that the management is internally working with
Riyaz Shaikh
Debt? Yes, we are looking at. We have planned the RPS is as it is reducing. It was just paid around 700 or crore in the month of April for that the rps so that 2100 crores in the debt in is RPS office. 700 crores is happening over the next 3 years the 2000 crore rupees reduces. So the debt automatically comes down and the regular payments are also
Amit Dixit
Understood. And for my last question again because you know Lloyd is expanding and growing at such a rapid pace. Will all of the capex will the company be able to manage all the CAPEX for internal recruitment or is there plan or is management looking towards raising some more capital either through debt or equity in near future? How is Management looking towards it.
Riyaz Shaikh
Yes. Debt we would be raising as we have mentioned. We should we will have have a proper mix of debt. The EBITDA should be around 1 1.5 times of the EBITDA not more than that. That is what our number numbers would be equity. As of now we’ve not not planned of anything and we don’t in near future. So we don’t intend on
Rajesh Gupta
Any equity would be if ever would be in the books of Trivali. If we go for an IPO in that company at a later stage, not in this year.
Amit Dixit
Undershoot, sir. And so my last question will be largely towards the new government regulation which came which is now you know is fixing ASP for I don’t know grade below 45% with you know the close to 2 3rd of your reserves being in that category. While I understand beneficiation will be there and you will be selling output will be higher grade. But just wanted to understand how does that regulation or how does the management look at that regulation. Whether there will be benefits in terms of royalty or whether there will be benefits in more offtakes happening of the lower grade.
Just want you to understand that.
Rajesh Gupta
So the royalties paid on material going out of the mine and the lower grade of less than 45 or less than 35 would be going out of the mine entailing royalty at the rate of 50% or 75% respectively. So that would reduce our BHQ output cost to the to the BHQ plant. So it helps us in terms of reduction of cost.
Amit Dixit
Understood sir. And just one last question. Sir mentioned that 2,000 rupees per ton saving coming from largely from transport. Can we have a breakdown of that and you know how much will be coming from which
Rajesh Gupta
I mentioned. 2000 crores over the next. Once the second pipeline is commissioned from Hadri to goes via the Chandrapur stockyard. All our 16 million tons of material which is now being transported to the railway sidings or to various customers by truck at 600 rupees a ton, 5 rupees a ton would be saved. So that itself is a thousand crore rupees. Plus whatever pipeline we already doing right now. Plus our solar projects and other green initiatives plus you know various initiatives during all the sites.
So we have calculated total of 2000 crores per year going forward from 2028 onwards.
Amit Dixit
Understood. Thank you so much for this and I’ll join that video.
Operator
Thank you. The next question is on the line of Ritesh Bhagwati from Alpha plus Capital. Please go ahead
Ritesh Bhagwati
Thanks for taking my question. And first of all, Congress on great set of numbers. Firstly, it’s in regards to our DRC assets. So we saw our commercial production of 12,000 tons per ann copper cathode plant at Surya Mines got commissioned in March 26th. So and plus we have done an acquisition of another 49% stake in Chemaf. So what I want to first of all understand is how are we seeing this ramp up of 10,000 tons per annum to 30,000 tons per annum happening? So what is the timeline for that? Secondly, what I also want to understand is how are we seeing this integration of DRC assets happening and what sort of revenue and EBITDA contribution can we see in this financial year?
Unidentified Participant
Thank you. So I’ll explain on both the assets. So the first asset actually was commissioned and started producing copper plates in March 2026. So we have produced near about 700 to 750 tons of copper as of date. The plant as per budget is able to produce near about 40 to 45 tons per day. We are having certain supply shortages on the sulfuric acid because it’s an inland country. So because of it there is a slightly lower volume than expected. But good thing is that with the plant that we acquired, the other company, we have a sulfuric acid plant, so we are now continuing to supply sulfuric acid from that.
So there is synergy between the two companies. So with that I think we are looking at producing a total of around 9 to 8, 9 to 10,000 tons of copper for the financial year ending this year. SHAMAF will not produce anything this year. It is expected to start production meaningfully by July of 2027 when the plants are expected to be commissioned. So a big uplift will come when those plants are completed and they start operating fully. They are fully integrated plants in terms of mine next door to the plants.
So we’ll have near about 90,000 tons of copper production. But starting from July 2027 until then we will have around 800 to 900 tons of copper that we expect once we solve the sulfuric acid problems which should be sorted in the next three months. So that’s broadly the production profile for the Congo assets.
Ritesh Bhagwati
Okay, so basically I also want to understand our stake acquisition that we have done for Lloyd’s Panguna, which we will engage with Bougainville Copper Ltd. So if you can just provide some clarity on the strategy roadmap, anticipated timeline for securing mining rights.
Rajesh Gupta
No asset has been taken over. It’s we have created a company for future actions in that Country. It is a very active. Was a very active mine 40 years back. With port built, roads built and the mine commissioned and well established etc. With very rich copper and gold deposit. But there is still in the discussion stage. We have got the rights only and nothing has been acquired. And we will unique like you say, setting our foot into the area.
Ritesh Bhagwati
Okay, so just lastly on our pilot plan. So like we have recently commissioned our second pallet plant as well. So what I want to understand is like what when do we expect, you know, both pilot plants together to reach the expanded capacity of 10 million tons per annum from our original 8 million tons. 8.
Rajesh Gupta
It’s 8 million tons. 4. 2 into 4. 8 million tons tons. The first plant in the first nine months of operation has achieved 3 million tons. Which is within the capacity. We hope to repeat that in the second plant as well. And therefore we hope to achieve 7.5 to 8 million tons in this complete year.
Ritesh Bhagwati
Okay, thanks a lot. That’s it from my end.
Rajesh Gupta
Thank you.
Operator
Thank you. The next question is from the line of Sati Agarwal from Chhattisgarh Investment. Please go ahead.
Unidentified Participant
Hello. Am I audible?
Operator
Yes, ma’. Am. Yes.
Unidentified Participant
Yeah. Firstly, congratulations to the team for great set of numbers. So my first question is. Does receivables increase from 1 from 171 crores to 1480 crores on a consolidated number that is 3.24 times. So is this from the Triveni or on standalone like. Yeah.
Riyaz Shaikh
See last year. Last year it was not a consolidated because trainee is just acquired in this year. So only nine months has been consolidated. So if you’re looking at a consolidated numbers then it is. You’re not. It is not comparable. If you compare it with the last. Last.
Unidentified Participant
Okay. Okay, got it. Thank you.
Operator
Thank you. A reminder to all participants that you may restrict yourself to one question. The next question is from the line of Pulse 91 Asset Management. Please go ahead.
Vinit Thakur
Hi. Thanks for taking my time. Congratulations for a good set of numbers. Sir, actually I have a couple of questions. The first one is an extension to the previous participants question. I understand that now since MDO is. Is integrated with our operations. If you could you know just give a bit of color on our receivable days and inventory days and payable days for the consolidated entity. Going ahead. And second, sir, if you could just on. On an accounting side. Provide the number for IPS benefit this year.
It would be really helpful
Rajesh Gupta
On the IPS benefits. Basically it is right now around one year in accrual. One year post the claim to be made. The claim will be made in June for the last year. So we would get the monies in June 2027 or current year. We’re trying to see how that can be expedited for the consolidated receivables data. I think this question is a very interesting question. We don’t have the clear cut answer on why exactly that moment is there. We come back very shortly after that.
Unidentified Participant
15 to 30 days in
Rajesh Gupta
Receivables are 15 to 30 days in metal.
Unidentified Participant
In coal it is 15 days. Lloyd, it is 15 days. So we
Rajesh Gupta
Have to. And so it is similar in loyal metal. We’ll figure out exactly the reasoning behind it and come back.
Operator
Thank you. The next question is from the line of Amishard investment advisor. Please go ahead. Amai. Sir, could you please go ahead? Since there’s no reply from the line of Mr. Maisharda, I will provide the next question which is from Harsh Shah from Seven Rivers Holding. Please go ahead.
Harsh Shah
Yeah. Hi, good afternoon, sir. In your slide you have given a guidance of 26 million tons for FY27 production of iron ore. Can you give us a split how much of this will be consumed internally for the downstream drugs and what will be sold outside?
Rajesh Gupta
Around 8 million tons. 8.85 million tons. 8.8 million will be consumed internally for the pellet plant and the DRI plant may be another 200,000 tons. So around 9 million will be consumed this year internally. Yeah. Part of the would also be consumed internally in the DRI plant.
Operator
Thank you. The next question is from the line of Siddharth Gadaker from Equitress securities limited. Please go ahead.
Siddharth Gadekar
Hi sir. So first on that SCHEMAAC acquisition, can you just speak on the debt that we have acquired with that entity and how should one think about that debt?
Unidentified Participant
Yeah, thank you. I mean, yes, I think that needs a little bit of clarity because otherwise it might look that we have acquired a lot of debt so we have become owners of the company. So of course the company was under stress. So there’s a lot of debt which has accrued, built up and they have spent that on the plant. But as a part of the overall negotiation process we have also made settlement agreements with the key creditors. So actually the total debt which is there on the books of Shemaf is around $800 million.
Large creditors mostly we have negotiated and effectively once we pay out those creditors, this debt will be reduced by 475 million. So that’s the amount of negotiation that has been done and the balance of the debt which will be Remaining on the books, which is near about $330 million. That is fully non record and it will stay at the company level at shamab also we are negotiating on that with some of the smaller parties which are there. So we’ll go through that process and possibly we can also receive some benefits from there.
So that’s broadly the current debt for completing the plants. Possibly we’ll borrow additional $200 million which will also be non recourse to lmel and borrowed at the asset level because the assets itself is near about a billion dollars which is already put on the ground.
Siddharth Gadekar
So secondly, in terms of the ramp up on Chimac, how should one think about the ramp up in this asset?
Unidentified Participant
So as I answered earlier, I mean July 2027, we should see reasonably full commercial scale production. So we should be producing near about 8,000 tons of copper, including the Surya mine. So only SHAMAF itself will. It will be near about 6,000 to 5,500 tons per.
Siddharth Gadekar
And the entire debt will get consolidated into our console balance sheet or how should one think about that?
Unidentified Participant
Yes, that’s right. So although we own 49% but because we are having the operational control on the ground and we are the ones who are running the operations, which is typically for us as something which we like and control because effectively we need the operational controls to make the assets work. So that’s why, because of that reason, even though we are 49% we have operational control and thus it gets consolidated into our books.
Siddharth Gadekar
Okay, good. Lastly, on the standalone operations, on the pellet, we had spoken about some debottlenecking that we were doing on the standalone operation. So when should we see start seeing the benefit of that Debo Clinic coming in?
Rajesh Gupta
We are studying and applying to the government for relevant permissions. We should get that by the year end, that is 26, 27. So next year we would see an increased production in that.
Siddharth Gadekar
That will be for both the pellet plants or only the first pellet plant?
Rajesh Gupta
Yeah, yeah, both the pellet plants.
Siddharth Gadekar
So effectively we can go to 10 million ton of pellet capacities with these two plants.
Rajesh Gupta
No guidance on that, but yes, that is the target.
Siddharth Gadekar
Okay, got it, sir. Thank you so much.
Operator
Thank you. The next question is from the line of. Please go ahead.
Unidentified Participant
Yeah. Good evening sir. Congratulations to you all for remarkable set of numbers and metallic numbers for FY26. So to start with the first question, this would like to know, as have already said, the estimated phase for the second cost and for the extending course and what would be the timeline for that as the slurry pipeline for the project. The phase one because and already it was got cleared in the earlier sessions. So can you add some more?
Riyaz Shaikh
We’re not able to understand the. Can you be. Yeah.
Unidentified Participant
So what would be the phase two cost of in the timeline for the. The overall total project for the slurry pipeline? Capacity of utilization and overall volumes. So it will take up and ramping up.
Riyaz Shaikh
The phase two study pipeline is for the 16 million tons. What we are planning. This is the plans for the entire kiff to be completed is within two years as we mentioned earlier also.
Unidentified Participant
Okay. And my next question it is about what would be the revenue growth in terms of volume of iron ore and value added products for FY27 and FY28. There’ll be
Rajesh Gupta
No increase in volume. This is the maximized volume that we have. FY27 we discussed would be operational fully. So we’ll be having a production of say 1 million tons which is 75, 80% of the capacity. Plus the pellet plant will be producing that 8,9 million tons. So that would be the value added product range and. And relevantly DRI and PG etc would also be produced according to that.
Unidentified Participant
Okay. Okay. Thank you. And so one more which is what would be the inter segment revenue in terms of capital in iro? That that is the using because after the exhibition as you can see that inter segment revenues have ramped up like it is somewhere around 4014 this year. So FY26. So what would be for three many MBO inter intra group dealing or something for FY27 if you can put some light because captive transfer of 907 crores which we can see the reflection.
Rajesh Gupta
I don’t think we are ready with that exact figure that you’re looking for. We’ll come back shortly on that.
Operator
Thank you. The next question is from the line of Vedant Sarda from Nirmal Bank Securities Private Limited. Please go ahead. Could you please unmute your line and go ahead? Yes sir. Yeah.
Vedant Sarda
Thank you for the opportunity and congratulations. So we have guided 26 million ton of iron ore production and double down on a pellet production and data plugin era production for FY27. So can you broadly tell us the revenue growth and ebitda growth for FY27 on the current realization of RNA?
Rajesh Gupta
I think the figures are all with you. We leave it to the analyst to analyze and confirm the figures.
Operator
Thank you. The next question is from the line of Tanmay Chaudhary from Daulat Capital. Please go ahead
Tanmay Chaudhary
Yeah. Hi sir. Thank you for the opportunity. So my first question is on the logistics side. I could. What was our evacuation plan through the pipeline and the trucks and railway sliding and specifically for feeding our recently commenced Parrot plant?
Rajesh Gupta
Your question is not very clear, sir. Can you repeat it?
Tanmay Chaudhary
Yes, sir. I’m asking on the evacuation plan through the pipeline and on the transport side, like for feeding our recently commenced pellet plant.
Rajesh Gupta
So the recently commissioned pellet plant is being fed by the pipeline which was commissioned around a year back. That same pipeline is now feeding both the pellet plant that are commissioned. This product is being evacuated either by truck or by a former railway siding which is around 80km, 70km away. That’s. As for the evacuation of the current pipe, current padded plant and material into the Parrot plant is concerned. Does that answer the question? Hello?
Operator
So the line has dropped. Ladies and gentlemen, we take this as a last question. I now hand the conference over to the management for closing comments.
Riyaz Shaikh
Thank you everybody. I guess we were able to reply to all your questions and queries. Once again, thanks everybody. And if you have any further questions we can. You can get get in touch with Mr. Chintanmet or myself so that we can. We can give you all the further replies. So thank you once again for participating and thank you Equitus team for hosting us.
Shivang Singh
Thank you, sir.
Operator
Thank you on behalf of Equities Securities Private Limited. That concludes this conference. Thank you for joining us. You may now disconnect your lines.