Buy Lloyds Metals and Energy; target of Rs 1610: Anand Rathi

Anand Rathi is bullish on Lloyds Metals and Energy has recommended buy rating on the stock with a target price of Rs 1610 in its research report dated December 15, 2025.

Broker Research

December 17, 2025 / 12:08 IST

Buy

Anand Rathi's research report on Lloyds Metals and Energy

Lloyds Metals and Energy, the largest iron ore miner in Maharashtra, has articulated four pillars of growth: (a) core business of iron ore mining/pellet and DRI production getting boost from upcoming Chandrapur steel complex; (b) acquisition of 79.8% stake in Thriveni Earthmovers’ MDO biz; (c) partnership with Tata Steel to evaluate opportunities across segments; and (d) stake in a copper project in DRC. These initiatives should transit it from a pure-play resource owner to a more stable, non-cyclical, recurring-business. Our revise estimates incorporate contributions from all four growth drivers, and we expect revenue/EBITDA/APAT to clock 23.4/40.3/43.3% CAGR over FY26- 28.

Outlook

We maintain BUY rating on the stock with an SOTP-based TP of Rs 1,610 (9x FY28e EV/EBITDA) given strong long-term growth visibility beyond iron ore mining and its proven execution over the past few years.

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