Event Type: Q2 and H1 FY27 Earnings Conference Call hosted by Anand Rathi Share and Stock Brokers Limited.

Date and Time: The conference call was held on Wednesday, 04th November, 2026. The specific time was not mentioned in the disclosure.

Purpose: Discussion of quarterly results (Q2 FY27) and half-yearly results (H1 FY27), including financial performance, operational updates, and strategic direction.

Management Participants:

  • Mr. Rajesh Gupta – Managing Director
  • Mr. Riyaz Shaikh – Director of Finance & Chief Financial Officer
  • Mr. S.K. Naredi – Director Finance – Thriveni Earthmovers Private Limited
  • Mr. Hemankur Upadhyaya – Director, International Strategy and Operations

Availability of Materials: The transcript of the conference call was made available on the company's website at https://lloyds.in/investors/analyst-and-investor-meets-and-presentations/ on 09th November, 2026. The disclosure states this was pursuant to Regulation 30 of SEBI Listing Regulations and in furtherance to their intimation dated 29th October, 2026.

Financial Period Discussed: Q2 FY27 (Quarter ended September 2026) and H1 FY27 (Half year ended September 2026).

Key Financial Highlights (Standalone):

  • Q2 FY27 Revenue: INR 4,132 crores (up 62% YoY)
  • H1 FY27 Revenue: INR 9,545 crores (up 94% YoY)
  • Q2 FY27 EBITDA: INR 1,538 crores (up 83% YoY)
  • H1 FY27 EBITDA: INR 3,658 crores (up 126% YoY)
  • Q2 FY27 PAT: INR 1,112 crores (up 84% YoY)
  • H1 FY27 PAT: INR 2,639 crores (up 113% YoY)
  • H1 FY27 EBITDA Margin: 38.33% (expansion of 542 basis points YoY)
  • Q2 FY27 EBITDA Margin: 37.22% (expansion of 419 basis points YoY)

Operational Highlights (Standalone):

  • Iron Ore Production: Q2 - 3.95 million tons (up 15.5% YoY); H1 - 10 million tons (up 35% YoY)
  • Iron Ore Sales: Q2 - 2.12 million tons; H1 - 7.59 million tons
  • Iron Ore Realization: ~INR 6,700 per ton; EBITDA per ton: Q2 - INR 2,082; H1 - INR 2,239
  • DRI Sales: Q2 - 160.6 kilotons (up 81% YoY); H1 - 343.1 kilotons (up 104% YoY)
  • DRI Realization: INR 31,040 per ton; EBITDA per ton: INR 9,231
  • Pellet Production: Q2 - 2.11 million tons; H1 - 3.81 million tons (post commissioning of 2nd plant in May)
  • Pellet Realization: Q2 - INR 11,348 per ton; H1 - INR 11,520 per ton
  • Pellet EBITDA: Q2 - INR 4,604 per ton; H1 - INR 4,988 per ton
  • Sales Mix: 71% domestic, 29% export
  • Value-added products contribution: 61% of revenue and 67% of EBIT in Q2 (vs 43% and 49% a year ago)

Thriveni Earthmovers Performance (Key Subsidiary):

  • H1 FY27 Revenue: INR 4,608 crores (up 43% YoY)
  • Q2 FY27 Revenue: INR 1,936 crores (up 22% YoY)
  • H1 FY27 EBITDA: INR 884 crores (up 85% YoY)
  • H1 FY27 EBITDA Margin: 19.18% (expansion of 436 bps YoY)
  • H1 FY27 Cash PAT: INR 558 crores (up 116% YoY)
  • Cash PAT Margin: 12.11% (improvement of 410 bps)
  • Iron Ore Volumes (incl. BHQ): Q2 - 11.22 million tons; H1 - 30.31 million tons
  • Coal Volumes (Indian ops, incl. overburden): Q2 - 18.82 million cubic meters; H1 - 44.84 million cubic meters

Strategic Updates & Forward-Looking Statements:

  • Integrated Steel Plant: 1.2-million-ton integrated steel plant (wire rod) is in pre-commissioning. Blast furnace and coke oven expected to start in Q4 FY27; steel plant and wire rod mill in Q1 FY28.
  • BHQ Beneficiation: Initiative to convert banded hematite quartzite (low-grade ore) into high-quality feedstock. Volumes expected from FY29.
  • Slurry Pipeline: First pipeline running at full capacity, lowering freight costs. Planning a longer, larger network.
  • Pellet Plants: Two 4M ton capacity plants running above capacity. Debottlenecking for higher output and adding a third plant.
  • Copper & Cobalt Operations (DRC - Chemaf): Building 2 integrated complexes (Etoile & Mutoshi) with captive ore. Target production: 74,000 tons copper and 20,000 tons cobalt annually. Aiming for production start in FY28.
  • Surya Mines (DRC): Facing challenges due to third-party ore sourcing, high diesel costs (~$3.2/liter), and sulphuric acid shortage. Repositioning for lower-cost restart.
  • Panguna Copper Project (PNG): Early stages, focusing on community engagement and government negotiations. Historical peak production was 175,000 tons copper/year.
  • Thriveni Expansion: New operations in Odisha (Tata Joda West Manganese Mine, DC Jain Dalpahar Mines). Gold mining plan approved for 1.5M tons per annum capacity.

Capex & Debt:

  • H1 FY27 Capex: INR 6,052 crores
  • Stand-alone Net Debt (30 Sep 2026): INR 9,316 crores
  • Consolidated Net Debt: Below INR 20,000 crores (includes debt from Chemaf acquisition)
  • Chemaf Debt Restructuring: Aiming to reduce from ~$800 million to ~$500 million, expected completion within 3-4 months (by FY27 end).
  • FY27 Capex Guidance: ~INR 13,000 crores; FY28 Capex Guidance: ~INR 10,000+ crores

Compliance Statement: The document is a regulatory filing containing the transcript of a previously held conference call. It does not contain new unpublished price sensitive information (UPSI) but disseminates the recorded discussion.

Additional Notes Section

  • Attachment: The disclosure includes the enclosed transcript of the conference call held on 04th November, 2026.
  • Financial Data: Significant financial and operational data was disclosed and discussed in the transcript.