Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Equity Bottom-Up

Lloyds Metals & Energy / Equity Bottom-Up

<ul>
<li>Q1FY27 delivered record earnings, while mining’s share of consolidated revenue fell to 44% as value-added products, MDO services and copper gained scale.</li>
<li>Iron ore is increasingly becoming the cash engine funding downstream steel expansion and a much larger copper-cobalt platform across Surya Mines and Chemaf.</li>
<li>Lloyds Metals should increasingly be evaluated as a diversified metals platform, though copper-cobalt remains an execution story until production scales and turns profitable.</li>
</ul>


Q1FY27 delivered record earnings, while mining’s share of consolidated revenue fell to 44% as value-added products, MDO services and copper gained scale.
Iron ore is increasingly becoming the cash engine funding downstream steel expansion and a much larger copper-cobalt platform across Surya Mines and Chemaf.
Lloyds Metals should increasingly be evaluated as a diversified metals platform, though copper-cobalt remains an execution story until production scales and turns profitable.


Lloyds Metal's New Growth Engine: Copper & Cobalt!

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Lloyds is moving beyond merchant iron ore. FY26 saw pellets and DRI scale meaningfully, while the company entered the DRC copper-cobalt value chain.</li>
<li>The earnings debate is shifting from mining volumes alone to conversion margins, logistics savings, captive raw material integration and critical-mineral optionality.</li>
<li>Lloyds may deserve to be analysed less as a pure mining company and more as anintegrated metals platform under construction.</li>
</ul>


Lloyds is moving beyond merchant iron ore. FY26 saw pellets and DRI scale meaningfully, while the company entered the DRC copper-cobalt value chain.
The earnings debate is shifting from mining volumes alone to conversion margins, logistics savings, captive raw material integration and critical-mineral optionality.
Lloyds may deserve to be analysed less as a pure mining company and more as anintegrated metals platform under construction.


Lloyds Metals: No Longer Just a Mining Company

Thematic (Sector/Industry)

<ul>
<li>On 31-Dec-25, the Indian government notified a three year safeguard duty on flat steel imports, starting at 12% in Year 1 to counter predatory pricing from China and Vietnam.</li>
<li>This structural shift addresses a long-standing grievance of domestic mills, effectively creating a 10% price premium over imports and reversing the margin erosion caused by excess global capacity.</li>
<li>With domestic HRC prices expected to climb 10%, the duty provides a significant EBITDA kicker for Indian Steel Companies, signaling a multi-year recovery phase for the sector.</li>
</ul>


On 31-Dec-25, the Indian government notified a three year safeguard duty on flat steel imports, starting at 12% in Year 1 to counter predatory pricing from China and Vietnam.
This structural shift addresses a long-standing grievance of domestic mills, effectively creating a 10% price premium over imports and reversing the margin erosion caused by excess global capacity.
With domestic HRC prices expected to climb 10%, the duty provides a significant EBITDA kicker for Indian Steel Companies, signaling a multi-year recovery phase for the sector.


Indian Steel: Safeguard Duty Unleashed— A 12% Firewall for the Domestic Bull Run

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.</li><li>Axis Intellect (AI) Score based Investment Approach for Stock Selection applies unique approach to deliver alpha by applying equal exposure to ‘Core’ and ‘Satellite’ factors.</li><li>What are ‘Core’ Factors’: Low Volatility, Value, Growth, Quality, Momentum (Equal weighted 50% exposure) </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.Axis Intellect (AI) Score based Investment Approach for Stock Selection applies unique approach to deliver alpha by applying equal exposure to ‘Core’ and ‘Satellite’ factors.What are ‘Core’ Factors’: Low Volatility, Value, Growth, Quality, Momentum (Equal weighted 50% exposure) Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Global Materials | Industrials | Commodities

Rahul Jain

Commodities

<ul>
<li>Recent Impact: India’s BIS mandate has disrupted steel imports overnight, stranding shipments and pressuring MSMEs.</li>
<li>Pricing: While prices have remained broadly stable so far, rising input tightness and seasonal factors suggest upward pressure is likely ahead.</li>
<li>Global Trends: Around 25–35% of global steel trade is now under protectionist measures, reflecting a broader shift toward regionalization and defensive trade policies.</li>
</ul>


Recent Impact: India’s BIS mandate has disrupted steel imports overnight, stranding shipments and pressuring MSMEs.
Pricing: While prices have remained broadly stable so far, rising input tightness and seasonal factors suggest upward pressure is likely ahead.
Global Trends: Around 25–35% of global steel trade is now under protectionist measures, reflecting a broader shift toward regionalization and defensive trade policies.


Steel Trade: India’s BIS Mandate Spurs Import Shock Amid Rising Global Protectionism

India

Lloyds Metals & Energy Ltd. is an India-based metals and mining company primarily engaged in iron ore mining, the manufacturing of sponge iron (Direct Reduced Iron - DRI), and power generation. The company is transitioning into an integrated steel manufacturer with strategic expansions in pellet manufacturing and steel making. It was founded in 1977 and is headquartered in Mumbai, India.

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Lloyds Metals & Energy (LLOYDSME IN)

Lloyds Metal's New Growth Engine: Copper & Cobalt!

Q1FY27 saw record earnings at Lloyds Metals with a shift towards value-added products and services, as iron ore funds downstream steel expansion...

Nimish Maheshwari

Lloyds Metals: No Longer Just a Mining Company

Lloyds diversifies beyond iron ore into pellets, DRI, and DRC copper-cobalt, shifting focus to conversion margins and integrated metals platform.

Sudarshan Bhandari

Indian Steel: Safeguard Duty Unleashed— A 12% Firewall for the Domestic Bull Run

Indian government imposes 3-year safeguard duty on flat steel imports to counter predatory pricing, creating price premium for domestic mills and...

Nimish Maheshwari

Axis Intellect - Aggressive

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.

Axis Direct

Steel Trade: India’s BIS Mandate Spurs Import Shock Amid Rising Global Protectionism

India's BIS mandate disrupts steel imports, pressures MSMEs; global steel trade trends show rise in protectionist measures.

Rahul Jain

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Lloyds Metal's New Growth Engine: Copper & Cobalt!

​Q1FY27 saw record earnings at Lloyds Metals with a shift towards value-added products and services, as iron ore funds downstream steel expansion...

Nimish Maheshwari

Lloyds Metals: No Longer Just a Mining Company

​Lloyds diversifies beyond iron ore into pellets, DRI, and DRC copper-cobalt, shifting focus to conversion margins and integrated metals platform.

Sudarshan Bhandari

Indian Steel: Safeguard Duty Unleashed— A 12% Firewall for the Domestic Bull Run

​Indian government imposes 3-year safeguard duty on flat steel imports to counter predatory pricing, creating price premium for domestic mills and...

Nimish Maheshwari

Axis Intellect - Aggressive

Stock investment endeavours to deliver consistent outperformance in the long term by making a diversified investment of ‘Winners’.

Axis Direct

Steel Trade: India’s BIS Mandate Spurs Import Shock Amid Rising Global Protectionism

​India's BIS mandate disrupts steel imports, pressures MSMEs; global steel trade trends show rise in protectionist measures.

Rahul Jain

Q1FY27 saw record earnings at Lloyds Metals with a shift towards value-added products and services, as iron ore funds downstream steel expansion...

Lloyds diversifies beyond iron ore into pellets, DRI, and DRC copper-cobalt, shifting focus to conversion margins and integrated metals platform.

Indian government imposes 3-year safeguard duty on flat steel imports to counter predatory pricing, creating price premium for domestic mills and...

India's BIS mandate disrupts steel imports, pressures MSMEs; global steel trade trends show rise in protectionist measures.