What Lloyds Steels Industries Limit does

Lloyds Engineering Works Limited (formerly Lloyds Steels Industries Limited, renamed July 2023) is an Indian heavy engineering and construction company founded in 1974, listed on BSE and NSE, headquartered in Mumbai with its main fabrication workshop in Murbad, Thane. The company designs and manufactures heavy process equipment including pressure vessels, heat exchangers, columns, reactors, boilers (including waste heat recovery boilers up to 75 TPH and AFBC/CFBC up to 90 TPH), rolling mill equipment, steel melting shop equipment, and nuclear power equipment meeting ASME Section III standards. Marine product lines include fin stabilizers, electro-hydraulic steering gear systems for Indian Navy frigates/corvettes/ASW vessels, and marine/truck/wagon loading arms manufactured under license from TB Global Technologies (Japan) since 1985. Production capacity extends to equipment up to 90mm thickness, 5.5m diameter, 60m+ length, and 450MT weight.

The business serves oil & gas refineries (IOCL, BPCL, HPCL, ONGC), steel plants (JSW), nuclear facilities (NPCIL, BARC), Indian Navy and Coast Guard, fertilizers (GAIL, RCF, GSFC, GNFC), ports/PSUs (for loading arms), and related-party group entity Lloyds Metals and Energy Limited. Customer access is driven by enlistment with major Indian and international consultants and EPCs (Thyssenkrupp, Tecnimont, EIL, Linde, PDIL, Toyo, Technip Energies, MECON, MN Dastur, SMS Group, Danieli) who specify Lloyds in project designs.

Revenue is generated primarily through project-based, quote-driven contracts for one-off heavy equipment manufacturing, supplemented by EPC turnkey projects (sponge iron, pellet, and DRI plants), construction contracting (commercial, residential, industrial, interior fit-out, institutional), licensing royalties from the EPS Gen-4 acid-free steel pickling technology licensed globally from The Material Works Ltd (US), and aftermarket services. FY2025-2026 turnover was ₹1,052.22 crore. Reported FY26 market capitalization was ₹6,055.73 crore (December 2025). The company is expanding into defence manufacturing via a new wholly-owned subsidiary (Lloyds Advanced Defence Systems, incorporated December 2025), with a UAS licensing deal signed in July 2026, and is acquiring Steel Infra Solutions Company Limited (88.12% stake, ₹1,073.40 crore) to expand structural fabrication capacity to ~1.5 lakh metric tonnes per annum.

Name

Lloyds Steels Industries Limit

Legal name

Lloyds Engineering Works Limited

Website

https://www.lloydsengg.in/

Company type

Public

Founded year

1974

Operating status

Operating

Headcount range

101–250 employees

Short description

Lloyds Engineering Works Limited is an Indian heavy engineering company that designs and fabricates pressure vessels, heat exchangers, boilers, nuclear and marine equipment, and executes EPC and construction projects for oil & gas, steel, nuclear, power, defence, and marine customers in India and globally.

Ownership category

akta.pro rank

Product category

Heavy Engineering Equipment Manufacturing

NAICS

Boiler, Tank, and Shipping Container Manufacturing (3324), Metal Tank (Heavy Gauge) Manufacturing (332420), Metal Tank (Heavy Gauge) Manufacturing (33242), Other General Purpose Machinery Manufacturing (3339), Iron and Steel Pipe and Tube Manufacturing from Purchased Steel (33121)

SIC

Metalworkg Machinery & Equipment (3540), Special Industry Machinery (No Metalworking Machinery) (3550), General Industrial Machinery & Equipment (3560), Construction, Mining & Materials Handling Machinery & Equip (3530)

akta.pro primary industry

Pressure Vessels, Columns & Storage Tanks (ASME/Process Vessels) (IMAHAEAF)

akta.pro secondary industries

Metals & Steel Mill Facility Construction (IMAFADAF), Steel Fabrication & Marine Engineering (Custom Fabrication, Modifications, Conversions) (TLAHAMAH), Cargo Handling & Lifting Equipment (Cranes, Derricks, Hoists) (IMAJAIAB), Steel Plate, Sections & Welded Assemblies (IMADACAD)

Keywords

• Heavy engineering fabrication
• Pressure vessel manufacturing
• Nuclear power equipment
• Marine loading arms
• Construction contracting

Headquarters

HQ city

Thane

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Heavy Equipment Manufacturing: Project-based manufacturing contracts for heavy process equipment including pressure vessels, heat exchangers, columns, reactors, boilers, and custom industrial machinery. Revenue recognized upon delivery of equipment. Projects range from small equipment to large-scale turnkey industrial plant fabrication.
2. Construction Contracting: Civil and structural engineering services including EPC projects, design-build, and turnkey construction solutions for residential, commercial, industrial, and infrastructure projects.
3. EPC Projects: End-to-end engineering, procurement, and construction services for setting up DRI plants, sponge iron plants, and pellet plants. Includes design engineering, manufacturing, supply, installation and commissioning.
4. Technology Licensing Royalties: Annual payments and earn-out fees from the global licensing agreement for EPS Gen-4 acid-free steel pickling technology, with Lloyds holding rights to manufacture and sell unlimited units.
5. Aftermarket Services and Spare Parts: Lifetime support for genuine spare parts at reasonable rates, including supervision for erection and commissioning of marine systems.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Lloyds Engineering Works Limited manufactures heavy process equipment for oil & gas refineries, steel plants, nuclear power facilities, marine and defense customers. The company fabricates pressure vessels, columns, heat exchangers, air/gas/liquid dryers, waste heat recovery boilers (WHRB/AFBC/CFBC), steel melting shop equipment, rolling mill equipment, nuclear power equipment, naval fin stabilizers, electro-hydraulic steering gear systems, and marine loading arms. It also provides EPC services, construction contracting (commercial, residential, industrial, interior fit-out, city beautification, institutional projects), and licenses acid-free EPS Gen-4 steel pickling technology.

Product overview

Lloyds Engineering Works Limited (formerly Lloyds Steels Industries Limited) operates as a diversified heavy engineering and construction company with a single unified product architecture centered on heavy equipment manufacturing and engineering services. The core offerings include Pressure Vessels & Heat Exchangers, Columns, Air/Gas/Liquid Dryers, Waste Heat Recovery Boilers, Steel Melting Shop Equipment, Rolling Mill Equipment, Nuclear Power Equipment, Marine products (Fin Stabilizers, Electro-Hydraulic Steering Gear, Marine Loading Arms), and Miscellaneous Heavy Equipment. These are complemented by Construction Contracting Services covering Commercial, Residential, Industrial, Interior Fit-out, City Beautification, and Institutional projects. The company also offers EPC Services and an Eco Pickled Surface (EPS) Technology module licensed from The Material Works Ltd for sustainable steel processing. Recent diversification includes Lloyds Advanced Defence Systems subsidiary (incorporated December 2025) for defence equipment manufacturing including Unmanned Aerial Systems, AI, robotics, and cybersecurity technologies. The portfolio operates as an integrated heavy fabrication and construction ecosystem serving hydrocarbon, oil & gas, steel, power, nuclear, and marine industries.

Differentiator

Problem solved

Functional benefit

Products and services

• Pressure Vessels & Heat Exchangers Manufactures process equipment including pressure vessels, columns, reactors, and heat exchangers for hydrocarbon, chemical, fertilizers, power and core industries. Products made from carbon steels, stainless steels, alloy steels, and clad materials up to 90mm thickness, 5.5m diameter, and 60m length. For refinery and petrochemical customers including IOCL, BPCL, HPCL, ONGC, GAIL, RCF, GSFC, and GNFC.
• Columns Fabricates long columns for oil refineries and petrochemical plants, with capacity to produce columns up to 5.5m diameter, 60m length, and 450MT weight, including closing seam joints at site.
• Air/Gas/Liquid Dryers Executes Air, Gas & Liquid Dryer packages with scope including Process Design, Thermal Design, manufacturing, inspection, testing, supply, erection and commissioning for ONGC, chemical plants, NPCIL, and other major customers.
• Waste Heat Recovery Boilers (WHRB), AFBC, CFBC High-performance boiler technology specializing in Waste Heat Recovery Boilers (WHRB), Atmospheric Fluidized Bed Combustion (AFBC), and Circulating Fluidized Bed Combustion (CFBC) with capacities up to 75 TPH for WHRB, 90 TPH for AFBC and CFBC.
• Steel Melting Shop Equipment Fabricates equipment for steel melting shop areas including water-cooled furnace roofs, panels, ducts, lower shells, ladle turrets, hot metal ladles, VD vessels, and complete slab casters for steel plants such as JSW Steel (Dolvi and Torangallu).
• Rolling Mill Equipment Manufactures and supplies equipment for hot rolling mill and cold rolling mill areas, including DCR mills, 4HI cold rolling mills, roller tables, pinch rolls, edgers, and disc type cooling beds.
• Miscellaneous Heavy Equipment General heavy fabrication capabilities including rotary trimmer chopper base frames, 100 TPH ball mills for iron ore grinding, and 200 TPH rotary dryers for iron ore drying.
• Nuclear Power Equipment Supplies equipment to Department of Atomic Energy (BARC) and NPCIL including heavy water vapour recovery systems, heat exchangers, tanks, vessels, and primary heat transport system packages for nuclear power projects (TAPP, Tarapur, KAIGA, KAPP, RAPP).
• Fin Stabilizer Systems Manufactures, supplies and commissions electro-hydraulic Fin Stabilizers for naval warships including INS Brahmaputra Class Frigates and Indian Coast Guard's Offshore Patrol Vessels (ICGS Vigraha, ICGS Varad, ICGS Varaha), with compliance to Naval Shock Standard and type tests, noise and vibration requirements.
• Electro-Hydraulic Steering Gear Systems Manufactures, supplies and commissions steering gear systems for Indian Naval Warships including Corvette Class, Frigate Class, and Anti-Submarine Warfare Corvette classes with Follow-Up Mode, Non-Follow Up Mode, and Emergency Mode functionality, plus autopilot capabilities with Auto Course Mode and Auto Track Mode.
• Marine Loading/Unloading Arms

Quantifiable outcome

• Equipment executed up to 90mm thickness, 5.5 meters diameter, 60+ meters length, 450MT weight
• +2 more outcomes

Named customers12 records

Segments6 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability1 record

Feature6 records

Partnerships

Seven partnerships are on record, tiered strategic, flagship, minor and core.

• Flyfocus SP. Z.O.O. (Poland)strategicTechnology or Integration · 28 July 2026Agreement signed on July 28, 2026 for licensed manufacturing, marketing, and supply of Unmanned Aerial Systems (UAS) in India, including joint R&D for new defence products. Transaction is not a related-party deal and involves no shareholding between entities.
• Lloyds Advanced Defence Systems LimitedstrategicStrategic or Co-development Partner · 30 June 2026Subsidiary of Lloyds Engineering Works Limited (85% owned after dilution). Established December 11, 2025 for manufacturing and supplying defence equipment across land, air, sea, space, and cyber domains. Developing AI, robotics, and cybersecurity technologies.
• The Material Works Ltd (USA)flagshipTechnology or Integration · 12 January 2026Global licensing agreement signed for patented EPS Gen-4 acid-free steel pickling technology. Lloyds gains rights to manufacture and sell unlimited units worldwide while making annual payments and earn-out fees. The Material Works provides technical support and design upgrades.
• Lloyds Metals and Energy Limited (LMEL)flagshipStrategic or Co-development Partner · 1 September 2025Executed turnkey 360 KTPA sponge iron plant at Ghugus in Maharashtra for LMEL. Completed in record time within 18 months. LMEL is a related party/group entity. Lloyds Engineering serves as EPC contractor for LMEL's integrated steel-making value chain.
• Akshaya Chaitanya (NGO)minorOthers · 27 September 2023CSR initiative partnership with Mumbai-based NGO Akshaya Chaitanya to provide hot, nutritious meals to approximately 14,000+ people daily during FY 2022-23.
• TB Global Technologies Limited (formerly NIIGATA), JapancoreTechnology or Integration · 1 January 1985Licensing agreement for Marine Loading-Unloading Arms and Truck/Wagon Loading-Unloading Arms technology. TB Global provides design, swivel joints, ERC & PERC & QCDC as critical components. Lloyds sources control & hydraulic systems and raw material from Indian companies under Make in India policy.
• Thyssenkrupp, Tecnimont, EIL, Linde, PDIL, Toyo, Technip Energies, MECON, MN Dastur, SMS Group, DanielicoreChannel Partner/ Reseller/ DistributorMajor international consultants and EPC companies who enlist/approve Lloyds as fabricator. These companies recommend Lloyds for equipment fabrication in their project specifications, providing steady project flow.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Bharat Heavy Electricals Limited: India's largest public-sector heavy engineering company, manufacturing boilers, turbines, heat exchangers, and pressure vessels for power, oil & gas, and industrial customers. Direct competitor to Lloyds in IBR-certified boiler fabrication and large process equipment.
• ISGEC Heavy Engineering: Indian heavy engineering company manufacturing pressure vessels, heat exchangers, columns, boilers, and process equipment for oil & gas, fertilizer, power, and steel industries. Closest direct peer in process-equipment fabrication with similar ASME-certified capabilities.
• Thermax Limited: Indian boiler and process equipment manufacturer with strong positions in waste heat recovery boilers, AFBC/CFBC boilers, and absorption chillers. Directly comparable to Lloyds on WHRB and boiler manufacturing for industrial customers.
• Walchandnagar Industries: Indian heavy engineering company with capabilities in sugar plant equipment, boilers, nuclear equipment, and defense. Comparable to Lloyds on nuclear-grade manufacturing and process equipment fabrication for industrial customers.
• Heavy Engineering Corporation: Indian public-sector heavy engineering company manufacturing mining and mineral processing equipment, heavy castings, and forgings. Comparable to Lloyds on heavy fabrication for steel mills and process industries.
• Garden Reach Shipbuilders & Engineers: Indian public-sector shipbuilder and naval equipment manufacturer supplying frigates, corvettes, and marine equipment to the Indian Navy. Comparable to Lloyds on naval equipment (fin stabilizers, steering gear) and defense manufacturing credentials.
• Mazagon Dock Shipbuilders: Indian public-sector shipbuilder building naval warships and submarines for the Indian Navy. Comparable to Lloyds on defense manufacturing qualifications and naval equipment supply, particularly through DGQA registration.
• Praj Industries: Indian process equipment and EPC company serving oil & gas, petrochemicals, and renewables with pressure vessels, columns, and turnkey plant solutions. Comparable to Lloyds on process-equipment fabrication for hydrocarbon processing.

Broad incumbents

• Larsen & Toubro (L&T): India's largest engineering and EPC conglomerate with extensive heavy fabrication, process equipment, and EPC capabilities across oil & gas, nuclear, defense, and infrastructure. Overlaps with Lloyds on process-equipment supply and EPC contracting but operates at vastly larger scale.
• Tata Projects: Indian EPC company executing large industrial, infrastructure, and urban development projects including steel plants and oil & gas facilities. Comparable to Lloyds on the EPC contracting side and turnkey industrial plant execution.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/lloyds-steels-industries-limited

Compliance12 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Lloyds Steels Industries Limit