Brokerage firm Nomura has a “buy” rating on the stock with a price target of ₹2,050 per share from ₹1,600 earlier, indicating an upside of 13.8% from its previous closing price.
Nomura wrote in its note the company’s value-added mix and strategic diversification are driving its next leg of growth.
The brokerage has raised its financial year 2027 and 2028 Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) estimates by 31% and 40%, respectively. This is driven by stronger profitability across the mining value chain, it said.
Nomura also cited the company’s improving value-added mix and improved visibility on non-ferrous business.
It has also raised its valuation multiples for the Mine Developer and Operator (MDO) business to 8x EV/EBITDA from the previous 6x. For the non-ferrous business, it has raised the valuation multiples to 14x from the previous 12x.
The return on capital employed should improve from 12% in FY26 to 16% by FY29, Nomura added.
Earlier this month, company reported a healthy set of earnings for the fourth quarter. The company’s net profit increased to ₹38 crore from ₹9.4 crore last year. Its revenue was up 47% at ₹719.64 crore from ₹489.32 crore in the previous year.
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) surged 83% to ₹45.26 crore in the fourth quarter from ₹24.79 crore in the previous fiscal. Its margins expanded to 6.3% from 5.1% in the year-ago period.
The stock has gained 13% over the last four trading sessions. On Tuesday, it gained 3.7% to hit an intraday and a fresh 52-week high of ₹1,868 apiece. It has risen for nine out of the 17 trading sessions in May.
Last month, the stock surged for seven consecutive trading sessions, followed by a day’s gap and then it rose another seven consecutive days. It gained for a total of 17 of the 20 trading sessions in April.
A total of six analysts have coverage on the stock, including five “buy” recommendations and one “hold” recommendation.
Shares of Lloyds Metals & Energy are now trading 1.8% higher on Tuesday at ₹1,834. The stock is up 35% so far in 2026.
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