LLOYDSME Q2 FY27 Guidance vs Delivery (LLOYDSME Management Mirror)

FY27 Copper Production Guidance Cut to 5,850 Tonnes From 8,000-10,000 Tonnes Guided in Mar'26 Qtr

In the Sep'26 quarter, management reported copper and related product revenue of Rs 334 crores with an EBIT of Rs 18.2 crores in the quarterly financial results. Management downgraded the full-year FY27 copper production guidance to 5,850 tonnes in the Sep'26 quarter concall, cut from the 8,000 to 10,000 tonnes initially guided in the Mar'26 quarter concall and maintained through Jun'26. This reduction reflects a higher prioritization of the Chemaf project completion over third-party ore processing at Suria. Looking ahead, management guides that the Chemaf integrated copper and cobalt complexes (Etoile and Mutoshi) are targeted for completion by the end of FY27, with production starting in FY28 (April 2028). Once operational, these complexes are targeted to reach an annual capacity of 74,000 tonnes of copper and 20,000 tonnes of cobalt. Management also expects the restructuring of Chemaf debt to close within 3-4 months, estimating that past debt will be settled at $250-$300 million or less, while post-capex long-term debt at the asset level will settle around $500 million.