Lloyds Engineering buys 52% stake in SISCOL for ₹635 cr
The deal brings former JSPL MD Ravi Uppal's company under its fold, adding ₹817 cr revenue and 100,000 MTPA capacity. Combined entity creates an integrated engineering and EPC platform.
— 2 earlier stories on Lloyds Engineering Works Ltd. →What's new
- Board approves acquisition of 52.16% stake in SISCOL for ₹635 cr.
- Consideration split: ₹132 cr cash + 7.06 cr equity shares at ₹71.25 each.
- SISCOL reported ₹817 cr revenue in FY26, net profit ₹44 cr.
Why this matters
This is a major deal for Lloyds, adding nearly 63% of its own revenue and opening a heavy structural steel fabrication vertical. The acquisition brings marquee client access and the industry credibility of Ravi Uppal, making Lloyds a more integrated EPC player.
What we're watching
- Shareholder and exchange approvals expected by July 31, 2026.
- Integration of SISCOL's 6 plants and 187-project portfolio.
- Impact on Lloyds' near-debt-free balance sheet given the ₹132 cr cash outlay.
The full read
Lloyds Engineering Works is buying a 52.16% controlling stake in Steel Infra Solutions (SISCOL) for ₹635 crore, split between ₹132 crore in cash and 7.06 crore equity shares valued at ₹71.25 each. SISCOL, founded by former JSPL MD Ravi Uppal, posted ₹817 crore revenue and ₹44 crore net profit in FY26. It brings six manufacturing plants with 100,000 MTPA fabrication capacity and a portfolio of 187 projects including Delhi Airport Terminal 1 and Noida International Airport. For Lloyds, which reported ₹495 crore in its latest quarterly revenue, this acquisition adds roughly 63% of its trailing sales and marks a decisive entry into heavy structural steel fabrication. The combined fabrication capacity of ~150,000 MTPA and access to marquee infrastructure clients create a more integrated EPC platform. Ravi Uppal will stay on as chairman and MD, preserving management continuity. The deal is subject to shareholder and exchange approvals, with a target close by July 31, 2026. The open question is how quickly the two operations can be integrated and whether the cash component pressures a balance sheet that is currently nearly debt-free.
Questions answered
- What is the total deal value and how is it structured?
- The total consideration is about ₹635 crore, paid via ₹132 crore in cash and a preferential share swap of 7.06 crore equity shares at ₹71.25 apiece.
- What are SISCOL's financials and operations?
- SISCOL reported revenue of ₹817 crore and net profit of ₹44 crore for FY26. It operates six facilities with 100,000 MTPA fabrication capacity and has executed 187 projects.
- Who is Ravi Uppal and what role will he play?
- Ravi Uppal, former managing director of Jindal Steel & Power, founded SISCOL. He will remain as chairman and managing director post-acquisition, ensuring continuity.
- What is the strategic rationale for Lloyds Engineering?
- The acquisition gives Lloyds entry into heavy structural steel fabrication, adding scale and a marquee client base. Combined fabrication capacity reaches ~150,000 MTPA, creating a more integrated EPC platform.
- When is the transaction expected to close?
- The deal is expected to close by July 31, 2026, subject to shareholder and stock exchange approvals.
- What is the deal value relative to Lloyds' market cap?
- With a market cap of ~₹12,971 crore, the ₹635 crore deal exceeds the 3% materiality threshold, making it a significant, model-changing event for the company.
Lloyds Engineering Works Ltd.
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All notes on LLOYDSENGG →- 18 Jun 2026 · 3:01 PM IST Lloyds Engineering buys 52% stake in SISCOL for ₹635 cr
- today Lloyds Engineering buys SISCOL for ₹1,073 cr to build ₹10,000 cr revenue platform
- 3d ago Lloyds Engineering to mull preferential issue; no size or price yet