Lloyds Engineering buys SISCOL for ₹1,073 cr to build ₹10,000 cr revenue platform
The structural steel fabricator adds ₹817 cr in revenue and a ₹1,134 cr order book. Founder Ravi Uppal stays on to lead the acquired entity.
— 2 earlier stories on Lloyds Engineering Works Ltd. →What's new
- Agreed to acquire SISCOL for ₹1,073 cr in cash and equity.
- SISCOL brings ₹817 cr revenue and a ₹1,134 cr order book.
- Combined entity targets ₹10,000 cr annual revenue by FY29/FY30.
Why this matters
The deal adds 27% to LLOYDSENGG's revenue at 8% of its market cap, implying a high growth premium. Mix of cash and equity means some dilution, but the founder staying reduces integration risk. This acquisition puts the company a third of the way to its stated revenue goal.
What we're watching
- How the equity portion of consideration is priced relative to market.
- Whether the ₹10,000 cr target relies on further M&A or organic growth.
- Impact on LLOYDSENGG's debt/equity and P/E post-acquisition.
The full read
Lloyds Engineering Works is placing a big bet on structural steel. The ₹1,073 crore acquisition of SISCOL brings in ₹817 crore of revenue and a ₹1,134 crore order book: a 27% topline jump at a price equal to just 8.3% of its own market cap. That arithmetic works only if SISCOL grows fast. The founder staying on mitigates the usual integration headache. But LLOYDSENGG already trades at 66x trailing earnings. The high multiple reflects growth expectations, and the ₹10,000 crore revenue target by FY29/FY30 is the proof point. This deal gets it a third of the way there. The rest will have to come from execution or more moves like this.
Questions answered
- How is the acquisition being funded?
- Through a mix of cash and equity. LEWL will take a majority economic interest in SISCOL.
- What are SISCOL's latest financials?
- For the year ended March 2026, SISCOL reported revenue of ₹817 crore and profit after tax of ₹44 crore.
- Will management change at SISCOL?
- No. Founder and managing director Ravi Uppal will continue to lead the acquired entity.
- What combined capabilities does this create?
- The combined platform has 150,000 MTPA structural fabrication capacity, ten manufacturing facilities, and six engineering design centres.
- How does this deal compare to LLOYDSENGG's size?
- The ₹1,073 cr consideration is about 8.3% of LLOYDSENGG's ₹12,971 cr market cap, while SISCOL's revenue is 27% of LLOYDSENGG's current revenue.
Lloyds Engineering Works Ltd.
Latest quarter · Mar 2026
Strength & growth
Story so far
All notes on LLOYDSENGG →- 18 Jun 2026 · 3:02 PM IST Lloyds Engineering buys SISCOL for ₹1,073 cr to build ₹10,000 cr revenue platform
- today Lloyds Engineering buys 52% stake in SISCOL for ₹635 cr
- 3d ago Lloyds Engineering to mull preferential issue; no size or price yet