Lloyds metals & energy Limited has announced credit rating actions taken by India Ratings and Research Private Limited, as disclosed in a regulatory filing dated March 17, 2026. The rating agency has affirmed and assigned various credit ratings for the company's debt instruments and facilities under compliance with SEBI Listing Regulations.

Credit Rating Summary

India Ratings has taken comprehensive rating actions across multiple instruments for Lloyds Metals and Energy Limited. The rating agency affirmed the company's issuer rating at IND AA/Stable and took actions on various debt facilities totaling significant amounts.

Detailed Facilities Breakdown

The rating exercise covers an extensive range of banking facilities across multiple financial institutions. Term loans have been rated across various banks including ICICI Bank with Rs. 7,500.00 million, EXIM Bank facilities totaling Rs. 8,900.00 million, and Axis Bank facilities worth Rs. 5,200.00 million.

Working Capital and Other Facilities

The rating assessment includes working capital facilities from major banks:

• State Bank of India: Rs. 5,000.00 million fund-based and Rs. 1,500.00 million non-fund-based working capital limits
• ICICI Bank: Rs. 1,500.00 million fund-based working capital limits
• Axis Bank Limited: Rs. 1,000.00 million fund-based working capital limits

All working capital facilities carry dual ratings of IND AA/Stable/IND A1+, reflecting both long-term and short-term rating perspectives.

Non-Convertible Debentures Structure

The company's debt instruments include existing and proposed non-convertible debentures with specific terms and ratings:

Regulatory Compliance and Disclosure

The rating disclosure was made pursuant to Regulation 30, 51 and 55 read with Schedule III of the Securities and Exchange Board of India Listing Obligations and Disclosure Requirements Regulations, 2015. The company has made the credit rating letter available on its website at www.lloyds.in for stakeholder access.

The rating actions demonstrate India Ratings' assessment of the company's creditworthiness across various debt instruments and banking relationships, providing investors and stakeholders with updated credit risk evaluation for their investment decisions.

Lloyds Metals & Energy Limited has achieved a significant operational milestone by commencing commercial production of copper cathodes from its 12,000 tonnes per annum copper processing plant located in the Katanga Copper Belt in the Democratic Republic of Congo. This development marks the company's strategic entry into the global copper value chain, positioning it to capitalize on the growing demand for copper driven by electrification, renewable energy infrastructure, and electric mobility.

Operational Infrastructure and Assets

The company holds a 50% interest in a comprehensive copper mining and processing platform in the DRC, which provides a solid foundation for its copper operations.

The project combines ready infrastructure, high-grade resources, and operational expertise, enabling disciplined scale-up of production. The facility utilizes solvent extraction-electrowinning (SX-EW) technology, which is particularly well-suited for processing the high-grade oxide copper ore deposits available at the site.

Production Outlook and Ramp-Up Strategy

The company has outlined a clear production ramp-up strategy as mining operations and ore supply stabilize. The progressive scaling approach reflects a disciplined operational methodology.

The medium-term expansion pathway towards 30,000 tonnes per annum will be supported by increasing captive ore supply from the mining licences, positioning the company as one of the few Indian integrated copper companies with significant international operations.

Strategic Significance

The commencement of copper cathode production represents a key milestone in Lloyds Metals & Energy's strategy to diversify its metals portfolio and build a scalable presence in critical minerals. The DRC platform provides several strategic advantages:

• Established mining licenses providing long-term resource security
• Ready processing infrastructure reducing time-to-market
• Clear expansion roadmap supporting future growth
• Access to high-grade oxide copper ore deposits
• Strategic positioning in the Katanga Copper Belt

This development positions the company to participate in the anticipated long-term growth in global copper demand, particularly driven by the global transition towards electrification and renewable energy infrastructure. The successful production of the first copper cathodes confirms the operational readiness of the plant and marks the beginning of commercial operations for this strategic initiative.