Lloyds Engineering Works Limited (LEWL) has acquired a controlling stake in Steel Infra Solutions Company Limited (SISCOL) at an equity valuation of around ₹1,220 Cr, aiming to create one of India's most integrated engineering, structural fabrication, and EPC platforms. Prime Securities Limited acted as the exclusive investment banker for the transaction. The acquisition is expected to unlock significant operational synergies across procurement, project management, engineering, manufacturing planning, and corporate functions.

SISCOL, incorporated in 2017, reported operating revenues of ₹817 Cr, EBITDA of ₹92 Cr, and PAT of ₹44 Cr for FY26. The company holds an order book of ₹1,134 Cr and operates a structural steel fabrication capacity of ~100,000 MTPA. Since inception, SISCOL has executed 187 structural steel projects across 22 states, including landmarks such as the Delhi Airport Terminal 1 and the Noida International Airport at Jewar.

LEWL is a diversified infrastructure solutions company with capabilities across precision heavy structural fabrication, industrial equipment, defence, electrical engineering, and EPC. Over the last seven years, the company has grown from revenues of ₹98 Cr in FY19 to over ₹3,000 Cr today. It currently maintains an order book of ₹8,000+ Cr and a market capitalization of ₹12,800 Cr.

The acquisition is funded through a combination of cash and equity. Post-transaction, LEWL plans to double SISCOL's capacity from 100,000 to 200,000 MTPA. SISCOL will continue to operate under its existing brand and leadership, with Ravi Uppal continuing as Chairman and Managing Director.

Financial and Operational Metrics

Ravi Uppal, Chairman and Managing Director of SISCOL, highlighted the complementary strengths and business synergies between the two companies. Shreekrishna Gupta, Executive Director of LEWL, stated that the acquisition builds a platform for the future by combining SISCOL's engineering talent with Lloyds Engineering's EPC strengths. N Jayakumar, Group CEO & MD of Prime Securities Limited, noted that the strategic consolidation should create significant value for both sets of shareholders.

Prime Securities Limited reported a 54% increase in consolidated revenue to ₹13,799 lakh for the year ended March 31, 2026, driven by its investment banking and advisory operations. The company recorded a profit after tax of ₹1,433 lakh, which included an exceptional charge of ₹1,178 lakh. The auditors, M/s. Sharp & Tannan Associates, issued an unmodified opinion on the audited financial results for the quarter and year ended March 31, 2026.

The exceptional item relates to a claim of ₹2,795 lakhs by subsidiary Prime Research and Advisory Limited, currently adjudicated before the National Company Law Tribunal (NCLT). The company recognized an Expected Credit Loss (ECL) allowance of ₹1,178 lakhs against the said assets based on management's assessment and legal advice. Additionally, the holding company recognized Minimum Alternate Tax (MAT) credits aggregating to ₹841 lakhs for the first time, based on the near certainty of taxable profits and set-off availability.

For the quarter ended March 31, 2026, the company reported a net loss of ₹1,292 lakh, compared to a profit of ₹93 lakh in the corresponding period of the previous year. Total income for the quarter stood at ₹3,078 lakh. The board approved the audited financial results at its meeting held on May 29, 2026.

Consolidated Financial Performance

The company's wealth management subsidiary, Prime Trigen Wealth Limited, posted revenues of ₹21.48 Cr in its first full year of operations. The group's total headcount stands at 139, with cash plus investments amounting to approximately ₹250 Cr as on March 31, 2026. The management noted that the establishment of the wealth management vertical entails fixed expenses of approximately ₹60 Cr in FY27.