Nomura Forecasts Up to 37% Upside in This Metal Stock

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Nomura Initiates 'Buy' on Lloyds Metals, Sees 37% Upside Potential

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CNBC TV18•25-02-2026, 10:13

Nomura Initiates 'Buy' on Lloyds Metals, Sees 37% Upside Potential

•Nomura initiates coverage on Lloyds Metals and Energy Ltd. with a 'buy' rating and a price target of ₹1,600 per share.
•The brokerage firm projects a potential upside of 37.4% from the stock's previous close.
•Lloyds Metals is transitioning to a diversified business model, supported by low-cost iron ore assets, steel integration, MDO earnings, and copper diversification.
•Nomura estimates consolidated EBITDA to reach ₹10,900 crore by FY28, up from ₹1,900 crore in FY25, indicating a 77% CAGR.
•Risks include delays in steel capacity, political unrest in DRC affecting copper, BHQ beneficiation issues, and Naxal activities resurfacing.

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